Last September, private equity firm CVC chalked up a rare achievement: a record year for cash returned to investors, at a time when the wider industry was still limping through a downturn.
Yet far from sparking celebration among the Amsterdam-listed group’s public market investors, shares fell 4 per cent that morning. Rather than rewarding the previous year’s returns, analysts were fretting about sparse detail on how CVC would deliver the big increase in earnings that the market was counting on.
“It felt like they were holding back,” said one analyst that day. “It might be because they prefer to be conservative . . . they’ve left us a little bit confused.”
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