DDM Analysis: APO

Valuation Snapshot

Stable Growth	$115.18 - $221.09	$157.61
Multi-Stage	$88.59 - $96.64	$92.55
Blended Fair Value	$125.08
Current Price	$133.27
Upside	-6.15%
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	$115.18	$157.61	$221.09
Upside / Downside	-13.57%	18.26%	65.89%

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)	1,615.69	1,631.00	1,646.32
Year 2 PV (M)	2,019.83	2,058.30	2,097.14
Year 3 PV (M)	2,382.62	2,451.01	2,520.71
Year 4 PV (M)	2,707.03	2,811.13	2,918.21
Year 5 PV (M)	2,995.86	3,140.57	3,290.81
PV of Terminal Value (M)	41,301.21	43,296.08	45,367.29
Equity Value (M)	53,022.24	55,388.09	57,840.47
Shares Outstanding (M)	598.50	598.50	598.50
Fair Value	$88.59	$92.55	$96.64
Upside / Downside	-33.52%	-30.56%	-27.48%

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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

High-Yield Dividend Screener