Edison Investment Research - CVC Credit Partners European Opportunities (GBP) (CCPG) CVC Credit Partners European Opps - Defensive positioning and solid dividend cover

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Edison Investment Research

Milosz Papst

CVC Credit Partners European Opps - Defensive positioning and solid dividend cover

CVC Credit Partners European Opportunities (CCPEOL) aims to achieve a blend of capital growth and income (it targets gross total returns of 8â€“12% pa, with cÂ 5pp from income). The portfolio is positioned defensively, mainly in senior secured debt of large issuers (average EBITDA above â‚¬500m) from Western Europe. Long-term NAV net total return (TR) performance remains broadly intact at 6.4% pa over three years (vs SP ELLI at 3.5% pa), despite weaker performance during the Q418 downturn. Currently both share classes offer a dividend yield in excess of 5%, largely covered by coupon income according to our estimates.

08/08/2019 14 EN

Underlying

CVC Credit Partners European Opportunities (GBP)

CVC Credit Partners European Opportunities is a closed-ended investment company limited by shares. Co. invests predominantly in companies domiciled, or with material operations, in Western Europe across various industries. Co.'s investments are focused on senior secured obligations of such companies but investments are also made across the capital structure of such borrowers.

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JE00B9MRHZ51 London Stock Exchange Jersey

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Milosz Papst

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CVC Credit Partners European Opps - Defensive positioning and solid dividend cover

CVC Income & Growth - Equity-like return potential on senior secured debt

CVC Income & Growth - Uncertainty creates opportunity

CVC Credit Partners European Opportunities - Floating rate advantage in 2022

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

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