Financials Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse 21:00:02 14/06/2024 BST 5-day change 1st Jan Change
132.6 USD -0.15% Intraday chart for Ares Management Corporation -0.23% +11.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,095 6,767 13,906 12,108 22,485 26,418 - -
Enterprise Value (EV) 1 11,748 16,428 24,802 12,108 22,485 29,075 26,418 26,418
P/E ratio 21.4 x 25.3 x 37.8 x 20.4 x 32.6 x 30.5 x 21.8 x 16.5 x
Yield 3.81% 3.4% 2.31% - 2.59% 2.84% 3.42% 3.72%
Capitalization / Revenue 2.32 x 3.84 x 6.12 x 4.32 x 7.46 x 7.17 x 5.38 x 4.44 x
EV / Revenue 6.65 x 9.31 x 10.9 x 4.32 x 7.46 x 7.9 x 5.38 x 4.44 x
EV / EBITDA 23.3 x 26.4 x 28.1 x 10.7 x 17.8 x 15.5 x 10.2 x 8.84 x
EV / FCF - - - - -74,839,247 x - - -
FCF Yield - - - - -0% - - -
Price to Book 5.01 x 10.2 x 12.8 x - 11.8 x 9.25 x 7.66 x 6.47 x
Nbr of stocks (in thousands) 114,746 143,832 171,103 176,910 189,077 199,184 - -
Reference price 2 35.69 47.05 81.27 68.44 118.9 132.6 132.6 132.6
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,765 1,764 2,272 2,803 3,013 3,682 4,911 5,956
EBITDA 1 503.5 622.6 882.9 1,131 1,266 1,878 2,591 2,988
EBIT 1 462.9 582 776.2 795.9 1,032 1,450 1,902 2,306
Operating Margin 26.22% 32.99% 34.16% 28.39% 34.26% 39.37% 38.73% 38.71%
Earnings before Tax (EBT) 1 503.5 582 882.9 1,131 1,266 1,597 2,243 -
Net income 1 193.2 266.8 408.8 1,062 702.5 873.1 1,250 1,628
Net margin 10.94% 15.13% 17.99% 37.88% 23.31% 23.71% 25.45% 27.33%
EPS 2 1.670 1.860 2.150 3.350 3.650 4.350 6.088 8.020
Free Cash Flow - - - - -300.4 - - -
FCF margin - - - - -9.97% - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.360 1.600 1.880 - 3.080 3.766 4.531 4.930
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 847.9 559.4 618.2 610.6 1,083 675.7 674.8 699.4 977.2 755.4 853.7 890.1 1,313 1,027 1,111
EBITDA - - - - - - - - - - - - - - -
EBIT 1 305.4 183.9 206.9 -0.12 381 208.6 269.2 158.9 395.6 252.5 322.6 347.1 458.3 377 -
Operating Margin 36.01% 32.88% 33.47% -0.02% 35.18% 30.88% 39.89% 22.72% 40.48% 33.43% 37.79% 38.99% 34.92% 36.71% -
Earnings before Tax (EBT) 1 340.3 222 247.2 243.4 418.3 254.3 312.2 264.5 434.6 289.2 368.4 376.1 563.7 430.8 512.9
Net income 1 124.1 118.2 135.3 136.8 388.7 232 170.2 161 237.9 265.1 199 206.5 309.2 245.9 272.9
Net margin 14.64% 21.14% 21.89% 22.4% 35.9% 34.34% 25.22% 23.02% 24.35% 35.09% 23.31% 23.2% 23.56% 23.94% 24.56%
EPS 2 0.6600 0.6500 0.7400 0.7500 1.210 0.7100 0.9000 0.8300 1.210 0.8000 1.008 1.031 1.511 1.206 1.399
Dividend per Share 2 0.4700 0.6100 0.6100 0.6100 - 0.7700 0.7700 0.7700 0.7700 0.9300 0.9300 0.9300 0.9580 1.077 1.077
Announcement Date 11/02/22 28/04/22 28/07/22 27/10/22 09/02/23 28/04/23 01/08/23 31/10/23 08/02/24 02/05/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,653 9,661 10,896 - - 2,657 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 15.2 x 15.52 x 12.34 x - - 1.415 x - -
Free Cash Flow - - - - -300 - - -
ROE (net income / shareholders' equity) 22% 27.2% 27.1% - 40.3% 37.5% 43.6% 46.6%
ROA (Net income/ Total Assets) 1.39% 1.96% 2.22% - 3.01% - - -
Assets 1 13,900 13,592 18,387 - 23,339 - - -
Book Value Per Share 2 7.120 4.600 6.360 - 10.10 14.30 17.30 20.50
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 13/02/20 11/02/21 11/02/22 09/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
132.6 USD
Average target price
146.5 USD
Spread / Average Target
+10.42%
Consensus
  1. Stock Market
  2. Equities
  3. ARES Stock
  4. Financials Ares Management Corporation
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