Apollo Global Management Mergers and Acquisitions Presentation Deck
Valuation Conclusion
Meaningful strategic and growth uplift, with three opportunities for re-rating:
1
●
●
Apollo is undervalued
within its sector
Industry-leading growth and
profitability
Largest Alternative Credit
manager
No credit for best-in-class
governance and S&P 500
eligibility¹
●
2
●
Alternative asset
management is undervalued
within financial services
●
Faster growth
More recurring revenue
High margins
●
Immediately financially accretive
Combination accelerates growth
Strong alignment, and best-in-class governance
3
Retirement Services
earnings are undervalued in
the marketplace
Faster growth vs. other asset heavy
& lite investment businesses
Bottom Line
Two undervalued businesses, with three opportunities for re-rating
Higher organic growth vs. traditional
asset managers valued at ~12x
Faster earnings growth vs. other
spread businesses valued at ~14x
Better RoE vs. trust banks valued at
~ 13x
1. Assumes the implementation of Apollo's announced governance changes, all of which remain subject to regulatory and stockholder approvals. There is no certainty on the consummation or timing of these changes or that
Apollo will ultimately be eligible for inclusion on the S&P 500.
APOLLO
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