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The Carlyle Group Inc CG

Morningstar Rating
$45.77 +0.74 (1.64%)
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Company Report

US-Based Asset Managers: Equity Market Rally Erased Margin of Safety Needed to Consider the Group

All the US-based asset managers we cover have reported their December-quarter earnings, and in some cases revealed assets under management, or AUM, data for January 2024. We now have a better sense of how recent market activity has been affecting results. In our third-quarter earnings wrap, we had assumed that the malaise that had crept into the markets during August-October 2023 might continue through the rest of the year.

Price vs Fair Value

CG is trading at a 6% discount.
Price
$45.03
Fair Value
$66.00
Uncertainty
High
1-Star Price
$41.50
5-Star Price
$71.70
Economic Moat
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Capital Allocation
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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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News

Trading Information

Previous Close Price
$45.03
Day Range
$45.4646.51
52-Week Range
$25.2046.51
Bid/Ask
$45.75 / $45.77
Market Cap
$16.56 Bil
Volume/Avg
1.2 Mil / 3.9 Mil

Key Statistics

Price/Earnings (Normalized)
34.97
Price/Sales
5.48
Dividend Yield (Trailing)
3.11%
Dividend Yield (Forward)
3.11%
Total Yield
4.36%

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

Competitors

Valuation

Metric
CG
KKR
BX
Price/Earnings (Normalized)
34.9728.7167.65
Price/Book Value
3.134.1514.05
Price/Sales
5.486.9111.98
Price/Cash Flow
22.0520.41
Price/Earnings
CG
KKR
BX

Financial Strength

Metric
CG
KKR
BX
Quick Ratio
4.11
Current Ratio
4.13
Interest Coverage
1.34
Quick Ratio
CG
KKR
BX

Profitability

Metric
CG
KKR
BX
Return on Assets (Normalized)
−2.34%0.93%5.90%
Return on Equity (Normalized)
−8.43%14.34%34.03%
Return on Invested Capital (Normalized)
1.63%
Return on Assets
CG
KKR
BX
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Economic Moat
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