Tikehau Capital - H1 2023: Results in line but fundraising strong despite muted private markets
AuM increased 7.1% YTD to EUR 40.5bn and up 4.1% QoQ.Fundraising remained high at EUR 3.3bn (up YoY!).Management fees up 12% YoY with FRE margin improving towards 31.3%.Exits were actually up YoY despite difficult private markets.We estimate today's NAV to be EUR 25.3 p/s, implying a discount of 8%. This remains low within our coverage. TP remains at EUR 24. As the share price has been below our TP for some time now and the relatively strong expected H2, we upgrade our rating to Hold.More details in our note issued this morningTikehau 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.
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