Tag Archives: KKR

KKR & Co (KKR), mcap=$47bn, price $55.3 vs $55.8

Alternative asset manager with a strong track record in both (1) fundraising/business building and (2) investment returns. KKR value is based on fee-related earnings (and in turn AUM) which is non-cyclical and has grown at high rates. AUM compounded 22% from 2004-2020 with fee-related earnings expected to continue growing at high teens. Cheap on adjusted fee-related earnings multiple relative to peers, having underperformed BX and others by a significant margin.