Carlyle Group (CG)

特色：AM股入面估值偏低

現價：$35.5 （市值：$12.9B，包括1.9m restricted shares to be issued in Feb 23）

FRE = $835m

Net Perf Fee = $999m

Investment Income = $151m

Net Distributable Earnings to Shareholders = $1576m

Annualized Dividend Paid = $471m

Implied DE Payout = 30% -> 有大量空間加派息

Net Accrued Perf Fee = $4080m

Net Invested Capital = Invested Capital ($3745m) – Total Debt ($1854m) = $1891m

 

Valuation

FRE 10x – 20x

Net Perf Fee 2.5x – 10x

Net Accrued Perf Fee 1x

Net Invested Capital 1x

Total Plan Value = $13.0b - $23.6b

Per Share = $36.0 - $65.2

現價相等於估值下限，下跌空間應該有限