(News Bulletin 247) – Berenberg on Thursday raised its price target for Eurazeo shares, which it raised from 80 to 90 euros due to the capacity for ‘resistance’ demonstrated by the investment company.
The analyst, who maintains his buy recommendation on the stock, says he participated last week in London in a meeting between the financial community and the management team of the company, led by the co-CEO William Kadouch-Chassaing.
‘Management has once again focused on the growth of assets under management and on the objective of positioning the group as a leading player in alternative management in Europe,’ he underlines.
Berenberg points out that Eurazeo made some significant progress on this point last year, increasing its assets under management by two digits as well as those managed on behalf of third-party investors.
The value of the investment portfolio (ANR) has also evolved favorably, he argues in his note.
In the study, Berenberg explains that the group’s diversification, combined with its specialization in mid-market transactions, has enabled it to more than compensate for difficult market factors, both in fundraising and in the search for returns.
‘Therefore, the discount of around 50% displayed by the title in relation to its ANR is excessive, from our point of view’, concludes the professional.
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