CVC Capital Partners Group (CVC.AS): 1H26 - Strong P&L Beat; Strong Value Creation Encouraging For FY28

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CVC Capital Partners Group (CVC.AS): 1H26 - Strong P&L Beat; Strong Value Creation Encouraging For FY28

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30 Jul 2026 03:04:20 ET │ 11 pages

CVC Capital Partners Group (CVC.AS)

1H26 - Strong P&L Beat; Strong Value Creation Encouraging For FY28

PRE

CITI'S TAKE Buy

Price (29 Jul 26 16:30) €14.41 CVC’s 1H26 results are strong and should be well-received, in our view.

Target price €16.20 1H26 adjusted EBITDA is 7% above expectations on 5% higher

management fee-related earnings (higher management fees) and 15% Expected share price return 12.4%

higher performance-related earnings. FRE beat was helped by stronger Expected dividend yield 3.6%

fundraising; FPAUM is 1% above expectations and while this is somewhat Expected total return 16.0%

of a pull-forward, it is still encouraging. CVC has now guided for EU/US X Market Cap €15,082M

to be at least as big as Fund IX and has reiterated its PRE guide. Beyond US$17,296M

the earnings, we think investors should also be highly encouraged by

continued strong value creation across the portfolio; Fund VIII has now

reached 1.5x MOIC after further EBITDA acceleration, which reassures us

on IFRS carry recognition in FY28 (part of reason we are above consensus). Nicholas HermanAC

We rate Buy, given undemanding valuation (below closest peers), strong +44-20-7986-4203

fundamentals, double-digit FPAUM growth, and significant upside to nicholas.herman@citi.com

consensus FY28E earnings on FRE and PRE. Hannah Leivdal

+44-20-7500-4475

Robust Outlook — Strong performance is driving strong momentum across the hannah.leivdal@citi.com

business. CVC now expects EU/US Fund X to be at least as big as €26bn Fund IX (we Andrew Lowe, CFA

estimate VA consensus would be c€27bn; Citi c€29bn), underpinning its

+44-20-7986-4042