Antin specialises in red-hot infrastructure niches like digital networks and renewable energy, as well as plainer road and rail assets. That helped shareholders overlook the company’s tiny 15% free float, plus the fact that a handful of executives remain firmly in control.
Friday’s jump gives the firm a market value of roughly 5.1 billion euros, equal to a meaty 29 times earnings for 2023, according to Breakingviews calculations that assume annual revenue growth of 20% and a 70% operating margin. That’s still a discount to listed peers EQT
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