reports
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Cor Kluis
- Julian Dobrovolschi
CVC Capital Partners : Dealmaking slowing down QoQ as expected, 2024 c...
>FPAuM growing 47% YoY to reach € 144.1bn, portfolio resilient - CVC came with a trading update this morning disclosing only its FPAuM, deployment and realisations development. Overall FPAuM reached € 114.1bn at end-Q3, up 47% YoY. Performance across CVC portfolio remains robust. The company is on-track to execute on its IPO-set fundraising targets, and is already gearing to launch new Infra funds and its maiden PE wealth offering in H1 2025. Wealth is an important ch...
- ING Helpdesk
Benelux Morning Notes
Agfa-Geveart: Material miss on Healthcare activities. ASML: Long-term guidance confirmed. CVC Capital Partners: Comfortably on track. DEME Group: Raises outlook, lowers capex guidance. Proximus: Pressure on CEO from another possible coalition party. SBM Offshore: Again delivering
- Cor Kluis
- Julian Dobrovolschi
CVC Capital Partners : H1 2024 results ahead of expectations driven by...
>All key figures ahead of consensus forecast - CVC published its H1 2024 figures which were ahead of expectations across the board. Pro-forma and adjusted (pre-IPO disclosure) revenue came at € 621m, 3.7% ahead of consensus forecast and growing 12.1% YoY. Adjusted EBITDA was € 390m, which is 9.2% ahead of expectation, and implying a margin of 62.8% which is solid. MFE margin was 54.3%, 230bps ahead of consensus and growing 190bps YoY, which signals that the company ca...
- ING Helpdesk
- Oliver Metzger
- Roy Külter
- Oliver Metzger
- Roy Külter
- Cor Kluis
- Julian Dobrovolschi
CVC Capital Partners : Exit environment is improving, PRE guidance pos...
>FPAuM broadly in-line with consensus - CVC came out with a press release this morning giving an update of its H1 2024 activity. Overall the publication is light on numbers, and very qualitative in our view. Overall, FPAuM grew to € 142.2bn at end-H1 2024 driven by 1) the early activation of Fund IX from flagship Europe/Americas strategy, 2) Asia VI activation and 3) acquisition of DIF. Excluding for DIF, FPAuM was € 127.5bn, which is 1.4% below consensus expectation ...
- ING Helpdesk
- Cor Kluis
- Julian Dobrovolschi
CVC Capital Partners : The value creation machine
CVC is a high quality private equity company with a better performance than peers, market leading in terms of size, generates a material part of earnings from the highly profitable private equity business, and is geared for above-market growth with a pipeline of large-scale new funds. - >Investment case: leading profitable PE brand - CVC is one of the largest private equity (PE) firms in Europe by AuM and has been delivering consistently strong results from the outset...
- Jason Kalamboussis
- Reg Watson
- CFA
CVC Capital Partners/Committed Partner/BUY (initiating coverage)
We initiate coverage on CVC with a 12 month target price of €20.50 and a BUY recommendation. Since the IPO launch at an attractive €14.00 per share, the market has wasted no time in pricing in the majority of the upside in the stock but we believe that there is more to come.
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