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This document is page 28 of a Morgan Stanley research report titled 'North America Insight'. It contains 'Appendix B', which analyzes the valuation of alternative asset managers through two charts (Exhibits 48 and 49) tracking P/E ratios from November 2010 to November 2017. The document bears a Bates stamp 'HOUSE_OVERSIGHT_025578', indicating it is part of a production for a congressional investigation.
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Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT
NORTH AMERICA INSIGHT
Appendix B: Valuation of Alternative Managers - What©in the Price?
Exhibit 48:
Covered Alternative Asset managers NTM Relative P/E
Alts NTM P/E Ratios Relative to Trad. AMs and S&P 500
Covered Alternative Asset managers NTM Relative P/E
Alts NTM P/E Ratios Relative to Trad. AMs and S&P 500
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
-60.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
-60.0%
Alts NTM P/E Relative to Trad. — Alts NTM P/E Relative to S&P 500
Relative to Trad. : - 27%
Relative to S&P: - 45%
Relative to Trad. : - 27%
Relative to S&P: - 45%
Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17
Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates
Exhibit 49:
Covered Alternative Asset managers NTM Absolute P/E
Alts P/E Ratios
Covered Alternative Asset managers NTM Absolute P/E
Alts P/E Ratios
—Alts Avg. FY1 P/E —Alts Avg. FY2 P/E —Alts Avg. NTM P/E
25x
20x
15x
10x
5x
0x
20x
15x
10x
5x
0x
FY1 P/E, 10.0x
NTM P/E, 10.1x
FY2 P/E, 10.1x
NTM P/E, 10.1x
FY2 P/E, 10.1x
Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17
Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates
28
HOUSE_OVERSIGHT_025578
HOUSE_OVERSIGHT_025578
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