KKR & Co LP
KKR Posts Q2 2018 Results: AUM Rises Sequentially
KKR & Co. (KKR) reported its second-quarter earnings on July 26. Its EPS was $0.49, which beat analysts’ expectation of $0.45.
Could Investor Interest in Alternatives Change Analysts’ Ratings?
Apollo Group Management has “strong buy” ratings from the five of the 15 analysts covering the stock in July.
Here’s What Led to Apollo Global Management’s Premium Valuation
Apollo Global Management’s (APO) PE ratio is 13.29x on an NTM (next-12-month) basis.
Apollo Global: How Investor Interest in Real Estate Could Help
In H2 2018, Apollo Global Management’s (APO) real estate business could see a negative impact due to expectations of interest rate hikes.
How Monetary Policy Could Impact Apollo’s Credit Segment
The credit segment of Apollo Global Management generated management fees of $183 million in the first quarter, which reflects a rise of 15.6% YoY.
Can Apollo Global Management’s Q2 2018 Impress Investors?
On August 2, Apollo Global Management (APO) is expected to report its second-quarter results. It’s expected to report EPS of $0.54.
Investors Await Berkshire Hathaway’s Next Acquisition in 2018
Berkshire Hathaway (BRK.B) had liquidity of $118 billion at the end of the first quarter.
How Volatile Oil Prices Could Affect Berkshire Hathaway Energy
Oil prices (USO) corrected ~10% before WTI crude oil made a high of $75 per barrel.
Can the US-China Trade Battle Impact Blackstone’s Q2 2018?
On July 19, The Blackstone Group (BX) is expected to report its Q2 2018 earnings. Analysts expect EPS of $0.74, a YoY rise of 25.4%.
BlackRock’s Diversified Offerings Can Benefit from Rate Hikes
In the first quarter, BlackRock managed ~$1.9 trillion in fixed income offerings, up from ~$1.6 trillion in the first quarter of 2017.
How Blackstone’s Valuations Compare to Peers
The Blackstone Group (BX) has a price-to-earnings ratio of 10.40x on an NTM (next-12-month) basis, while the peer average is 10.17x.
Here’s What Could Affect Blackstone’s Real Estate Segment
The real estate segment of Blackstone Group (BX) garnered total revenues of $641 million in the first quarter, a decline of 17% on a YoY (year-over-year) basis.
What Could Impact Blackstone’s Private Equity Business?
In the first quarter, Blackstone Group’s (BX) private equity division garnered total revenues of $681.1 million, a substantial rise on a YoY basis.
What’s Expected for Carlyle’s Global Credit Platform
In Q1 2018, The Carlyle Group’s (CG) global credit AUM (assets under management) rose 15% YoY (year-over-year) to $33.8 billion due to foreign exchange translation and fundraising offset by realizations.
What 2018 Could Hold for Carlyle’s Corporate Private Equity Unit
The Carlyle Group’s (CG) corporate private equity segment saw fundraising of $3.9 billion in the first quarter, compared with $0.2 billion in Q1 2017.
Envision Healthcare to Be Acquired by KKR
On June 11, Envision entered into a definitive acquisition agreement with KKR.
Why Envision Healthcare Stock Rose ~2.4% Last Week
Healthcare service provider Envision Healthcare (EVHC) announced its agreement to be acquired by KKR (KKR) last week.
What to Expect from Apollo’s Private Equity Segment
Apollo Global Management’s (APO) Private Equity segment ended the first quarter with total AUM (assets under management) of $69 billion.
What Could Affect Apollo Global’s Performance in Q2 2018?
Apollo Global Management (APO) underperformed in the first quarter mainly because of its private equity segment.
KKR to Acquire Envision Healthcare
On June 11, KKR entered into an agreement with Envision Healthcare. KKR will acquire Envision Healthcare in an all-cash transaction.
How High Oil Prices Are Impacting Berkshire’s BHE Business
Berkshire Hathaway (BRK.B) operates in the energy sector with stakes in utilities, transmission, and marketing companies.
Blackstone’s Credit Division: Outlook amid Rising Rates
The performance of the Blackstone Group’s (BX) credit division is affected mainly by outflows. In the first quarter, the debt markets witnessed outflows primarily because of expectations for higher interest rates.
How Prudential’s Investment Management Division Performed in 1Q18
Prudential Financial’s (PRU) Investment Management division generated adjusted operating income of $232 million in 1Q18.
Apollo’s Credit Assets under Management Rose in 1Q18
Apollo Global Management’s (APO) Credit segment reported economic income amounting to $47.7 million in 1Q18.
A Look at Apollo’s Private Equity Segment
On May 3, Apollo Global Management (APO) released its earnings report for 1Q18.
Understanding Carlyle’s Valuation
Carlyle’s (CG) NTM (next-12-month) PE (price-to-earnings) ratio of 8.1x is lower than peers’ average of 11.4x, implying that its valuation is lower.
How Carlyle’s Global Credit Segment Performed
In 1Q18, Carlyle’s (CG) global credit segment’s carry funds rose 2%, and it generated economic income of $8 million.
Carlyle’s Corporate Private Equity Assets Rise
Carlyle (CG) released its 1Q18 results last week. Let’s look at how each of its segments did.
KKR Reports Strong 1Q18 Results
KKR & Company (KKR) reported earnings for 1Q18 this morning. The company’s earnings per share or EPS stood at $0.42, beating expectations.
Carlyle Group’s 1Q18 Results Beat Expectations
The Carlyle Group (CG) reported its earnings for 1Q18 this morning. Here’s what you need to know!
How Blackstone’s Private Equity Division Did in 1Q18
In 1Q18, The Blackstone Group’s (BX) corporate private equity division grew 6.4% thanks to its private portfolio.
Why Carlyle Has a Lower Valuation
Discounted valuation The Carlyle Group’s (CG) NTM (next-12-month) PE (price-to-earnings) ratio is 7.7x, lower than competitors’ average of 9.6x. Peers Ameriprise Financial (AMP), Ares Management (ARES), and KKR (KKR) have NTM PE ratios of 9.5x, 11.4x, and 7.9x, respectively. Carlyle has a lower valuation because of its expected results for 1Q18. Wall Street analysts expect the company’s […]
What’s Expected for Carlyle’s Total Segment Revenue
The Carlyle Group (CG) generates fee revenue from net portfolio advisory, fund management, and net transaction fees.
Blackstone to Acquire Minor Stake in Rockpoint
On March 13, 2018, the Blackstone Group (BX) announced that it is acquiring a minority equity stake in Rockpoint, a private equity giant.
Understanding Analysts’ Views on KKR
KKR & Company (KKR) is being covered by 14 analysts as of March 2018, five of which have suggested “strong buys” on the stock.
What Are KKR’s Valuations Leading Up to Its 1Q18 Results?
KKR & Company’s (KKR) next-12-month PE (price-to-earnings ratio) stands at 8.81x compared to its competitors’ average of 19.28x.
KKR to Provide Funds to Qui! Group
KKR & Company announced on February 27, 2018, that it would be advancing funds to Qui! Group in order to support the company so that it would experience growth.
What’s Expected of KKR’s Private Equity Segment in 1Q18?
KKR & Company’s (KKR) Private Markets segment generated net management, monitoring, and transaction fees of $724.6 million in 2017.
A Look at KKR’s Investments in Copper Foil and Autos
On March 4, 2018, KKR & Company (KKR) and LS Group made an announcement with respect to KKR’s investment in LS Group’s auto business.
How Will KKR & Company Perform Moving Forward?
Wall Street analysts expect KKR & Company (KKR) to have EPS (earnings per share) of $0.56 in 1Q18, an improvement compared to its 4Q17 EPS.
UnitedHealth Group Drops Out of the Bid to Acquire Envision
On March 14, 2018, it was reported that UnitedHealth Group is no longer interested in acquiring Envision Healthcare
What’s Apollo’s Valuation?
Apollo Global is expected to recover from the discounted valuations mainly because of the strong 4Q17 results.
How Apollo’s Total Assets under Management Trended in 2017
Apollo Global Management (APO) reported total assets under management of $248.9 billion.
How Apollo’s Credit Segment Performed
Apollo Global Management’s (APO) credit segment witnessed a substantial rise in the total revenues from $214.9 million in 4Q16 to $296.9 million in 4Q17.
How Apollo’s Private Equity Segment Performed in 4Q17
The private equity division of Apollo Global Management (APO) posted economic income of $381.6 million in 4Q17.
What Led to Rise in Apollo’s Total Revenues in 2017?
Apollo Global Management (APO) generated total revenues of $2.6 billion in 2017 compared to $1.9 billion in 2016, a 32.5% rise.
Apollo Global Beat Revenue and EPS Estimates
In 4Q17, Apollo Global Management reported earnings per share of $1.22, which exceeded Wall Street analyst projections by $0.56.
What Analysts Recommend for Carlyle
Of the 12 analysts covering Carlyle (CG) in February 2018, four are suggesting a “hold.”
What Drove Carlyle’s Investment Solutions Segment?
The carry funds of The Carlyle Group’s (CG) Investment Solutions segment saw appreciation of 3% in 4Q17 and 10% in 2017.
Carlyle’s Real Asset Segment’s Fee-Related Earnings Rose Sharply
The Carlyle Group’s (CG) Real Asset segment’s carry funds witnessed an appreciation of 4% in 4Q17, which led to the generation of net performance fees amounting to $63 million.
How Carlyle’s Private Equity Segment Performed in 4Q17
Carlyle Group’s (CG) Corporate Private Equity segment generated net performance fees of $260 million in 4Q17.
What Carlyle Group Projects for the Stock Market in 2018
The Carlyle Group (CG) is of the view that the increasing interest rates as well as volatility surrounding the markets might negatively impact the company’s performance.
Carlyle Group Reports Strong 4Q17 Results
Carlyle Group (CG) posted earnings per share (or EPS) of $1.01 in 4Q17, which was significantly above analysts’ estimates.
How Blackstone’s Valuation Compares
Lower price-to-earnings ratio The Blackstone Group (BX) has an NTM (next-12-month) price-to-earnings ratio of 11.1x, lower than competitors’ average of 11.4x, indicating that it has a lower valuation. Peers (XLF) Ares Management (ARES), KKR (KKR), and Oaktree Capital (OAK) have NTM price-to-earnings ratios of 12.2x, 9.3x, and 12.8x, respectively. Blackstone may have a lower valuation due to the expectation […]
How Blackstone’s Asset Management Experience May Benefit Insurers
Chris Blunt joins Blackstone Insurance Solutions On January 8, 2018, The Blackstone Group (BX) announced that Chris Blunt would be joining Blackstone Insurance Solutions. Blunt, New York Life Investments Group’s former president, will be the CEO and senior managing director of Blackstone’s insurance business. The company’s insurance business helps insurers address the obligations of policyholders. The company, through […]
What Blackstone’s Private Equity Division Could Expect in 4Q17
Carrying value The Blackstone Group’s (BX) corporate private equity division’s carrying value is expected to rise in 4Q17. The company’s private portfolio is forecast to witness favorable momentum, boosting the division’s total AUM (assets under management). Since AUM and base fees are directly related to each other, higher AUM could lead to a rise in the […]
What to Expect from Blackstone in 4Q17
The Blackstone Group (BX) is expected to report its 4Q17 earnings on February 1, 2018.
Berkshire’s Payouts Are Expected to Remain Weak
Stringent conditions for payouts Berkshire Hathaway (BRK.B) is sitting on a cash pile of $100 billion. Whereas the company had long kept a policy of no dividends, repurchases, or stock splits, Buffett and Munger altered their strategies to accommodate repurchases for the first time in 2011. Shareholders expect the company to either invest existing liquidity or return rewards […]
Prospect Capital’s Valuation: Fair or Discounted in Long Term?
Prospect Capital (PSEC) stock has fallen 14.5% over the past six months and 16.9% over the past year.
Which Alternative Asset Manager Has Higher Valuations?
Blackstone Group (BX) has a forward PE (price-to-earnings) ratio of ~10.6x—the highest among major peers in the alternative asset management industry.
Behind Apollo’s and Blackstone’s Credit Businesses
Apollo Global’s (APO) Credit Division saw investments of $1.4 billion in 3Q17.
Carlyle’s Global Market Strategies Division: What Happened?
In 3Q17, the Carlyle Group’s (CG) Global Market Strategies division reported fee-related earnings (or FRE) of $75 million, which was a substantial YoY rise.
Carlyle Group’s Corporate Private Equity Division
In 3Q17, the Carlyle Group’s (CG) Corporate Private Equity division saw a marginal decline in distributable earnings, from $209 million in 3Q16 to $207 million in 3Q17.
A Look at Blackstone’s Assets Under Management
Strong inflows In 3Q17, The Blackstone Group’s (BX) total AUM (assets under management) rose 7% YoY (year-over-year) to $387.4 billion due to strong inflows. Of the total AUM, private equity AUM and credit AUM amounted to $102.5 billion and $99.5 billion, respectively. The real estate and hedge fund solution divisions had AUM of $111.3 billion and $74.2 billion. […]
Understanding Blackstone’s Private Equity Division
Corporate private equity funds rise The Blackstone Group’s (BX) corporate private equity funds rose 3.3% in 3Q17, thanks to its private portfolio. However, the company’s public portfolio fell in 3Q17, impacting its private equity division. Over the last twelve months, corporate private equity funds rose 16%. Blackstone’s TTM (trailing-12-month) ROE (return on equity) was 25.4%. Peers (XLF) KKR (KKR), […]
Berkshire Hathaway’s Energy Earnings Could Rise on Power, Oil
In 2Q17, Berkshire’s BHE saw revenues of ~$4.6 billion compared with $4.3 billion in the prior year.
Assets under Management of Alternative Asset Managers
On June 30, 2016, Carlyle Group (CG) reported total assets under management (or AUM) of $175.6 billion.
What Led to Blackstone’s Premium Valuation
Higher valuation Blackstone Group’s (BX) one-year price target is $40.00 per share, implying an increase of 23.72% from the current price of $32.33 per share. As of June 30, 2017, Blackstone’s total capital available for investment stood at $90.0 billion, of which the company’s private equity division has available capital of $37.5 billion, and the […]
A Peek at Blackstone’s Hedge Fund Solutions
Increase in total revenue Blackstone’s (BX) hedge fund solutions division saw total revenue of $264.2 million in 1H16 and $380.9 million in 1H17, reflecting a 44% rise. This substantial rise was due to investment income and performance fees. The division’s total investment income rose from -$8.2 million in 1H16 to $29.4 million in 1H17, due […]
How Wall Street Analysts View Alternative Asset Managers
Six of 14 analysts currently covering Blackstone stock gave “strong buy” ratings. Six analysts gave “buy” ratings, and the remaining two analysts gave “hold” ratings.
Rebounding Energy Prices Could Boost Alternative Managers’ Credit Divisions
Apollo Global Management’s Credit division reported management fees of $169.8 million in 2Q17 compared to $158.3 million in 1Q17.
Apollo, Carlyle, and Blackstone’s Private Equity Divisions
KKR reported net unrealized gains of $307.9 million in 2Q17, which is mainly due to strong performance in its Private Equity division.
How Apollo’s Total Assets under Management Compare
Assets under management in individual divisions Apollo Global Management’s (APO) private equity division had total AUM (assets under management) of $68 billion in 2Q17, of which $44.5 billion were AUM on March 31, 2017. In 2Q17, its AUM net flow was $24 billion. Net flow is mean inflow after deducting outflow. The division witnessed realizations of […]
Inside Carlyle’s Investment Solutions Division in 2Q17
In 2Q17, Carlyle Group’s (CG) Investment Solutions division saw a YoY (year-over-year) decline in its FRE (fee-related earnings).
Carlyle’s Real Estate Division in 2H17
Carlyle Group’s (CG) Real Estate division saw a YoY (year-over-year) decline in its FRE (fee-related earnings) in 2Q17.
What Happened with Carlyle’s Private Equity Division in 2Q17?
In 2Q17, Carlyle Group’s (CG) Private Equity division saw its carry funds appreciate by 8%.
Behind Carlyle Group’s Rising ENI
In 2Q17, Carlyle Group (CG) posted strong ENI (economic net income) of $300 million, which reflects a substantial increase over its $158 million in 2Q16.
Ares Capital Corporation Missed Analysts’ Estimates in 2Q17
Ares Capital Corporation (ARCC) posted its 2Q17 earnings report on August 2. ARCC reported its core earnings of $0.34 per share, missing the analysts’ estimate of $0.36 per share.
Insights on KKR’s Capital Market Segment
KKR & Co. (KKR) has delivered a return of ~1.3% on its invested capital.
KKR’s Private Equity Division’s Deployments
KKR & Co.’s (KKR) Private Equity division reported monitoring, management, and transaction fees of $178.2 million in 2Q17, reflecting a 29.3% increase year-over-year.
KKR & Co.: Investment Performance Led to Strong Numbers
KKR & Co. (KKR) posted strong numbers in 2Q17 on the back of operating fundamentals and investment performance. KKR posted earnings per share of $0.89, beating the analysts’ estimate of $0.67.
Insights into Blackstone’s Dividend Distribution
Blackstone Group (BX) announced a quarterly dividend of $0.54 per share in July 2017, to be paid in August 2017.
Blackstone’s Credit Division Impacted by Falling Commodity Prices
In 2Q17, Blackstone Group (BX) had a gross return of 1.5% in performing credit and a gross return of -1.2% in distressed strategies.
Blackstone’s Hedge Fund Solutions See Inflows
In 2Q17, Blackstone Group (BX) saw inflows of $2.0 billion to its hedge fund solutions division.
Blackstone Group: What Led to Strong Numbers in 2Q17?
Blackstone Group (BX) reported economic net income of $705.0 million in 2Q17, which reflects a substantial rise of 36.0% on a YoY (year-over-year) basis.
Behind Carlyle Group’s Investment Solutions Division
In 1Q17, Carlyle Group’s total realized proceeds stood at $3.5 billion, out of which more than 50.0% was contributed by the Investment Solutions division.
Carlyle Group: New Funds Coming in Private Equity Division
On a trailing-12-month basis, Carlyle Group (CG) delivered a return on assets of ~5.1%.
Insights on KKR’s Dividend Distribution
After reporting dividends of $0.64 per share in 2016, KKR & Company (KKR) is expected to report dividends of $0.68 in 2017, reflecting a rise of 6.3%.
KKR’s Capital Market Division to Witness Growth in 2Q17
KKR & Company (KKR) generated total transaction fees of $243 million in 1Q17, reflecting a significant rise compared to the total transaction fees it generated in 4Q16.
KKR to Benefit from Acquisition of USI Insurance Services
In May 2017, KKR & Company (KKR) and CDPQ completed their acquisition of USI Insurance Services.
KKR’s Public Market Division to See a Rise in Fee-Paying AUM
In 2Q17 and 3Q17, KKR & Company (KKR) is expected to witness a rise in the fee-paying assets under management (or AUM) in its public market division.
KKR to Experience a Rise in Management Fees in 2Q17
Wall Street analysts expect KKR & Company (KKR) to report its 2Q17 earnings on July 27, 2017. Analysts expect KKR to post earnings per share of $0.66 in 2Q17.
Why Blackstone’s Valuations Could Ride On Realizations
In 1Q17, Blackstone (BX) reported strong economic net income or ENI of $986 million, mainly due to appreciation in funds and growth in FRE or fee-related earnings.
Blackstone: Analysts’ ‘Buy’ Ratings amid Rising Valuations
Wall Street analysts have given a price target of $36.73 for Blackstone (BX), a rise of 10.13% from the stock’s current price.
Blackstone’s Distributions to Rise in 2017
Blackstone (BX) is expected to report dividend of $2.47 for 2017. Management has a positive outlook for distributable earnings, which should, in turn, lead to rising distributions.
Why Blackstone’s Credit Segment Could See Subdued Growth
After raising interest rates in 1H17, further rate hikes from the Fed are also expected in 2H17. More rate hikes could negatively impact Blackstone’s (BX) credit business.
Blackstone’s Private Equity Division: 2 Important Deals
Blackstone’s (BX) private equity division is expected to benefit from two major transactions—namely, the acquisition of EagleClaw Midstream Ventures and the acquisition of Ascend Learning.
Behind Apollo’s Rising Distributions
In 1Q17, Apollo Global (APO) declared a cash distribution amounting to $0.49 per Class A share, as compared to $0.45 per Class A share in 4Q16.
Inside Apollo’s Real Estate Segment
As of March 31, 2017, Apollo Global Management (APO) was managing $12 billion in its Real Estate division, of which $8.4 billion was fee-generating.
Apollo’s Credit Segment to Benefit from Mid-Cap Acquisition
Apollo Global Management (APO) made a big move by acquiring MidCap Financial.