Eurazeo - CMD 2023: Asset-light model and more buybacks
Eurazeo hosts its CMD today which mainly focuses on the transition of a hybrid model to a more asset-light, asset managerEUR 60bn AuM target by 2026-2028 is never mentioned. Unclear if that target is retractedNo acceleration in realization strategy. Main value creator should be double digit dividend growth and increased level of share buybacks. We remain skeptical of the ability of SBBs to structurally lower a discount and remain wary of the potential long-term impact on liquidityWe do not expect this to be the trigger investors were waiting for. We estimate today's NAV at EUR 100.5 p/s or a discountEurazeo 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.
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