Apollo Global Management Investor Day Presentation Deck
Spread Earnings Significantly Undervalued
SPREAD
EARNINGS (SRE)
Investment Grade Assets
Held at Cost / Less Impaired
No High Water Mark
Franchise Stability Through Cycle
"All Weather" Profitability
Mid-teens growth, 8% Capital
7-8x P/E Multiple
Analyst Consensus Valuation
Note: FRE multiples based on average P/E multiples on 2022E used across sell-side valuation frameworks for Blackstone and Ares from KBW, Goldman Sachs, and Citi. SRE multiple based on sell-side analyst SOTP valuation.
APOLLO INVESTOR DAY 2021
BDC/REIT
INCENTIVE FEES
Non-Investment Grade Assets
5-8% Hurdle
Volatility over High Water-Mark
Cyclical Risk of Franchise Impairment
Potential Interest Rate-Driven
Earnings Volatility
High-Teens Growth, No Capital Today
~33x P/E Multiple
Analyst Consensus for BDC/REIT Incentive
Fees within Fee Related Earnings
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