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The Carlyle Group Inc CG

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Stock XNAS Rating as of
$42.96 +0.35 (0.82%)
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As of Delayed Price Closed
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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CG is trading at a 889% premium.
Price
$42.96
Fair Value
$13.00
Uncertainty
High
1-Star Price
$68.40
5-Star Price
$85.90
Economic Moat
Xkmnmw
Capital Allocation
Stmhxlnm

Bulls Say, Bears Say

Bulls

The Carlyle Group, with $307.4 billion in fee-earning AUM at the end of December 2023, is one of the go-to firms for institutional and high-net-worth investors looking for exposure to alternative assets.

Bears

A prolonged downturn in the credit and/or equity markets could leave potential investors in The Carlyle Group's funds with limited liquidity and large commitments to other funds, making it very difficult for the firm to raise new capital.

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Trading Information

Previous Close Price
$42.61
Day Range
$42.28–43.45
52-Week Range
$27.13–48.52
Bid/Ask
$41.50 / $43.72
Market Cap
$15.46 Bil
Volume/Avg
3.4 Mil / 2.1 Mil

Key Statistics

Price/Earnings (Normalized)
35.41
Price/Sales
5.58
Dividend Yield (Trailing)
3.26%
Dividend Yield (Forward)
3.26%
Total Yield
5.04%

Company Profile

The Carlyle Group is one of the world's largest alternative-asset managers, with $426.0 billion in total AUM, including $307.4 billion in fee-earning AUM, at the end of December 2023. The company has three core business segments: private equity, which includes private equity, real estate, infrastructure, and natural resources funds (accounting for 35% of fee-earning AUM and 63% of base management fees during 2023), global credit (50% and 25%) and investment solutions (15% and 12%). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 2,900 active carry fund investors from 88 countries.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
2,200
Website
https://www.carlyle.com

Competitors

Valuation

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Metric
CG
KKR
BLK
Price/Earnings (Normalized)
 35.4128.9519.47
Price/Book Value
 3.044.252.89
Price/Sales
 5.584.556.33
Price/Cash Flow
 20.95412.7226.90
Price/Earnings
CG
KKR
BLK

Financial Strength

Metric
CG
KKR
BLK
Quick Ratio
 —1.4910.39
Current Ratio
 —1.5113.22
Interest Coverage
 —2.0822.50
Quick Ratio
CG
KKR
BLK

Profitability

Metric
CG
KKR
BLK
Return on Assets (Normalized)
 −2.48%2.34%4.89%
Return on Equity (Normalized)
 −9.24%34.72%15.40%
Return on Invested Capital (Normalized)
 —5.65%11.52%
Return on Assets
CG
KKR
BLK
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