Investor Presentation
ASSET MANAGEMENT VALUATION
RECURRING &
PREDICTABLE
management fees
in €m
1,954
STRONG GROWTH,
among best-in-class
INCREASING
diversification
241
iM Global Partner
1,440
Consolidated
1,713
GP
28
Bottom-end of valuation range based on peer group
Eurazeo GP valuation =
20x FRE of 2021 (LTM)
+ 6x PRE of 2021 (LTM)
Current average peers valuation¹ (as of 4 March 2022) =
19x FRE expected in 2023
+ 11x PRE expected in 2023
+ 2 years
compounded growth
Peers reverse SOTP on 2023e figures¹
+
典
avg.
FRE 15x 15x 19x 17x 22x 14x 30x 13x 23x 15x 19x
PRE 11x 9x 12x 10x 15x 8x 18x 9x 14x 9x 11x
FY 2020
FY 2021
EURAZEO
1.
Source: FRE and PRE expectations from analyst BNP Paribas Exane as of 18/01/2022, updated as of 04/03/2022 Bloomberg, Eurazeo estimates
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