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Clearly, the economic climate remains unfavourable for private equity players. As such, Eurazeo has experienced a decline in both disposals and investments but the results have proved resilient, with PF AUM up by 11% yoy to €33.5bn in the Q3. Even more impressive, in a more muted market, Eurazeo expects to raise around €3bn, above the €2.9bn (excluding Rhône) raised in 2022. That said, we believe a doubling in AUM over the mid-term remains ambitious, unless Eurazeo jumps on the consolidation ban
Companies: Eurazeo (RF:EPA)Eurazeo SE (RF:PAR)
AlphaValue
After a record 2021 for private equity players and a resilient 2022 for Eurazeo amidst an unfavorable macroeconomic environment, 2023 appears more challenging. The end of the low-interest rate era and stimulus packages is being felt by Eurazeo, which has recorded a drop in fundraising and lower investment activity, although the increase in AUM is to be welcomed. Furthermore, excluding non-recurring items, Eurazeo’s net income came to -€42m in H1-23. Simply put, these results point to a deteriora
Eurazeo published mixed results for H1 2023: notwithstanding an increase in AuM of €35.2bn in H1-23 and an exceptional net result of €1.8bn due to an accounting effect, we see the negative change in the portfolio value of €27m, the decline in investment activity and the difficulty in raising funds (vs. H1-22) in a negative light.
Amidst a tough environment, Eurazeo is hitting the ground running with growth in its asset management activity (+10% yoy AuM), increasing management fees (+28% yoy), satisfactory fundraising (+42% yoy) and the robust top-line growth of portfolio companies. Even if the investment activity remains unsurprisingly impacted by the environment through fewer exits, Eurazeo’s solid Q1 performance has prompted it to reiterate its FY 23 guidance.
Notwithstanding our concerns of private market players in an unfavourable macro-economic environment, Eurazeo reasserted its robustness by delivering 2022 results ahead of expectations. The market downturn did not jeopardise Eurazeo’s objectives, which saw a 10% increase in AuM, an 8% increase in NAV and a consolidated net income 30% higher than AV’s estimate. While the 2022 results are a clear beat, we remain cautious about the group’s activity in a challenging climate, with a two-CEO structure
Companies: Eurazeo (RF:EPA)Eurazeo SA (RF:PAR)
After an impromptu supervisory board meeting, Virginie Morgon, Eurazeo’s CEO since 2018, was pulled out by the majority shareholder, JC Decaux. Even though the Decaux family had entered the capital of the French private equity giant with a fussy attitude, the narrative seems to have changed since the death of Eurazeo’s emblematic figure, Michel-David Weill, which has shuffled the power cards. Under the guise of governance problems, the Decaux family is strengthening its grip over the investment
As we had expected, Eurazeo published a resilient trading statement marked by the expansion of its asset management activity with a 20% increase in its AuM yoy, 22% in its management fees, 25% in its third party fees and higher fundraising than in 2020. The holding company has accordingly confirmed its outlook for the years to come.
Eurazeo published mixed results for H1 2022, with a sharp drop in net income (-96M€ vs. +464.5M€ a year earlier) and NAV down by 2%. Nevertheless, the HoldCo remains confident for the rest of the year and has confirmed its outlook given the growing AuM (+27% yoy), the increase in management fees (+30% yoy), and exit multiples (3.6x) that do not reflect the shakier markets.
Companies: Eurazeo SA (RF:PAR)Eurazeo SA (0HZC:LON)
Eurazeo’s Q1 trading statement showed solid top-line growth across the portfolio companies as well as the asset management activity. The latter was driven by the continued rise in AUM, buoyed by higher fundraising despite shakier markets. These same drivers, as well as the solid Q1 performance from the portfolio companies give confidence on a more upbeat FY outlook even if the current macro and geopolitical headwinds are a key risk.
Eurazeo’s FY21 saw record results across the board and bigger ambitions for its asset management business, confirming that the company’s strategy delivers and supports shareholder returns (the proposed special dividend comes as a welcome surprise). Last year’s strong execution has Eurazeo in solid footing to face the current volatile market environment, even if a cool-down of private markets cannot be excluded given the tense geopolitical situation and its implications on the global economy.
Eurazeo posted a solid Q3 release, with fundraising over the quarter putting the ytd tally at a record €3.0bn, already ahead of the FY20 performance all of 2020. This supports the strong momentum in AUM which is reflected in rising fee revenues from its third-party asset management activity. High levels of investment and realisations should extend into 2022, pointing to an upbeat FY22 scenario.
Eurazeo published strong H1 figures with positive contributions coming from all activities, leading to the second highest H1 net result over the last 12 years. Moreover, rising valuations for its portfolio assets, record fundraising and a busy deal pipeline ahead show that Eurazeo is getting things done. The progress made on the strategic targets presented back in November support a brighter outlook.
Eurazeo released Q1 figures that signal another year of strong fundraising after a record 2020. While management fees only grew modestly due to higher balance sheet divestments, the company is rebalancing towards more third-party capital further developing its money manager pursuit. As for the outlook, Eurazeo points to a busy divestment schedule through 2021-22 concerning its more mature funds led by the favourable market environment.
Eurazeo’s H1 release was a mixed bag, given the sizeable impact of the COVID-19-driven crisis on the portfolio companies exposed to the Travel & Leisure sector. While the group’s tech-focused ‘growth’ investments have proved resilient from an operations and valuation perspective. Still, the WorldStrides’ restructuring is a major hit to Eurazeo’s earnings. The negative sentiment related to this matter (in addition to Europcar) risks weighing on the share price in the short term despite an otherwi
Companies: Eurazeo SA
Eurazeo released FY19 results that put into evidence the increasing importance of the company’s role as a manager for third-party money. The increasing dependence on this business will mean that Eurazeo’s capability to keep growing in AUM and maintaining these funds will become ever more crucial, especially in turbulent market conditions, where investors may aim to retreat from risky assets in the search for safe-havens.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Eurazeo SE. We currently have 100 research reports from 3 professional analysts.
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Cavendish
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Canaccord Genuity
FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
Companies: Frenkel Topping Group plc
The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual
Companies: Bluefield Solar Income Fund Ltd.
QuotedData
2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.
Companies: LSL Property Services plc
Zeus Capital
Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased willingness t
Companies: Henderson Far East Income LTD GBP
Edison
S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
Companies: S&U plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Foresight Solar Fund Limited GBP
International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
Companies: International Public Partnerships Ltd
Companies: PensionBee Group PLC
Liberum
Companies: NewRiver REIT plc
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
Companies: Witan Investment Trust PLC
Kepler | Trust Intelligence
Companies: PayPoint plc
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