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CVC LIMITED (CVC)

CVC LIMITED (CVC)

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General Information
Company Name: CVC Limited
Stock Code: CVC
Website: www.cvc.com.au
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 110
Equiv. Shares (M): 122

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.900 $ 0.000 $ 0.000 $ 0.000 $ 0.900 0 0%

Company Overview

Business Description:
CVC Limited (CVC) is an Australian companyventure capital firm with principal activities including the provision of investment, development and venture capital as well as property finance and development. The Company is also engaged in investments in listed entities and funds management. Through its fully owned subsidiary, CVC Managers Pty Ltd, CVC manages four major investments: CVC Renewable Energy Equity Fund (CVC REEF); CVC Sustainable Investments; CVC Private Equity; and CVC Property Fund.

Strategy Analysis:
CVC's growth strategy is to structure an investment portfolio with a combination of alternative asset classes to deliver superior returns. CVC holds a diversified portfolio of asset classes including listed equity, private equity, venture capital, pooled development funds, property investments, management buy-outs and buy-ins and restructuring. CVC's portfolio is also structured to provide a blend of growth and income producing assets, including a particular focus on private equity/venture capital assets. CVC's investment criteria in its private equity business is as follows : companies exhibiting growth rates of 10% or more per annum in existing but expanding markets; strong competitive advantage and high barriers to entry (technology & economics); revenue model with recurrent and scaleable characteristics; protected intellectual property; quality management team with proven track record and clear exit strategy.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 6.5 5.0 -3.8 17.6 7.0 7.9 100.0
2010  A 7.2 5.2 -- 13.5 5.0 7.1 100.0
2009  A -48.8 -32.6 -474.7 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Challenger (CGF) $1,847 M 0.1261 0.0374 0.0473 7.0270 6.7735 6.4677 0.0488 0.0524 0.0568
CVC (CVC) $110 M -0.0438 -- -- 17.9641 -- -- 0.0778 -- --
IOOF (IFL) $1,273 M 0.1448 -0.0970 0.1136 11.5273 12.7650 11.4629 0.0776 0.0704 0.0738
Macquarie Group (MQG) $9,112 M -0.2667 0.2384 0.2555 12.9214 10.4339 8.3105 0.0536 0.0588 0.0713
Platinum Asset Mgmt (PTM) $2,139 M 0.1281 -0.1448 0.0133 14.4757 16.9258 16.7032 0.0656 0.0528 0.0557

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CVC 0.66 18.0 0.72 -- 14.9
Market 1.12 11.1 0.96 2.31 2.55
Sector 0.94 12.3 0.82 3.30 6.55

Directors
Name Position Start Date
Mr Vanda Russell Gould Chairman 31 October 1996
Mr Alexander Damien Harry Beard Company Secretary,Managing Director 17 August 2000
Mr John Douglas Read Non-Executive Director 20 March 1989
Mr John Scott Leaver Non-Executive Director 25 September 1984

Management
Name Position
John Andrew Hunter Company Secretary

Substantial Shareholders
Holding Name
7,899,259 (6.38%) Derrin Brothers Properties Limited
6,661,235 (5.38%) Executive Recruitment Services Limited
15,575,978 (12.58%) Penalton Limited
17,610,506 (14.22%) Southsea (Australia) Pty Ltd
20,704,611 (16.72%) Leagou Pty Limited

Calendar of Events
Date Event
26 February 2013 Report (Interim)
25 October 2012 Report (Annual)
24 August 2012 Report (Prelim)
28 May 2012 Issued Shares
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