reports
- 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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