CVC Valuation

 

CVC Capital Partners or CVC, the European private equity and alternative investments giant is undervalued, according to Wolfteam Ltd.'s projections and estimates.

CVC's intrinsic value is 34 billion USD, compared with CVC's current market capitalization of 23.99 billion USD, in Wolfteam Ltd.'s view.

For the first half of 2024 CVC made 704.954 million USD of revenue:

Pro forma statement of profit or loss (€ 000) Jun-24 Jun-23
Management fees 505,204 448,777
Carried interest and performance fees 108,056 89,569
Investment income 89,961 54,313
Other operating income 1,733 1,422
Pro forma total revenue 704,954 594,081
Personnel expenses (210,077) (188,672)
General and administrative expenses (113,240) (80,501)
Change in valuation of forward liability (209,420) (58,762)
Other expenses (2,818) 1,789
Pro forma EBITDA 169,399 267,935
Adjusted pro forma total revenue1 (€ 000) Jun-24 Jun-23
Pro forma total revenue 704,954 594,081
Less: Investment income attributable to NCI (37,608) (11,327)
Less: FX on carried interest provision (5,399) 3,972
Less: Performance-related costs (41,380) (37,924)
Adjusted pro forma total revenue 620,567 548,802
Adjusted pro forma EBITDA1 (€ 000) Jun-24 Jun-23
Pro forma EBITDA 169,399 267,935
Add back: Change in valuation of forward liability 209,420 58,762
Add back: Other APM adjustments 10,817 9,502
Adjusted pro forma EBITDA 389,636 336,199

Private equity and private credit are in a boom phase and CVC is a leader in private markets globally.

CVC raised the largest fund globally with 26.8 billion USD of assets.

CVC still holds a lot of unlocked value.