Eurazeo - Slow FY23 but better times ahead
• AuM at EUR 35bn, up 9% YoY. Management fees at EUR 398m (+9%) with FRE at EUR 138m (+22%) and an improving FRE margin (34.8% vs. 31% FY22)• Proposed dividend of EUR 2.42 p/s, up 10%• Exits subdued in 2023 but at 23% uplift compared to last NAV• We estimate today's NAV at EUR 126.4 p/s, implying a still elevated discount of 39%. Our TP is slightly raised to EUR 97.0 (vs. EUR 93.0 before)- BUY maintainedEurazeo 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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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