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KKR & Co Inc Ordinary Shares KKR

Morningstar Rating
$97.20 +1.35 (1.41%)
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Company Report

KKR: Raising Fair Value on Improved Market Conditions and Full Integration With Global Atlantic

We've increased our fair value estimate for narrow-moat KKR to $85 per share from $63 to account for revised near-term expectations for assets under management, revenue, and profitability since our last update. A good chunk of the increase was due to the recovery in the equity and credit markets, which should improve conditions for investments, realizations, and fundraising, but some of it was also due to KKR taking full ownership of Global Atlantic Group. All of this puts the firm in a much better position than we'd been expecting coming into 2024, allowing us to raise our fair value estimate by 35%.

Price vs Fair Value

KKR is trading at a 13% premium.
Price
$95.85
Fair Value
$29.00
Uncertainty
High
1-Star Price
$247.55
5-Star Price
$54.00
Economic Moat
Hngzn
Capital Allocation
Qwsztcm

Bulls Say, Bears Say

Bulls

KKR, with $446.4 billion in fee-earning AUM at the end of 2023, is one of the go-to firms for institutional and high-net-worth investors looking for exposure to alternative assets.

Bears

Downturns in the equity and credit markets could leave potential investors in KKR's funds with limited liquidity and large commitments to other funds, making it more difficult for the firm to raise new capital.

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News

Trading Information

Previous Close Price
$95.85
Day Range
$96.2197.27
52-Week Range
$47.4998.60
Bid/Ask
$97.19 / $97.21
Market Cap
$86.04 Bil
Volume/Avg
414,108 / 3.9 Mil

Key Statistics

Price/Earnings (Normalized)
28.71
Price/Sales
6.91
Dividend Yield (Trailing)
0.69%
Dividend Yield (Forward)
0.69%
Total Yield
1.03%

Company Profile

KKR is one of the world's largest alternative asset managers, with $552.8 billion in total managed assets, including $446.4 billion in fee-earning AUM, at the end of 2023. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). On the asset management side, private markets account for 50% of fee-earning AUM and 70% of base management fees, while public markets account for 50% and 30%, respectively.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Large Core
Total Number of Employees
4,150

Competitors

Valuation

Metric
KKR
BX
CG
Price/Earnings (Normalized)
28.7167.6534.97
Price/Book Value
4.1514.053.13
Price/Sales
6.9111.985.48
Price/Cash Flow
20.4122.05
Price/Earnings
KKR
BX
CG

Financial Strength

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

Profitability

Metric
KKR
BX
CG
Return on Assets (Normalized)
0.93%5.90%−2.34%
Return on Equity (Normalized)
14.34%34.03%−8.43%
Return on Invested Capital (Normalized)
1.63%
Return on Assets
KKR
BX
CG
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Asset Management Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
BLK
BlackRock IncHglyv$120.6 Bil
BX
Blackstone IncJrlpnzm$95.2 Bil
BK
Bank of New York Mellon CorpSffy$42.2 Bil
AMP
Ameriprise Financial IncPkvyxh$41.2 Bil
TROW
T. Rowe Price Group IncKkhn$25.1 Bil
STT
State Street CorporationRqtbs$22.2 Bil
NTRS
Northern Trust CorpTgyyy$16.7 Bil
CG
The Carlyle Group IncQbjlrp$16.3 Bil
BEN
Franklin Resources IncJcxbfy$14.2 Bil

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