capital markets day - eurazeo
TRANSCRIPT
CAPITALMARKETSDAY TUESDAY
NOVEMBER 17TH
2020
T I M E S U B J E C T S P E A K E R S
S E S S I O N
#1
S E S S I O N
#2
10:15 - 10:30 Fundraising Christophe BAVIÈRE
10:30 - 10:45 Venture & Growth Matthieu BARET
Yann du RUSQUEC
10:45 - 10:55 Live Q&A
9:30 – 10:00 Strategy & Ambition Virginie MORGON
Philippe AUDOUIN
10:00 - 10:15 Live Q&A
Agenda
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10:55 - 11:00 Conclusion Virginie MORGON
Virginie MORGON
STRATEGY& AMBITION
CHAIRWOMAN OF THE EXECUTIVE BOARD
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Philippe AUDOUINEXECUTIVE BOARD MEMBER - CFO
We have delivered on the key priorities we announcedin December 2018
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Develop a successful
3rd party asset
management business
Acceleration of fundraisingFrom €1.7bn to c.€2.4bn / year
Creation of an integrated platform with IdinvestAccelerated acquisition of remaining 30% in Idinvest
Position our business
for future growth:
ready to scale
Larger successor funds of key investment divisions(Growth, Private Debt, Capital)
Creating a successful track-record on new divisions(Real Assets, Brands)
Expand
our global reach
Successful developmentof New York branch(20+ people, €1bn invested)
Expansion of European footprint(Spain, Germany, UK)
First close of ChinaAcceleration Fund with CIC
1 2 3
We have built a responsible and high value-added European Private Markets investment manager
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HIGHLY ENGAGED
ESG STRATEGY
PRIVATE MARKETS
SPECIALIST
GLOBAL
REACH
SKILLED
TEAMS
€19bnassets under
management
3asset classes
>70%private equity
8specialized
investment teams
c.280people
10international
offices
40%international
fundraising (LTM)
UN-PRI score
A+
Included in the
Top 5 ESG indices
O+: climateand inclusionat the core of our ESG strategy
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CLIMATE INCLUSION
Achieve net zero emissions
by 2040
Promoting a more inclusive
economy
2 flagship commitments
to drive positive change in society
A principle of action to progress on all CSR dimensions
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Key success factors to double our AUM
OPTIMIZE
BALANCE SHEET
SCALE UP
INVESTMENT
DIVISIONS
POSITIVE
MARKET OUTLOOK
FOR PRIVATE
CAPITAL
ACCELERATE
FUNDRAISING
202X2020
€19bn
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Key success factors to double our AUM
OPTIMIZE
BALANCE SHEET
SCALE UP
INVESTMENT
DIVISIONS
POSITIVE
MARKET OUTLOOK
FOR PRIVATE
CAPITAL
ACCELERATE
FUNDRAISING
202X2020
€19bn
Higher FRE and PRE Capital Gains
HIGHER SHAREHOLDER REMUNERATION
At the crossroads of companies looking forprivate capital and investors seeking yield
Capital
Superior ROCE
C O M PA N I E S I N V E S T O R S
PE SPONSORED
GROWTH
LISTED SMALLCAPS
FAMILY OWNED
START-UPS
CONSOLIDATORSWEALTH MANAGEMENT
INSURANCE COMPANIES
SOVEREIGN FUNDS
PENSION FUNDS
FAMILY OFFICES
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Private equity: attractive returns in a “zero yield” environment here to stay
1) Europe includes developed economies only; Sources: State Street Private Equity Index; Cambridge Associates Private Investments Database
-2
-1
0
1
2
3
4
5
6
2004 2007 2010 2013 2016 2019
%
Superior returns of PE vs listed market in Europe
12%
17%18%
11%
3%4%
10%
4%
1 year 5 years 10 years 20 years
FTSE 100 PME Buyout Funds
End-to-end pooled net
IRR (as of June 2019)1
Investment horizon (years)
Low yields are here to stay (5Y euro yield)
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Structural growth of fundraisingfor Private Equity
Source : Preqin
1.7
4.4
5.1
5.8
6.9
7.9
9.1
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 e 2021 e 2022 e 2023 e 2024 e 2025 e
Global Assets Under Management (in $trillion)
+16%pa
1.7 1.6
2.4
2017 PF 2018 2019 2020e 2021-22e
Eurazeo’s fundraising momentumset to continue…
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PF: Including fundraising from Idinvest, and Rhône prorata
Private Equity Private Debt Real Assets Amount to be raised
+50%
Amount raised from LPs (in €m)
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… thanks to a structured approach
EURAZEO
KEY IN IT IATIVES
L IMITED PARTNERS
DEVELOPMENT
Local capital raising and LP relations team
Flagship funds at scale
Tailor-made vehicles
Brand name and ESG commitment
Extend our leadership in France
Expand in Europe
Build a North American franchise
Strike key partnerships in Middle East & Asia
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Continuing our fast revenue expansion in AM
144
173
215
>240
FY 2017 PF FY 2018 PF FY 2019 FY 2020 e
c.+20%pa
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Management fees growing fast
(in €M)
1.4% blended management fees
▪ High value-added business
98% of AUM in closed-end funds
▪ No risk of early redemption
6-10 years + potential extensions
▪ Long-term visibility
2017-20e
CAGR
Growing management fees
▪ Strong fundraising momentum& increase in FPAuM
Cost optimization & operating leverage
▪ Common platform & business scale
▪ Revenues growing ahead of average FTE(20% pa vs 10% pa over 2017-2020e)
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Asset Management P&L:an expected leverage on revenue momentum
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47
59
>65
25%
26%
27%
>27%
24.0%
26.0%
28.0%
30.0%
32.0%
34.0%
0
20
40
60
80
100
120
2017 PF 2018 PF 2019 2020e 202x
FRE (m€) FRE margin
Improved FRE margin & upside potential
thanks to operating leverage
Benchmark
35-40%
Scaling and accelerating fundraising
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Cash and Asset Management are not included in percentage of AUM
1) Calculated on Fee Paying AUM
€19bnAssets Under
Management
Mid-large buyout
Small buyout
Growth
Brands
Venture
Private Funds
Private Debt (€4bn; 23% AUM)
0.8% average management fee1
10% performance fee
Fee paying on Invested Capital
Private Equity (€12.8bn; 72% AUM)
1.7% average management fee1
20% performance fee
Fee paying AUM on commitment
Real Assets (€1bn; 5% AUM)
1.4% average management fee1
Private Debt
Real Assets
We have the key success factors to scale our flagship funds (1/2)
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1) Gross IRR for most recent relevant vintage as of June 2020
2) Gross IRR on realized assets, no exits in EC IV
Growth
Small
buyout (PME)
Gross IRR1 Key development Accelerate fundraising pace
24%(EGF II)
19%(PME II)
Outstanding track record
Perfect time-to-market for EGF III
Strong performance of current funds
European reach for successor fund
Transatlantic position confirmed
Crystallization of value creation
expected from 2020-2021 exits
Next vintage in 2021-22
2013 2020-21eVintage
2013 2017 2021eVintage
2014 2019 2021-22eVintage
c x3
> x2
+50%
Permanent capital3rd party capital
€3.5bn
c.€1bn
c.€1bn
Mid-large
buyout (Capital)
13%(EC III2)
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We have the key success factors to scale our flagship funds (2/2)
1) Gross IRR for most recent relevant vintage as of June 2020
2016 2020-21eVintage
>€1bn
Permanent capital3rd party capital
Venture
Gross IRR1 Key development Accelerate fundraising pace
16%(IDF II)
European leader, capturing early
trends (Smart City, Digital)
2016-18 2021-23eVintage
c.€0.8bn
Private
Funds21%(ISF II)
European sourcing network
GP-led portfolio delivering high IRR
2016 2020-21eVintage
Robust long-term track record
Very resilient portfolio YTD
Attractive yield for LPs
Private
debt9%
(IPD V)
x2
+35%
+50%
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Our seeded strategies will initiate 3rd party fundraising in 2021 and 2022
1) Gross IRR for most recent relevant vintage as of June 2020
Real
Assets
Brands
Gross IRR1
13%(ERA I)
n.s(recent vintage)
Strong track record on all
segments (platforms, value add)
European reach (Spain, UK)
First exits in 2019 and 2020
Infrastructure division being
created
Transatlantic team (Paris & NY)
First exits expected in 2021-22
2015-18 2021-22eVintage
30-40%target
2018 2021-22eVintage
30-40%target
c.€1bn
c.€1bn
Key development Initiating 3rd party fundraising
Permanent capital3rd party capital
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Investment themes: leaning towards growingand resilient companies
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TECH / TECH-ENABLED SERV ICES C.40%
HEALTHCARE C.8%
NEW L IFESTYLE BRANDS C.3%
DIGITAL ECONOMY & BIG DATA
HEALTH AWARENESS
CHANGING CONSUMER PATTERNS
GROWING MIDDLE CLASS IN ASIA
MEGATRENDS
STILL GOING STRONG
KEY SECTORS
(EST. % PE AUM)
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Our recent deals play to our strengths
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THOUGHT MACHINE
(Growth)
EASYVISTA
(Small buy-out)
QUESTEL
(Mid-Large buyout)
WITHINGS
(Venture)
WATERLOO
(Brands)
AXEL ARIGATO
(Brands)
DEWEY’S BAKERY
(Brands)
Flavored
sparkling water
Clean-label
cookies and
crackers
Health connected
objects
Intelligent
service
automation
software
Intellectual
property
Software
and services
Core banking
SaaS
Premium sneakers,
ready-to-wear
and accessories
TECHNOLOGY AND TECHNOLOGY ENABLED
NEW L IFESTYLEBRANDS
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Stable NAV on 90% of the portfolio in 9M 2020, despite COVID and a cautious methodology
Percentage calculated on Net Asset Value excluding net cash and others
Resilient activities due
to a high level
of recurring income
Net Asset
Value
€5.4bn
54%Category 1
27%Category 2
9%Category 3
10%Category 4
Companies indirectly
impacted by lockdowns
Companies directly impacted
by lockdowns but expected
to recover fairly quickly
Travel & Leisure
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A rapid recovery in revenue for categories 1-3: back to pre-crisis revenues since June
1) Proforma: data from January to June excludes GP, Europcar & Emerige revenues as figures at end of August are not available1
0%
20%
40%
60%
80%
100%
120%
Jan Feb Mar Apr May Jun Q3
Category 2Category 1 Category 3 Category 4
3rd Quarter
Economic revenue (% of previous year)1
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Entering the second wave well prepared
Benefitingfrom measures taken earlier
Adequateliquidity
in companies
Cautious NAVAs of
end-Sept 2020
Group financial support confirmed <2% of NAV in total
Digital pivot+
Cost control+
Cash management
Impacts already well reflected
in NAV
46%
36%
42%
66%
55%
44%
34%
39%42%
46%
71%
31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 30/06/2020 30/06/2021e
25
Ripe portfolio should lead to record exits in 2021-2022 …
1) Net Asset Value as at 30 June, 2020
2) Hypothesis: no exit in H1 2021; Net Asset Value is based on figures in June 2020
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% of Net Asset Value1 on portfolio with a duration >3 years
189
197
258
223
2016 2017 2018 2019
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… which should crystallize additional value
1) Sale of private and listed assets, excludes syndications
Use of forward-looking numbers (vs LTM) in exit price
Strategic premium in exit process compared to average multiples
Timing of exits
Value creation crystallized by exit (€m)Year-end valuation before exits1 (€m)
1,058
829
1,302
893
+22%
€2.7/sh
+31%
€2.5/sh
+25%
€3.4/sh
+33%
€2.8/sh
Value crystallized by exits (€m)
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Wrap-up
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Strong asset rotation to crystallize value in portfolio
AUM growth ambition
▪ Growth in fundraising expected in 2020e
▪ Acceleration of fundraising in 2021-22e thanks to scaling of investment divisions
Increasing management fees and FRE margin
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Christophe BAVIÈRE
CAPITAL RAISING
HEAD OF INVESTMENT PARTNERS
2
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LPs’ Virtuous Circle
Products
Performing
& Scaling
LIMITED
PARTNERS
Client
Relationships
Team
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New organizationmeeting the needs of our LPs
Christophe BAVIEREHead of Investment Partners
Member of the Executive
Committee
North America
Asia, Middle East & ROW
Marketing
Being recruited
Europe & Wealth
Wealth
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Attracting more international LPs
1) Excl. Rhône
2) October 2019 – September 2020
16%
31%
13%
10%
AUM from
3rd party as of end-20191
Last Twelve Months
fundraising2
29%
41%
Total International
Europe
(excluding France)
Rest of the world
Organization by geography
International hirings
Scaling of current funds(larger tickets)
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Wealth management: we’re ahead of the competition
Attractive market
accelerating strongly
Highly scalable through partnerships
Legal frameworkopening up in Europe (ELTIF)
Very limited competitionin Europe
Ambitious plan
for coming years
Develop a “Wealth” offer for all our asset classes
Replicate success in Franceacross Europe
Eurazeo is already
the leader in France
Access to 80 000+ private clients through blue-chip partnerships
€1.9bn AUM in wealth management
c.€250m expected in 2020, thanks to 6 fundsand 3 unit linked vehicles
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Corporate partnerships give an edge to our portfolio companies
True partners for our portfolio companies
We have attractive vehicles for ourpartners (examples)
40+corporate blue-chip partners
Insure
Tech
Smart
City
HEC
entrepreneurs
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Diversified and customized products offered to our LPs
Strong ESG commitment on every fund
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At least €1bn potential
Scalable
Wide client appeal, able to attract larger LPs
FLAGSHIP FUNDS: TAILOR-MADE FUNDS:
Small to mid-sized funds: €50m to €1bn
Leaders in their niche markets
Able to answer clients’ specific needs
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Fundraising pipeline (illustrative)
FLAGSHIP
FUNDS
TAILOR-MADE
FUNDS
Eurazeo Growth III
Secondary Fund IV
Private Debt V
Eurazeo Capital V
Eurazeo PME IV
Digital Fund IV
Eurazeo Patrimoine III
Eurazeo Brands II
2020 2021 2022
SMART CITY II PATRIMOINE 2020
IDINVEST SUSTAINABLE MARITIME INFRASTRUCTURE IIDINVEST SME INDUSTRIAL ASSETS II
HEC VENTURES
ETC...
FCPI OBJECTIF INNOVATION PRIVATE VALUE EUROPE 3
STRATEGIC OPPORTUNITIES 2
PRIMOPACTE
Examples: SENIOR DEBT 5
EURAZEO CHINA ACCELERATION FUND
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Conclusion
Our offer
is comprehensive,
through a mix
of flagship funds
and more
specialized funds
Our third-party
funds keep growing
and we have an
ambitious target for
coming years
Our strong
efforts among international
LPs, private clients
and corporate partners
are paying off
We are reinforcing
the team to accelerate
fundraising
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Matthieu BARET
A TECH INVESTOR
MANAGING PARTNER - VENTURE
3PARTNER - GROWTH
Yann du RUSQUEC
A NEW PARADIGMTECH TO REPLACE OLD BUSINESS MODELS WITH NEW ONES
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The tech sector has become the main driverof the economy
Note: 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63. Non-tech is everything else.
Source: Eurostat
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real EstateTech Wholesale Industry
Chain-linked volumes of tech and selected traditional industries gross value added (GVA) (indexed 2007-2016)
Financials Construction Telecommunications
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Venture Capital & Growth stage investments…
Global VC & Growth total investments, $bn
US/CANADA
$40bn(71%)
EU
$7bn(13%) ME
$<1bn(1%)
APAC
$8bn(14%)
2010
LATAM$<1bn
(1%)
Total 2010 investments
$56bn
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… are attracting more and more investors
Global VC & Growth total investments, $bn
2020
US/CANADA
$165bn(51%)
EU
$41bn(13%)
APAC
$108bn(33%)
x4.2 x5.5 x13.5
ME$4.4bn
(1%)
LATAM$5bn(2%)
Total investments (LTM)1
$327bn
x5.9%
1) LTM as of October 2019
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Eurazeo is a major European playerin digital and technology
Note: figures as of September 2020
Leading European Venture & Growth Platform
€3.7bn AUM inVenture Capital & Growth
40% of Group PE AUM in tech
c.20-year presencein Tech & Digital ecosystems
20 investment professionalsacross European tech hubs and Asia
Core Investment Focus
DIG ITAL
Consumer Internet
Fintech
Software
HEALTHCARE
GREEN TECH
Digital Health
Life Sciences
Biotechnology
Smart Mobility
New Energy
Logistics
Industrial Tech
Smart Building
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Strong performance & proven ability to exit
1) Gross IRR on all Venture & Growth exits, as of June 2020
255companies
85exits
Ranks #1
European Venture
and Growth
(2019)
Award Winning Investor
BEST VENTURECAPITAL FUND
2020
22IPOs
2.3xGross Realized MOIC
18%Gross Realized IRR1
BEST VENTURECAPITAL FUND
2019
#1 VC INVESTORIN EUROPEAN SERIES-A DEALS
2018
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A comprehensive range of funds
COMPANY STAGE PRODUCT DEVELOPMENT START-UP SCALE-UP
TECHNOLOGY
STAGE
Rocket science technology
potential
Proven technology (PoC) Established client base (PoW)
Proven product market fit
MARKET
MATURITY
None or low cash generation First clients
Emerging traction
Strong revenue growth
International expansion
Visibility on future profitability
TICKET SIZE €0.1-5m €5-25m €25-60m
ROUNDS Seed Series A, B Series C+
LATEST FUNDS /
VINTAGE
Idinvest HEC
Venture Fund
Digital III
Smart City II
Several Mandates
Co-investment Private Wealth funds
Growth III
REVENUES VENTURE CAP ITALSEED GROWTH EQU ITY
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Supporting category leaders driving wavesof digital disruption
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Strong momentum for our digital & tech portfolio
Note: investor list is not exhaustive
Transactions rounds closed during lockdown
S E C T O R C O M P A N Y R O U N D S I Z E D A T E S A M P L E I N V E S T O R S
BI / Data Analytics $190 m 05/2020
Circular Economy $120 m 05/2020
Market Place €59 m 04/2020
Mobile €35 m 03/2020
Digital Health €30 m 07/2020
Digital Health €27 m 06/2020
Health Technology €7.5 m 04/2020
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FOCUS ONAGRI-FOODTECH
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Engineered food that will provide
the daily intakes of nutrients we
need
Midstream & Logistics
Restaurant & Retail
Delivery
Home Cooking
Drastic change in the supply chain
by buying directly to the producer
and/or handmade products to eat
high-quality and sustainable food
Agri-Biotechnology
Farming & AnimalTech
Innovative Food
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Four areas of focus to reinvent HOW & WHAT we eat
Reducing the carbon footprint of the food industry
Alleviating pressure on natural resources:
▪ Producing food in labs, thus making the use of land unnecessary
Promoting healthier diets:
▪ Eating local and healthy products without GMOsor additives
▪ Inventing healthy, convenient and affordable substitutes to real food
PROSPECTING FOR
SUSTAINABLE PROTEINS
FOSTERING LOCAL AND
HIGH-QUALITY PRODUCTS
LOOKING FOR
ALTERNATIVE FOOD
PERSONALIZING
YOUR OWN MEALS
UPSTREAM DOWNSTREAM
Eurazeo portfolio (examples):
FOCUS ONHEALTHTECH
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FACILITATING ACCESS
TO HEALTHCARE SERVICES
Enabling anyone to access
healthcare from anywhere
through digital and eHealth
SPREADING PREVENTION
AND WELLNESS
Developing materials and tools
for a daily use to foster
self-caring and prevent diseases
CREATING INNOVATIVE
MEDICAL DEVICES
Looking for ever more innovative
and efficient pharmaceuticals,
medical equipment and devices
thanks to new technologies
FINDING NEW
TREATMENTS AND CURES
Enrichment of the medical
treatment specter thanks
to scientific research
and biotechnologies
Digitalizing the access to healthcare:
▪ Reduce the gap between urban and non-urban to access healthcare services
▪ Facilitate communication and data sharing between professionals and patients
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Four areas of focus to shape the future of medicine
Alleviating pressure on health-care providers:
▪ Promoting wellness and prevention as a new way of living through the commercialization of connected devicesand apps
Enabling medical progress through researchand new technologies (biotech, big data…)
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Virginie Morgon
CONCLUSION
CHAIRWOMAN OF THE EXECUTIVE BOARD
4
Scaling our
investment divisions
Growing our
recurring earnings
Strong investment
portfolio and asset
rotation
M&A
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Key take-aways
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Accelerate pace of fundraising for flagships
First fundraising for seeded strategies (Brands and Real Asset)
New infrastructure team to join in Q1 2021
Expected management fees growth
Operating leverage despite investments in the business
Further fundraising growth
in 2021-2022 Increase shareholder
remuneration / dividendNAV
growth
Resilient, strong, growth-oriented Tech & Healthcare portfolio
Accelerated exit program to crystallise value creation in 2021-2022
Selective M&A
- Cultural fit
- Complementary strategies
- Geographic expansion
OpportunisticGP acquisition
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Financial Agenda
1) Including re-investments and partial exits
28th July, 20211st Half Year 2021 Results
11th March, 20212020 Annual Results
20th May, 20211st Quarter 2021 Revenues
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About us
ISIN code:
Bloomberg/Reuters:
Share capital
as of Dec 31, 2019:
Statutory threshold
declarations
EURAZEO SHARES
FR0000121121
RF FP, Eura.pa
78,645,486
1%
Indices:
SBF120
DJ EURO STOXX
DJ STOXX EUROPE 600
MSCI
NEXT 150
CAC MID&SMALL
CAC FINANCIALS
EURAZEO CONTACTSInvestor Relations
Pierre Bernardin
+33 (0)1 44 15 16 76
Haojing Pan
+33 (0)1 44 15 89 36
ANALYST COVERAGE
CM-CIC Alexandre Gérard
Exane BNP Paribas Mourad Lahmidi
Goldman Sachs Matija Gergolet / Arash Aslfallah
HSBC Pierre Bosset
Jefferies Matthew Hose
JP Morgan Cazenove Christopher Brown
Kepler Cheuvreux David Cerdan
ODDO BHF Geoffroy Michalet
Société Générale Patrick Jousseaume
Bank of America Elizabeth Miliatis
Berenberg Christoph Greulich
www.eurazeo.com
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DisclaimerCONFIDENTIALITY
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