Intrinsic value of Apollo Global Management Cl A - APO

Previous Close

$34.25

  Intrinsic Value

$513.10

stock screener

  Rating & Target

str. buy

+999%

Previous close

$34.25

 
Intrinsic value

$513.10

 
Up/down potential

+999%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as APO.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of APO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Apollo Global Management Cl A (APO) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  89.06
  31.70
  29.03
  26.63
  24.46
  22.52
  20.77
  19.19
  17.77
  16.49
  15.34
  14.31
  13.38
  12.54
  11.79
  11.11
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
Revenue, $m
  1,970
  2,594
  3,348
  4,239
  5,276
  6,464
  7,807
  9,305
  10,958
  12,765
  14,724
  16,831
  19,083
  21,476
  24,007
  26,674
  29,474
  32,406
  35,470
  38,664
  41,992
  45,455
  49,056
  52,798
  56,688
  60,729
  64,930
  69,296
  73,837
  78,561
  83,477
Variable operating expenses, $m
 
  934
  1,202
  1,520
  1,890
  2,313
  2,792
  3,326
  3,915
  4,560
  5,258
  6,000
  6,803
  7,656
  8,558
  9,509
  10,507
  11,552
  12,644
  13,783
  14,969
  16,204
  17,487
  18,822
  20,208
  21,649
  23,146
  24,703
  26,322
  28,005
  29,758
Fixed operating expenses, $m
 
  478
  490
  502
  514
  527
  540
  554
  568
  582
  597
  611
  627
  642
  658
  675
  692
  709
  727
  745
  764
  783
  802
  822
  843
  864
  886
  908
  930
  954
  977
Total operating expenses, $m
  1,166
  1,412
  1,692
  2,022
  2,404
  2,840
  3,332
  3,880
  4,483
  5,142
  5,855
  6,611
  7,430
  8,298
  9,216
  10,184
  11,199
  12,261
  13,371
  14,528
  15,733
  16,987
  18,289
  19,644
  21,051
  22,513
  24,032
  25,611
  27,252
  28,959
  30,735
Operating income, $m
  804
  1,183
  1,656
  2,217
  2,872
  3,624
  4,474
  5,425
  6,475
  7,624
  8,870
  10,220
  11,653
  13,178
  14,791
  16,490
  18,275
  20,145
  22,098
  24,136
  26,259
  28,468
  30,766
  33,154
  35,637
  38,216
  40,898
  43,686
  46,585
  49,602
  52,741
EBITDA, $m
  823
  1,201
  1,677
  2,241
  2,900
  3,656
  4,511
  5,467
  6,523
  7,679
  8,932
  10,280
  11,722
  13,255
  14,877
  16,586
  18,382
  20,262
  22,226
  24,275
  26,410
  28,632
  30,943
  33,344
  35,841
  38,435
  41,132
  43,935
  46,851
  49,884
  53,042
Interest expense (income), $m
  45
  75
  105
  162
  230
  309
  400
  502
  617
  743
  881
  1,030
  1,191
  1,363
  1,545
  1,738
  1,942
  2,155
  2,379
  2,612
  2,856
  3,110
  3,374
  3,649
  3,934
  4,231
  4,539
  4,859
  5,192
  5,539
  5,899
Earnings before tax, $m
  1,061
  1,108
  1,551
  2,055
  2,642
  3,314
  4,074
  4,922
  5,858
  6,881
  7,989
  9,190
  10,463
  11,815
  13,246
  14,752
  16,334
  17,990
  19,720
  21,524
  23,403
  25,359
  27,392
  29,506
  31,703
  33,986
  36,359
  38,826
  41,393
  44,063
  46,842
Tax expense, $m
  91
  299
  419
  555
  713
  895
  1,100
  1,329
  1,582
  1,858
  2,157
  2,481
  2,825
  3,190
  3,576
  3,983
  4,410
  4,857
  5,324
  5,811
  6,319
  6,847
  7,396
  7,967
  8,560
  9,176
  9,817
  10,483
  11,176
  11,897
  12,647
Net income, $m
  403
  809
  1,132
  1,500
  1,928
  2,419
  2,974
  3,593
  4,277
  5,023
  5,832
  6,708
  7,638
  8,625
  9,669
  10,769
  11,924
  13,133
  14,395
  15,712
  17,084
  18,512
  19,996
  21,539
  23,143
  24,810
  26,542
  28,343
  30,217
  32,166
  34,195

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  855
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,630
  6,282
  8,106
  10,264
  12,775
  15,652
  18,902
  22,529
  26,533
  30,909
  35,652
  40,753
  46,206
  52,000
  58,129
  64,586
  71,366
  78,465
  85,883
  93,618
  101,676
  110,060
  118,779
  127,841
  137,258
  147,044
  157,215
  167,788
  178,782
  190,220
  202,123
Adjusted assets (=assets-cash), $m
  4,775
  6,282
  8,106
  10,264
  12,775
  15,652
  18,902
  22,529
  26,533
  30,909
  35,652
  40,753
  46,206
  52,000
  58,129
  64,586
  71,366
  78,465
  85,883
  93,618
  101,676
  110,060
  118,779
  127,841
  137,258
  147,044
  157,215
  167,788
  178,782
  190,220
  202,123
Revenue / Adjusted assets
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
Average production assets, $m
  54
  70
  90
  114
  142
  175
  211
  251
  296
  345
  398
  454
  515
  580
  648
  720
  796
  875
  958
  1,044
  1,134
  1,227
  1,325
  1,426
  1,531
  1,640
  1,753
  1,871
  1,994
  2,121
  2,254
Working capital, $m
  0
  -1,126
  -1,453
  -1,840
  -2,290
  -2,805
  -3,388
  -4,038
  -4,756
  -5,540
  -6,390
  -7,305
  -8,282
  -9,321
  -10,419
  -11,577
  -12,792
  -14,064
  -15,394
  -16,780
  -18,225
  -19,727
  -21,290
  -22,914
  -24,602
  -26,357
  -28,180
  -30,075
  -32,045
  -34,095
  -36,229
Total debt, $m
  2,139
  2,998
  4,639
  6,582
  8,842
  11,431
  14,356
  17,620
  21,223
  25,162
  29,430
  34,022
  38,929
  44,144
  49,660
  55,472
  61,574
  67,963
  74,638
  81,601
  88,852
  96,398
  104,245
  112,401
  120,876
  129,684
  138,837
  148,353
  158,248
  168,542
  179,255
Total liabilities, $m
  4,794
  5,654
  7,295
  9,238
  11,498
  14,087
  17,012
  20,276
  23,879
  27,818
  32,086
  36,678
  41,585
  46,800
  52,316
  58,128
  64,230
  70,619
  77,294
  84,257
  91,508
  99,054
  106,901
  115,057
  123,532
  132,340
  141,493
  151,009
  160,904
  171,198
  181,911
Total equity, $m
  835
  628
  811
  1,026
  1,278
  1,565
  1,890
  2,253
  2,653
  3,091
  3,565
  4,075
  4,621
  5,200
  5,813
  6,459
  7,137
  7,847
  8,588
  9,362
  10,168
  11,006
  11,878
  12,784
  13,726
  14,704
  15,721
  16,779
  17,878
  19,022
  20,212
Total liabilities and equity, $m
  5,629
  6,282
  8,106
  10,264
  12,776
  15,652
  18,902
  22,529
  26,532
  30,909
  35,651
  40,753
  46,206
  52,000
  58,129
  64,587
  71,367
  78,466
  85,882
  93,619
  101,676
  110,060
  118,779
  127,841
  137,258
  147,044
  157,214
  167,788
  178,782
  190,220
  202,123
Debt-to-equity ratio
  2.562
  4.770
  5.720
  6.410
  6.920
  7.300
  7.590
  7.820
  8.000
  8.140
  8.260
  8.350
  8.430
  8.490
  8.540
  8.590
  8.630
  8.660
  8.690
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
Adjusted equity ratio
  -0.004
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  403
  809
  1,132
  1,500
  1,928
  2,419
  2,974
  3,593
  4,277
  5,023
  5,832
  6,708
  7,638
  8,625
  9,669
  10,769
  11,924
  13,133
  14,395
  15,712
  17,084
  18,512
  19,996
  21,539
  23,143
  24,810
  26,542
  28,343
  30,217
  32,166
  34,195
Depreciation, amort., depletion, $m
  19
  18
  21
  24
  28
  32
  37
  42
  48
  55
  62
  61
  69
  77
  86
  96
  106
  117
  128
  139
  151
  164
  177
  190
  204
  219
  234
  249
  266
  283
  301
Funds from operations, $m
  229
  827
  1,153
  1,524
  1,956
  2,452
  3,011
  3,636
  4,325
  5,078
  5,894
  6,769
  7,706
  8,703
  9,756
  10,865
  12,030
  13,249
  14,523
  15,852
  17,235
  18,675
  20,173
  21,729
  23,347
  25,028
  26,776
  28,593
  30,483
  32,449
  34,495
Change in working capital, $m
  -386
  -271
  -327
  -387
  -450
  -516
  -583
  -650
  -718
  -784
  -850
  -914
  -977
  -1,039
  -1,099
  -1,157
  -1,215
  -1,272
  -1,329
  -1,387
  -1,444
  -1,503
  -1,563
  -1,624
  -1,688
  -1,754
  -1,823
  -1,895
  -1,971
  -2,050
  -2,134
Cash from operations, $m
  615
  1,098
  1,480
  1,911
  2,406
  2,967
  3,594
  4,286
  5,043
  5,862
  6,744
  7,683
  8,684
  9,741
  10,854
  12,023
  13,245
  14,522
  15,853
  17,238
  18,680
  20,178
  21,735
  23,354
  25,035
  26,782
  28,599
  30,488
  32,453
  34,499
  36,629
Maintenance CAPEX, $m
  0
  -7
  -9
  -12
  -15
  -19
  -23
  -28
  -33
  -39
  -46
  -53
  -61
  -69
  -77
  -86
  -96
  -106
  -117
  -128
  -139
  -151
  -164
  -177
  -190
  -204
  -219
  -234
  -249
  -266
  -283
New CAPEX, $m
  -6
  -16
  -20
  -24
  -28
  -32
  -36
  -40
  -45
  -49
  -53
  -57
  -61
  -65
  -68
  -72
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
Cash from investing activities, $m
  -183
  -23
  -29
  -36
  -43
  -51
  -59
  -68
  -78
  -88
  -99
  -110
  -122
  -134
  -145
  -158
  -172
  -185
  -200
  -214
  -229
  -244
  -261
  -278
  -295
  -313
  -332
  -352
  -372
  -394
  -416
Free cash flow, $m
  432
  1,075
  1,450
  1,875
  2,363
  2,916
  3,534
  4,217
  4,964
  5,774
  6,645
  7,574
  8,562
  9,608
  10,709
  11,864
  13,073
  14,336
  15,653
  17,024
  18,451
  19,934
  21,475
  23,076
  24,740
  26,469
  28,267
  30,136
  32,081
  34,105
  36,213
Issuance/(repayment) of debt, $m
  332
  859
  1,641
  1,942
  2,260
  2,589
  2,925
  3,264
  3,603
  3,939
  4,268
  4,591
  4,907
  5,215
  5,516
  5,811
  6,102
  6,389
  6,675
  6,962
  7,252
  7,546
  7,847
  8,156
  8,476
  8,808
  9,154
  9,516
  9,895
  10,294
  10,713
Issuance/(repurchase) of shares, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3
  859
  1,641
  1,942
  2,260
  2,589
  2,925
  3,264
  3,603
  3,939
  4,268
  4,591
  4,907
  5,215
  5,516
  5,811
  6,102
  6,389
  6,675
  6,962
  7,252
  7,546
  7,847
  8,156
  8,476
  8,808
  9,154
  9,516
  9,895
  10,294
  10,713
Total cash flow (excl. dividends), $m
  435
  1,934
  3,092
  3,817
  4,623
  5,505
  6,460
  7,482
  8,568
  9,713
  10,914
  12,165
  13,469
  14,823
  16,225
  17,676
  19,175
  20,726
  22,329
  23,987
  25,702
  27,479
  29,321
  31,232
  33,215
  35,277
  37,420
  39,652
  41,976
  44,399
  46,926
Retained Cash Flow (-), $m
  -185
  -648
  -182
  -216
  -251
  -288
  -325
  -363
  -400
  -438
  -474
  -510
  -545
  -579
  -613
  -646
  -678
  -710
  -742
  -774
  -806
  -838
  -872
  -906
  -942
  -979
  -1,017
  -1,057
  -1,099
  -1,144
  -1,190
Prev. year cash balance distribution, $m
 
  855
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,141
  2,909
  3,602
  4,372
  5,217
  6,134
  7,119
  8,167
  9,275
  10,439
  11,655
  12,924
  14,243
  15,612
  17,030
  18,497
  20,016
  21,587
  23,213
  24,897
  26,641
  28,449
  30,326
  32,274
  34,298
  36,403
  38,595
  40,877
  43,255
  45,736
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  2,050
  2,658
  3,124
  3,584
  4,021
  4,420
  4,767
  5,051
  5,262
  5,394
  5,443
  5,411
  5,300
  5,115
  4,865
  4,559
  4,210
  3,829
  3,429
  3,023
  2,621
  2,235
  1,872
  1,540
  1,243
  984
  762
  578
  428
  310
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Apollo Global Management, LLC (Apollo) is an alternative investment manager in private equity, credit and real estate. The Company raises, invests and manages funds on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. The Company's segments include private equity, credit and real estate. The private equity segment invests in control equity and related debt instruments, convertible securities and distressed debt investments. The credit segment invests in non-control corporate and structured debt instruments, including performing, stressed and distressed investments across the capital structure. The real estate segment invests in real estate equity for the acquisition and recapitalization of real estate assets, portfolios, platforms and operating companies, and real estate debt, including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities.

FINANCIAL RATIOS  of  Apollo Global Management Cl A (APO)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 3.2
Price to Book 7.6
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate 89.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 256.2%
Total Debt to Equity 256.2%
Interest Coverage 25
Management Effectiveness
Return On Assets 8.7%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 14.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 54.3%
Return On Equity - 3 Yr. Avg. 24.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 57.1%
EBITDA Margin - 3 Yr. Avg. 53.7%
Operating Margin 40.8%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 53.9%
Pre-Tax Margin - 3 Yr. Avg. 48.8%
Net Profit Margin 20.5%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 10.7%
Payout Ratio 59.3%

APO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APO stock intrinsic value calculation we used $1970 million for the last fiscal year's total revenue generated by Apollo Global Management Cl A. The default revenue input number comes from 2016 income statement of Apollo Global Management Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our APO stock valuation model: a) initial revenue growth rate of 31.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.4%, whose default value for APO is calculated based on our internal credit rating of Apollo Global Management Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Apollo Global Management Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of APO stock the variable cost ratio is equal to 36.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $466 million in the base year in the intrinsic value calculation for APO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Apollo Global Management Cl A.

Corporate tax rate of 27% is the nominal tax rate for Apollo Global Management Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the APO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for APO are equal to 2.7%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Apollo Global Management Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for APO is equal to -43.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $835 million for Apollo Global Management Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 192.411 million for Apollo Global Management Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Apollo Global Management Cl A at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ [$$] How Gargantuan Can Private Equity Get?   [Feb-23-18 12:11AM  The Wall Street Journal]
▶ [$$] How Gargantuan Can Private Equity Get?   [05:49AM  The Wall Street Journal]
▶ [$$] Jana orders up stake in Jack in the Box   [05:43AM  Financial Times]
▶ [$$] BlackRock's Larry Fink Wants to Become the Next Warren Buffett   [Feb-07-18 08:15PM  The Wall Street Journal]
▶ Fort Worth oil and gas firm Double Eagle III raises $1 billion from Apollo   [Feb-05-18 01:55PM  American City Business Journals]
▶ Apollo Has a Blueprint for Liftoff   [02:35PM  Bloomberg]
▶ [$$] Apollo's Assets Under Management, Revenue Rise   [09:29AM  The Wall Street Journal]
▶ ADTs $1.6 billion IPO: 5 things you need to know   [Jan-20-18 11:33AM  MarketWatch]
▶ ADT's IPO Is No Quick Exit for Apollo   [Jan-19-18 02:48PM  Bloomberg]
▶ ADT prices IPO below target   [07:02PM  MarketWatch]
▶ [$$] RenaissanceRe to Back Catalina Alongside Apollo   [05:49PM  The Wall Street Journal]
▶ ADT IPO: What Investors Need to Know   [Jan-16-18 06:05PM  Motley Fool]
▶ Denver energy company is selling Wyoming assets for $500 million   [09:54AM  American City Business Journals]
▶ Apollo acquires stake in subprime lender for $1.4 billion   [Jan-04-18 05:35PM  American City Business Journals]
▶ Why OneMain Holdings Stock Soared Today   [02:26PM  Motley Fool]
▶ [$$] Apollo-led Investor Group Buys Stake in OneMain   [08:19AM  The Wall Street Journal]
▶ How Analysts View Apollo Global Management   [Jan-02-18 09:00AM  Market Realist]
▶ Analyzing Apollo Global Managements Balance Sheet   [Jan-01-18 10:32AM  Market Realist]
▶ Best Jobs for Workers Who Want to Get Ahead in 2018   [Dec-28-17 03:32AM  PR Newswire]
▶ Leon Black Could Cash in on New Tax Law   [Dec-27-17 01:24PM  Bloomberg Video]
▶ Harbinger Capital Sues Apollo Global Management Over LightSquared Losses   [Dec-26-17 03:59PM  The Wall Street Journal]
▶ Jack in the Box Pushes Qdoba Out of the Box   [Dec-23-17 12:10AM  Motley Fool]
▶ ADT files for IPO, Apollo will retain control   [Dec-21-17 06:54PM  MarketWatch]
▶ Denver-born Qdoba to be sold for $305 million   [Dec-20-17 01:56PM  American City Business Journals]
▶ Jack In The Box Sells Qdoba In Hot Year For Restaurant Mergers   [04:03PM  Investor's Business Daily]
▶ [$$] Olympus Selling Phoenix Services to Apollo   [Dec-15-17 01:34PM  The Wall Street Journal]
▶ Which Alternative Asset Manager Has Higher Valuations?   [Dec-14-17 12:31PM  Market Realist]
Financial statements of APO
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