ABC arbitrage (PAR: ABCA)

Currency in EUR

Last close As at 04/12/2023


−0.01 (−0.20%)

Market capitalisation


ABC arbitrage is a quantitative trading and asset management business specialising in a range of market-neutral, arbitrage strategies (liquidity, statistical, risk and derivatives arbitrage). The company also manages third-party capital (c €185m at end-2022).

Latest Insights

Financials | Update

ABC arbitrage — Equity markets remain calm

Financials | Initiation

ABC arbitrage — A specialist arbitrage trader and asset manager



Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Dominique Ceolin

    Chairman & CEO

  • Gaëtan Fournier


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.0 (15.8) (23.6)
Relative (2.1) (14.3) (29.2)
52 week high/low €6.8/€4.7


ABC arbitrage group (ABCA) reported net income of €8.8m in H123, down 46% y-o-y, which in our view represents a reasonable result amid unfavourable market conditions. The market continues to be characterised by low volatility and limited M&A activity, weighing on ABCA’s main arbitrage strategies. After the end of June 2023, both ABCA Opportunities and ABCA Reversion funds managed to show strong performance, improving the outlook for the H223 results. Meanwhile, ABCA’s AUM remained flat in H123. The company reiterated its intention to pay out 80% of profits in dividends, with a minimum DPS of €0.30.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 64.3 37.1 35.4 48.0 10.6 N/A
2022A 61.4 30.8 29.1 49.0 10.3 N/A
2023E 45.6 20.0 18.3 30.4 16.7 N/A
2024E 62.1 28.8 27.0 44.5 11.4 N/A




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