CVC And Apollo Comparison

Apollo Global Management or Apollo is the largest private credit asset manager in the world. Apollo has 751 billion USDs of assets under management as of end 2024, with 616 billion USDs deployed in private credit.

CVC Capital Partners or CVC has 200 billion EURs under management with fee paying assets under management of 147 billion EURs as of end 2024 deployed mainly in private equity, but also infrastructure and private credit. 

Apollo's Price/Earnings ratio is 20.54, while CVC's Price/Earnings ratio is 54.41. Apollo's market capitalization is 90.33 billion USD, while CVC's market capitalization is 24.09 billion EURs.

Both Apollo and CVC do not pay dividends.

Both Apollo and CVC are undervalued, in Wolfteam Ltd.'s view.

Apollo's intrinsic value is 142 billion USD, while CVC's intrinsic value is 44 billion EUR's, according to Wolfteam Ltd.'s projections and estimates.

Here is Apollo's 2024 calendar earnings statement:

 Revenues
Asset Management
Management fees $444 $476 $523 $1,772 $1,899
Advisory and transaction fees, net 141 181 205 623 822
Investment income (loss) 150 230 395 1,032 1,305
Incentive fees 21 35 42 80 150
Retirement Services
Premiums 3,586 389 155 12,749 1,318
Product charges 226 267 260 848 1,016
Net investment income 3,354 4,101 4,237 12,080 15,718
Investment related gains (losses) 2,621 1,539 (1,037) 1,428 2,045
Revenues of consolidated variable interest entities 495 552 493 1,441 1,822
Other revenues 8 3 10 591 19
Total Revenues 11,046 7,773 5,283 32,644 26,114
Expenses
Asset Management
Compensation and benefits (979) (605) (732) (2,722) (2,608)
Interest expense (47) (55) (67) (145) (226)
General, administrative and other (229) (326) (285) (872) (1,170)
Retirement Services
Interest sensitive contract benefits (2,595) (2,599) (1,642) (6,229) (8,949)
Future policy and other policy benefits (4,088) (793) (623) (14,434) (3,054)
Market risk benefits remeasurement gains (losses) (570) (524) 456 (404) 102
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (186) (244) (263) (688) (941)
Policy and other operating expenses (481) (670) (535) (1,837) (2,136)
Total Expenses (9,175) (5,816) (3,691) (27,331) (18,982)
Other Income (Loss) – Asset Management
Net gains (losses) from investment activities 21 15 25 7 58
Net gains (losses) from investment activities of consolidated variable interest entities 35 44 20 130 90
Other income (loss), net 34 70 87 136 155
Total Other Income (Loss) 90 129 132 273 303
Income (loss) before income tax (provision) benefit 1,961 2,086 1,724 5,586 7,435
Income tax (provision) benefit1 1,620 (317) (62) 923 (1,062)
Net income (loss) 3,581 1,769 1,662 6,509 6,373
Net (income) loss attributable to non-controlling interests (825) (958) (176) (1,462) (1,796)
Net income (loss) attributable to Apollo Global Management, Inc. 2,756 811 1,486 5,047 4,577
Preferred stock dividends (24) (24) (24) (46) (97)
Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $2,732 $787 $1,462 $5,001 $4,480
Earnings (Loss) per share
Net income (loss) attributable to Common Stockholders - Basic $4.53 $1.30 $2.42 $8.32 $7.39
Net income (loss) attributable to Common Stockholders - Diluted $4.44 $1.29 $2.39 $8.28 $7.33
Weighted average shares outstanding - Basic 584 585 584 581 586
Weighted average shares outstanding - Diluted 601 589 603 589 604 

Here is an excerpt from CVC's full year 2024 activity update:

 FPAUM increased from €98.2bn as at 31 December 2023 to €147.3bn as at 31 December
2024, or +50%
– Following the activation of Europe / Americas Fund IX and Asia VI in H1, and the inclusion of
Infrastructure1, additional FPAUM growth in 2024 was mainly driven by fundraising in Credit
and Secondaries
Investment
Activity
Deployment2:
– Strong year-on-year recovery in deployment activity: +71% vs. FY 2023
– Private Equity deployment reached €13.3bn in FY 2024 vs. €4.2bn in FY 2023
o 13 new investments for Europe / Americas Fund IX, following its activation in May, and 23
investments in total across Europe / Americas, StratOps and Asia
– Attractive deployment opportunities for CVC Secondary Partners drove an increase of +93%
year-on-year, with €2.4bn deployed3 in FY 2024 vs. €1.2bn in FY 2023
– Deployment4 across CVC Credit reached €8.0bn in FY 2024, up from €6.7bn in FY 2023
(+20%), highlighting our strong origination and execution capabilities across Performing and
Private Credit strategies. CVC Credit achieved record levels of deployment in 2024, although
refinancing activity resulted in a high level of repayments slowing overall growth in FPAUM
o Record year for CLO issuances across Europe and the U.S. with 25 CLOs issued5
– Infrastructure remained highly selective in making the final investments from DIF VII and
Value Add III, ahead of the launch of successor funds in 2025
Realisations6:
– Whilst realisations across all strategies increased by 114% year-on-year, we continue to
remain cautious on the near-term outlook given inconsistent activity levels across the market
Fund
Performance
– Our portfolio performance continues to be resilient across all strategies: EBITDA growth of
c.10% across Private Equity
– Strong realised returns7: 4.0x Gross MOIC and 30% Gross IRR in 2024
– Value creation across the Private Equity and Infrastructure portfolios of 12%, growing at a
consistent pace throughout the year
– All material funds continue to perform on or above plan8
Fundraising – We continue to execute on our fundraising targets, with €15.7bn of capital raised9 in FY 2024
– Continued strong momentum in Credit and Secondaries:
o EUDL IV securing in excess of €7.6bn of investable capital as at 31 December 2024 vs.
€6bn target (final close expected in 2025), and Capital Solutions III reaching its final close
at €1.6bn vs. €1.25bn target
o Following launch June, we raised $3.5bn10 as at 31 December 2024 for SOF VI in
Secondaries, progressing towards its $7bn target
– StratOps III expected to reach final close in Q1 2025
– Infrastructure fundraising for DIF VIII & Value Add IV launched in January 2025, with
combined target size of €8bn
– Private Wealth:
o Subscriptions for CVC-CRED progressing well: €0.7bn in aggregate value11 as at 31
December 2024, following the launch in Q2 2024
o Launch of CVC-PE, our new Private Equity Evergreen product, in January 2025, ahead of
plan
o Accelerating the preparation of further Evergreen products, together with increased
investment in our Private Wealth platform