Oddo BHF confirms its Outperform recommendation on Eurazeo shares, albeit with a target price lowered from €85 to €75.

According to the analyst, management's tone at the last conference call was cautious, particularly in light of the persistent lack of value creation: -3% in H1 2025, after -4% in 2024 and only +1% in 2023. This trend undermines the forecast of annualized performance of +10% and raises questions about the group's future ability to raise third-party funds.

The broker also highlights several pressure factors, including net debt that has risen to €1.5bn, a delay in the share buyback program (€120m completed out of €400m planned), and €1.9bn in uncalled commitments.

The financial equation is becoming more complex, the note said, pointing out that the current discount on net asset value has reached 49%, reflecting market doubts about the company's value creation trajectory.