olivLaw · European equity research
PAREF PAR.PA
France · Euronext Paris · Vertical: Listed companies from France
PAREF is a French real estate group that combines a small portfolio of commercial and office properties with a significant role as manager of funds for third parties, notably SCPIs. For fiscal 2025 the report shows lower commission and rental income and a net loss that put pressure on its financial position, in a context where third-party asset management remains the main source of revenue.
At the close of 04 Nov 2026, PAREF (PAR.PA) stock was 23.80 EUR (+0.00% on the day), with market capitalisation 36.0 m EUR, dividend yield 6.31%, beta 0.06, 52-week range 23.00–39.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.8
- neutral
- Bollinger (20, 2)
- 23.64 – 24.10
- in the lower half of the band · %B 0.35 · band width 1.9%
- SMA 50 / 200
- 24.02 / 28.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.8% | −0.6% | −0.2 pp | — |
| 3 months | −0.8% | −4.2% | +3.3 pp | — |
| 6 months | −7.8% | +4.3% | −12.1 pp | — |
| Year to date | −26.3% | +7.5% | −33.8 pp | — |
| 1 year | −40.9% | +9.9% | −50.9 pp | −8.8% |
| 3 years | −50.2% | +49.8% | −100.1 pp | −10.0% |
| 5 years | −57.1% | +42.8% | −99.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -16.4 m | -5.4 m | -11.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -10.89 | -3.57 | -7.84 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.1 m EUR
- Financial debt
- 78.2 m EUR
- Net debt
- 70.1 m EUR
- Equity
- 98.2 m EUR
- Total assets
- 198.8 m EUR
- Debt / equity
- 0.80x
- Current ratio
- unavailable
- ROE
- -11.3%
- ROA
- -5.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -15.3 m | -962.0 k | -8.3 m | esef· 12 May 2026verified |
| Interest expense | 3.8 m | 4.5 m | 4.0 m | esef· 12 May 2026verified |
| Pre-tax income | -16.3 m | -5.1 m | -11.6 m | esef· 12 May 2026verified |
| Income tax | 124.0 k | 247.0 k | 290.0 k | esef· 12 May 2026verified |
| Net income | -16.4 m | -5.4 m | -11.9 m | esef· 12 May 2026verified |
| Diluted EPS | -10.89 | -3.57 | -7.84 | esef· 12 May 2026verified |
| Weighted average diluted shares | 1.5 m | 1.5 m | 1.5 m | esef· 12 May 2026verified |
| Dividend per share | 3.00 | 1,500.00 | 1.50 | esef· 12 May 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.6 m | 10.1 m | 8.1 m | esef· 12 May 2026verified |
| Receivables | 14.2 m | 12.8 m | 11.9 m | esef· 12 May 2026verified |
| Inventories | 0 | 0 | 0 | esef· 12 May 2026verified |
| Current assets | 24.6 m | 24.9 m | — | esef· 23 Apr 2025verified |
| Property, plant & equipment, net | 2.3 m | 1.7 m | 1.1 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 652.0 k | 618.0 k | 292.0 k | esef· 12 May 2026verified |
| Total assets | 211.9 m | 214.3 m | 198.8 m | esef· 12 May 2026verified |
| Accounts payable | 7.6 m | 10.5 m | 10.1 m | esef· 12 May 2026verified |
| Short-term debt | 369.0 k | 351.0 k | 403.0 k | esef· 12 May 2026verified |
| Long-term debt | 70.6 m | 77.3 m | 77.8 m | esef· 12 May 2026verified |
| Current liabilities | 19.7 m | 23.0 m | — | esef· 23 Apr 2025verified |
| Equity | 121.2 m | 111.7 m | 98.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 1.5 m | 1.5 m | 1.5 m | esef· 12 May 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 36.0 m EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.43 – 27.86 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)20.43 – 27.86 (Mid 23.57)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.0% | 9 (vs peers) | 45% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.1x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial9/100 · 1/3 factors with a value
- Returns· partial90/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PAREF (PAR.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -11.3%.
The estimated value range is 20.43–27.86 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 23.57 EUR, the price of 23.80 EUR leaves a potential of -0.9% (value / price − 1) and a margin of safety of -1.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.3%
What contradicts it
- ROIC: -4.0%
- Interest coverage: -2.1x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for PAR.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PAREF is a French real estate group that combines a small portfolio of commercial and office properties with a significant role as manager of funds for third parties, notably SCPIs. For fiscal 2025 the report shows lower commission and rental income and a net loss that put pressure on its financial position, in a context where third-party asset management remains the main source of revenue 1.
SWOT
Strengths
- The group has a fund management platform with large assets managed for third parties and a direct portfolio with long-term leases 1.
- Active management, including disposals at values considered consistent with appraisals, shows management's ability to adjust the portfolio 1.
- Interest rate risk is limited through swaps on most variable-rate loans, and currency exposure is limited 1.
Weaknesses
Opportunities
- If SCPI fundraising recovers, subscription and commission income could grow again 1.
- New leases, such as the one signed on the Tempo asset, could help stabilise rental income 1.
- Developing mandates for institutional investors, particularly in Germany, Italy and Hungary, could diversify income sources 1.
Risks
- Property appraisalshigh
Property values depend on external appraisals; a further decline could generate additional losses in net income 1.
- Repeated net losseshigh
The 2025 net loss and reduced equity could limit the capacity to absorb further shocks 1.
- Tenant concentrationmedium
The group acknowledges a concentration of tenants, which could amplify the impact of a late payment or a departure 1.
- Interest rate exposuremedium
Although most loans are hedged by swaps, part of the financing remains rate-sensitive, and the cost of debt has risen 1.
- Climate riskslow
The report identifies physical and transition risks for assets over the medium and long term, which could raise compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If SCPI fundraising recovers and commission income stabilises, the asset management business could again support group results 1.
- Active portfolio management and disposals can reduce exposure and free up capital for new projects 1.
- A financing structure with swaps on most loans limits the effect of rate increases on costs 1.
What would break the thesis
What to watch
- Trend in gross SCPI subscriptions and commission income2026
- Results of the next property appraisals and the fair value change of investment propertynext 10-K
- Effect of the sale of subsidiary SOLIA Paref on management income2026
- Level of the cost of debt and renewal of rate swaps2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PAREF, the parent company of the group, was incorporated in 1997 and invests in commercial and residential property in France and Europe, directly or through holdings, and manages assets for third parties through its subsidiaries PAREF Gestion and PAREF Investment Management 1. At 31 December 2025 the group held 5 direct property assets, with an appraised value of 160.67 M EUR 1. The third-party management activity, with assets of 2 942 M EUR, generates most of the recurring commission income 1.
Segments
Direct property investment
The group invests in office, hotel and commercial buildings in the Paris region and in the provinces, selected for lease length and tenant quality. In 2025 net rental income fell to 6.3 M EUR, due to a rent-free period in tour Franklin and the sale of the Aubergenville asset 1.
Third-party asset management
PAREF Gestion manages SCPIs, an OPCI and other funds, while PAREF Investment Management manages assets for institutional investors. Commission income fell to 19.7 M EUR in 2025, reflecting lower management commissions of 16.8 M EUR and weaker SCPI subscriptions of 29 M EUR 1.
Market context
The report describes a property market where values came under pressure: the fair value change of investment property was negative, at -10.3 M EUR in 2025 1. Capital raised for SCPIs fell 16% from the prior year, as investors became more cautious, and the group carried out disposals of 48 M EUR to manage its portfolios 1.
Trends
- Investor caution on SCPIsheadwind
Gross subscriptions to SCPI funds declined in 2025, a trend linked to more concentrated inflows and investor caution toward the market, which limits subscription income 1.
- Property valuationsheadwind
The fall in property values produced a sustained operating loss; future developments depend on market conditions and independent appraisals, which could again affect results 1.
- Active portfolio managementmixed
Asset sales and rotations between funds allow portfolios to be adjusted, and long leases such as the 10-year lease signed on Tempo support income stability 1.
- Cost of financingmixed
The net cost of debt rose slightly to 3.9 M EUR, and much of the borrowing is hedged with rate swaps, which reduces rate exposure but does not remove pressure on profitability 1.
Competitive position
The annual report does not provide a competitive analysis and does not name other fund or property management companies, so the group's competitive position cannot be fully assessed from this source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202512 May 2026
- Annual report 202423 Apr 2025
- Annual report 202323 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PAREF · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.