DCF Tool

APO

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $433 billion as of September 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.
Analysis Results
Intrinsic Value $1,920.59
Latest Price $60.73
Relative Value 97% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 37.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 37.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 10.8 10.5
2023 14.7 14.1
2024 20.2 18.9
2025 27.7 25.3
2026 37.9 33.9
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 1140 billion. This corresponds to a present value of 994 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 103 billion. Adding in the terminal value gives a total present value of 1100 billion.

There are presently 571.0 million outstanding shares, so the intrinsic value per share is 1920.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 28,760,890,000
Current Cash 3,067,554,000
Current Liabilities 11,004,411,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,688,925,000
Change in NCWC 6,146,913,000
EBIT 1,976,458,000
Tax Provision 594,379,000
Depreciation and Amortization 27,330,000
Capital Expenditure -64,738,000
Unlevered Free Cash Flow 7,844,354,828
Current Assets 22,152,175,000
Current Cash 3,265,808,000
Current Liabilities 10,344,355,000
Current Debt 0
Non-Cash Working Capital (NCWC) 8,542,012,000
Change in NCWC 5,532,026,000
EBIT 909,294,000
Tax Provision 86,966,000
Depreciation and Amortization 18,828,000
Capital Expenditure -59,562,000
Unlevered Free Cash Flow 6,257,786,737
Current Assets 7,519,503,000
Current Cash 2,155,918,000
Current Liabilities 2,353,599,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,009,986,000
Change in NCWC 571,380,000
EBIT 1,338,938,000
Tax Provision -128,994,000
Depreciation and Amortization 15,758,000
Capital Expenditure -39,495,000
Unlevered Free Cash Flow 1,886,581,000
Current Assets 5,479,551,000
Current Cash 1,052,350,000
Current Liabilities 1,988,595,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,438,606,000
Change in NCWC -383,990,000
EBIT 249,500,000
Tax Provision 86,021,000
Depreciation and Amortization 15,233,000
Capital Expenditure -14,741,000
Unlevered Free Cash Flow -337,872,149
Current Assets 6,473,275,000
Current Cash 1,208,834,000
Current Liabilities 2,441,845,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,822,596,000
Change in NCWC 1,073,401,000
EBIT 1,464,627,000
Tax Provision 325,945,000
Depreciation and Amortization 18,379,000
Capital Expenditure -8,529,000
Unlevered Free Cash Flow 2,278,103,947
Current Assets 4,864,108,000
Current Cash 854,982,000
Current Liabilities 2,259,931,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,749,195,000
Change in NCWC 749,649,000
EBIT 951,126,000
Tax Provision 90,707,000
Depreciation and Amortization 18,735,000
Capital Expenditure -6,356,000
Unlevered Free Cash Flow 1,631,841,419
Current Assets 3,689,864,000
Current Cash 674,115,000
Current Liabilities 2,016,203,000
Current Debt 0
Non-Cash Working Capital (NCWC) 999,546,000
Change in NCWC -2,972,181,000
EBIT 255,621,000
Tax Provision 26,733,000
Depreciation and Amortization 44,474,000
Capital Expenditure -6,203,000
Unlevered Free Cash Flow -2,696,404,082
Current Assets 21,708,877,000
Current Cash 2,294,615,000
Current Liabilities 15,442,535,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,971,727,000
Change in NCWC -424,819,000
EBIT 630,517,000
Tax Provision 147,245,000
Depreciation and Amortization 45,069,000
Capital Expenditure -5,949,000
Unlevered Free Cash Flow 138,976,722
Current Assets 20,959,392,000
Current Cash 2,174,707,000
Current Liabilities 14,388,139,000
Current Debt 0
Non-Cash Working Capital (NCWC) 4,396,546,000
Change in NCWC 1,411,100,000
EBIT 1,943,010,000
Tax Provision 107,569,000
Depreciation and Amortization 54,241,000
Capital Expenditure -7,577,000
Unlevered Free Cash Flow 3,316,549,806
Current Assets 19,151,157,000
Current Cash 2,630,147,000
Current Liabilities 13,535,564,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,985,446,000
Change in NCWC 1,521,268,000
EBIT 951,085,000
Tax Provision 65,410,000
Depreciation and Amortization 53,236,000
Capital Expenditure -11,259,000
Unlevered Free Cash Flow 2,494,239,793

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