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Financial research report (table of contents)
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876 KB
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This document is the table of contents (page 3) for a Morgan Stanley research report titled 'North America Insight.' It outlines a financial analysis of alternative asset managers, specifically discussing C-corp conversions, valuations, and sensitivity analyses for major firms including Apollo Global Management, Ares, Blackstone, Carlyle Group, KKR, and Oaktree. The document bears a 'HOUSE_OVERSIGHT' stamp, indicating it was obtained during a congressional investigation.
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"C-corp Conversion Could Be the Catalyst to Unlock Value and Drive Multiple Expansion"Source
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"What Is the Impact of Higher FRE Multiples in a SOTP approach?"Source
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"Deconstructing Our Implied Carry Valuation: What Is the Market Paying?"Source
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Complete text extracted from the document (1,275 characters)
Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT
NORTH AMERICA INSIGHT
Contents
5 Executive Summary
6 C-corp Conversion Could Be the Catalyst to Unlock Value and Drive Multiple Expansion
8 Impact to Current Valuations in Upside and Downside Case
10 ARES Conversion Largely Priced In
11 Why Should Fee-Related Earnings Re-Rate Higher?
11 1) Premium to Traditionals Asset Managers
13 2) Publicly Traded Alts Comps
13 3) Bond Yield Approach
14 What Is the Impact of Higher FRE Multiples in a SOTP approach?
16 What Is the Appropriate Multiple for Performance Fees?
18 Deconstructing Our Implied Carry Valuation: What Is the Market Paying?
19 Upside Scenario
20 Downside Scenario
21 Appendix A: Company Scenario Analysis
22 Apollo Global Management SOTP and Sensitivity Analysis
23 Ares Management SOTP and Sensitivity Analysis
24 Blackstone SOTP and Sensitivity Analysis
25 The Carlyle Group Management SOTP and Sensitivity Analysis
26 KKR & Co. SOTP and Sensitivity Analysis
27 Oaktree Capital Group SOTP and Sensitivity Analysis
28 Appendix B: Valuation of Alternative Managers - What's in the Price?
29 Appendix C: Notable Alt Reports: In Case You Missed Them¼
30 Brokers & Asset Managers Comps Sheet
31 Valuation and Risks
MORGAN STANLEY RESEARCH
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