Valuation Paradox

The Excess Returns model estimates an intrinsic value of approximately €23.48 per share, implying a 25.7% undervaluation relative to the current price. However, traditional multiples, such as the P/E ratio, suggest that Tikehau Capital is trading at a premium, with a tailored fair P/E ratio sitting at 19.0x and the current multiple being over three times this level.