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Apollo Global Management, LLC Message Board

  • iamasimpleguy6180 iamasimpleguy6180 Apr 22, 2014 8:09 AM Flag

    Apollo:Blackstones Earnings Oveview

    My very quick read of the BX report suggests APO remains significantly undervalued relative to BX. BX trades at about 19x LTM (last twelve months) DNI (distributable net income) while APO trades at about 8. If the market recognizes this I suspect that APO can trade up to the low 40s before consolidating back at around 36. APO earnings are coming out in a few weeks and Analysts are predicting a dividend of about 62 cents per share. The issue facing APO is restocking their pipeline of deals. Their recent deal activity indicates they favor energy, insurance and consumer. BX has 260 bn in AUM (assets under management) to APO 161bn but APO has a better investment track record in PE than BX so their realization revenue (incentive fees) is richer than BX.

    Sentiment: Buy

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