Tikehau Capital SCA (TKOO.PA): Model Update

研报英文原文证据摘录

Tikehau Capital SCA (TKOO.PA): Model Update

Tikehau Capital SCA (TKOO.PA)

01 July 2026 Citi Research

Tikehau Capital SCA

Valuation

We use a sum-of-the-parts approach to value Tikehau, taking into account the group’s balance sheet portfolio as well as its

fund management business. For the latter, we use a DCF valuation, using a WACC of c.11.7% to discount management fee-

related earnings (FRE) and costs related to investment activity, and c22.5% to discount performance-related earnings (PRE;

latter is notably above peers given lack of visibilty on carried interest). We then add on the value of the investment portfolio, net

of an c21% blended discount (for conservatism), and subtract net debt. This net result of the SoTP approach is a fair value of

EUR18.0, which we set as our target price.

Risks

We highlight the following risks to achievement of our target price:

1. Lower-than-expected fundraises. These constitute a downside risk to our forecasts.

2. Underperformance of funds. This would adversely affect the group’s potential for future carried interest and performance

fees, the value of its balance sheet portfolio, as well as its ability to raise funds in the future.

3. Negative fair value adjustments within balance sheet portfolio. The group still has some direct investments within its balance

sheet portfolio. Negative fair value adjustments of these investments would adversely affect the overall value of the balance

sheet portfolio.

4. Integration risk from M&A activity. Tikehau has supported its growth trajectory through selective M&A activity. We highlight

the integration risk and risk of not realizing synergies, inherent in M&A activity.

5. Lower-than-expected margin accretion. Tikehau is a smaller, albeit strongly growing player in the alternative asset