Stock ARES ARES MANAGEMENT CORPORATION
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Financials Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
133.6 USD -0.08% Intraday chart for Ares Management Corporation +3.16% +12.36%
Apr. 19 Sector Update: Financial Stocks Rise Late Afternoon MT
Apr. 19 Sector Update: Financial MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,095 6,767 13,906 12,108 22,485 26,029 - -
Enterprise Value (EV) 1 11,748 16,428 24,802 12,108 22,485 28,686 26,029 26,029
P/E ratio 21.4 x 25.3 x 37.8 x 20.4 x 32.6 x 29.2 x 21.8 x 16.7 x
Yield 3.81% 3.4% 2.31% - 2.59% 2.81% 3.36% 3.69%
Capitalization / Revenue 2.32 x 3.84 x 6.12 x 4.32 x 7.46 x 6.73 x 5.2 x 4.3 x
EV / Revenue 6.65 x 9.31 x 10.9 x 4.32 x 7.46 x 7.42 x 5.2 x 4.3 x
EV / EBITDA 23.3 x 26.4 x 28.1 x 10.7 x 17.8 x 14.4 x 9.87 x 8.59 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 8.59 x 7.14 x 6.03 x
Nbr of stocks (in thousands) 114,746 143,832 171,103 176,910 189,077 194,636 - -
Reference price 2 35.69 47.05 81.27 68.44 118.9 133.7 133.7 133.7
Announcement Date 2/13/20 2/11/21 2/11/22 2/9/23 2/8/24 - - -
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 3,866 5,008 6,047
EBITDA 1 503.5 622.6 882.9 1,131 1,266 1,990 2,638 3,028
EBIT 1 462.9 582 776.2 795.9 1,032 1,337 1,813 -
Operating Margin 26.22% 32.99% 34.16% 28.39% 34.26% 34.58% 36.2% -
Earnings before Tax (EBT) 1 503.5 582 882.9 1,131 1,266 1,682 2,265 -
Net income 1 193.2 266.8 408.8 1,062 702.5 914.3 1,261 1,632
Net margin 10.94% 15.13% 17.99% 37.88% 23.31% 23.65% 25.17% 26.98%
EPS 2 1.670 1.860 2.150 3.350 3.650 4.579 6.136 8.026
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 3.753 4.498 4.932
Announcement Date 2/13/20 2/11/21 2/11/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 504.2 847.9 559.4 618.2 610.6 1,083 675.7 674.8 699.4 977.2 787.2 907.2 930 1,343 1,058
EBITDA - - - - - - - - - - - - - - -
EBIT 1 162.2 305.4 183.9 206.9 -0.12 381 208.6 269.2 158.9 395.6 285.1 308.1 358.2 177.9 -
Operating Margin 32.17% 36.01% 32.88% 33.47% -0.02% 35.18% 30.88% 39.89% 22.72% 40.48% 36.21% 33.96% 38.51% 13.25% -
Earnings before Tax (EBT) 1 198.9 340.3 222 247.2 243.4 418.3 254.3 312.2 264.5 434.6 340.9 387.6 393.4 559.6 458.9
Net income 1 84.7 124.1 118.2 135.3 136.8 388.7 232 170.2 161 237.9 179.1 207.2 215.2 313.3 251.7
Net margin 16.8% 14.64% 21.14% 21.89% 22.4% 35.9% 34.34% 25.22% 23.02% 24.35% 22.75% 22.84% 23.14% 23.32% 23.8%
EPS 2 0.4500 0.6600 0.6500 0.7400 0.7500 1.210 0.7100 0.9000 0.8300 1.210 0.9092 1.058 1.080 1.529 1.236
Dividend per Share 2 0.4700 0.4700 0.6100 0.6100 0.6100 - 0.7700 0.7700 0.7700 0.7700 0.9271 0.9271 0.9271 0.9471 1.057
Announcement Date 10/27/21 2/11/22 4/28/22 7/28/22 10/27/22 2/9/23 4/28/23 8/1/23 10/31/23 2/8/24 - - - - -
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 - - 1.336 x - -
Free Cash Flow - - - - -300 - - -
ROE (net income / shareholders' equity) 22% 27.2% 27.1% - 40.3% 38.8% 41.9% 44.9%
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 15.60 18.70 22.20
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/13/20 2/11/21 2/11/22 2/9/23 2/8/24 - - -
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

Ratings for Ares Management Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
133.7 USD
Average target price
145.8 USD
Spread / Average Target
+9.03%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Investment Management
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