IDI

This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

IDI ^CR	Bloomberg IDIP FP
Holding Companies / France	Web Site \| Investors Relation

Resilient to macro-economic headwinds

Pros

IDI strikes as a private equity firm more aligned to the interests of its stakeholders as its management has skin in the game at the holding and equity stakes level.
IDI is not subject to investment time constraints like most PE funds, this flexible approach allows IDI to accompany the investee companies through the whole development process, enhancing value creation.
IDI’s investment model based on engaged and entrepreneurial ownership has proven successful, ensuring stable dividend payments, an attractive yield and a 15% average annual total shareholder return since 1991.

Cons

As a partnership limited by shares, minority shareholders could suffer from this legal set-up since the value of voting rights is essentially nil.
Given its small size in absolute terms, IDI may fall below most investors' radars.
Notwithstanding IDI’s proven track record, the current environment is not favorable for private equity players, and valuations could suffer from the rise in interest rates and shrinking multiples.

Updates

14/11/24	Earnings	Q3-24: Navigating 2024 with a thoughtful...
25/09/24	Earnings	Nothing to rattle IDI
15/03/24	Earnings	FY23: IDI rewards its shareholders
28/11/23	Earnings	Ending Q3 with firepower at its peak
26/10/23	EPS	Our EPS 2023 resets significantly higher ...
26/10/23	DCF	Our DCF has improved significantly follo...
28/09/23	M&A /Corp.	Masters the value creation playbook
26/09/23	Earnings	Shielded against macro-economic turmoil
04/09/23	EPS	In line with the solid divestments made by...
19/06/23	M&A /Corp.	IDI forges ahead in 2023 with solid dives...
13/04/23	Earnings	FY22: IDI in a solid stand amidst an adve...
11/01/23	Latest	Faced with macroeconomic woes, IDI pro...
14/09/22	Earnings	H1 22: a new milestone for IDI
06/09/22	EPS	Despite a record year in 2021, marked by...
28/06/22	Other news	ESG: IDI unveils it all
17/03/22	Earnings	FY21: IDI displays strong NAV progressio...
17/01/22	Other news	Kicks off 2022 with investment in digital ...
20/12/21	Latest	IDI concludes busy investment year with ...
25/11/21	Latest	IDI’s tech-SPAC enters negotiations with ...
21/10/21	Other news	Talis embarks on its market consolidation...
24/09/21	Initiation cov.	Private equity aligned to stakeholders do...

Key Data

	12/22A	12/23A	12/24E	12/25E	12/26E
Adjusted P/E (x)	4.54	6.15	7.40	7.20	6.94
Dividend yield (%)	4.96	8.29	4.41	4.85	5.59
EV/EBITDA(R) (x)	47.3	23.6	15.6	13.3	10.8
Adjusted EPS (€)	11.1	9.81	9.18	9.44	9.80
Growth in EPS (%)	-36.3	-11.6	-6.41	2.78	3.86
Dividend (€)	2.50	5.00	3.00	3.30	3.80
Sales (€th)	9,798	9,775	11,102	11,473	11,595
Dividend contributions margin (%)	73.8	8.80	8.13	8.26	7.79
Attributable net profit (€th)	80,384	70,812	66,025	67,859	70,476
ROE (after tax) (%)	12.5	10.1	9.04	9.26	9.51
Gearing (%)	-6.19	-22.7	-38.9	-32.7	-26.7
Next Div. Indic € 3.00 payment 22/05/2025