Added to YB: 2026-03-03
Pitch date: 2026-02-28
APO [bullish]
Apollo Global Management, Inc.
+3.85%
current return
Author Info
Company Info
Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.
Market Cap
$60.5B
Pitch Price
$102.50
Price Target
185.00 (+77%)
Dividend
1.95%
EV/EBITDA
N/A
P/E
18.89
EV/Sales
N/A
Sector
Financial Services
Category
value
APO: Two Earnings Streams, One Mispriced Stock
APO: Trades $115 (~13x trailing DE, 30% off highs) despite record results & 20%+ guided FRE growth. Market wrongly pricing software/retail BDC contagion. Actual exposure: <2% AUM in software, 7% fees from retail, vs peers at 20-40%. Insurance SRE ($3.4B, 120bps spread) on $292B NIA growing 18% from sticky annuity liabilities, not redemption-prone. 97% IG-rated assets, 441% RBC. SOTP: $120 FRE (20x) + $65 SRE (10x) = $185 PT. Current price implies Athene worth zero despite A1/A+ ratings & $85B 2026 inflows guided. Risks: 30-50bps spread compression in recession ($1.50-$2.50/share hit), Bridge boost fading, governance overhang. But 13x for integrated credit origination/insurance franchise with structural moat is mispriced vs quality & growth.
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