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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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Eurazeo. We currently have 75 research reports from 3 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
Companies: James Latham Plc
SP Angel
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
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Companies: Ilika plc
Liberum
Companies: Severfield Plc
Companies: Gattaca plc
Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
Companies: SigmaRoc Plc
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Companies: FOG PEB KBT EMR TIME GETB JNEO
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