Patrimoine et Commerce S.A. (PAT.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.9%

€18.26

vs €20.50 price

Levered DCF

-€6.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.62

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.79×	7.56×	9.27×	4.78×	7.49×	11.88×	9.89×	8.88×
P/B	0.74×	0.65×	0.61×	0.53×	0.59×	0.55×	0.69×	0.59×
P/S	5.12×	4.38×	4.36×	3.96×	4.31×	3.87×	4.6×	4.96×
EV / EBITDA	14.19×	16.35×	16.29×	15.59×	16.73×	16.13×	18.88×	17.34×
Gross margin	73.6%	74.1%	75.8%	77.4%	76.1%	78.0%	77.4%	92.7%
Operating margin	64.3%	76.5%	64.9%	92.1%	71.9%	50.1%	62.5%	74.3%
Net margin	58.3%	58.0%	47.1%	82.9%	57.5%	32.7%	46.4%	55.9%
Current ratio	1.13×	0.47×	0.56×	1.21×	1.18×	0.93×	0.71×	0.64×
Debt / equity	0.86×	0.89×	0.95×	1×	1.05×	1.19×	1.19×	1.04×
Interest coverage	3.4×	3.97×	3.29×	4.92×	4.02×	2.85×	3.4×	3.37×
Dividend yield	5.9%	6.7%	7.4%	6.9%	5.2%	1.8%	6.6%	2.3%
Payout ratio	52.0%	50.5%	68.9%	33.1%	39.0%	21.3%	65.8%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	8.6%	6.6%	11.1%	7.9%	4.7%	7.0%	6.7%
Return on invested capital	4.7%	5.8%	4.6%	6.0%	4.7%	3.1%	4.0%	4.2%
Return on assets	4.3%	4.3%	3.2%	5.2%	3.6%	2.0%	2.9%	3.0%
Free cash flow yield	3.9%	5.5%	8.1%	-12.8%	8.5%	12.4%	-3.6%	2.7%
Earnings yield	11.4%	13.2%	10.8%	21.0%	13.3%	8.4%	10.1%	11.3%
Enterprise value	€777.8M	€717.2M	€656.2M	€603.6M	€605.5M	€597.8M	€656.3M	€562.6M
Net debt / EBITDA	7.47×	9.29×	9.62×	9.7×	10.21×	10.45×	11.56×	10.72×
Cash conversion cycle (days)	163	47	64	-4	70	-21	7	-38