Apollo Global Management Inc

APO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Apollo Global Management Delivers Strong Quarter; We Plan to Boost Our FVE

Stephen Ellis

Apr 28, 2017

Apollo Global Management delivered a strong first quarter, and we plan to modestly boost our $20 fair value estimate while retaining our narrow moat rating. The firm did well across all fronts, including inflows, fund performance, realizations, and invested capital. Gross inflows of $5.3 billion (part of the $35.5 billion in inflows over the last 12 months) boosted overall assets under management to $197.5 billion, helped by private equity fund appreciation of 8%. Realizations of $1.7 billion contributed to distributable earnings more than doubling from last year’s levels to $240 million.

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Apollo Global Management Inc

Apollo Global Management Delivers Strong Quarter; We Plan to Boost Our FVE

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