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2.14 MB
Extraction Summary
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Quotes
Document Information
Type:
Financial research report
File Size:
2.14 MB
Summary
This document is a page from a Morgan Stanley research report titled 'Deconstructing Our Implied Carry Valuation: What Is the Market Paying?' It analyzes the valuation of alternative asset managers (APO, ARES, BX, CG, KKR, OAK) using Sum of the Parts (SOTP) methodology, specifically focusing on Fee-Related Earnings (FRE) and future performance fees. The document includes a detailed financial table (Exhibit 27) comparing share prices and implied multiples for these companies, likely dating to late 2017 based on the '3Q17' and '2018E' references. It bears a 'HOUSE_OVERSIGHT' stamp, indicating it was obtained during a congressional investigation.
Locations (1)
| Location | Context |
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Relationships (3)
Morgan Stanley Research report analyzing these companies.
OAK's 20% ownership stake in DoubleLine
ARES
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Management Agreement
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ARCC
management agreement with ARCC
Key Quotes (3)
"We deconstruct the various pieces of a SOTP for the alts in order to determine our best guess on how much the market is valuing future performance fees."Source
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Quote #1
"Using this approach and a 15x multiple on FRE, we see the market is valuing future performance fees at 7.5x on average and a median 6.5x."Source
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Quote #2
"We adjust the balance of OAK's investments on balance sheet to account for OAK's 20% ownership stake in DoubleLine which it currently holds at cost of $21m"Source
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Quote #3
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