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Stock Analysis & ValuationEurazeo SE (RF.PA)

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50.65
Sector Valuation Confidence Level
High
Valuation methodValue, Upside, %
Artificial intelligence (AI)35.95-29
Intrinsic value (DCF)53.285
Graham-Dodd Method29.78-41
Graham Formulan/a

Strategic Investment Analysis

Company Overview

Eurazeo SE is a leading global private equity and venture capital firm headquartered in Paris, France, with a diversified investment portfolio spanning multiple sectors and geographies. Founded in 1969, Eurazeo specializes in growth capital, leveraged buyouts, and investments in mid-market and listed companies, with a focus on sectors driven by digital transformation and evolving consumer trends such as smart cities, fintech, luxury, health, and real estate. The firm targets investments ranging from €10 million to €800 million, primarily in Europe and North America, with a preference for companies exhibiting strong growth potential and differentiated business models. Eurazeo’s investment strategy includes both majority and minority stakes, with exit horizons typically spanning five to seven years via sales to strategic buyers, financial investors, or IPOs. With offices across North America, Asia, Europe, and South America, Eurazeo leverages its global network and sector expertise to drive value creation in its portfolio companies. The firm’s adaptability to market trends and emphasis on sustainable investments position it as a key player in the asset management industry.

Investment Summary

Eurazeo SE presents a mixed investment profile, balancing its strong market positioning and diversified portfolio against recent financial challenges. The firm’s net income of -€429.8 million and negative EPS of -5.95 in the latest fiscal year raise concerns, though its dividend payout of €2.65 per share suggests a commitment to shareholder returns. With a market cap of €4.39 billion and a beta of 1.31, Eurazeo is more volatile than the broader market, reflecting its exposure to cyclical sectors. The firm’s broad geographic and sectoral diversification mitigates some risks, while its focus on high-growth areas like fintech and smart cities aligns with long-term trends. However, high total debt (€1.43 billion) and negative operating cash flow (-€7.0 million) warrant caution. Investors should weigh Eurazeo’s expertise and track record against its recent financial performance and leverage.

Competitive Analysis

Eurazeo SE competes in the crowded private equity and asset management space by leveraging its sector-agnostic approach, global reach, and emphasis on digital and consumer-driven trends. Its competitive edge lies in its ability to identify high-growth opportunities early, particularly in niche sectors like luxury, health, and fintech. The firm’s co-investment strategy for larger transactions (above $100 million) allows it to share risk while maintaining meaningful stakes. However, Eurazeo faces stiff competition from larger peers with deeper capital pools and more established track records in specific verticals. Its mid-market focus differentiates it from mega-funds but also limits its ability to compete for the largest deals. The firm’s recent financial underperformance (negative net income and cash flow) could hinder its ability to attract new capital, though its long-term investment horizon and active portfolio management provide stability. Eurazeo’s real estate arm adds diversification but exposes it to cyclical property markets in Europe. Its adaptability to trends like ESG and digital transformation will be critical in maintaining competitiveness against more specialized rivals.

Major Competitors

  • Danone SA (BN.PA): Danone is a multinational food-products corporation, not a direct competitor to Eurazeo. This entry appears to be an error; a more relevant competitor would be another private equity firm.
  • KKR & Co. Inc. (KKR): KKR is a global investment firm with a significantly larger AUM (~$471 billion as of 2023) and broader geographic reach than Eurazeo. Its strengths include scale, brand recognition, and a diversified platform spanning private equity, real estate, and credit. However, its size can limit agility in mid-market deals where Eurazeo focuses.
  • CVC Capital Partners (CVC.AS): CVC is a leading European private equity firm with ~€125 billion in AUM. It competes directly with Eurazeo in mid-market and large buyouts, particularly in Europe. CVC’s stronger recent fundraising performance and sector-specific funds give it an edge, though Eurazeo’s broader sector focus provides diversification.
  • Apollo Global Management (APO): Apollo’s $598 billion AUM and strength in credit investments differentiate it from Eurazeo. While both firms target mid-market deals, Apollo’s scale and hybrid debt-equity approach pose competition for capital. Eurazeo’s European focus and consumer sector expertise remain differentiating factors.
  • PAI Partners (PAI.L): This Paris-based rival focuses on buyouts in food, consumer goods, and business services—sectors overlapping with Eurazeo’s interests. PAI’s sector specialization is a strength, but its private status limits transparency compared to listed Eurazeo.
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