Professional
Added to YB: 2023-01-01
Pitch date: 2023-01-01
PAT.DE [bullish]
PATRIZIA SE
-9.76%
current return
Author Info
Greenhaven Road is a boutique hedge fund with the patience and confidence to step outside of the norm. Visit their website.
Company Info
PATRIZIA has been providing investment opportunities in smart real assets for institutional, semi-professional, and private investors for more than 40 years, focusing on real estate and infrastructure.
Market Cap
EUR 623.4M
Pitch Price
EUR 9.11
Price Target
N/A
Dividend
4.85%
EV/EBITDA
18.38
P/E
24.21
EV/Sales
3.30
Sector
Real Estate Management and Development
Category
value
Greenhaven Road New Position - Patrizia SE (PAT.DE)
PAT.DE: German real estate mgr w/ €57B AUM. Mkt cap €700M but €2.4/sh cash, €2/sh stake in Berlin housing dev, €3.85/sh earned incentive fee. Mgmt fees €245M, €30M transaction fees, €55M perf fees (2022). Intl accounting hides unrealized incentive fees worth €100s of millions. Mispriced using book value metrics vs cash flows.
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