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Type:
Financial research report
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1.16 MB
Summary
This document is page 7 of a Morgan Stanley research report titled 'North America Insight' bearing the Bates stamp HOUSE_OVERSIGHT_025557. It analyzes the financial impact of Alternative Asset Managers (including Apollo Global Management, Blackstone, and KKR) converting from partnerships to C-corporations, specifically looking at tax rates and P/E multiples. While no specific individuals are named, the document is likely part of the House Oversight Committee's investigation into financial ties involving entities like Apollo (APO) and their executives' connections to Epstein.
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Key Quotes (4)
"If the Alts converted to C-corps, there would be tax leakage as a result no pass-through of earnings for carried interest and investment income."Source
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"As a result of higher taxes and -16% lower earnings on average in a C-corp, the stocks would need to re-rate upward by 2.1x turns to maintain their current valuations."Source
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"Breakeven P/E multiple expansion of 2.1x required to offset 16% lower earnings in a C-corp on average."Source
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"On average we estimate a -16% hit to EPS using a 24% tax rate in a C-corp structure."Source
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