ARES MANAGEMENT CORPORATION Financials Ares Management Corporation
Equities
ARES
US03990B1017
Investment Management & Fund Operators
|
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 142.2 USD | +2.58% |
|
+5.94% | +19.95% |
| May. 08 | UK's Landsec Wraps Up GBP400 Million Hotel Portfolio Sale | MT |
| May. 08 | Landsec sells entire hotel portfolio for around GBP400 million | AN |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,095 | 6,767 | 13,906 | 12,108 | 22,485 | 26,990 | - | - |
| Enterprise Value (EV) 1 | 11,748 | 16,428 | 24,802 | 12,108 | 22,485 | 29,648 | 26,990 | 26,990 |
| P/E ratio | 21.4 x | 25.3 x | 37.8 x | 20.4 x | 32.6 x | 31.5 x | 22.7 x | 17.3 x |
| Yield | 3.81% | 3.4% | 2.31% | - | 2.59% | 2.66% | 3.2% | 3.4% |
| Capitalization / Revenue | 2.32 x | 3.84 x | 6.12 x | 4.32 x | 7.46 x | 7.33 x | 5.5 x | 4.53 x |
| EV / Revenue | 6.65 x | 9.31 x | 10.9 x | 4.32 x | 7.46 x | 8.05 x | 5.5 x | 4.53 x |
| EV / EBITDA | 23.3 x | 26.4 x | 28.1 x | 10.7 x | 17.8 x | 15.8 x | 10.4 x | 9.03 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 | 9.67 x | 8.01 x | 6.76 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 | 138.7 | 138.7 | 138.7 |
| 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 | 3,682 | 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 | 1,336 | 1,801 | 2,358 |
| Operating Margin | 26.22% | 32.99% | 34.16% | 28.39% | 34.26% | 36.29% | 36.67% | 39.59% |
| Earnings before Tax (EBT) 1 | 503.5 | 582 | 882.9 | 1,131 | 1,266 | 1,604 | 2,238 | - |
| Net income 1 | 193.2 | 266.8 | 408.8 | 1,062 | 702.5 | 884.5 | 1,260 | 1,628 |
| Net margin | 10.94% | 15.13% | 17.99% | 37.88% | 23.31% | 24.02% | 25.66% | 27.33% |
| EPS 2 | 1.670 | 1.860 | 2.150 | 3.350 | 3.650 | 4.405 | 6.098 | 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 | 3.691 | 4.442 | 4.718 |
| 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 | 755.4 | 853.7 | 890.1 | 1,313 | 1,027 |
| 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 | 324.3 | 388.4 | 386.4 |
| Operating Margin | 32.17% | 36.01% | 32.88% | 33.47% | -0.02% | 35.18% | 30.88% | 39.89% | 22.72% | 40.48% | 36.21% | 36.09% | 36.43% | 29.59% | 37.62% |
| Earnings before Tax (EBT) 1 | 198.9 | 340.3 | 222 | 247.2 | 243.4 | 418.3 | 254.3 | 312.2 | 264.5 | 434.6 | 289.2 | 373.2 | 382 | 566.6 | 443.5 |
| Net income 1 | 84.7 | 124.1 | 118.2 | 135.3 | 136.8 | 388.7 | 232 | 170.2 | 161 | 237.9 | 265.1 | 201.1 | 209.5 | 311.5 | 256 |
| Net margin | 16.8% | 14.64% | 21.14% | 21.89% | 22.4% | 35.9% | 34.34% | 25.22% | 23.02% | 24.35% | 35.09% | 23.55% | 23.53% | 23.73% | 24.93% |
| EPS 2 | 0.4500 | 0.6600 | 0.6500 | 0.7400 | 0.7500 | 1.210 | 0.7100 | 0.9000 | 0.8300 | 1.210 | 0.8000 | 1.017 | 1.043 | 1.517 | 1.208 |
| Dividend per Share 2 | 0.4700 | 0.4700 | 0.6100 | 0.6100 | 0.6100 | - | 0.7700 | 0.7700 | 0.7700 | 0.7700 | 0.9271 | 0.9057 | 0.9057 | 0.9257 | 1.077 |
| 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 | 5/2/24 | - | - | - | - |
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 | 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-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
138.7
USD
Average target price
147.6
USD
Spread / Average Target
+6.47%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.61% | 26.99B | |
| +20.30% | 88.21B | |
| -1.23% | 18.33B | |
| +12.42% | 15.14B | |
| +1.94% | 14.9B | |
| -21.18% | 12.35B | |
| +15.13% | 9.5B | |
| +23.56% | 9.22B | |
| +27.42% | 7.12B | |
| +7.88% | 5.4B |
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