The document discusses the valuation of alternative asset managers (Alts) and suggests a shift from traditional asset manager P/E valuation to a longer-term 'distributable earnings' (DE) approach. It predicts a median 12-13x P/E on 2015 DE forecasts, implying significant price appreciation and total return. The memo highlights positive cyclical and secular themes for Alts, including increased cash distributions, healthy asset growth rates, and rising global allocations to alternative assets.
doj/DataSet10/EFTA01452620.pdf
{"title":"Valuations still attractive as debate on valuing the Alis continues","key_people":["Tazia Smith"],"document_type":"correspondence","key_locations":["New York, NY"],"document_subtype":"memo","key_organizations":["Deutsche Bank Securities Inc","Deutsche Asset & Wealth Management"],"reference_numbers":["DB-SDNY-0109767","SDNY_GM_00255951","EFTA01452620"]}