H126 preview: a top pick in private markets

Research evidence excerpt

H126 preview: a top pick in private markets

iQprofile SM CVC Capital Partners

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Other Financials

Total Revenue 1428 1707 1812 2066 2506

Adjusted EBITDA 923 1091 1090 1237 1619

Depreciation & Amortization -37 -44 -44 -44 -44 Company Description Adjusted EBIT 886 1047 1047 1194 1575

Finance Income/Expense -28 -27 -30 -30 -30 CVC is a leading European private markets manager with

Adjusted PBT 858 1020 1016 1163 1545 offices across five continents. It was established in 1981

Adjusted Net Income 784 872 864 1005 1350 and has around 1500 employees. CVC is one of the largest

Key Balance Sheet Data private markets firms in Europe, with fee paying AUM of

Goodwill 1867 1662 1662 1662 1662 €151bn, and is diversified across private equity, private

Total non-current assets 4445 4215 4215 4215 4215 credit, secondaries, Asia, growth and also now in

Cash & Cash Equivalents 618 721 899 1130 1606 infrastructure with the acquisition of DIF. The firm

Total current assets 822 995 1173 1404 1880 activated the largest-ever private equity fund in May 2024

Short term debt 82 122 122 122 122

and invests across a variety of sectors globally. Total current liabilities 444 473 473 473 473

Long term debt 1719 1662 1662 1662 1662

Total non-current liabilities 3019 2488 2488 2488 2488

Investment Rationale

Key Metrics CVC is a global leader in providing access to private asset

Price/Earnings Ratio 18.2 16.9 16.6 14.4 10.7

investments for institutional and wealth investors. The

EBITDA margin 64.6 63.9 60.2 59.9 64.6

company has built a diverse product suite but may also Dividend Payout (%) 28.7 59.2 75.6 75.7 63.9

pursue further bolt-on acquisitions. CVC is scaling strategies