Intrinsic value of Ares Management - ARES

Previous Close

$23.95

  Intrinsic Value

$3.76

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  Rating & Target

str. sell

-84%

Previous close

$23.95

 
Intrinsic value

$3.76

 
Up/down potential

-84%

 
Rating

str. sell

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

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

We calculate the intrinsic value of ARES 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 Ares Management (ARES) 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, %
  47.30
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,199
  1,223
  1,251
  1,283
  1,319
  1,359
  1,403
  1,451
  1,503
  1,558
  1,618
  1,682
  1,751
  1,823
  1,901
  1,983
  2,069
  2,161
  2,259
  2,361
  2,470
  2,584
  2,705
  2,832
  2,966
  3,108
  3,256
  3,413
  3,578
  3,751
  3,933
Variable operating expenses, $m
 
  676
  691
  709
  728
  750
  774
  799
  827
  858
  890
  910
  947
  986
  1,028
  1,073
  1,120
  1,169
  1,222
  1,277
  1,336
  1,398
  1,463
  1,532
  1,605
  1,681
  1,762
  1,846
  1,935
  2,029
  2,128
Fixed operating expenses, $m
 
  371
  380
  390
  400
  410
  420
  430
  441
  452
  463
  475
  487
  499
  511
  524
  537
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
  705
  723
  741
  759
Total operating expenses, $m
  1,016
  1,047
  1,071
  1,099
  1,128
  1,160
  1,194
  1,229
  1,268
  1,310
  1,353
  1,385
  1,434
  1,485
  1,539
  1,597
  1,657
  1,720
  1,787
  1,856
  1,929
  2,006
  2,086
  2,171
  2,260
  2,352
  2,450
  2,551
  2,658
  2,770
  2,887
Operating income, $m
  183
  176
  180
  185
  192
  200
  210
  221
  234
  249
  265
  297
  317
  338
  361
  386
  412
  441
  472
  505
  541
  578
  618
  661
  707
  755
  807
  861
  919
  981
  1,046
EBITDA, $m
  220
  207
  211
  216
  224
  233
  243
  255
  269
  284
  301
  320
  340
  362
  386
  412
  440
  470
  503
  537
  574
  613
  655
  699
  747
  797
  851
  907
  968
  1,031
  1,099
Interest expense (income), $m
  15
  119
  97
  101
  105
  110
  115
  121
  127
  134
  142
  150
  158
  167
  177
  187
  198
  209
  221
  234
  248
  262
  277
  293
  310
  328
  347
  366
  387
  409
  432
Earnings before tax, $m
  298
  57
  82
  84
  86
  90
  95
  100
  107
  115
  123
  148
  159
  171
  184
  199
  215
  232
  251
  271
  293
  316
  341
  368
  397
  427
  460
  495
  532
  572
  614
Tax expense, $m
  11
  15
  22
  23
  23
  24
  26
  27
  29
  31
  33
  40
  43
  46
  50
  54
  58
  63
  68
  73
  79
  85
  92
  99
  107
  115
  124
  134
  144
  154
  166
Net income, $m
  112
  42
  60
  61
  63
  66
  69
  73
  78
  84
  90
  108
  116
  125
  134
  145
  157
  169
  183
  198
  214
  231
  249
  269
  290
  312
  336
  361
  389
  418
  448

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  798
  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
  5,830
  5,139
  5,257
  5,392
  5,544
  5,712
  5,896
  6,097
  6,314
  6,548
  6,800
  7,068
  7,355
  7,661
  7,985
  8,330
  8,695
  9,081
  9,490
  9,922
  10,378
  10,859
  11,366
  11,901
  12,464
  13,057
  13,682
  14,340
  15,032
  15,760
  16,525
Adjusted assets (=assets-cash), $m
  5,032
  5,139
  5,257
  5,392
  5,544
  5,712
  5,896
  6,097
  6,314
  6,548
  6,800
  7,068
  7,355
  7,661
  7,985
  8,330
  8,695
  9,081
  9,490
  9,922
  10,378
  10,859
  11,366
  11,901
  12,464
  13,057
  13,682
  14,340
  15,032
  15,760
  16,525
Revenue / Adjusted assets
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
Average production assets, $m
  111
  114
  116
  119
  123
  126
  131
  135
  140
  145
  151
  156
  163
  170
  177
  184
  192
  201
  210
  220
  230
  240
  252
  263
  276
  289
  303
  317
  333
  349
  366
Working capital, $m
  0
  -815
  -833
  -855
  -879
  -905
  -935
  -966
  -1,001
  -1,038
  -1,078
  -1,120
  -1,166
  -1,214
  -1,266
  -1,320
  -1,378
  -1,439
  -1,504
  -1,573
  -1,645
  -1,721
  -1,802
  -1,886
  -1,976
  -2,070
  -2,169
  -2,273
  -2,383
  -2,498
  -2,619
Total debt, $m
  3,392
  2,779
  2,885
  3,007
  3,143
  3,294
  3,460
  3,641
  3,837
  4,047
  4,274
  4,516
  4,774
  5,049
  5,341
  5,651
  5,979
  6,327
  6,695
  7,084
  7,494
  7,927
  8,383
  8,865
  9,372
  9,906
  10,468
  11,060
  11,683
  12,338
  13,027
Total liabilities, $m
  5,238
  4,625
  4,731
  4,853
  4,989
  5,140
  5,306
  5,487
  5,683
  5,893
  6,120
  6,362
  6,620
  6,895
  7,187
  7,497
  7,825
  8,173
  8,541
  8,930
  9,340
  9,773
  10,229
  10,711
  11,218
  11,752
  12,314
  12,906
  13,529
  14,184
  14,873
Total equity, $m
  592
  514
  526
  539
  554
  571
  590
  610
  631
  655
  680
  707
  736
  766
  799
  833
  869
  908
  949
  992
  1,038
  1,086
  1,137
  1,190
  1,246
  1,306
  1,368
  1,434
  1,503
  1,576
  1,653
Total liabilities and equity, $m
  5,830
  5,139
  5,257
  5,392
  5,543
  5,711
  5,896
  6,097
  6,314
  6,548
  6,800
  7,069
  7,356
  7,661
  7,986
  8,330
  8,694
  9,081
  9,490
  9,922
  10,378
  10,859
  11,366
  11,901
  12,464
  13,058
  13,682
  14,340
  15,032
  15,760
  16,526
Debt-to-equity ratio
  5.730
  5.410
  5.490
  5.580
  5.670
  5.770
  5.870
  5.970
  6.080
  6.180
  6.290
  6.390
  6.490
  6.590
  6.690
  6.780
  6.880
  6.970
  7.050
  7.140
  7.220
  7.300
  7.380
  7.450
  7.520
  7.590
  7.650
  7.710
  7.770
  7.830
  7.880
Adjusted equity ratio
  -0.041
  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
  112
  42
  60
  61
  63
  66
  69
  73
  78
  84
  90
  108
  116
  125
  134
  145
  157
  169
  183
  198
  214
  231
  249
  269
  290
  312
  336
  361
  389
  418
  448
Depreciation, amort., depletion, $m
  37
  31
  31
  32
  32
  33
  33
  34
  35
  35
  36
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
Funds from operations, $m
  -1,530
  73
  91
  93
  95
  98
  102
  107
  113
  119
  126
  130
  139
  149
  160
  172
  185
  198
  213
  230
  247
  265
  285
  307
  330
  354
  380
  407
  437
  468
  501
Change in working capital, $m
  -904
  -16
  -19
  -21
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
Cash from operations, $m
  -626
  89
  110
  114
  119
  125
  132
  139
  147
  156
  166
  173
  185
  198
  212
  226
  242
  260
  278
  298
  319
  342
  366
  391
  419
  448
  479
  512
  546
  583
  623
Maintenance CAPEX, $m
  0
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
New CAPEX, $m
  -12
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
Cash from investing activities, $m
  -12
  -19
  -19
  -20
  -20
  -22
  -22
  -23
  -25
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -59
  -61
  -64
  -68
Free cash flow, $m
  -638
  70
  91
  94
  99
  104
  109
  116
  123
  131
  140
  145
  156
  167
  180
  193
  208
  223
  240
  258
  277
  298
  320
  343
  368
  395
  423
  453
  485
  519
  555
Issuance/(repayment) of debt, $m
  821
  -613
  106
  122
  137
  151
  166
  181
  196
  211
  226
  242
  258
  275
  292
  310
  329
  348
  368
  389
  410
  433
  457
  481
  507
  534
  562
  592
  623
  655
  689
Issuance/(repurchase) of shares, $m
  299
  678
  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  
  1,094
  65
  106
  122
  137
  151
  166
  181
  196
  211
  226
  242
  258
  275
  292
  310
  329
  348
  368
  389
  410
  433
  457
  481
  507
  534
  562
  592
  623
  655
  689
Total cash flow (excl. dividends), $m
  434
  135
  197
  216
  235
  255
  275
  296
  318
  341
  366
  387
  414
  442
  472
  503
  536
  571
  608
  647
  688
  731
  776
  824
  875
  929
  985
  1,045
  1,108
  1,174
  1,244
Retained Cash Flow (-), $m
  -322
  -720
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
Prev. year cash balance distribution, $m
 
  798
  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
 
  213
  186
  203
  220
  238
  257
  276
  297
  318
  341
  360
  385
  412
  439
  469
  500
  532
  567
  603
  642
  683
  726
  771
  819
  869
  923
  979
  1,039
  1,102
  1,168
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  193
  151
  147
  140
  132
  122
  112
  100
  89
  77
  65
  55
  45
  37
  29
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Ares Management, L.P. is an alternative asset manager. The Company offers its investors a range of investment strategies. It operates through three segments: Credit Group, Private Equity Group and Real Estate Group. The Credit Group segment manages credit strategies across the non-investment grade credit universe in the United States and Europe. It offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, credit opportunities, structured credit investments and the United States and European direct lending. The Credit Group provides solutions for traditional fixed income investors. The Private Equity Group segment categorizes its investment strategies as corporate private equity, the United States power and energy infrastructure and special situations. The Real Estate Group segment manages public and private equity and debt strategies. The Real Estate Group manages both a value-add strategy and an opportunistic strategy.

FINANCIAL RATIOS  of  Ares Management (ARES)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 1.6
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -3.1
Price to Free Cash Flow -3
Growth Rates
Sales Growth Rate 47.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.1%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 573%
Total Debt to Equity 573%
Interest Coverage 21
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 26%
Return On Equity - 3 Yr. Avg. 19.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29.2%
EBITDA Margin - 3 Yr. Avg. 62.6%
Operating Margin 15.3%
Oper. Margin - 3 Yr. Avg. 17.7%
Pre-Tax Margin 24.9%
Pre-Tax Margin - 3 Yr. Avg. 42.3%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 29%
Effective Tax Rate 3.7%
Eff/ Tax Rate - 3 Yr. Avg. 9.7%
Payout Ratio 190.2%

ARES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARES stock intrinsic value calculation we used $1199 million for the last fiscal year's total revenue generated by Ares Management. The default revenue input number comes from 2016 income statement of Ares Management. 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 ARES stock valuation model: a) initial revenue growth rate of 2% 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 10.3%, whose default value for ARES is calculated based on our internal credit rating of Ares Management, 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 Ares Management.
    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 ARES stock the variable cost ratio is equal to 55.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $362 million in the base year in the intrinsic value calculation for ARES 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 Ares Management.

Corporate tax rate of 27% is the nominal tax rate for Ares Management. 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 ARES 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 ARES are equal to 9.3%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Ares Management 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 ARES is equal to -66.6%. 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 - $592 million for Ares Management - 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 209 million for Ares Management 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 Ares Management at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ [$$] Private equity chiefs face partnership dilemma   [Feb-19-18 12:00AM  Financial Times]
▶ Ares Management beats 4Q profit forecasts   [06:42AM  Associated Press]
▶ Convergint Partners With Ares Management   [Feb-02-18 02:33PM  PR Newswire]
▶ How Blackstones Valuation Compares   [10:32AM  Market Realist]
▶ What to Expect from Blackstone in 4Q17   [12:35PM  Market Realist]
▶ What Led to Apollo Global Managements Higher Valuations?   [Jan-02-18 07:31AM  Market Realist]
▶ How Analysts View These Key Alternative Asset Managers Today   [Dec-15-17 07:30AM  Market Realist]
▶ How Apollos Valuation Stacks Up   [Nov-23-17 09:01AM  Market Realist]
▶ [$$] Ares Management Profit Growth Slows   [Nov-03-17 04:08PM  The Wall Street Journal]
▶ Ares Management beats 3Q profit forecasts   [07:35AM  Associated Press]
▶ How Wall Street Analysts Rated KKR after Its 3Q17 Results   [Nov-02-17 10:30AM  Market Realist]
▶ Ares CEO Ressler on Investment Opportunities, U.S. Banks   [Oct-24-17 01:24PM  Bloomberg Video]
▶ Alternative Asset Managers All Over the Place in Q3   [Oct-06-17 04:05PM  Barrons.com]
▶ Should You Sell Ares Management LP (ARES) At This PE Ratio?   [Oct-04-17 03:36PM  Simply Wall St.]
▶ Ares CEO Tony Ressler on Trump, Markets, Investing   [Sep-20-17 12:47PM  Bloomberg Video]
▶ How Wall Street Analysts View Alternative Asset Managers   [Aug-17-17 10:37AM  Market Realist]
▶ Ares Management meets 2Q profit forecasts   [Aug-04-17 09:42PM  Associated Press]
▶ [$$] LightBay, Founded by Former Ares Executives, Seeks $450 Million   [Aug-03-17 01:08PM  The Wall Street Journal]
▶ Ares Management Announces Pricing of $1.1 Billion CLO   [Jul-17-17 06:30AM  Business Wire]
Financial statements of ARES
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