reports
- Geoffroy Michalet
Eurazeo : Good momentum in Q3
>Positive normalisation in business trends - For Q3 and for nine months, Eurazeo reported AUM of € 35.5bn, up +7% y-o-y and +1% on the quarter, with € 10.3bn on a proprietary basis (-4% for the year).AuM generating fees from third parties amounted to € 18.6bn, up 12%. It was boosted by inflows of € 3.0bn, up 76% on the year (the increase came to 63% in H1, so an acceleration).In terms of asset rotation, the group divested € 0.8bn of funds from its balan...
- Geoffroy Michalet
Eurazeo : Bonne dynamique au T3 2024
>Normalisation positive de l’activité - Au titre de son T3 et de ses 9 mois, Eurazeo publie des AUM de 35.5 Md€, en hausse de 7% sur l’année et de 1% sur le trimestre, dont 10.3 Md€ pour compte propre (-4% sur l’année).Les actifs sous gestion générant des commissions de tiers se montent à 18.6 Md€, en hausse de 12%. Ils sont portés par une collecte de 3.0 Md€, en hausse de 76% sur l’année (la hausse était de 63% au S1, en accélération donc).Au niveau de...
Eurazeo: 1 director
A director at Eurazeo sold 3,939 shares at 75.000EUR and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
SAN SANOFI
VER VERBUND AG CLASS A
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
SIX2 SIXT SE
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
IBE IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Jerôme Bodin
FP TOTAL SE
AC ACCOR SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
CA CARREFOUR SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
ROG ROCHE HOLDING LTD
SK SEB SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
CPG COMPASS GROUP PLC
NESN NESTLE S.A.
VIV VIVENDI SE
NRG NRJ GROUP SA
RF EURAZEO SA
KER KERING SA
ELE ENDESA S.A.
VER SANOFI
EZJ VERBUND AG CLASS A
REP EASYJET PLC
SOI REPSOL SA
SIX2 SOITEC SA
MOCORP SIXT SE
MONC METSO OUTOTEC OYJ
IBE MONCLER SPA
SAN IBERDROLA SA
AZN BANCO SANTANDER S.A.
VOD ASTRAZENECA PLC
STM VODAFONE GROUP PLC
BESI STMICROELECTRONICS NV
ULA BE SEMICONDUCTOR INDUSTRIES N.V.
ERF UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
STLA EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
UMG STELLANTIS N.V.
DSY UNIVERSAL MUSIC GROUP NV
ML DASSAULT SYSTEMES SA
GSK COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 GSK PLC
SGSN DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B SGS SA
NOVO NORDISK A/S
- Geoffroy Michalet
Eurazeo : Brisker H1, with H2 set to pick up pace further
>H1 marks gradual acceleration - Eurazeo published this morning a net asset value per share of € 106.9 for H1 2024, down 2% compared with end-2023 (-4% on the total value, but -2% in euros per share with the impact of the SBB). The value of companies remaining in the portfolio fell by 0.6%, with the remainder (-3.7%) mainly due to changes in the business scope (mainly DORC). We are assuming a valuation for third-party AM of € 1.6bn, i.e. € 21.6 per share, giving a tot...
- Geoffroy Michalet
Eurazeo : Premier semestre plus actif, vers un S2 encore en accélérati...
>Un S1 en accélération progressive - Eurazeo publie ce matin un ANR Bilan/action de 106.9 € au Titre du S1 2024 en baisse de 2% par rapport à fin 2023 (-4% sur la valeur totale, mais -2% en euros par action avec l’impact du SBB). La valeur des sociétés restées en portefeuille a, elle, baissé de 0.6%, le reste (-3.7%) étant surtout un effet périmètre (DORC principalement). Nous retenons une valorisation de l’AM pour compte de tiers de 1.6 Md€, soit 21.6 € par action et...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Geoffroy Michalet
Eurazeo : ANR/Bilan stable, sans surprise. Décote totale de c.30% selo...
>Un T1 soft, sans surprise, pas nécessairement à l’image du reste de l’année. - Pour rappel, lors des publications trimestrielles, Eurazeo n’évalue pas son portefeuille non coté et ne détient pas de sociétés cotées. Ainsi, sans surprise, Eurazeo publie un ANR bilan de 109.9 €/action au titre de son T1 2024, très proche du niveau de fin 2023 à 109.6 €.Les AUM globaux ressortent à 34.8 Md€, en hausse de 8% sur 12 mois et stables sur le trimestre. Les AUM pour compt...
- Geoffroy Michalet
Eurazeo : NAV/balance sheet stable, unsurprisingly. Total discount of ...
>A soft first quarter, but not necessarily a reflection of the rest of the year - To recap, in quarterly releases, Eurazeo does not evaluate its unlisted portfolio and does not hold any listed firms. As such, unsurprisingly, Eurazeo reported a balance sheet NAV of € 109.9 a share for Q1 2024, very close to the level at end-2023 at € 109.6.Overall AuM came in at € 34.8bn, up 8% over 12 months and stable on the quarter. AuM for third parties thus came in 9% higher ...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Joren Van Aken
Eurazeo - Q1 24: Slow start to the year
• Q1 24 AuM at EUR 34.8bn, slightly down QoQ• No significant fundraising closings and an uptick in distributions resulting in subdued growth which should accelerate during the rest of year (calendar effect)• Nonetheless, some investors may be surprised by this temporary hiccup especially as there is no quarterly valuation for the portfolio• Our investment case still stands, which is based on an expected recovery in exits in the latter part of the year which should be at decent prices and should ...
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/07/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Salome Charamalet
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/03/2024
We are initiating coverage of Lonza with a target price of CHF 535 and an Outperform rating. As one of the world's leading contract development and manufacturing organisations (CDMO), Lonza is predestined to benefit from the sustainable drivers of this industry. The group's global presence and strong market positions in the growth areas of biologics and cell and gene therapy (CGT) will fuel double-digit sales growth and >30% EBITDA margins in the medium term. Despite significant growt...
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
JMT JERONIMO MARTINS SGPS S.A.
G1A GEA GROUP AG
RCO REMY COINTREAU SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
RF EURAZEO SA
MRK MERCK KGAA
BAYN BAYER AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
PIRC PIRELLI & C. S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
- Geoffroy Michalet
Eurazeo : Atterissage 2023 sans surprise, pas de guidance 2024 précise
>2023 sans surprise - Eurazeo a publié ce matin un ANR bilan/action de 109.6 € au titre de 2023, en hausse de 9% vs fin 2022 (100.6 €). Nous retenons une valorisation de l’AM pour compte de tiers de 1.6 Md€, soit 21.1 € par action, soit un ANR total de 130.7 €/action (vs 127.1€ fin 2022). Les AUM globaux se portent à 35 Md€, en hausse de 9% sur 12 mois. Les AUM pour compte de tiers, à hauteur de 24.2 Md€ sont en hausse de 12% sur 12 mois, sur une collecte de 3.5 ...
- Geoffroy Michalet
Eurazeo : Unsurprising 2023 landing, no precise 2024 guidance
>2023 unsurprising - Eurazeo this morning reported a balance sheet NAV per share of € 109.6 for 2023, up 9% on end-2022 (€ 100.6). We note a valuation for third-party AM of € 1.6bn, or € 21.1 per share, i.e. a total NAV of € 130.7 per share (vs € 127.1 at end-2022). Overall AuM came to € 35bn, up 9% over 12 months. AuM for third parties, at € 24.2bn, posted growth of 12% over 12 months, with inflows of € 3.5bn, including € 0.9m for private clients in a less favou...
- Joren Van Aken
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 maintained
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Baptiste Salaville
- Geoffroy Michalet
- Jean-Baptiste Rouphael
- Marc Lavaud
- Geoffroy Michalet
Eurazeo : CMD: end of a certain hybrid model (big balance sheet + AM f...
>End of a hybrid model - The CMD acknowledges, in our view, the realization that, from a stock market perspective, hybrid models combining a very large balance sheet, with an asset management activity on behalf of third parties, are very poorly valued. The group is therefore acting accordingly, by choosing to shrink its balance sheet (which is generally subject to a discount, more or less significant depending on the period, but almost never to a premium). In contrast...
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