Tikehau Capital - FY23 results: Impressive FRE generation in H2
AuM at EUR 42.8bn, up 13% YoYManagement fees at EUR 312m (+35%) with impressive FRE at EUR 107m (+69%) and margin of 34.2%Dividend proposed of EUR 0.75 p/s (+7%)We estimate today's NAV to be EUR 27.2 p/s, implying a discount of 21.6%.Our TP remains at EUR 24 p/s. We reiterate our Hold ratingTikehau Capital SCA Formerly known as Tikehau Capital SCS. Tikehau Capital SCA is a France-based asset management and investment company. The Company invests in various asset classes, including Private Debt, which comprises debt financing transactions, such as senior debt, unitranche and mezzanine, as well as collateralized loan obligations; Real Estate, which focuses on commercial property and seeks sale and lease-back transactions in which the Company's vehicles act as purchaser; Private Equity, which encompasses investments in the equity capital of listed and non-listed companies, and Liquid Strategies, which encompasses investments in bonds, investment grade securities and the management of open-ended funds. The Company operates either through direct equity investments or through its asset management subsidiary, Tikehau IM, on behalf of institutional and private investors. The Company has offices in Paris, London, Brussels, New York and Singapore, among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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