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On Thursday, Deutsche Bank (ETR:DBKGn) analyst Lars Vom-Cleff updated Patrizia AG (PAT:GR) stock with a higher price target, now set at EUR11.00, an increase from the previous EUR9.90. The firm’s Buy rating on the stock remains unchanged. The adjustment follows Patrizia AG’s announcement of its preliminary financial results for FY24, which showed a 3% year-over-year increase in EBITDA to EUR 45 million. This figure is in line with the company’s guidance range of EUR 30-60 million and was bolstered by a notable rise in other operating income.
Patrizia AG also reported a reduction in its operating expenses (OPEX) by EUR 30 million. Despite this, the company experienced a 16% decline in total service fee income, which fell to EUR 264 million. Assets under management (AuM) saw a slight year-over-year decrease of 2%, settling at EUR 56.4 billion. This reduction was partially mitigated by a quarter-over-quarter increase of 1%. The company’s organic growth was not sufficient to fully counteract the negative valuation effects, yet the pace of the decline appears to be slowing.
Transaction (JO:NTUJ) closings for the year amounted to EUR 2.9 billion, marking a 13% drop from the previous year. However, the company witnessed a significant uptick in equity raised from clients, which nearly doubled to EUR 1.0 billion, an 87% year-over-year increase. Looking ahead, Patrizia AG’s management is set to propose a dividend of EUR 0.35 at the next Annual General Meeting, which would represent a 3% increase from the previous year and equate to a yield of 4.9%.
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