Patria Investments Ltd

Patria Investments sold off sharply after Brazil's election, but most fee income is not tied to the real, and costs are largely in local currency. PAX's fee-earning AUM reached $48.9B, with 44% exposed to soft currencies; only real estate and certain carry are materially impacted by FX moves. At $9.77, PAX trades at 7x LTM distributable earnings, a historic low and a 39% discount to Vinci Compass, despite resilient forward distributable earnings and a 6.7% yield.

Patria Investments (PAX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Patria Investments Limited (PAX) Shareholder/Analyst Call Prepared Remarks Transcript

Patria Investments has declined 24% year-to-date, creating a buy-the-dip opportunity amid a discounted valuation versus global peers. PAX trades at 7.8x to 8.45x 2026 fee-related earnings, less than half the multiples of KKR and APO, despite targeting 13% annual FRE growth through 2027. PAX's $48.9 billion FEAUM is set to drive FRE of $1.42 to $1.54 per share in 2026, supporting a dividend yield currently at 5.5%.