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Patria Investments Limited operates as a private market investment firm. It specializes in investments in private equity, secondary direct and indirect and venture capital with focus in middle market, buyout and growth capital investments. It seeks to be sector agnostic with focus on agribusiness, power & energy, healthcare, logistics & transportations, food & beverage, agricultural products, packaged foods and meats, education services, outsourced business services, and digital & tech services. It prefers to invest globally with focus on Latin America, Europe, United States, North America and Brazil. It seeks to invest between $38.48 million and $72.14 million per transaction. The firm seeks a majority or minority stake in its portfolio companies. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. The firm seeks to co-invest with other investors. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, Cayman Islands with additional offices across South America, North America, Europe and Asia. Patria Investments Limited operates as a subsidiary of Patria Holdings Limited.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2024
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2024 | $374M | $133M | $72M | $138M | 14.6% | 14.2% | -39.3% |
| 2023 | $328M | $146M | $118M | $142M | 22.7% | 26.6% | 27.4% |
| 2022 | $259M | $125M | $93M | $74M | 18.1% | 9.9% | -24.1% |
| 2021 | $236M | $131M | $122M | $106M | 21.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Total Revenue | 235.51 | 258.88 | 327.62 | 374.20 |
| Cost Of Revenue | 14.64 | 34.82 | 38.73 | 50.49 |
| Gross Profit | 220.88 | 224.05 | 288.88 | 323.72 |
| Operating Expense | 83.66 | 93.64 | 125.03 | 157.81 |
| Operating Income | 137.22 | 130.41 | 163.86 | 165.90 |
| EBITDA | 131.35 | 125.46 | 146.36 | 133.22 |
| EBIT | 122.59 | 104.26 | 119.24 | 97.39 |
| Pretax Income | 121.57 | 102.45 | 118 | 85.99 |
| Tax Provision | 0.38 | 8.35 | -2.82 | 10.31 |
| Net Income | 122.48 | 92.96 | 118.40 | 71.88 |
| Net Income Common Stockholders | 122.48 | 92.96 | 118.40 | 71.88 |
| Total Expenses | 98.29 | 128.47 | 163.76 | 208.30 |
| Interest Expense | 1.02 | 1.81 | 1.24 | 11.40 |
| Selling General And Administration | 74.56 | 71.75 | 97.13 | 120.89 |
| Normalized EBITDA | 133.36 | 137.29 | 180.93 | 192.21 |
| Normalized Income | 124.48 | 103.82 | 145.71 | 123.80 |
| Basic EPS | 0.90 | 0.63 | 0.80 | 0.48 |
| Diluted EPS | 0.90 | 0.63 | 0.80 | 0.48 |
| Tax Effect Of Unusual Items | -0.01 | -0.96 | -7.26 | -7.07 |
| Tax Rate For Calcs | 0 | 0.08 | 0.21 | 0.12 |
| Total Unusual Items | -2.01 | -11.83 | -34.57 | -58.99 |
| Total Unusual Items Excluding Goodwill | -2.01 | -11.83 | -34.57 | -58.99 |
| Net Income From Continuing Operation Net Minority Interest | 122.48 | 92.96 | 118.40 | 71.88 |
| Reconciled Depreciation | 8.76 | 21.20 | 27.12 | 35.82 |
| Reconciled Cost Of Revenue | 14.64 | 34.82 | 38.73 | 50.49 |
| Net Interest Income | -1.40 | -2.60 | -2.42 | -13.19 |
| Net Income From Continuing And Discontinued Operation | 122.48 | 92.96 | 118.40 | 71.88 |
| Rent Expense Supplemental | 0.58 | 1.43 | 1.08 | 1.70 |
| Diluted Average Shares | 135.98 | 147.23 | 148.68 | 153.59 |
| Basic Average Shares | 135.98 | 147.22 | 148.21 | 153.59 |
| Diluted NI Availto Com Stockholders | 122.48 | 92.96 | 118.40 | 71.88 |
| Minority Interests | 1.28 | -1.15 | -2.42 | -3.81 |
| Net Income Including Noncontrolling Interests | 121.19 | 94.10 | 120.81 | 75.69 |
| Net Income Continuous Operations | 121.19 | 94.10 | 120.81 | 75.69 |
| Other Income Expense | -14.25 | -25.36 | -43.44 | -66.72 |
| Other Non Operating Income Expenses | -12.24 | -11.18 | -8.11 | -7.21 |
| Special Income Charges | -3.19 | -23.06 | -35.76 | -60.24 |
| Gain On Sale Of Ppe | 0 | -0.05 | 0.03 | 0 |
| Gain On Sale Of Business | 0 | 0 | 4.20 | 0 |
| Other Special Charges | 0.73 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 3.19 | 23.06 | 39.96 | 60.24 |
| Earnings From Equity Interest | 0 | -2.35 | -0.75 | -0.51 |
| Gain On Sale Of Security | 1.18 | 11.23 | 1.19 | 1.24 |
| Net Non Operating Interest Income Expense | -1.40 | -2.60 | -2.42 | -13.19 |
| Total Other Finance Cost | 0.38 | 0.79 | 1.18 | 1.79 |
| Interest Expense Non Operating | 1.02 | 1.81 | 1.24 | 11.40 |
| Other Taxes | 0.34 | 0.69 | 0.78 | 1.10 |
| Depreciation Amortization Depletion Income Statement | 8.76 | 21.20 | 27.12 | 35.82 |
| Depreciation And Amortization In Income Statement | 8.76 | 21.20 | 27.12 | 35.82 |
| Amortization | 6.97 | 17.38 | 22.37 | 30.73 |
| Amortization Of Intangibles Income Statement | 6.97 | 17.38 | 22.37 | 30.73 |
| Depreciation Income Statement | 1.78 | 3.83 | 4.75 | 5.10 |
| Selling And Marketing Expense | 0.34 | 1.71 | 2.88 | 4.47 |
| General And Administrative Expense | 74.22 | 70.05 | 94.26 | 116.42 |
| Other Gand A | 10.92 | 22.45 | 28.67 | 33.06 |
| Insurance And Claims | 0.18 | 0.73 | 0.67 | 0.76 |
| Rent And Landing Fees | 0.58 | 1.43 | 1.08 | 1.70 |
| Salaries And Wages | 62.54 | 45.43 | 63.84 | 80.90 |
| Excise Taxes | 4.08 | 5.18 | 6.77 | 7.12 |
| Operating Revenue | 239.59 | 264.06 | 334.39 | 390.65 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Patria Investments Limitedthis co. | PAX | $2.0B | 18.34↑ premium | 3.19 | 14.6% | 12.28 |
| Kemper Corporation | KMPR | $2.0B | 13.47 | 0.72 | 5.3% | - |
| OFG Bancorp | OFG | $2.0B | 9.38 | 1.38 | 14.8% | - |
| Skyward Specialty Insurance Group, Inc. | SKWD | $2.0B | 11.00 | 1.80 | 16.8% | 6.94 |
| Banco Latinoamericano de Comercio Exterior, S. A. |
| BLX |
| $2.0B |
| 8.77 |
| 1.19 |
| 13.5% |
| - |
| Perella Weinberg Partners | PWP | $2.0B | 45.57 | -11.23 | 13.6% | - |
| Columbia Financial, Inc. | CLBK | $2.0B | 34.62 | 1.69 | 4.5% | - |
| Encore Capital Group, Inc. | ECPG | $1.9B | 6.98 | 1.84 | 26.3% | 8.73 |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.45 | 1.14 | 6.2% | - |
| Peer Median | - | 12.24 | 1.29 | 13.6% | 7.84 | |