ARES - Ares Management Corporation

NYSE - Nasdaq Real Time Price. Currency in USD
39.37
+0.01 (+0.03%)
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close39.36
Open39.97
Bid39.34 x 900
Ask39.35 x 1000
Day's Range39.16 - 40.20
52 Week Range20.20 - 41.88
Volume335,573
Avg. Volume1,265,595
Market Cap5.215B
Beta (5Y Monthly)1.29
PE Ratio (TTM)100.69
EPS (TTM)0.39
Earnings DateJul 29, 2020 - Aug 03, 2020
Forward Dividend & Yield1.60 (4.07%)
Ex-Dividend DateJun 15, 2020
1y Target Est42.82
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
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Overvalued
-16% Est. Return
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  • Ares Management Corporation Completes Acquisition of Majority Interest in SSG Capital Holdings Limited
    Business Wire

    Ares Management Corporation Completes Acquisition of Majority Interest in SSG Capital Holdings Limited

    Ares Management Corporation ("Ares") (NYSE: ARES) announced today that its subsidiary, Ares Holdings L.P., has completed its previously disclosed acquisition of a controlling interest in SSG Capital Holdings Limited and its operating subsidiaries (collectively, "SSG"), a leading Asian alternative asset management firm.

  • Moody's

    CPG International LLC -- Moody's upgrades AZEK's CFR to B1 from B3, affirms term loan rating at B2; outlook stable

    Moody's Investors Service (Moody's) upgraded CPG International LLC's d/b/a The AZEK Company Inc. (AZEK) Corporate Family Rating (CFR) to B1 from B3 and Probability of Default Rating (PDR) to B1-PD from B3-PD. Moody's also affirmed the B2 rating on the company's first lien senior secured term loan due May 2024. Finally, Moody's assigned an SGL-2 Speculative Grade Liquidity Rating to AZEK.

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    PR Newswire

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  • Ares Management Corp (ARES): Hedge Funds Taking Some Chips Off The Table
    Insider Monkey

    Ares Management Corp (ARES): Hedge Funds Taking Some Chips Off The Table

    In this article we will check out the progression of hedge fund sentiment towards Ares Management Corp (NYSE:ARES) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and […]

  • Ares Management Corporation Leads £1.875 Billion Commitment to The Ardonagh Group in Largest Ever Unitranche Financing Transaction
    Business Wire

    Ares Management Corporation Leads £1.875 Billion Commitment to The Ardonagh Group in Largest Ever Unitranche Financing Transaction

    Ares Management Corporation ("Ares") (NYSE:ARES) announced today that it is serving as the lead arranger for a £1.875 billion financing commitment to The Ardonagh Group ("Ardonagh"), the U.K.’s largest independent insurance broker, through Ares’ global direct lending platform. Ardonagh is majority owned by HPS Investment Partners ("HPS") and Madison Dearborn Partners. In addition to direct lending funds managed by Ares, other significant lenders include Caisse de dépôt et placement du Québec ("CDPQ"), HPS and KKR.

  • Bloomberg

    Ares Raises $3.5 Billion for Crisis-Hit Firms, Eclipsing Target

    (Bloomberg) -- Alternative investment firm Ares Management Corp. raised $3.5 billion for a new fund to sweep up debt and equity of companies scorched by the coronavirus pandemic.The Ares Special Opportunities Fund LP will invest in stressed and distressed assets in the private and public markets, according to a statement on Monday. The vehicle surpassed its $2 billion fund-raising target with demand from pension and sovereign wealth funds to insurance companies and family offices.Ares, which had $149 billion in assets under management as of March, joins firms including Bain Capital Credit, Blackstone Group Inc., Oaktree Capital Group LLC and Carlyle Group Inc. in seeking to capitalize on what they expect to be a prolonged period of turmoil in markets ravaged by the virus.“The private distressed opportunity set is just getting started,” Michael Arougheti, chief executive officer and president of Ares, said in an interview. “We are building liquidity bridges, but you have to appreciate that when you get to the other side of that bridge, it’s not like you just flip a switch and go back to the way it was.”Flexible CapitalThe special opportunities fund has invested and committed $1.7 billion to date, with about $1.3 billion of that put to work during the recent bout of virus-related market dislocation, according to the statement.Ares began building out the strategy with the hiring of Scott Graves in early 2017. Since then, it’s amassed a team under its private equity group including partners Craig Snyder and Aaron Rosen.The strategy will provide flexible capital to help companies survive the financial distress, “whether they are over-leveraged or undergoing industry or business transformational change,” said Graves, Ares’ co-head of private equity and head of special opportunities, in the interview.The distressed and stressed opportunities posed by the current crisis are distinct from the financial catastrophe in 2008, when the banking system was over-leveraged, there were structured product excesses, a real-estate mortgage crisis and extensive sub-prime consumer leverage, according to Graves.Twin Shocks“We are experiencing a pandemic-driven liquidity crisis and concurrent oil shock,” he said. “Corporate balance sheets were not built to endure the level of demand shock currently underway. Companies are burning a tremendous amount of cash and will likely continue to be in need of incremental debt and equity financing.”The Federal Reserve’s unprecedented steps to prop up markets may not diminish the distressed investing opportunity but could delay it, according to Arougheti. Much of the capital is also flowing to companies which don’t necessarily need the cash, he said.“The depth of demand destruction will have lasting effects, and when you come out the other side there will be problems like interest-rate challenges, and stressed municipal budgets,” Arougheti said. “The Fed has pushed the opportunity set into the private markets and they have probably delayed and elongated the cycle.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Ares Management Corporation Closes Oversubscribed $3.5 Billion Special Opportunities Fund
    Business Wire

    Ares Management Corporation Closes Oversubscribed $3.5 Billion Special Opportunities Fund

    Ares Management Corporation ("Ares") (NYSE: ARES), a leading global alternative investment manager, announced today the final closing of its Ares Special Opportunities Fund, L.P. (together with its parallel vehicles, "ASOF" or the "Fund"). The Fund was significantly oversubscribed at over $3.5 billion of commitments relative to its $2.0 billion target.

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  • Ares Management Provides Affirm with $250 Million Facility to Support Continued Growth
    Business Wire

    Ares Management Provides Affirm with $250 Million Facility to Support Continued Growth

    Ares Management Corporation ("Ares") (NYSE: ARES) , a leading global alternative investment manager, announced today that funds managed by its Alternative Credit Strategy led a $250 million revolving asset-backed credit facility for Affirm Inc. ("Affirm"), a financial technology company that provides consumers with a more simple and transparent form of credit.

  • Moody's

    Panoche Energy Center, LLC -- Moody's upgrades Panoche's senior secured notes to B3 from Caa1; rating is placed under review for further upgrade

    Moody's Investors Service, ("Moody's") has upgraded Panoche Energy Center, LLC's (Panoche or the Project) senior secured notes to B3 from Caa1 and placed the project's rating under review for further upgrade. Throughout the PG&E bankruptcy, the utility has remained current on obligations owed to power generators including Panoche and the POR incorporates the utility assuming its power purchase agreements (PPA), including the Panoche PPA. PG&E's bankruptcy and the risk of PPA rejection in bankruptcy has been the primary risk constraining Panoche's credit quality since the project derives all of its operating cash flow from its PPA with PG&E. Panoche's credit quality also considers the project's position and intrinsic value from a capacity standpoint as a peaking unit in a high load pocket.

  • TROW vs. ARES: Which Stock Should Value Investors Buy Now?
    Zacks

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  • Ares Management Corporation Announces Pricing of Senior Notes Offering
    Business Wire

    Ares Management Corporation Announces Pricing of Senior Notes Offering

    Ares Management Corporation (the "Company") (NYSE:ARES) today announced the pricing of the previously announced offering of $400,000,000 of 3.250% Senior Notes due 2030 by Ares Finance Co. II LLC, its indirect subsidiary. The notes will be fully and unconditionally guaranteed by Ares Holdings L.P., Ares Investments L.P., Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC and Ares Offshore Holdings L.P. The offering is subject to customary closing conditions. The Company intends to use the net proceeds from this offering for general corporate purposes, including to fund any future strategic acquisitions or related transactions, growth initiatives, and the possible repayment, repurchase, redemption or exchange of the Company’s outstanding equity and/or debt securities or instruments.

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  • Ares Management Corporation Announces Senior Notes Offering
    Business Wire

    Ares Management Corporation Announces Senior Notes Offering

    Ares Management Corporation (the "Company") (NYSE:ARES) today announced that its indirect subsidiary, Ares Finance Co. II LLC, intends to offer senior notes (the "notes"), subject to market and other conditions. The notes will be fully and unconditionally guaranteed by Ares Holdings L.P., Ares Investments L.P., Ares Management LLC, Ares Investments Holdings LLC, Ares Finance Co. LLC and Ares Offshore Holdings L.P. The Company intends to use the net proceeds from this offering for general corporate purposes, including to fund any future strategic acquisitions or related transactions, growth initiatives, and the possible repayment, repurchase, redemption or exchange of the Company’s outstanding equity and/or debt securities or instruments.

  • Moody's

    CPG International LLC -- Moody's says AZEK's planned IPO is credit positive given meaningful debt reduction plans

    Moody's Investors Service views CPG International LLC's d/b/a The AZEK Company (AZEK) launch of an initial public offering of common stock as credit positive given that the proceeds of this transaction are expected to be used to reduce debt. Moody's previously affirmed the company's B3 Corporate Family Rating and maintained the stable outlook but will evaluate the impact of the IPO on the company's credit profile based on the resulting capital structure once the transaction is completed and debt repayments have occurred. AZEK, headquartered in Chicago, Illinois, is a leading manufacturer of premium, low maintenance building products for residential (AZEK Building Products, TimberTech, Versatex and UltraLox) and commercial (Scranton Products and Vycom) markets in the U.S. and Canada.

  • Ares Infrastructure and Power and IGS Ventures Raise $150 Million for Third Residential Solar Investment Vehicle
    Business Wire

    Ares Infrastructure and Power and IGS Ventures Raise $150 Million for Third Residential Solar Investment Vehicle

    Ares Management Corporation ("Ares"), through funds managed by its Infrastructure and Power strategy and IGS Ventures ("IGS" together with funds managed by Ares Infrastructure and Power the "Sponsors") announced the completion of a $150 million capital raise for IGS Resi Solar III, LLC ("Solar III"). Solar III constitutes the Sponsors’ third investment vehicle under their residential solar investment program (the "Solar Platform").

  • Moody's

    EPIC Y-Grade Services, LP -- Moody's assigns Caa2 rating to EPIC Y-Grade's incremental Term loan

    Moody's Investors Service ("Moody's") assigned a Caa2 rating to EPIC Y-Grade Services, LP's (EPIC Y-Grade) $75 million incremental term loan due 2024. EPIC Y-Grade's $75 million incremental term loan due 2024 is rated Caa2, the same as the CFR. EPIC Y-Grade placed this term loan with certain of its equity owners to supplement liquidity (under the same credit agreement as the existing term loan due 2024).

  • Ares Management Corporation to Present at the Morgan Stanley Virtual U.S. Financials Conference
    Business Wire

    Ares Management Corporation to Present at the Morgan Stanley Virtual U.S. Financials Conference

    Ares Management Corporation (NYSE:ARES) announced today that Michael Arougheti, its Chief Executive Officer and President, and Michael McFerran, its Chief Operating Officer and Chief Financial Officer, are scheduled to present at the Morgan Stanley Virtual U.S. Financials Conference on Tuesday, June 9, 2020 at 11:00 am EDT.

  • Thomson Reuters StreetEvents

    Edited Transcript of ARES earnings conference call or presentation 6-May-20 4:00pm GMT

    Q1 2020 Ares Management Corp Earnings Call

  • Ares Management Corporation to Webcast 2020 Annual Meeting of Stockholders
    Business Wire

    Ares Management Corporation to Webcast 2020 Annual Meeting of Stockholders

    Ares Management Corporation ("Ares") announced today that it has changed the format of its 2020 Annual Meeting of Stockholders from a physical in-person meeting to a virtual webcast.

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  • Ares Australia Management Launches Ares Global Credit Income Fund
    Business Wire

    Ares Australia Management Launches Ares Global Credit Income Fund

    Ares Australia Management ("AAM"), the strategic joint venture between one of the leading global credit and alternative investment managers Ares Management Corporation (NYSE: ARES) ("Ares") and Fidante Partners, today launched its first Australian product, the Ares Global Credit Income Fund (the "Fund").

  • Luxury Retailer Neiman Marcus Files For Bankruptcy After Reaching Agreement With Creditors
    Benzinga

    Luxury Retailer Neiman Marcus Files For Bankruptcy After Reaching Agreement With Creditors

    Ares Management Corp (NYSE: ARES) co-owned high-end retailer Neiman Marcus has become the first large department store chain to file for bankruptcy.What Happened With Neiman Marcus The retailer announced Thursday that it had entered into a restructuring support agreement with a "significant majority" of its creditors to undergo financial restructuring. Neiman Marcus will file for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The restructuring is an effort to substantially reduce its debt burden and interest payments while continuing operations through the current pandemic and beyond. The agreement was reached with over two-thirds of creditors and Neiman Marcus claims it is a demonstration of "broad commitment across creditor classes."Expressing optimism for the future Geoffroy van Raemdonck, CEO of Neiman Marcus said, "We will emerge a far stronger company. In a world that is changing, we are uniquely positioned to give our brand partners access to our loyal luxury customers like no other company." He added, "We will deliver that through the strength of our associate relationships and digital solutions."Why It Matters For (NYSE: ARES) The luxury retailer expects to emerge from bankruptcy in early Fall 2020. Neiman Marcus' MyTheresa e-commerce business is not a part of the bankruptcy and would continue to operate independently, the company stated. Neiman Marcus has a debt of nearly $5 billion and was accused by a bondholder of moving its MyTheresa online business out of reach of creditors by the way of a corporate reorganization. The retailer's largest creditors have committed $675 million in Debtor-in-possession (DIP) financing during the bankruptcy proceedings. These creditors have additionally committed to a $750 million exit financing package that would fully refinance the DIP financing and infuse the business with additional liquidity.There will be no-near term maturities upon emergence and the bankruptcy will eliminate $4 billion of existing debt.Two of the company's debtor entities, Mariposa Intermediate Holdings LLC and Neiman Marcus Group LTD LLC have a new board of managers in place to lead them out of bankruptcy. Each board is chaired by Van Raemdonck.The high-end sector has been hit hard by COVID-19, J.C. Penney Company Inc. (NYSE: JCP) is also negotiating bankruptcy, while Macy's Inc. (NYSE: M) and Nordstorm Inc. (NYSE: JWN) are borrowing against their real estate assets. Price Action On Thursday, Ares Management shares closed flat at $35.01.See more from Benzinga * Fashion Retailer J.Crew May Declare Bankruptcy This Weekend * JCPenney Negotiating With Lenders Over Bankruptcy Funding * Macy's Looking To Raise Up To B In Debt To Avoid Bankruptcy(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • First J. Crew, Now Neiman Marcus. Who's Next?
    Bloomberg

    First J. Crew, Now Neiman Marcus. Who's Next?

    (Bloomberg Opinion) -- Over the more than 100 years that luxury retailer Neiman Marcus has been in business, it’s quite likely some customers who shopped there were living beyond their means. A similar state afflicted the department store on Thursday, as it filed for bankrupty, overwhelmed by its billions of debt.With its filing, Neiman Marcus became the first major department store to succumb to bankruptcy amid the coronavirus pandemic, and the second retailer to do so this week after J. Crew filed for protection from creditors on Monday. The Chapter 11 process enables Neiman Marcus to shed about $4 billion of its existing borrowings. Less burdened by its debt, it will be able to slim its estate as needed and invest in the remaining stores as well as its online platform to better compete with the big fashion houses and e-commerce rivals. Even so, it faces challenges thriving in a transformed luxury landscape rocked by deep economic shocks, at a time when brick-and-mortar retailers have the additional burden of reopening while mitigating health risks.Neiman Marcus for decades was one of the few places where wealthy Americans could buy clothing, jewelry and the extravagant holiday gifts featured in its seasonal catalog. As such, it occupied a distinct position in the retail industry, sitting above more mid-market rivals such as Macy’s Inc. But a confluence of industry pressures — compounded by the lengthy Covid-19 shutdown as well as debt from its $6 billion buyout 2013 by Ares Management LLC and the Canada Pension Plan Investment Board — undermined the department store that began life in Dallas in 1907.When Herbert Marcus, his sister Carrie Marcus Neiman and her husband A.L. Neiman set out to fashionably dress the community, there weren’t a lot of options. As with London’s Selfridges, shoppers flocked to this shrine to the new consumerism. One of Neiman’s strengths was having a range of designer brands under one roof. To underline its fashion credentials, in 1938, Stanley Marcus, the oldest of the four Marcus sons, established an award for designers, with Coco Chanel and Yves Saint Laurent among its recipients. Today, the picture couldn’t be more different.Over the past decade or so, the big fashion houses have become less reliant on department stores such as Neiman. Wanting to take more control over their image, and concerned about their handbags and shoes being discounted, they moved to establish their own retail networks, with spectacular flagships. Then there is the rise of selling luxury goods online. In the early days of the internet it seemed inconceivable that men and women would buy everything from a Cartier watch to a Bottega Veneta handbag online. But that’s just what the likes of Richemont’s Net-a-Porter, have achieved. The luxury houses, such as Kering SA’s Gucci, have also been developing their own online presence, adding even more completion.Neiman is no laggard here itself, generating about 30% of its sales from online, and also owning e-commerce platform MyTheresa (which won’t be included in the Chapter 11 process). But this hasn’t brought in as many younger customers as might be expected. As with other storied retailers, its customers are ageing. While many older Americans have plenty of money to spend, they often prioritize other areas, such as dining out or travel — at least they did before Covid-19 — over spending on things. Meanwhile, the under-35 crowd accounted for all the growth in the luxury industry in 2019, according to Bain & Co.To tap into this demographic, Neiman needs to be more innovative and inclusive. Rival Nordstrom Inc. has done a good job here, from embracing less pricey designers to experimenting with smaller, neighborhood stores. These locations may be even more appealing to shoppers in a post-Covid world. Bringing in edgier designers, or those with cheaper price points, would be another option. This doesn’t mean mass market. But it could take a leaf out of London’s Selfridges. As well as Chanel bags costing thousands of dollars, and watches costing hundreds of thousands, it also offers more affordable clothing and accessories, such as Kurt Geiger shoes. All that helps to make the store more approachable. Collaborations to create exclusive collections and pop-up stores with quirky brands are other possibilities.All these actions take significant investment. And that’s not easy with a big debt burden. With that lessened, the group should have more scope to meet the required outlay. And of course, there may be stores that either need closing, or shrinking. Nordstrom said recently that it would permanently close 16 of its locations. Neiman is already closing most of its outlet stores.The path to recovery won’t be straightforward. Not only does it have the challenge of reopening stores, but the luxury goods market is facing the worst year in its history. Meanwhile, amid a tougher market, the fashion houses may be even choosier about where they allow their products to be sold.A rival group of creditors was urging Neiman to put itself up for sale. So it is still possible a buyer may come forward. If either can breathe fresh life into the historic department store, there is a viable retail business.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Ares Management Corporation Highlights First Quarter U.S. Direct Lending Commitments
    Business Wire

    Ares Management Corporation Highlights First Quarter U.S. Direct Lending Commitments

    Ares Management Corporation (NYSE:ARES) is providing details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively "Ares") closed approximately $2.7 billion in commitments across 40 transactions during the first quarter of 2020.