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Where KKR & Co. Stands after Its 2Q17 Earnings

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Where KKR & Co. Stands after Its 2Q17 Earnings PART 1 OF 6

KKR & Co.: Investment Performance Led to Strong Numbers

Beating the estimates

KKR & Co. (KKR) posted strong numbers in 2Q17 on the back of operating fundamentals and investment performance. KKR posted earnings per share (or EPS) of $0.89, beating the analysts’ estimate of $0.67, supported by strong income performance.

With respect to the company’s after-tax economic net income (or ENI), the company posted after-tax ENI of $753.0 million in 2Q17. On a trailing-12-month (or TTM) basis, the company posted after-tax ENI of more than $2.2 billion.

KKR &amp; Co.: Investment Performance Led to Strong Numbers

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KKR posted after-tax distributable earnings (or DE) of $322.0 million in 2Q17, supported by its total distributable segment revenues. KKR posted monitoring, management, and transactions fees of $365.0 million in 2Q17, which reflects a substantial increase of 39% on a year-over-year (or YoY) basis.

The company posted management fees of $229.5 million in 2Q17, reflecting a 13% increase YoY. The company reported transaction fees of $156.0 million in 2Q17, mainly due to its Capital Market segment.

KKR posted total performance income of $564.0 million in 2Q17, including realized carried interest of $264.6 million.

Price estimates

KKR & Co. (KKR) is expected to reach $22.42 per share within a one-year span, which reflects an increase of ~15.7% from its current price. The following alternative asset managers (XLF) have the following one-year price targets:

  • Apollo Global Management (APO): $30.50
  • Carlyle Group (CG): $22.86
  • Blackstone Group (BX): $38.68
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