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1.68 MB
Extraction Summary
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People
5
Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial research report
File Size:
1.68 MB
Summary
This document is page 8 of a Morgan Stanley research report titled 'North America Insight,' specifically analyzing the valuation of Apollo Global Management (APO). It presents a 'Sum-of-the-Parts' (SOTP) valuation model comparing current pricing against potential downside and upside scenarios involving a 'C-Corp Conversion.' The analysis focuses heavily on fee-related earnings (FRE) and tax implications (using a 24% tax rate). A specific value of $12.61 for 'Market Implied Carry Value' is highlighted in a red box, and upside variances of 50% and 26% are circled in red. The document bears the Bates stamp HOUSE_OVERSIGHT_025558, indicating it was part of a congressional investigation, likely related to Apollo's management.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Morgan Stanley | ||
| Apollo Global Management | ||
| APO | ||
| Thomson Reuters | ||
| House Oversight Committee |
Locations (1)
| Location | Context |
|---|---|
Key Quotes (3)
"We see potentially significant value from a re-rating of fee-related earnings driving higher valuation"Source
HOUSE_OVERSIGHT_025558.jpg
Quote #1
"Upside/downside scenarios show a positive skew for companies that have higher earnings contribution from management fees"Source
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Quote #2
"In both our upside and downside approaches we look at a Sum-of-the-Parts"Source
HOUSE_OVERSIGHT_025558.jpg
Quote #3
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