Results for “KKR & Co”

…Alternative Asset Manager Takeaways Within alternative asset management, four of the public managers, ARES, BX, CG, and KKR presented, while the others did meetings. During the conference we polled the audience on several key topics including the outlook for the equity and real e...

…nancial N, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK, nvesco, JP Morgan Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNC, Prosperity Bancshare, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Tex...

…ears, which trades at 28x P/E. We see Blackstone as potentially less likely to convert, but see amore nuanced story at KKR given their token dividend policy; for both we do not see as much valuation upside from are-rating of FRE multiples. BX and KKR have larger concentration to...

…Global Management LLC, Ares Management, L.P, BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group, LLC, The Blackstone Group LP, The Carlyle Group L.P,, WisdomTree Investments, Inc.. Within the Last 12 months, Morgan St...

… delays har- vesting of investments and dampens returns which lower cash earn- ings, and poor investment performance. KKR.N KKR: We value KKR using a 1.3x multiple on 2019 estimated book value and back into an implied target multiple on next 3 years DE and ENI. Our price targe...

…okers & Asset Managers firms have more sticky management fee-related earnings @ North america industry View vs. BX/CG/KKR that may see less benefit. We believe ARES could be the first Alt stock to convert; we would view that as a positive catalyst for the group that, if suc- c...

KKR likes the publicly traded partnership structure today. If comprehensive

including equity-based compensation. KKR differs the

…42 Ares Mgmt. ARES EW $24.70 $20 216 5.3 106 3 Blackstone Group BX OW $40 1,199 387 a Carlyle Group CG OW $33 343 174 s KKR & Co KKR EW $24 848 153 Oaktree Capital Group (2) OAK ow $45.20 $60 156 100 Mean (Covered Alts), (Market Cap, EV and AuM equals Total) 100.6 1,162 Median (C...

…The main difference vs. company-reported FRE is that we fully burden all expenses, including equity-based compensation. KKR differs the most on company-reported vs. MS Core FRE. For more information on our core FRE methodology, please see our note Alternative Asset Managers: Wh...

…core ARES (ARES) Equal-weight © & of @ y | Apollo (APO) Overweight a) »D D D ~dD Oaktree (OAK) Overweight »D &B e »D Q KKR (KKR) Equal-weight ¢ © a) a Q Carlyle (CG) Overweight O a 2) 6 im ) Blackstone (BX) Overweight »D & D D mY Source: Company Data, Morgan Stanley Research es...

…N) E*Trade Financial Corp (ETFC.O) Franklin Resources Inc. (BEN.N) Hamilton Lane Incorporated (HLNE.O) Invesco (IVZ.N) KKR & CO. L.P. (KKR.N) Legg Mason Inc. (LM.N) LPL Financial Holdings Inc. (LPLA.O) Oaktree Capital Group, LLC (OAK.N) OM Asset Management Plc (OMAM.N) T. Row...

…orable treatment of pass- - — 589, through performance fees and tax cc $25.60 17.8% offsets. This is well below broader KKR $24.40 3.8% financials peers and on average, a OAK $45.20 10.5% 26% discount to P/E multiples. Average 9.6% @ 24% Tax Rate Change 3.68 9.9x 24% 3.15 -14....

…x $14.71 $4.52 $0.69 $19.92 BX $36.78 1,196 22.5x $17.03 $0.00 $2.83 $19.86 CG $25.60 100 22.5x $5.01 $0.00 $0.85 $5.86 KKR $24.40 475 =. 22..5x $9.57 $0.00 $9.71 $19.28 OAK $45.20 166 22.5x $18.17 $0.00 $15.19 $33.36 Source: Company data, Morgan Stanley Research estimates NORT...

…g as financial advisor to Unilever plc and Unilever N. V. (together “Uni- lever”) in relation to an offer received from KKR & Co. to acquire Uni- lever's global spreads business, as announced on 15 December 2017. Unilever has agreed to pay fees to Morgan Stanley for its financial...