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Financial research report / appendix
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699 KB
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This document is 'Appendix A' from a Morgan Stanley research report regarding 'Company Scenario Analysis.' It details the SOTP (Sum Of The Parts) valuation methodology used by the firm, specifically regarding fee-related earnings multiples and performance fees. The document contains a Bates stamp (HOUSE_OVERSIGHT_025571), indicating it was produced as part of a House Oversight Committee investigation, likely related to financial records subpoenaed regarding the Epstein investigation, though no specific individuals are named on this page.
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| Morgan Stanley | ||
| House Oversight Committee |
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Key Quotes (3)
"In the following tables, we flex the inputs in our SOTP valuation methodology to take a look at the potential impact at varying fee related earnings multiples and multiples on future carry."Source
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"We use the same assumptions that we used in our upside scenario above, including a fully taxed (@24%) net carry receivable value"Source
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"We begin with 12.5x, a slight discount to where the traditional asset managers trade today, and end at 30x"Source
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Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT
NORTH AMERICA INSIGHT
Appendix A: Company Scenario Analysis
In the following tables, we flex the inputs in our SOTP valuation methodology to take a look at the potential impact at varying fee related earnings multiples and multiples on future carry. We use the same assumptions that we used in our upside scenario above, including a fully taxed (@24%) net carry receivable value as well as using a multiple on after tax net carry per share for future performance fees.
For fee-related earnings, we use constant multiples for all companies. We begin with 12.5x, a slight discount to where the traditional asset managers trade today, and end at 30x, or closer to our bond yield cap rate multiple approach.
On performance fees, we set the mid point at our estimate for the current market implied multiple on performance fees (using a 15x FRE as our starting point), as explained in our valuation methodology above.
MORGAN STANLEY RESEARCH
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