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On Thursday, Deutsche Bank (ETR:DBKGn) analyst Lars Vom-Cleff adjusted the price target for Patrizia AG (PAT:GR) shares, reducing it to EUR10.40 from the previous EUR11.00. Despite the lower price target, the analyst maintained a Buy rating on the stock.
Patrizia AG reported its first-quarter earnings for 2025, with an EBITDA of EUR 17 million, marking a 12% increase year-over-year. The company’s earnings were significantly supported by the annual DAWONIA Performance Fee, which amounted to EUR 10 million. This fee is a consistent factor in the company’s first-quarter performance, although it was lower compared to EUR 15 million received in the same quarter the previous year.
The company’s transaction fees showed early signs of recovery, yet management fees and performance fees continued to experience a year-over-year decline. Patrizia AG’s assets under management (AuM) saw a slight decrease of 1% year-over-year and 0.5% quarter-over-quarter, totaling EUR 56.1 billion. Despite this dip, the rate of decline in AuM appeared to be decelerating.
The firm’s transactional activity presented a more positive outlook. Patrizia AG successfully closed transactions worth EUR 1.0 billion, a substantial increase of 61% compared to the same period last year. Additionally, the company reported that signed transactions saw an impressive surge of 145% year-over-year, amounting to EUR 0.8 billion.
Vom-Cleff’s commentary and the revised price target reflect the mixed financial results and operational achievements of Patrizia AG during the first quarter of 2025. The maintained Buy rating suggests a continued positive outlook for the stock’s performance despite the adjustments.
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