Credit Suisse Investment Banking Pitch Book
Preliminary selected public-traded asset managers
Name
Traditional
T. Rowe Price Group
Artabed Managers Group
Alliance Bestin
Eaton Vance
Legg Mason
Janus Capital Group
Artisan Parthers
Cohen &Steers
Old Mutual Asset Management
Waddel&Reed Finance
WadomTree Investments
GAMCO Investors
Pana Investment Management
Marving & Napier
Hamiton Lane
Buday Management Corp
Fim Set Asset Management
High
Median
Mean
Low
Alternative
The Blackstone Group
KOOR & Co.
Apollo Global Management
Oakto Capital Group
The Carlyle Group
Fortress Investment Group
Ares Management
Och-Ziff Capital
High
Median
Mean
Low
Market cap
$62312
23,184
17,007
12:442
9,221
6.010
4.967
3.506
2.884
2.426
2418
2.007
Source: SNL Financial, FactSet
Note: Market data as of 4/11/17.
1.810
1,724
1,400
1,171
817
738
002
200
$34.001
15.000
10.360
3,000
1,570
1,086
Enterprise
16,784
15,832
16.878
10,900
6,107
5,096
2.574
2,090
1,571
2014
1,040
1,078
1,011
746
260
M
$33.004
10.866
6.652
6.944
2.872
1.333
AuM
720,000
810,800
812,900
688,700
480.200
336.380
710,400
305.908
30.311
196.300
96.845
57.198
240,400
80.521
41.267
30.004
30.000
31,083
40.000
3.38
4,713
191,068
100.504
157.007
60.627
96.259
37.880
Share
price
41.01
69.99
102.62
43.06
36.58
26.39
12.04
13.12
26.90
30.11
15.00
16.08
8.57
$20.24
17.88
26,70
40.75
16.20
% of 52 week
Low
High
19.36
90.1%
92.5
120.9%
134.2
1113
92.1 133.9
124.6
107,7
1324
890
91.3
93.8
79.7
79.0
78.9
77.0
89.2
1242
70.7 111,1
643
107,1
60.5
845
20.53
106.20
10.10
5.70
1106
18.30
93.1
106.7
78 157 13.5
4.50
533 140.6
1076
132.4
109.7
110.1
85.2
66.6
92.3%
100.4
160.2
143.1
163.7
90.6
1804
94.2
126.5
00.2 1129
99.0
83.2 1602
47.1
104.7
EV/
2.3
20
21
12
0.7
0.7
1,0
2.1
2.7
O.B
1.3
26
2.5
1.6
0.6
7.1%
1.6
2.2
0.6
9.05
10.3
6.7
6.0
3.8
1.6
10.3%
4.9
5.6
1.6
EV/Rev.
30176
5.2
27
40
4.7
3.4
22
4.3
2.5
1.0
4.B
NA
6.1
1.7
13
5.9
3.1
3.2
1.0
5.0
11.4
20
11.4x
3.8
44
1.7
EV/EBITDA
2017E
11.4
7.3
7.7
11,4
10.2
9.6
8.4
NA
6.1
10.6
80
4.3
17.3
75
9.8
4.8
2.9
ad
17.3
7.7
8.2
8.9
6.4
9.7
113
6.8
3.1
45
11.3x
7.3
3.1
2016
10,7
78
10.0
NA
7.7
NA
5.7
7.3
4.0
12.7
NA
5.2
24
12.7x
7.6
2.4
80x
5.5
8.1
9.1
6.3
6.5
9.1x
6.4
6.4
2.8
20176
P/E
17.9
15.0
143
12.7
11.0
11.3
17.3
24.7
13.5
8.3
142
128
10.4
10.6
37.1
10.4
17,4
10,4
27
0.7
37.1x
13.5
15.0
8.9
10.4
15.2
05
NA
15.2x
9.6
10.1
6.0
20186
15.8
15.0
11.3
98
10.7
15.0
108
12.7
13.0
12.2
18.2
9.2
11,7
25.3
NA
10.9
15.1
11.3
16.3
113
10.6
25.3x
12.0
13.0
7.4
9:2
04
73
9.0
6.2
11.4x
6.2
Cash P/E
20176
17.5
14.3
12.7
11.0
11.3
17.3
9.4
13.4
14.2
128
10.1
9.9
54.9
10.4
138
174
10.4
12.3
9.7
34.9x
12.8
14.1
8.9
10.9
200
16.0
8.1
14.0
8.4
20.6x
12.7
12.9
8.1
2018E
15.6
14.7
136
11.3
10.7
1.9
12.7
7.6
13.0
122
182
90
108
243
NA
108
153
na
10.6
24.3x
11.8
12.8
7.4
10.8
196
11.9
10.7
7.3
14.1
TA
19.6x
10.8
11.4
7.1
Div. yield
20176
1.9
33
3.8
8.0
24
6.7
3.0
9.8
3.3
22
10.3
3.7
NA
1,7
3.7
9.7
32
11.1%
3.6
5.0
0.4
7.85
3.8
6.3
0.7
9.7%
7.0
7.0
3.8
Debt/
LTM EBITDA
1.0
OB
-
42
22
1.6
12
5.0
0.5
40
14
0.7
.
1.9
O.T
1.1%
2.1
0.8
0.5
09
NM
2.TM
0.9
1.0
Confidential / Draft
15
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