This content is only available within our institutional offering.
27 Jul 2023
Eurazeo - H1 2023: AuM slowing down and communication going backwards
Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
Eurazeo - H1 2023: AuM slowing down and communication going backwards
H1 23 NAV came in at EUR 103.3 p/s, up 2.7% YTD (DPe EUR 112.8 p/s). The lower NAV is the result of the exclusion of valuation AM activity as communicated previouslyAuM amounted to EUR 35.2bn, up 3.2% YTD (FY22: EUR 34.1bn) and up 1.1% QoQ (Q1 23: EUR 34.8bn)Management fees at EUR 204m with FRE to EUR 68.5m (33.5% margin)Results did not blow us away. AM is clearly slowing and not communicating on NAV at all anymore. This feels like a step back instead of forward.Nonetheless, its discount to NAV remains huge at 49%. We estimate today's NAV to