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Our Company Over our 54-year history we have prided ourselves on our client-centric approach to alternative asset management. As a leading global solutions provider, we invest across all major alternative investment strategies and are highly flexible in how we structure our solutions, so that we can work to meet each client s specific needs.
$10.63
$0.14 (-1.30%)
Price from 5 days ago
Margins and capital returns are both well above average: 23.94% operating margin, ROIC at 24.28%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 8.5%, steady but not accelerating.
Even for strong businesses, today's 21x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
21.3x earnings, 11.4x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$556M
▲ +8.5% YoY
Net Income (TTM)
$50M
▲ +142.7% YoY
Op. Margin
23.94%
▲ +9.6pp YoY
ROIC
24.28%
▲ +11.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$191M
▲ +32.6% YoY
Op. Cash Flow (TTM)
$202M
▲ +23.4% YoY
Net Debt
$250M
Cash & Equiv.
$164M
5Y CAGR: +5.3%
5Y CAGR: +21.2%
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