The Carlyle Group Inc. (CG)

Industry: Asset Management Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
012630.KS	69	HDC HOLDINGS CO.,L	4,692	3.45	2.90	4.67	3.78	5.64	6.63
138040.KS	70	Meritz Financial G	4,397	8.59	6.26	11.86	10.03	10.97	10.12
BCSSX	71	Brown Capital Mana	4,336	-	-	2.40	2.05	2.21	2.37
FMIJX	72	FMI International	4,282	19.90	19.89	11.92	11.73	15.36	19.87
FMIYX	73	FMI International	4,282	-	-	4.58	4.50	5.90	7.63
FHLKX	74	Fidelity Health Sa	4,240	-	-	1.07	1.00	2.59	1.94
ABDN.L	75	Abrdn Plc	3,841	5.28	5.61	3.82	5.32	1.75	4.29
CG	76	The Carlyle Group	3,691	34.13	34.13	27.74	27.74	93.19	33.22
ACSLX	77	American Century S	3,666	-	-	2.40	2.04	1.89	2.11
IPOBU	78	Social Capital Hed	3,635	-	-	-	-	-	-
IPOCU	79	Social Capital Hed	3,635	-	-	-	-	-	-
EMG.L	80	Man Group Limited	3,611	5.38	5.28	4.01	4.01	3.32	4.10
2799.HK	81	China CITIC Financ	3,565	4.86	4.89	31.68	31.68	6.96	22.79
JHG	82	Janus Henderson Gr	3,562	12.84	8.93	8.07	6.22	9.10	6.00
STOR-B.ST	83	Storskogen Group A	3,544	15.25	12.75	7.12	5.49	12.87	8.68
0QKE.L	84	Vontobel Holding A	3,517	8.92	8.25	2.18	1.46	4.98	2.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.38	5.61	4.01	4.01	4.98	4.29
Full Range Median Multiple	8.59	6.26	4.58	4.50	5.64	6.00
Industry Multiple	9.39	8.31	7.37	6.87	6.43	7.62
Market Implied Multiple	35.72	35.72	28.65	28.65	96.25	34.31
Company (CG) Multiple	34.13	34.13	27.74	27.74	93.19	33.22
(*) Net Income / EBITDA / Revenue	662	662	1,153	1,153	343	963
Winsorized Enterprise Value	N/A	N/A	4,621	4,621	1,710	4,134
Full Range Median Enterprise Value	N/A	N/A	5,277	5,192	1,936	5,780
(-) Net Debt	9,404	9,404	9,404	9,404	9,404	9,404
Winsorized Equity Value	3,561	3,711	-4,784	-4,784	-7,695	-5,270
Full Range Median Equity Value	5,684	4,144	-4,128	-4,212	-7,468	-3,624
(/) Shares Outstanding	360	360	360	360	360	360
Winsorized Fair Value	$9.89	$10.31	$-13.28	$-13.28	$-21.37	$-14.63
Full Range Median Fair Value	$15.78	$11.51	$-11.46	$-11.70	$-20.74	$-10.06
Current Price	$65.62	$65.62	$65.62	$65.62	$65.62	$65.62
Upside / Downside	-84.93%	-84.29%	-120.24%	-120.24%	-132.56%	-122.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.92	$7.21	$-9.30	$-9.30	$-14.96	$-10.24
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy