Eurazeo - Q3 Update: Pretty quiet quarter
AuM of EUR 33.5bn, pro-forma for sale of Rhone, or QoQ growth of ~2%Exits are down -66% YTD highlighting the frozen deal markets. Eurazeo expects a recovery in H1 2024Eurazeo has been trading at a discount to NAV of >50% for some time now driven by the new management, (too) ambitious AuM targets and the market's fear about the realisability of the NAV. We do not expect these fears to have been taken away by these resultsThe company will host its CMD on November 30TP remains at EUR 93 as well as our BUY ratingEurazeo 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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