Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~
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Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~
Appendix B: Valuation of Alternative
Managers - What@in the Price?
Exhibit 48: Exhibit 49:
Covered Alternative Asset managers NTM Relative P/E Covered Alternative Asset managers NTM Absolute P/E
Alts NTM P/E Ratios Relative to Trad. AMs and S&P Alts P/E Ratios
500
20.0% Alts NTM P/E Relative to Trad. ——-Alts NTM P/E Relative to S&P 500
sede Alts Avg. FY1 P/E ———-Alts Avg. FY2 P/E ——Alts Avg. NTM P/E
10.0% 25x
9
0.0% | 1 r r 1 1 Cr r 1 1 1 r r 1 1 20x
-10.0% Relative to
-20.0% Trad. ,- 27% 15x FY4 PIE,
730.0% Relative to 10x NTM PIE,
-40.0% ag S&P,- 45% 10.1x
9 Ver A 5x FY2 PIE,
-50.0% ks 10.1x
“60.0% Ox ; 1 T T 1 T r r r ; 1 1 1 Cr 1
e-re3reseeseeers Fe ee ess erraanenmses + © HW © © ER
> > > > > > y~ > > > > > y» > Y oY FY Y YT FY YF FY FT FY FY FY FY ¥
> > > >a F DP F FP F DB SP DB SF BD BD
2822828282838 2838282 ess SG SSE RSSE RSE B
Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates
Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates
HOUSE_OVERSIGHT_025578
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