In the red in 2020, in the midst of the Covid crisis, Tikehau announced record earnings on Wednesday evening. The alternative asset manager posted net income of 319 million euros in 2021, after a loss of 207 million a year earlier.
Before the sharp decline in the stock markets in recent weeks, the group took advantage of the market rebound last year. “2021 was a pivotal year for Tikehau Capital. We have achieved strong growth and solid results thanks to our unique model”, declare the co-founders, Antoine Flamarion and Mathieu Chabran.
Course at half mast
Tikehau proposes to double the dividend for its shareholders, to one euro. This payment could support its share price. Down 9.6% since the start of the year, it has struggled to take off since its listing in 2017.
Although its own share did not benefit from this, the rise in the markets in 2021 enabled the group to multiply by 4.5, to 387 million euros, the income from its investment portfolio for its own account (2.7 billion euros in assets). They are driven by unrealized capital gains on holdings, and above all, by the income received: dividends, rents, etc. and capital gains from sales carried out.
114 million gains on Eurazeo
Of the 138 million from asset sales, 114 million comes from the final exit from Eurazeo. The management company ended its foray into capital with a comfortable gain.
Tikehau also left Assystem and the SME Serge Ferrari and sold, in January 2022, its residual stake in the German asset manager DWS. Its portfolio of listed lines shrank to less than 50 million euros at the end of January, against 400 million at the end of 2020.
The bulk of the portfolio for own account now consists of 2 billion euros of investments in funds managed by the group on behalf of third-party clients. This asset management activity is now the locomotive of the group, with 34.3 billion in assets at the end of 2021 (including 28.4 billion generating commissions).
The stock of assets grew by 20%, driven by an inflow of 6.4 billion in France and abroad. Sales are up more than 50% compared to the average of the previous three years. The group also deployed 5.5 billion euros, increasing its annual rate of investment by 83%.
Private debt and real assets (real estate and infrastructure) remain the two pillars of Tikehau, but listed asset funds are gaining momentum, like private equity. The latter now weighs more than 4 billion euros in assets, against less than 100 million when the group was listed.
Tikehau claims to have no direct exposure to Russia and Ukraine, and that its holdings have at most a small part of their turnover linked to these two countries.
In a geopolitical context troubled by the war in Ukraine, the group will present a new roadmap for 2026 on March 22. Tikehau should confirm the acceleration of management on behalf of third parties, after having almost achieved its major financial objectives at the end of 2022 Since 2016, the asset management business has seen its revenues grow by 48% per year on average and its commission rate by 27% (to 1.02% of assets).