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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
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 SE (RF:PAR)Eurazeo SE (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 SE
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 11 research reports from 3 professional analysts.
Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US. It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations. The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes and NCR ATMs located in retail outlets. Clip also partners with Bri
Companies: Clip Money Inc.
Zacks Small Cap Research
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th
Companies: NBPE ACSO ICGT ARBB CSN RECI HAT STX VTA APAX DUKE
Hardman & Co
Companies: OHT CNC SCE IGP FEN TAST HVO VLG PIER XSG SEA MPL DUKE XLM
Cavendish
Companies: Property Franchise Group PLC
Canaccord Genuity
GSCT offers comprehensive exposure to small-caps worldwide…
Companies: Global Smaller Companies Trust PLC
Kepler | Trust Intelligence
Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. The sector had a tough start to the year, due to a deterioration in revenue conditions, but GRID’s efforts to stabilise revenues and increase capacity are paying off. The manager, Ben Guest, is looking forward to a significant improvement in revenue in 2025, underpinned by a large, contracted earnings base, and plans for new pipeline projects, further augmentations to GRID’s
Companies: Gresham House Energy Storage Fund Plc GBP
Edison
Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.
Companies: BUT CTY MNL EDIN FCIT MUT SJG TMPL BRIG ATST WTAN JAM SMT CCJI PSH
HICL’s increased dividend target comes amidst other positive signs…
Companies: HICL Infrastructure PLC
Henderson Far East Income (HFEL) is a pan-Asian investment company with a focus on achieving a high and growing income as well as capital growth. While the emphasis on income will naturally lead the management team to focus on some older-economy sectors where there is a long history of rewarding investors with dividends, lead manager Mike Kerley reports that an increasing number of high-growth technology stocks in Asia are now generating healthy cash payouts. However, the manager retains a tilt
Companies: Henderson Far East Income LTD GBP
Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers Chetan Sehgal (lead manager) and Andrew Ness consider that the case for emerging markets is not well understood. Hence, they believe that the regions remain under-owned, undervalued and under-appreciated, which provides an interesting opportunity for global investors. There are several powerful trends supporting the superior economic growth prospects of emerging markets versus those in developed regions, including demographics,
Companies: Templeton Emerging Markets Investment Trust PLC
Today’s AGM update confirms that Vp continues to perform well, reiterating full year expectations despite challenges in certain markets (notably construction). Meanwhile, the new management team is progressing the refreshed strategic priorities set out in June. Broad market trends are consistent with those reported in recent periods. Infrastructure remains supportive, with good momentum and strong demand in transmission, water and civil engineering, although rail has seen a slower start to the
Companies: Vp plc
Equity Development
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: CPX ENSI CNC TERN CHSS ELEG
Allenby Capital
Companies: Gore Street Energy Storage Fund PLC (GSF:LON)SDX Energy PLC (SDX:LON)
Shore Capital
PCI Pal’s FY24 trading update shows FY24E revenue growth of +20% to £18.0m, strong traction with major partners, and FY24E net cash in line with our previous £4.3m. FY24E revenue of £18.0m includes a £0.7m impact from a specific project where the customer has paid in full and the company has delivered the services, but following discussions with the auditors the Board has decided to defer the revenue from FY24 into FY25. The remaining £0.4m revenue change vs our previous FY24E forecast reflects
Companies: PCI-PAL PLC
Companies: FEN TRCS NXQ KRM SOM