Stock PAR PARIS REALTY FUND
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Financials Paris Realty Fund

Equities

PAR

FR0010263202

Diversified REITs

Market Closed - Euronext Paris
Other stock markets
 05:15:09 2024-06-04 am EDT 		5-day change 1st Jan Change
49.4 EUR 0.00% Intraday chart for Paris Realty Fund -3.14% +6.47%
Apr. 17 Paref SA Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Paref: sustainable refinancing for 90 million euros CF

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 107.9 121.9 91.3 73.6 99.56 70
Enterprise Value (EV) 1 114.8 185.6 151.2 126.3 150 133.4
P/E ratio 8.79 x 9.09 x 11 x 6.68 x 24.7 x -4.26 x
Yield 5.13% 4.73% 3.8% 9.63% 4.55% 3.23%
Capitalization / Revenue 5.7 x 4.76 x 3.59 x 2.96 x 3.9 x 2.47 x
EV / Revenue 6.06 x 7.25 x 5.95 x 5.08 x 5.87 x 4.71 x
EV / EBITDA 13.2 x 17.6 x 15.5 x 20.6 x 46.4 x 31.6 x
EV / FCF 23.9 x 289 x 14.5 x 39.6 x 29.5 x -210 x
FCF Yield 4.19% 0.35% 6.89% 2.52% 3.39% -0.48%
Price to Book 0.87 x 0.92 x 0.66 x 0.5 x 0.69 x 0.58 x
Nbr of stocks (in thousands) 1,439 1,443 1,509 1,508 1,508 1,509
Reference price 2 75.00 84.50 60.50 48.80 66.00 46.40
Announcement Date 4/26/19 3/20/20 4/13/21 4/14/22 4/14/23 4/17/24
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 18.95 25.6 25.43 24.86 25.56 28.33
EBITDA 1 8.663 10.52 9.778 6.13 3.232 4.223
EBIT 1 8.572 10.4 9.607 5.885 3.16 4.147
Operating Margin 45.24% 40.62% 37.78% 23.67% 12.37% 14.64%
Earnings before Tax (EBT) 1 13.88 15 8.99 11.15 4.472 -16.3
Net income 1 11.8 13.47 8.15 11.03 4.036 -16.43
Net margin 62.3% 52.64% 32.05% 44.38% 15.79% -57.99%
EPS 2 8.530 9.300 5.490 7.300 2.670 -10.89
Free Cash Flow 1 4.804 0.6414 10.42 3.187 5.08 -0.6358
FCF margin 25.36% 2.51% 40.96% 12.82% 19.88% -2.24%
FCF Conversion (EBITDA) 55.46% 6.1% 106.52% 52% 157.18% -
FCF Conversion (Net income) 40.7% 4.76% 127.8% 28.89% 125.87% -
Dividend per Share 2 3.850 4.000 2.300 4.700 3.000 1.500
Announcement Date 4/26/19 3/20/20 4/13/21 4/14/22 4/14/23 4/17/24
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 6.87 63.6 59.9 52.7 50.4 63.4
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.793 x 6.046 x 6.122 x 8.597 x 15.59 x 15.02 x
Free Cash Flow 1 4.8 0.64 10.4 3.19 5.08 -0.64
ROE (net income / shareholders' equity) 10.5% 10.5% 6.03% 7.77% 2.78% -12.4%
ROA (Net income/ Total Assets) 3.26% 3.23% 2.66% 1.66% 0.88% 1.18%
Assets 1 362.4 416.8 306.3 664.1 458.8 -1,395
Book Value Per Share 2 86.70 91.70 91.40 96.80 95.70 80.30
Cash Flow per Share 2 19.80 11.30 4.860 5.860 6.810 5.010
Capex 1 0.5 - 0.54 0.44 0.24 0.14
Capex / Sales 2.64% - 2.11% 1.75% 0.95% 0.51%
Announcement Date 4/26/19 3/20/20 4/13/21 4/14/22 4/14/23 4/17/24
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Diversified REITs

1st Jan change Capi.
PARIS REALTY FUND Stock Paris Realty Fund
+6.47% 81.13M
W. P. CAREY INC. Stock W. P. Carey Inc.
-11.80% 12.3B
GECINA Stock Gecina
-8.54% 8.09B
LAND SECURITIES GROUP PLC Stock Land Securities Group Plc
-6.57% 6.36B
THE GPT GROUP Stock The GPT Group
-9.05% 5.45B
BRITISH LAND COMPANY PLC Stock British Land Company PLC
+10.81% 5.27B
MIRVAC GROUP Stock Mirvac Group
-5.26% 5.22B
ESSENTIAL PROPERTIES REALTY TRUST, INC. Stock Essential Properties Realty Trust, Inc.
+7.20% 4.7B
NOMURA REAL ESTATE MASTER FUND, INC. Stock Nomura Real Estate Master Fund, Inc.
-12.73% 4.33B
DAIWA HOUSE REIT INVESTMENT CORPORATION Stock Daiwa House REIT Investment Corporation
-0.83% 3.7B
Diversified REITs
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