(News Bulletin 247) – JPMorgan downgraded its recommendation on Antin on Tuesday from ‘overweight’ to ‘neutral’ due to a lack of short-term catalysts.
In a research note, the intermediary explains that it has again postponed the prospect of closing the Flagship Fund V fund, now expected in early 2024 and no longer in the third quarter of 2023.
The analysis adds that it has revised its EBITDA forecast for 2023 downwards, to 210 million euros against 227 million previously, after the group presented an annual target of between 200 and 240 million euros.
While it acknowledges that Antin’s market valuation may seem ‘attractive’ after its poor performance since the start of the year (-20%), JPMorgan says it does not consider any element likely to lead to a significant revaluation of the title in the immediate.
The professional supports his pessimism by the sluggishness of market sentiment, which he attributes to the prospect of a slowdown in demand from institutional investors, which in turn could weigh on the group’s inflows.
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