Apollo Global Management Investor Day Presentation Deck
Significant Upside Given APO's Target Growth Profile
DIVIDENDS'
BALANCE SHEET²
PRINCIPAL
INVESTING
INCOME ²
SPREAD RELATED
EARNINGS
FEE RELATED
EARNINGS
($/SHARE)
$67
7x
23x
CURRENT
2022E
$111
20x
27x
AT PEER MULTIPLES
Before earnings on ~$5B of capital invested for growth
and embedded options
$206
$137
7x
23x
2026E
CURRENT
20x
27x
AT PEER MULTIPLES
1. Cumulative at current expected 2022E dividend of $1.60/share. 2. In Current: Principal Investing Income valued at 4x earnings multiple and Balance Sheet at 1x book value multiple. At Peer Multiples: FRE multiple based on select sell-side analyst models for Ares, Blackstone, Carlyle and KKR. SRE multiple established at a
discount to FRE multiples applied to similar peer earnings streams. Principal Investing Income valued at 5x earnings and Balance Sheet at 1x book value multiple.
APOLLO INVESTOR DAY 2021
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