Apollo Global Management Mergers and Acquisitions Presentation Deck
Analyst Estimate Pre-Merger Sum-of-the-Parts
Consensus
2021E¹
Metric ($m)
Fee Related Earnings
(post-tax)
+
Performance Fees
(post-tax)
Balance Sheet 4
=
Implied Value ($bn)
Share Count
$928
$255
4.
$2,174
Analyst
Target
Multiple
Range
21-25x
DCF
1x
Analyst
Median for
APO (21x)²
$19bn
$3bn
$2bn
$25bn
441
Analyst
Median for
Alternatives
Industry (25x)³
$23bn
$3bn
$2bn
$28bn
441
Notes
Average APO analyst
multiple - average
industry analyst
multiple
Median of valuations
of incentive business
Implied Per Share Value
$56
$64
Note: The sum of the parts valuation methodology is illustrative only and based on a variety of assumptions. The performance of Apollo is subject to a variety of risks and uncertainties, including market and event-driven
situations, any or all of which could impact share value, as well as numerous other risks set forth in Apollo's 10-K filed with the SEC on February 19, 2021 as such risks may be updated from time to time in periodic filings with the
SEC. There can be no assurance the share price will achieve the price levels indicated herein.
1. Consensus as of 3/5/2021 based on median of available research analyst projections.
2. Represents median of analyst target FRE multiples from Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Citi, and Deutsche Bank.
3. Represents median of analyst target FRE multiples based on available analyst reports for KKR, Blackstone, Ares and Carlyle. Derived from reports by Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Citi, and
Deutsche Bank. Where applicable 2021E FRE multiples are implied from target 2022E FRE multiples.
Balance sheet as of 12/31/2020, other than Apollo's ownership in Athene which is valued at market as of 3/5/2021. Includes cash and investments, less debt and preferred equity. Excludes net accrued carry.
APOLLO
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