MS cuts Antin Infra to 'equal weight' on lower growth prospects

Antin Infrastructure Partners SAS

10/11/2023 07:55

** Morgan Stanley cuts Antin Infrastructure Partners
 ANTIN.PA  to "equal weight" from "overweight", pointing to the
French private equity firm's guidance cut on Wednesday that
revealed a fundraising slowdown 
    ** The broker cuts EPS estimates for 2023-2025 by around 6%
to 17% citing "further delays in fund raising", and slashes TP
by around 38% to 13 euros
    ** Antin's closing price on Thursday was 11.2 euros per
share 
    ** MS says it no longer expects Antin to grow above the
sector, and sees higher earnings risks from the concentrated
nature of its business
    ** "With a concentrated model more susceptible to growth
risks where investments go bad (e.g. Hesley), combined with poor
stock liquidity, we now believe the shares could be range bound
for a period" - MS
    ** Out of eight analysts covering the company, five rate it
"strong buy"/"buy" and three "hold"

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))