Invest Securities maintains its Buy rating on Audacia shares, with its price target raised from €9.2 to €11.4.

According to the analyst, the 2022 results only partially reflect the effects of the strategy pursued since 2018, with the success of Quantonation and its €91 million fundraising partly overshadowed by the investments made to launch the 2 new thematic funds (New Space and Transition Énergétique), as well as by the gradual winding down of the historic ISF activities.

Invest believes that, after Quantonation in 2022, 2023 will be marked by the first closing of the New Space fund (targeted at €50m), which will (i) definitively validate the strategy based on the new funds with their revised target size, (ii) lend credibility to the objective of €1bn in AUM by the end of 2025, and (iii) offer strong potential for earnings appreciation over 2024 and beyond.

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