Financials Ares Management Corporation

Equities

ARES

US03990B1017

Investment Management & Fund Operators

Market Closed - Nyse 04:00:02 2024-02-22 pm EST 5-day change 1st Jan Change
134 USD +1.77% Intraday chart for Ares Management Corporation -0.91% +12.64%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,805 4,095 6,767 13,906 12,108 25,327 25,327 -
Enterprise Value (EV) 1 8,679 11,748 16,428 24,802 12,108 22,485 27,984 25,327
P/E ratio 12.5 x 21.4 x 25.3 x 37.8 x 20.4 x 32.6 x 29.1 x 21.9 x
Yield 6.3% 3.81% 3.4% 2.31% - 2.31% 2.8% 3.35%
Capitalization / Revenue 1.88 x 2.32 x 3.84 x 6.12 x 4.32 x 7.46 x 6.41 x 5.01 x
EV / Revenue 1.88 x 2.32 x 3.84 x 6.12 x 4.32 x 7.46 x 6.41 x 5.01 x
EV / EBITDA 4.57 x 8.13 x 10.9 x 15.7 x 10.7 x 17.8 x 12.4 x 9.54 x
EV / FCF - - - - - 22.2 x 16.8 x 12.4 x
FCF Yield - - - - - 4.5% 5.95% 8.07%
Price to Book 3.07 x 5.01 x 10.2 x 12.8 x - 14.2 x 11.4 x 9.21 x
Nbr of stocks (in thousands) 101,530 114,746 143,832 171,103 176,910 189,077 189,077 -
Reference price 2 17.78 35.69 47.05 81.27 68.44 134.0 134.0 134.0
Announcement Date 2/14/19 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 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 958.5 1,765 1,764 2,272 2,803 3,013 3,951 5,051
EBITDA 1 395.4 503.5 622.6 882.9 1,131 1,266 2,042 2,654
EBIT 1 370.3 462.9 582 776.2 795.9 1,032 1,501 2,021
Operating Margin 38.64% 26.22% 32.99% 34.16% 28.39% 34.26% 37.99% 40.03%
Earnings before Tax (EBT) 1 395.4 503.5 582 882.9 1,131 1,266 1,696 2,285
Net income 1 142.8 193.2 266.8 408.8 1,062 702.5 921.9 1,247
Net margin 14.89% 10.94% 15.13% 17.99% 37.88% 23.31% 23.33% 24.69%
EPS 2 1.420 1.670 1.860 2.150 3.350 3.650 4.603 6.105
Free Cash Flow 1 - - - - - 1,140 1,507 2,045
FCF margin - - - - - 37.74% 38.13% 40.48%
FCF Conversion (EBITDA) - - - - - 76.96% 73.79% 77.04%
FCF Conversion (Net income) - - - - - 168.53% 163.44% 163.98%
Dividend per Share 2 1.120 1.360 1.600 1.880 - 3.091 3.753 4.492
Announcement Date 2/14/19 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 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
Net sales 1 523.4 504.2 847.9 559.4 618.2 610.6 1,083 675.7 674.8 699.4 977.2 839.8 909.3 964.5 1,337
EBITDA - - - - - - - - - - - - - - -
EBIT 1 186 162.2 305.4 183.9 206.9 -0.12 381 208.6 269.2 158.9 395.6 294.6 321 371.5 225
Operating Margin 35.53% 32.17% 36.01% 32.88% 33.47% -0.02% 35.18% 30.88% 39.89% 22.72% 40.48% 35.08% 35.31% 38.52% 16.83%
Earnings before Tax (EBT) 1 206.9 198.9 340.3 222 247.2 243.4 418.3 254.3 312.2 264.5 434.6 345 385.8 410.6 554.2
Net income 1 111 84.7 124.1 118.2 135.3 136.8 388.7 232 170.2 161 237.9 185.5 206.5 221.6 309.2
Net margin 21.21% 16.8% 14.64% 21.14% 21.89% 22.4% 35.9% 34.34% 25.22% 23.02% 24.35% 22.09% 22.71% 22.97% 23.12%
EPS 2 0.6400 0.4500 0.6600 0.6500 0.7400 0.7500 1.210 0.7100 0.9000 0.8300 1.210 0.9341 1.050 1.109 1.508
Dividend per Share 2 0.4700 0.4700 0.4700 0.6100 0.6100 0.6100 - 0.7700 0.7700 0.7700 0.7850 0.9275 0.9275 0.9275 0.9450
Announcement Date 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 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 6,873 7,653 9,661 10,896 - - 2,657 -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 17.38 x 15.2 x 15.52 x 12.34 x - - 1.301 x -
Free Cash Flow 1 - - - - - 1,140 1,507 2,045
ROE (net income / shareholders' equity) 24.6% 22% 27.2% 27.1% - 41.1% 53.5% 47.1%
ROA (Net income/ Total Assets) 1.53% 1.39% 1.96% 2.22% - 6.23% - -
Assets 1 9,359 13,900 13,592 18,387 - 10,859 - -
Book Value Per Share 2 5.790 7.120 4.600 6.360 - 9.430 11.70 14.50
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/14/19 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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
134 USD
Average target price
143.5 USD
Spread / Average Target
+7.16%
Consensus
1st Jan change Capi.
+12.64% 25 327 M $
-2.77% 91 567 M $
+15.59% 84 757 M $
-4.37% 18 029 M $
+10.57% 16 255 M $
-8.96% 14 280 M $
-0.73% 13 564 M $
+19.12% 9 743 M $
+20.47% 8 181 M $
-12.44% 7 017 M $
Investment Management
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