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 toEurazeo 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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