CVC资本合伙人：固定收益资产管理规模环比下降4%且重申指引

Restricted - External First LookCVC.AS/CVC NAEuropean DiversifiedFinancialsPrice TargetPrice (14-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchEuropean Diversified FinancialsMichael Sanderson+44 (0)20 3134 2487michael.sanderson@barclays.comBarclays, UKRishikesh Panathuparambil Suresh+91 (0)22 6175 4071rishikesh.suresh@barclays.comBarclays, UKKrystal Han+44 (0)20 7116 1890krystal.han@barclays.comBarclays, UK EQUAL WEIGHTPOSITIVEEUR 21.50EUR 16.06+33.9% FIGURE 1. CVC: 1Q 25 FP AUM progression (€bn)Resilient portfolio performance:Investment performance remains resilient, with all materialfunds either on or above plan although Fund VIII was 0.1x MM lower vs Dec-24 MOIC update.Private Equity and Infrastructure portfolio increased in value by 10% over LTM and 1% over1Q25 with operational performance remaining robust of 10% EBITDA growth across PE portfolioMFE guidance reiterated, PRE Guidance refined:CVC has not changed its PRE guidance onthe medium term run rate of €400-700m. Realisation activity in Q1 allowed CVC to reiterate tatPRE will be materially higher in FY25 vs FY24, although the earning of this PRE is set to be H2weighted.Valuation:CVC currently trades at 19.6x and 15.7x our FY25e and FY26e estimates trading at adiscount to the wider peer group.2 Source: CVC, Barclays Research15 May 2025 Analyst(s) Certification(s):I, Michael Sanderson, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)CVC Capital Partners(CVC.AS, 14-May-2025, EUR 16.06), Equal Weight/Positive, A/D/J/LUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities