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The Carlyle Group Inc CG

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Morningstar’s Analysis

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Initiating Coverage of Carlyle With Narrow Moat Rating, Stable Moat Trend, and $50 per Share FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We are initiating coverage of Carlyle with a $50 per share fair value estimate, narrow moat rating, stable moat trend, and high uncertainty rating. Our fair value estimate translates to a price/earnings multiple of 15.4 times our 2021 estimate for distributable earnings per share (which remove the effects of unrealized activity), 14.6 times our 2022 estimate, and 13.2 times our 2023 estimate. We consider the shares to be slightly undervalued based on a closing price of $49.27 per share on Oct. 12 and recommend investors hold off on the name until a decent margin of safety is available. 

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Company Profile

Business Description

Carlyle is one of the world's largest alternative asset managers, with $276 billion in total assets under management, including $175 billion in fee-earning AUM, at the end of June 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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 1,825