A Business at a Glance
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Table of Contents ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company Our History Initially named Patrimônio Participações, we were founded in 1988 as a Brazilian M&A and financial advisory firm in partnership with Salomon Brothers Inc., a well-known U.S. investment bank at the time. In 1991, we acquired a Brazilian broker-dealer, which later evolved into a fully-fledged investment bank (Banco Patrimônio de Investimentos). In 1994, we started our private equity operations as a proprietary investment vehicle for the Brazilian shareholders of Banco Patrimonio and raised its first fund with independent LPs in 1997. With the sale of Salomon Brothers to Travelers Group in the same year and the subsequent merger of Travelers with Citibank in 1998, we repurchased Salomon Brothers’ 50% interest in our firm and in 1999 sold the entire investment bank operation to Chase Manhattan.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 374M | 374M | 328M | 259M | 236M | 115M |
| Net Income | 76M | 76M | 121M | 94M | 121M | 62M |
| EPS | $0.47 | $0.47 | $0.80 | $0.63 | $0.90 | $0.53 |
| Free Cash Flow | 142M | 142M | 151M | 76M | 106M | 53M |
| ROIC | 16.5% | 15.0% | 23.4% | 17.5% | 38.9% | 83.7% |
| Gross Margin | - | - | - | - | 63.2% | 71.2% |
| Debt/Equity | 0.00 | 1.46 | 0.94 | 0.90 | 0.35 | 0.81 |
| Dividends/Share | $0.82 | $0.82 | $0.96 | $0.69 | $0.89 | $0.55 |
| Operating Income | 86M | 86M | 118M | 102M | 122M | 65M |
| Operating Margin | 23.0% | 23.0% | 36.0% | 39.6% | 51.7% | 56.7% |
| ROE | 15.4% | 15.0% | 23.4% | 17.5% | 38.9% | 83.7% |
| Shares Outstanding | 162M | 162M | 152M | 149M | 135M | 116M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 106M | 123M | 115M | 236M | 259M | 328M | 374M | 374M |
| Gross Margin | 61.0% | 65.1% | 71.2% | 63.2% | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -18M | -16M | 65M | 122M | 102M | 118M | 86M | 86M |
| Op. Margin | -17.0% | -12.7% | 56.7% | 51.7% | 39.6% | 36.0% | 23.0% | 23.0% |
| Net Income | 44M | 61M | 62M | 121M | 94M | 121M | 76M | 76M |
| Net Margin | 42.1% | 49.5% | 53.8% | 51.5% | 36.4% | 36.9% | 20.2% | 20.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | -54.5% | -58.1% | 83.7% | 38.9% | 17.5% | 23.4% | 15.0% | 16.5% |
| ROE | N/A | N/A | 83.7% | 38.9% | 17.5% | 23.4% | 15.0% | 15.4% |
| ROA | 128.7% | 213.8% | 57.7% | 27.9% | 10.8% | 12.2% | 6.8% | 6.3% |
| Cash Flow | ||||||||
| Op. Cash Flow | 40M | 44M | 53M | 108M | 81M | 157M | 146M | 146M |
| Free Cash Flow | 39M | 44M | 53M | 106M | 76M | 151M | 142M | 142M |
| Owner Earnings | 39M | 42M | 51M | 106M | 77M | 152M | 141M | 141M |
| CapEx | 1.0M | 147K | 163K | 1.6M | 5.4M | 5.9M | 3.6M | 3.6M |
| Maint. CapEx | 978K | 2.1M | 1.7M | 1.8M | 3.8M | 4.7M | 5.1M | 5.1M |
| Growth CapEx | 32K | 0 | 0 | 0 | 1.6M | 1.1M | 0 | 0 |
| D&A | 978K | 2.1M | 1.7M | 1.8M | 3.8M | 4.7M | 5.1M | 5.1M |
| CapEx/OCF | N/A | N/A | N/A | 1.4% | 6.7% | 3.7% | 2.5% | 2.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 38M | 47M | 64M | 120M | 103M | 145M | 132M | 132M |
| Dividend Yield | N/A | N/A | N/A | 6.7% | 5.7% | 7.5% | 6.8% | 6.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -33M |
| Cash & Equiv. | 2.3M | 4.1M | 14M | 15M | 27M | 16M | 33M | 33M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | N/A | 0.81 | 0.35 | 0.90 | 0.94 | 1.46 | 0.00 |
| Interest Coverage | N/A | -17.4 | 75.3 | 121.0 | 56.7 | 3.1 | 62.2 | 62.2 |
| Equity | N/A | N/A | 59M | 564M | 513M | 521M | 491M | 491M |
| Total Assets | 32M | 25M | 107M | 761M | 976M | 1.0B | 1.2B | 1.2B |
| Total Liabilities | N/A | N/A | 48M | 197M | 463M | 490M | 715M | 715M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | 62M | 88M | 78M | 51M | 0 | 0 |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | 0.00 | 0.41 | 0.53 | 0.90 | 0.63 | 0.80 | 0.47 | 0.47 |
| Owner EPS | 0.28 | 0.29 | 0.44 | 0.79 | 0.52 | 1.00 | 0.87 | 0.87 |
| Book Value | N/A | N/A | 0.51 | 4.19 | 3.45 | 3.44 | 3.03 | 3.03 |
| Cash Flow/Share | 0.29 | 0.30 | 0.45 | 0.80 | 0.54 | 1.03 | 0.90 | 0.50 |
| Dividends/Share | 0.28 | 0.32 | 0.55 | 0.89 | 0.69 | 0.96 | 0.82 | 0.82 |
| Shares Out. | 136.1M | 147.2M | 116.3M | 134.6M | 149.0M | 151.7M | 162.1M | 162.1M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 14.5 | 17.9 | 17.9 | 23.7 | 26.6 |
| P/FCF | N/A | N/A | N/A | 16.6 | 22.2 | 14.3 | 12.6 | 14.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 23.0 |
| Price/Book | N/A | N/A | N/A | 3.1 | N/A | 4.1 | 3.7 | 4.1 |
| Price/Sales | N/A | N/A | N/A | 7.6 | 7.0 | 5.9 | 5.2 | 5.4 |
| FCF Yield | N/A | N/A | N/A | 6.0% | 4.5% | 7.0% | 7.9% | 7.1% |
| Market Cap | N/A | N/A | N/A | 1.8B | 1.7B | 2.2B | 1.8B | 2.0B |
| Avg. Price | N/A | N/A | N/A | 13.26 | 12.24 | 12.81 | 11.94 | 12.40 |
| Year-End Price | N/A | N/A | N/A | 13.09 | 11.28 | 14.23 | 11.07 | 12.40 |
Patria Investments Ltd passes 5 of 9 quality checks, suggesting mixed fundamentals.
Patria Investments Ltd trades at 26.6x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.1x vs a median of 15.5x. The company's 5-year average ROIC is 35.7% with a gross margin of 67.2%. Total shareholder yield (dividends) is 6.6%. At current prices, the estimated annualized return to fair value is +9.7%.
Patria Investments Ltd (PAX) has a current P/E ratio of 26.6, compared to its historical median P/E of 17.9. The stock is currently considered Expensive based on its historical valuation range.
Patria Investments Ltd (PAX) has a 5-year average return on invested capital (ROIC) of 35.7%. This indicates strong capital allocation and a potential competitive advantage.
Patria Investments Ltd (PAX) has a market capitalization of $2.0B. It is classified as a mid-cap stock.
Yes, Patria Investments Ltd (PAX) pays a dividend with a trailing twelve-month yield of 6.59%.
Based on historical P/E analysis, Patria Investments Ltd (PAX) appears expensive. The current P/E of 26.6 is 49% above its historical median of 17.9. The estimated fair value CAGR (P/E method) is -2.9%.
Patria Investments Ltd (PAX) operates in the Investment Advice industry, within the Financials sector.
Patria Investments Ltd (PAX) reported annual revenue of $374 million in its most recent fiscal year, based on SEC EDGAR filings.
Patria Investments Ltd (PAX) has a net profit margin of 20.2%. This is a strong margin indicating high profitability.
Patria Investments Ltd (PAX) generated $142 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Patria Investments Ltd (PAX) has a debt-to-equity ratio of 1.46. This indicates moderate leverage.
Patria Investments Ltd (PAX) reported earnings per share (EPS) of $0.47 in its most recent fiscal year.
Patria Investments Ltd (PAX) has a return on equity (ROE) of 15.0%. This indicates moderate shareholder returns.
Patria Investments Ltd (PAX) has a 5-year average gross margin of 67.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Patria Investments Ltd (PAX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Patria Investments Ltd (PAX) has a book value per share of $3.03, based on its most recent annual SEC filing.
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