Financials Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 04:00:02 2025-07-09 pm EDT			5-day change	1st Jan Change
176.97 ^USD	+1.07%		-0.57%	-0.03%

Jul. 09	BofA Adjusts Price Target on Ares Management to $180 From $187	MT
Jul. 07	Blackstone Explores Inroads Into Private Credit-Secondaries Market	MT

Projected Income Statement: Ares Management Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,764	2,272	2,803	3,013	3,495	4,661	5,812	7,053
Change	-	28.82%	23.36%	7.5%	15.97%	33.37%	24.69%	21.36%
EBITDA ¹	622.6	882.9	1,131	1,266	1,467	2,213	2,842	3,514
Change	-	41.81%	28.1%	11.89%	15.93%	50.86%	28.43%	23.64%
EBIT ¹	582	776.2	795.9	1,032	1,310	1,680	2,139	2,578
Change	-	33.38%	2.54%	29.7%	26.87%	28.27%	27.34%	20.5%
Interest Paid ¹	-24.91	-36.76	-71.36	-106.3	-143	-152.9	-164.2	-154
Earnings before Tax (EBT) ¹	582	882.9	1,131	1,266	1,467	2,000	2,578	3,342
Change	-	51.72%	28.1%	11.89%	15.93%	36.33%	28.92%	29.61%
Net income ¹	266.8	408.8	1,062	702.5	826.1	1,206	1,585	1,972
Change	-	53.2%	159.72%	-33.83%	17.6%	45.98%	31.42%	24.44%
Announcement Date	2/11/21	2/11/22	2/9/23	2/8/24	2/5/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	602.8	489.9	658	396.9	523.4	504.2	847.9	559.4	618.2	610.6	1,083	675.7	674.8	699.4	977.2	755.4	737.5	852.1	1,063	1,044	1,018	1,058	1,742	1,215	1,423	1,375	2,142	1,378
Change	-	-18.73%	34.33%	-39.68%	31.87%	-3.66%	68.16%	-34.03%	10.51%	-1.22%	77.35%	-37.61%	-0.13%	3.64%	39.73%	-22.7%	-2.37%	15.54%	24.73%	-1.77%	-2.49%	3.88%	64.7%	-30.25%	17.16%	-3.42%	55.82%	-35.69%
EBITDA	115.2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	108.9	132.1	186.2	122.7	186	162.2	305.4	183.9	206.9	-0.12	381	208.6	269.2	158.9	395.6	252.5	326.9	292.8	437.6	357.7	351.1	354.4	422.5	413.1	-	-	-	-
Change	-	21.25%	40.95%	-34.09%	51.58%	-12.78%	88.25%	-39.78%	12.52%	-100.06%	317,629.17%	-45.25%	29.04%	-40.97%	148.89%	-36.16%	29.46%	-10.45%	49.48%	-18.26%	-1.85%	0.94%	19.22%	-2.23%	-	-	-	-
Charge d'intérêts ¹	-6.082	-6.815	-6.705	-6.695	-6.907	-11.52	-11.64	-15.65	-17.22	-18.31	-20.18	-24.99	-25.84	-25.98	-29.48	-37.82	-37.5	-29.73	-37.91	-36.39	-38.58	-38.46	-38.96	-40.12	-40.12	-40.12	-40.12	-
Earnings before Tax (EBT) ¹	115.2	146.4	186.2	136.8	206.9	198.9	340.3	222	247.2	243.4	418.3	254.3	312.2	264.5	434.6	289.2	363.2	338.8	476	405.9	451.6	454.8	683.8	513.8	607.4	581.6	855.6	-
Change	-	27.04%	27.15%	-26.52%	51.28%	-3.9%	71.12%	-34.76%	11.36%	-1.54%	71.84%	-39.21%	22.78%	-15.3%	64.33%	-33.46%	25.59%	-6.72%	40.53%	-14.73%	11.24%	0.71%	50.37%	-24.87%	18.23%	-4.25%	47.11%	-
Net income ¹	55.28	72.42	83.28	72.62	111	84.7	124.1	118.2	135.3	136.8	388.7	232	170.2	161	237.9	265.1	201.3	197.6	268.9	245.5	270.1	274.3	416.1	311	370.2	361.7	538.2	389.7
Change	-	31.01%	14.99%	-12.8%	52.83%	-23.69%	46.52%	-4.72%	14.43%	1.09%	184.19%	-40.31%	-26.65%	-5.39%	47.76%	11.43%	-24.06%	-1.86%	36.07%	-8.69%	10.04%	1.55%	51.69%	-25.25%	19.04%	-2.29%	48.77%	-27.59%
Announcement Date	8/5/20	10/28/20	2/11/21	4/29/21	7/29/21	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	5/2/24	8/2/24	11/1/24	2/5/25	5/5/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Ares Management Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	9,661	10,896	-	-	9,771	-	-	-
Change	-	12.78%	-	-	-	-	-	-
Announcement Date	2/11/21	2/11/22	2/9/23	2/8/24	2/5/25	-	-	-

Estimates

Cash Flow Forecast: Ares Management Corporation

Fiscal Period: December	2023	2024	2025	2026
CAPEX ¹	-	-	-	-
Change	-	-	-	-
Free Cash Flow (FCF) ¹	-300.4	2,700	1,848	2,448
Change	-	998.55%	-31.55%	32.44%
Announcement Date	2/8/24	2/5/25	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Ares Management Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	35.29%	38.86%	40.35%	42%	41.98%	47.49%	48.91%	49.83%
EBIT Margin (%)	32.99%	34.16%	28.39%	34.26%	37.48%	36.05%	36.81%	36.55%
EBT Margin (%)	32.99%	38.86%	40.35%	42%	41.98%	42.91%	44.37%	47.38%
Net margin (%)	15.13%	17.99%	37.88%	23.31%	23.64%	25.87%	27.27%	27.96%
FCF margin (%)	-	-	-	-9.97%	77.25%	39.65%	42.11%	-
FCF / Net Income (%)	-	-	-	-42.77%	326.78%	153.24%	154.43%	-
Profitability
ROA	1.96%	2.22%	-	3.01%	-	-	-	-
ROE	27.2%	27.08%	-	40.34%	30.39%	25.56%	28.62%	28.98%
Financial Health
Leverage (Debt/EBITDA)	15.52x	12.34x	-	-	6.66x	-	-	-
Debt / Free cash flow	-	-	-	-	3.62x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	1.6	1.88	-	3.08	3.72	4.512	5.332	6.316
Change	-	17.5%	-	-	20.78%	21.3%	18.16%	18.47%
Book Value Per Share ¹	4.598	6.36	-	10.12	17.73	20.45	22.16	26.68
Change	-	38.34%	-	-	75.19%	15.34%	8.36%	20.4%
EPS ¹	1.86	2.15	3.35	3.65	3.97	5.132	6.443	7.68
Change	-	15.59%	55.81%	8.96%	8.77%	29.28%	25.55%	19.19%
Nbr of stocks (in thousands)	143,832	171,103	176,910	189,077	201,880	218,463	218,463	218,463
Announcement Date	2/11/21	2/11/22	2/9/23	2/8/24	2/5/25	-	-	-