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1.41 MB
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Type:
Financial research report / equity research note
File Size:
1.41 MB
Summary
This document is page 20 of a Morgan Stanley Research report titled 'North America Insight,' specifically detailing a 'Downside Scenario' for alternative asset management firms (Alts) regarding potential conversion to C-corps and tax implications. It includes a financial table ('Exhibit 29') providing Sum-Of-The-Parts (SOTP) valuations for major private equity firms including Apollo (APO), Ares, Blackstone (BX), Carlyle (CG), KKR, and Oaktree. The document bears the Bates stamp 'HOUSE_OVERSIGHT_025570,' indicating it was produced as evidence for a House Oversight Committee investigation, likely related to financial records.
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Morgan Stanley Research report analyzing these companies.
Key Quotes (3)
"Our downside scenario is fairly straightforward: We assume that alts convert to C-corps and pay full taxes on earnings but the current p/e multiple does not re-rate upward at all."Source
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"On average we see 18% potential downside for the group if this were to happen."Source
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Quote #2
"Finally, we divide that implied future carry value by our fully taxed performance fee earnings (@24%) to arrive at our downside case implied value of future carry."Source
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Quote #3
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