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The Carlyle Group Inc CG

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Solid Flows and Strong Performance Fee Income Lift Carlyle's 3Q Results; FVE Raised to $56 per Share

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in narrow-moat Carlyle Group's third-quarter results that would alter our long-term view of the firm, we are increasing our fair value estimate to $56 per share from $50 to account for some more positive adjustments we've made to our near- to medium-term AUM, revenue and profitability forecasts.

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Company Profile

Business Description

Carlyle is one of the world's largest alternative asset managers, with $293.1 billion in total assets under management, including $176.4 billion in fee-earning AUM, at the end of September 2021. The company has three core business segments: private equity, which includes private equity, real estate, infrastructure and natural resources funds (accounting for 54% of fee-earning AUM and 67% of base management fees during 2020), global credit (25% and 21%) and investment solutions (21% and 12%). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving close to 2,700 active carry fund investors from 95 countries.

1001 Pennsylvania Avenue, NW
Washington, DC, 20004-2505
T +1 202 729-5626
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 1,825