IDI (1K) | Hold | Exits validate resilient portfolio values

研报英文原文证据摘录

IDI (1K) | Hold | Exits validate resilient portfolio values

#EstimatesRevision

Release date: 10 July 2026

Company research

ESG profile HoldIDI

France | Holding companies Beta Profile: MCap: EUR517.6M

Target Price: EUR74.00 Bloomberg: IDIP FP Reuters: IDVP.PA

Current Price: EUR72.00 Free float 23.6%

Up/downside: 2.8% Avg. daily volume (EURm) 0.0

YTD abs performance 4.7% Market data: 09 July 2026

52-week high/low (EUR) 79.40/66.00

Exits validate resilient portfolio values Price performance

Why this report?

Recent portfolio developments reinforce our confidence in IDI's portfolio

valuation. Following the announcement of the disposal of its remaining stake

in Winncare in March, IDI has now entered exclusive negotiations to sell CFDP,

another long-standing investment that has delivered strong operational

growth over the past decade. These two exits suggest that high-quality

French SMID assets continue to attract strategic buyers despite a still

selective private equity market. We therefore expect NAV to remain broadly

stable versus end-2025 (EUR97.1/share), excluding the dividend. We only

make limited forecast adjustments, leaving our Hold recommendation and

EUR72 TP unchanged. The stock trades on a c.26% discount to NAV, wider

than one year ago but still substantially narrower than listed peers such as

Eurazeo and Wendel. FY to 31/12 (EUR) 12/26E 12/27E 12/28E

CF from ops (m) -17.2 -17.2 -17.2

Key findings Disposals 36.0 36.0 36.0

Two successive exits validate portfolio valuations. The announced disposals of Investments (m) -36.0 -36.0 -36.0

Dividends paid (m) -12.2 -12.2 -12.2Winncare and CFDP suggest that strategic buyers remain willing to pay attractive Buybacks (m) 0.0 0.0 0.0

prices for high-quality private assets despite a cautious M&A environment.