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Asset Managers: Total Revenues, Valuations, and Dry Powder

PART:
1 2 3 4 5 6 7 8
Part 7
Asset Managers: Total Revenues, Valuations, and Dry Powder PART 7 OF 8

Understanding Asset Managers’ Recent Valuations

Price-to-cash-flow ratios

Blackstone Group (BX) has a one-year price estimate of $40.00 per share, reflecting an ~24.4% increase from the stock’s current price. Blackstone has a one-year forward price-to-cash-flow ratio of ~9.9x, which is higher than the ratios reported by other alternative asset managers (XLF). Its peers have the following one-year forward price-to-cash-flow ratios:

  • Apollo Global Management (APO): ~8.9x
  • Carlyle Group (CG): ~7.5x
  • KKR & Co. (KKR): ~2.4x

Understanding Asset Managers’ Recent Valuations

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With respect to traditional asset managers, BlackRock Group has a one-year forward price-to-cash-flow ratio of ~14.7x, which is higher than the ratios reported by its peers. Other traditional asset managers have the following one-year forward price-to-cash-flow ratios:

  • Invesco Limited (IVZ): ~10.8x
  • State Street Corporation (STT): ~11.5x
  • Franklin Resources (BEN): ~14.2x

Wall Street analysts gave a one-year price target of $452.50 per share for BlackRock Group (BLK) stock, which reflects an increase of ~6.7% from its current price.

One-year price targets

Wall Street analysts gave a one-year price target of $38.50 per share on Invesco Limited (IVZ), representing an increase of ~19.9% from the current price. Other asset managers gave the following one-year price targets:

  • State Street Corporation (STT): $98.00 per share
  • Franklin Resources (BEN): $43.00 per share
  • KKR & Co. (KKR): $22.50 per share
  • Carlyle Group (CG): $25.50 per share
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