DDM Analysis: APO

Valuation Snapshot

Stable Growth	$115.21 - $221.17	$157.66
Multi-Stage	$88.61 - $96.66	$92.56
Blended Fair Value	$125.11
Current Price	$133.27
Upside	-6.12%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.20%	-1.01%	1.82	1.69	1.61	0.86	0.92	0.73	0.68	0.61	0.40	0.59
YoY Growth	-	-	7.91%	5.20%	86.07%	-6.00%	26.36%	6.98%	10.95%	53.36%	-32.54%	-70.69%
Dividend Yield	-	-	1.33%	1.50%	2.54%	1.39%	1.95%	2.17%	2.37%	2.06%	1.64%	3.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,230.00
(-) Cash Dividends Paid (M)	1,167.00
(=) Cash Retained (M)	3,063.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	846.00	528.75	317.25
Cash Retained (M)	3,063.00	3,063.00	3,063.00
(-) Cash Required (M)	-846.00	-528.75	-317.25
(=) Excess Retained (M)	2,217.00	2,534.25	2,745.75
(/) Shares Outstanding (M)	598.50	598.50	598.50
(=) Excess Retained per Share	3.70	4.23	4.59
LTM Dividend per Share	1.95	1.95	1.95
(+) Excess Retained per Share	3.70	4.23	4.59
(=) Adjusted Dividend	5.65	6.18	6.54
WACC / Discount Rate	10.68%	10.68%	10.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$115.21	$157.66	$221.17
Upside / Downside	-13.55%	18.30%	65.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,230.00	4,504.95	4,797.77	5,109.63	5,441.75	5,795.47	5,969.33
Payout Ratio	27.59%	40.07%	52.55%	65.04%	77.52%	90.00%	92.50%
Projected Dividends (M)	1,167.00	1,805.18	2,521.38	3,323.07	4,218.32	5,215.92	5,521.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.68%	10.68%	10.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,615.71	1,631.02	1,646.34
Year 2 PV (M)	2,019.88	2,058.35	2,097.19
Year 3 PV (M)	2,382.70	2,451.10	2,520.79
Year 4 PV (M)	2,707.15	2,811.26	2,918.35
Year 5 PV (M)	2,996.04	3,140.75	3,290.99
PV of Terminal Value (M)	41,310.38	43,305.69	45,377.36
Equity Value (M)	53,031.85	55,398.16	57,851.01
Shares Outstanding (M)	598.50	598.50	598.50
Fair Value	$88.61	$92.56	$96.66
Upside / Downside	-33.51%	-30.55%	-27.47%

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Apollo Global Management, Inc. (APO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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