The document is an investment thesis and outlook for Apollo, a leading alternative asset management firm. It discusses the firm's position in the market, its fund realization cycle, and distributable earnings (DE). The valuation is based on DE rather than economic net income (ENI), with a target price (PT) of $31 and a total return of 6% over the next 12 months. Risks include economic slowdown, market corrections, and regulatory changes. Upside risks include stronger investment returns and organic growth.
doj/DataSet10/EFTA01452595.pdf
{"title":"Alternative Asset Manager Initiation","document_date":"2014-01-28","document_type":"financial","key_organizations":["Apollo","Athene","Aviva","Deutsche Bank Securities Inc."],"reference_numbers":["DB-SDNY-0109720","SDNY_GM_00255904","EFTA01452595"]}