Eurazeo is a listed investment company in Europe. Co. invests in French or other European companies in which it can exercise influence. Co. divides its operaion in five divisions: Holding company, Eurazeo Capital, Eurazeo PME, Eurazeo Croissance, and Eurazeo Patrimoine. Holding company focuses on investment in non-consolidated fund business; Eurazeo Capital invests in companies valued over Euro150,000,000 to Euro200,000,000; Eurazeo PME invests in enterprises valued at less than Euro150,000,000 to Euro200,000,000; Eurazeo Croissance targets companies with high growth potential in promising markets; and Eurazeo Patrimoine groups Co.'s real estate asset management and investment activities.
  • TickerRF
  • ISINFR0000121121
  • ExchangeEuronext Paris
  • SectorFinancial Services
  • CountryFrance
Alain William ...
  • Alexandre Iatrides
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/19/2020

...

Alain William ...
  • Alexandre Iatrides
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/05/2020

...

Geoffroy Michalet

Eurazeo : Q1 NAV: no surprise, resilience of asset management

>NAV: no surprise, slight decline in financial revenues - Based on its methodology, i.e. the six-monthly (and not by quarter) revaluation of its non-listed NAV, i.e. less than 2% of the total, Eurazeo has published Q1 NAV that is close to the last published figure of € 78.4 vs € 80.3 at end-2019. LTV remains slightly negative, with Eurazeo having no structural net debt on its balance sheet. The group has a cash position of € 750m, with the capacity to draw a fur...

Geoffroy Michalet

Eurazeo : ANR T1 : pas de surprise, résilience de l’AM

>ANR : pas de surprise, légère décroissance du CA économique - De par sa méthodologie, à savoir une réévaluation de son ANR non-côté par semestre (et non par trimestre), soit moins de 2% du total, l’ANR publié par Eurazeo ce trimestre est proche du dernier publié à 78.4 € contre 80.3 € fin 2019. La LTV reste légèrement négative, Eurazeo n’ayant structurellement pas de dette nette au bilan. Le groupe dispose de 750 M€ de cash, une capacité à tirer encore 1.1 Md€ ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/28/2020

Ahead of the earnings season, we downgrade our scenario for global traffic and now do not expect a return to pre-crisis levels until around 2023. Despite the average 34% adjustment to our EPS estimates in 2020, we believe that the single-aisle segment should show better resilience more in original equipment sales than the aftermarket (except for some early retirements). We continue to prefer Airbus (Buy – target price € 74) in the civil segment and Thales (Buy – target price € 88) in ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Jérôme VINERIER

Short term view - EURAZEO : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €65.20. The next target is at €60.99, then €59.00. Passing €69.20 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - EURAZEO : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 65,20 € prochainement. Le prochain objectif est à 60,99 €, puis 59,00 €. Le franchissement de 69,20 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - EURAZEO : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €60.99. The background trend would be questioned should prices rise above €69.20.

Jérôme VINERIER

Analyse court terme - EURAZEO : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 60,99 €. La tendance de fond serait remise en cause en cas de franchissement de 69,20 €.

Geoffroy Michalet

Eurazeo : Q1 NAV: no surprise, resilience of asset management

>NAV: no surprise, slight decline in financial revenues - Based on its methodology, i.e. the six-monthly (and not by quarter) revaluation of its non-listed NAV, i.e. less than 2% of the total, Eurazeo has published Q1 NAV that is close to the last published figure of € 78.4 vs € 80.3 at end-2019. LTV remains slightly negative, with Eurazeo having no structural net debt on its balance sheet. The group has a cash position of € 750m, with the capacity to draw a fur...

Geoffroy Michalet

Eurazeo : ANR T1 : pas de surprise, résilience de l’AM

>ANR : pas de surprise, légère décroissance du CA économique - De par sa méthodologie, à savoir une réévaluation de son ANR non-côté par semestre (et non par trimestre), soit moins de 2% du total, l’ANR publié par Eurazeo ce trimestre est proche du dernier publié à 78.4 € contre 80.3 € fin 2019. La LTV reste légèrement négative, Eurazeo n’ayant structurellement pas de dette nette au bilan. Le groupe dispose de 750 M€ de cash, une capacité à tirer encore 1.1 Md€ ...

Geoffroy Michalet

Eurazeo : Communication before the AGM scheduled for 30 April, a few reminders

>A few qualitative clarifications on the impact of COVID-19 - Ahead of its (virtual) AGM convened for 30 April at 4.00 p.m., Eurazeo recaps on how it is equipped to withstand the pandemic and the latter’s potential impact on its business.What we already knew: A healthy balance sheet with € 0.3bn of net cash, and a capacity to mobilise € 1.5bn in net cash (via a syndicated loan) over a five-year period.Dry powder reserves in the funds for € 3.8bn (i.e. c...

Geoffroy Michalet

Eurazeo : Communication avant l’AG du 30 avril, quelques rappels et précisions

>Quelques précisions qualitatives sur l’impact du COVID-19 - En amont de son Assemblée générale (virtuelle) de ce jeudi 30 avril à 16h, Eurazeo fait un point sur ses armes pour traverser la crise et son impact potentiel sur son business.Ce que nous savions déjà : Un bilan sain avec 0.3 Md€ de cash net, ainsi qu’une capacité de mobiliser 1.5 Md€ de trésorerie (via un Crédit Syndiqué) sur une durée de 5 ans.De la Dry Powder dans les fonds pour 3.8 Md€ (i....

Eurazeo: 1 director sold

A director at Eurazeo sold 18,002 shares at 40.573EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Alain William ...
  • Alexandre Iatrides
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/19/2020

...

Alain William ...
  • Alexandre Iatrides
  • Christophe-Raphaël Ganet
  • Geoffroy Michalet
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/05/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/28/2020

Ahead of the earnings season, we downgrade our scenario for global traffic and now do not expect a return to pre-crisis levels until around 2023. Despite the average 34% adjustment to our EPS estimates in 2020, we believe that the single-aisle segment should show better resilience more in original equipment sales than the aftermarket (except for some early retirements). We continue to prefer Airbus (Buy – target price € 74) in the civil segment and Thales (Buy – target price € 88) in ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/04/2020

Avant d’entrer dans la saison des publications, nous dégradons notre scenario de trafic mondial pour désormais anticiper un retour aux niveaux pré-crise seulement vers 2023. En dépit des ajustements de nos BPA de 34% en moyenne sur 2020, nous estimons que le segment des monocouloirs devrait mieux résister plus sur le neuf que sur l’après-vente (en dehors de quelques retraits anticipés). Nous continuons de pousser Airbus (Achat – 74 €) sur le civil et Thales (Achat – 88 €) sur la défen...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

EURAZEO SE with less fundamental stars is reduced to Neutral

EURAZEO SE (FR), a company active in the Speciality Finance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date March 10, 2020, the closing price was EUR 51.95 and its expected value was estimated at EUR 62.55.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Eurazéo - AGM 30 April 2020

Press release of 8/4/20 (/assets-eurazeo/uploads/2020/04/CP-AG-Solidarite-FR-VDEF.pdf): Dividend is cancelled. ITEM 13: Ms. Morgon's total compensation for 2019 is far too generous compared to her peers in the SBF 120 and MSCI Europe Financial Services sector. Moreover, the performance conditions of the performance shares granted in 2019 allow for vesting in the event of underperformance, which is not acceptable for a company of Eurazeo's size. We therefore do not support resolution 13. ITEM 10: It seems that the company has heard our criticism of these performance conditions since the executi...

Jehanne Leroy

Eurazéo - AG 30 Avril 2020

Communiqué du 8/4/20 () : - Annulation du dividende Rémunérations La rémunération totale de Mme Morgon pour 2019 est bien trop généreuse par rapport à ses pairs du SBF 120 et du secteur financier du MSCI Europe. Par ailleurs les conditions de performance des actions de performance attribuées en 2019 permettent l'acquisition en cas de sous-performance, ce qui n'est pas acceptable pour une société de l'envergure d'Eurazeo. Nous ne soutenons donc pas la résolution 13. Il semblerait que la société ait entendu nos critiques concernant ces conditions de performance puisque la politique de rémun...

Expert Corporate Governance Service (ECGS)

Eurazéo SE - AGM 25 April 2019

ITEM 7: the 2019 remuneration policy of Members of the Management Board does not comprise any significant change compared to the previous one. Thus, concerns raised in previous years are still relevant: LTI could still vest in case of underperformance and amounts that could be granted are still excessive. Thus, overall, this new remuneration policy is not satisfactory and we do not support it. ITEM 9: the company’s disclosure of remunerations granted to the Members of the Management Board is satisfactory, as well as the structure of their remuneration; however, LTI could still vest in case of...

Jehanne Leroy

Eureazeo - Assemblée générale des actionnaires du 25 avril 2019

RémunérationsLa communication de la société sur les rémunérations attribuées à ses dirigeants est bonne, et permet une bonne compréhension des montants du bonus attribués. Cependant, les conditions de performance de la rémunération long-terme permettent l’acquisition en cas de sous-performance, ce qui n’est pas acceptable pour une société de l’envergure d’Eurazeo. Par ailleurs, les montants attribués à Mme Morgon (dont 22% sont une prime d’expatriation) sont excessifs. Aussi, nous ne soutenons pas la rémunération 9. Concernant les autres membres du Directoire, les montants qui leur ont été att...

Eurazéo – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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