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1. Company Snapshot

1.a. Company Description

Tikehau Capital is a private equity and venture capital firm specializing in providing a full range of financing products including senior secured loans, equity, senior debt, unitranche, mezzanine, and preferred shares.The firm seeks to make early stage, mezzanine, and turnaround investments and manage long-term capital for institutional and private investors in various asset classes including credit, listed, private equity, and real estate.It invests in all sectors and all countries with a focus on Singapore.


The firm prefers to invests between €0.41 million ($0.5 million) and €70 million ($82.1073 million).The firm seeks to invest in small and middle market European corporate.It makes balance sheet investments.


Tikehau Capital was founded in June 2004 and is based in Paris, France with additional offices across Europe, North America and Asia.

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1.b. Last Insights on TKO

Tikehau Capital's recent performance has been driven by several positive factors. The company's strategic update on February 19, 2026, likely bolstered investor confidence. Additionally, the firm's disclosure of share repurchases, such as those made from January 30 to February 5, 2026, and February 6 to 12, 2026, demonstrate its commitment to returning value to shareholders. Tikehau Capital's partnership with TotalEnergies to launch a shared investment platform for electric vehicle charging stations in Belgium also highlights its growth potential. The company's recent earnings call highlighted record growth and strategic advancements.

1.c. Company Highlights

2. Tikehau Capital's Record Year: AUM Growth and Profitability

Tikehau Capital reported a record year in 2025, with its asset management business growing by 8% in revenue and 18% in EBIT, driven by a 12% growth in core Fee-related Earnings (FRE). The company achieved a core FRE margin of over 40% for the first time, with fee-paying AUM growing by 6% to EUR 358 million. Net income was EUR 136 million, a 51% growth excluding currency effects. The actual EPS came out at 0.2848, missing estimates at 0.83. Analysts estimate next year's revenue growth at 13.1%. With a P/E Ratio of 32.66 and a P/S Ratio of 5.82, the market seems to be pricing in significant growth expectations.

Publication Date: Feb -24

📋 Highlights
  • Record Deployment & Inflows:: EUR 7.6 billion deployed (+35%), EUR 10.5 billion gross inflows, and EUR 8 billion net inflows in 2025.
  • Fee-Related Earnings Growth:: 12% core FRE growth, 40% margin achieved, and EUR 358 million fee-paying AUM (+6%).
  • Private Market Focus:: EUR 2 billion in private equity and EUR 1.4 billion in real assets deployed, with 25% of third-party inflows from private clients.
  • Strong Financial Performance:: EUR 136 million net income (+51% excl. currency) and EUR 22 million record performance-related earnings.
  • 2026 Targets:: AUM of EUR 60+ billion, FRE of EUR 175–225 million, and net result of EUR 420–520 million (excl. ForEx).

Asset Management Flywheel and Private Markets Focus

The company's private equity deployment increased to EUR 2 billion, and real assets represented EUR 1.4 billion of investments. Tikehau Capital has been focusing on private markets, with 25% of third-party inflows raised through private clients. According to Thomas Friedberger, private markets are expected to grow to $61 trillion in 2032, with a convergence of private markets with liquid markets. This trend is likely to benefit Tikehau Capital's business model.

Investment Portfolio and Balance Sheet

Tikehau Capital's investment portfolio had a total fair value of EUR 4.4 billion, with approximately EUR 3 billion invested in its own management strategies. The company carried out nearly EUR 800 million of exits, with returns of capital from various asset classes. The balance sheet has been instrumental in its growth, enabling it to invest in its own strategy and accelerate international expansion. Antoine Flamarion mentioned that the firm has been using the balance sheet to seed sponsor new initiatives.

Growth Prospects and Valuation

Tikehau Capital is targeting an AUM of at least EUR 60 billion by end 2026, FRE between EUR 175 million and EUR 225 million, and net result group share between EUR 420 million and EUR 520 million, excluding ForEx effects. With a Price-to-Book Ratio of 0.98, the company's valuation appears reasonable. The Dividend Yield is 4.61%, providing a relatively attractive return for investors. The EV/EBITDA ratio is 69.34, indicating high expectations for future growth.

3. NewsRoom

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Tikehau Capital Joins MSCI World Small Cap Index, a Leading Global Benchmark

Mar -02

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Tikehau Capital Deepens Role In Secondary Private Credit And Liquidity

Feb -27

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Tikehau Capital: Disclosure of Shares Repurchases from 20 February 2026 to 26 February 2026

Feb -27

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Tikehau's Chabran Weighs In as Private Credit Concerns Rise

Feb -25

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Tikehau Capital SCA (FRA:7TI) (FY 2025) Earnings Call Highlights: Record Growth and Strategic ...

Feb -21

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Tikehau Capital: Disclosure of Shares Repurchases from 13 February 2026 to 19 February 2026

Feb -20

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Tikehau Capital Strategic update

Feb -19

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TotalEnergies EV Push In Benelux Versus Suriname Project Uncertainty

Feb -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Investment

Expected Growth: 15.4%

Tikehau Capital's investment strategy, focusing on providing capital to businesses, supports growth and development, generating returns for investors. This approach drives growth, with increasing demand for alternative investments and private debt.

7. Detailed Products

Private Debt

Tikehau Capital's Private Debt segment provides financing solutions to mid-cap companies, supporting their growth and development.

Real Assets

Tikehau Capital's Real Assets segment invests in infrastructure, renewable energy, and real estate, providing investors with stable income and diversification.

Equity

Tikehau Capital's Equity segment invests in listed and unlisted companies, providing growth capital and strategic guidance to support business growth.

Liquid Strategies

Tikehau Capital's Liquid Strategies segment offers a range of liquid investment solutions, including hedge funds and absolute return strategies.

Impact Investing

Tikehau Capital's Impact Investing segment invests in companies and projects that generate positive social and environmental impact alongside financial returns.

8. Tikehau Capital's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Tikehau Capital is moderate, as there are alternative investment options available to clients, but the company's diversified portfolio and expertise in alternative investments provide a competitive edge.

Bargaining Power Of Customers

The bargaining power of customers is relatively low, as Tikehau Capital's clients are primarily institutional investors who have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Tikehau Capital relies on a network of external managers and partners to source investment opportunities, but the company's scale and reputation provide some negotiating power.

Threat Of New Entrants

The threat of new entrants is high, as the alternative investment industry is attractive and has relatively low barriers to entry, but Tikehau Capital's established brand and expertise provide some protection.

Intensity Of Rivalry

The intensity of rivalry is high, as the alternative investment industry is highly competitive, with many established players and new entrants vying for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.92%
Debt Cost 3.95%
Equity Weight 68.08%
Equity Cost 7.73%
WACC 6.52%
Leverage 46.88%

11. Quality Control: Tikehau Capital passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Man

A-Score: 6.1/10

Value: 4.6

Growth: 5.8

Quality: 7.6

Yield: 8.1

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Legal & General

A-Score: 6.1/10

Value: 4.3

Growth: 2.3

Quality: 5.6

Yield: 10.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Peugeot

A-Score: 5.7/10

Value: 2.7

Growth: 6.2

Quality: 7.0

Yield: 5.6

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Greencoat UK Wind

A-Score: 5.4/10

Value: 7.4

Growth: 2.9

Quality: 4.6

Yield: 8.1

Momentum: 0.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Tikehau

A-Score: 5.3/10

Value: 4.8

Growth: 5.4

Quality: 5.8

Yield: 6.9

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Eurazeo

A-Score: 4.0/10

Value: 5.8

Growth: 0.1

Quality: 3.7

Yield: 6.9

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.76$

Current Price

17.76$

Potential

-0.00%

Expected Cash-Flows