KKR & Co. Inc. (KKR)

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
0P00000W6B.F	31	Vanguard Eurozone	24,890	7.41	7.41	7.97	7.97	103.11	99.22
0P00001QSE.F	32	Vanguard Japan Sto	24,890	7.68	7.68	8.26	8.26	106.83	102.80
BLK	33	BlackRock, Inc.	22,885	29.62	28.11	19.00	17.31	22.11	21.72
STT-PD	34	State Street Corpo	22,707	11.03	10.60	14.72	13.38	14.21	15.75
ATHS	35	Athene Holding Ltd	21,325	1.70	1.70	-3.09	-3.09	-	-1.63
AMP	36	Ameriprise Financi	18,494	13.05	11.37	34.52	41.34	8.63	6.11
SWISX	37	Schwab Capital Tru	18,461	-	-	-	-	-1.23	-1.21
KKR	38	KKR & Co. Inc.	16,723	49.25	41.64	11.00	8.97	49.80	270.79
BTBFX	39	Boston Trust Asset	14,707	-	-	2.32	2.32	3.13	3.43
INVE-A.ST	40	Investor AB (publ)	14,503	12.79	13.09	13.98	14.24	4.15	14.24
MF.PA	41	Wendel	14,040	14.39	14.39	4.73	4.90	10.65	5.90
AMUN.PA	42	Amundi S.A.	12,375	5.14	4.29	10.90	9.65	19.55	24.90
BX	43	Blackstone Inc.	12,287	75.69	59.01	33.68	25.56	37.32	25.50
FELTX	44	Fidelity Advisor S	11,789	-	-	-	-	-	1.44
FLCSX	45	Fidelity Large Cap	11,789	8.30	8.30	-	-	-	5.90
IHGIX	46	Hartford Dividend	10,979	51.10	57.23	22.42	18.97	15.44	18.63

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.66	9.45	10.90	9.65	14.21	14.24
Full Range Median Multiple	11.91	10.98	13.98	13.38	15.44	15.75
Industry Multiple	19.83	18.60	15.68	14.90	31.37	26.58
Market Implied Multiple	49.81	42.11	11.14	9.08	50.44	274.26
Company (KKR) Multiple	49.25	41.64	11.00	8.97	49.80	270.79
(*) Net Income / EBITDA / Revenue	2,350	2,780	9,287	11,391	2,051	377
Winsorized Enterprise Value	N/A	N/A	101,209	109,875	29,143	5,370
Full Range Median Enterprise Value	N/A	N/A	129,840	152,390	31,673	5,939
(-) Net Debt	-13,616	-13,616	-13,616	-13,616	-13,616	-13,616
Winsorized Equity Value	22,711	26,271	114,825	123,491	42,759	18,986
Full Range Median Equity Value	27,994	30,537	143,456	166,006	45,288	19,555
(/) Shares Outstanding	891	891	891	891	891	891
Winsorized Fair Value	$25.50	$29.49	$128.91	$138.64	$48.00	$21.31
Full Range Median Fair Value	$31.43	$34.28	$161.06	$186.37	$50.84	$21.95
Current Price	$131.42	$131.42	$131.42	$131.42	$131.42	$131.42
Upside / Downside	-80.60%	-77.56%	-1.91%	5.50%	-63.47%	-83.78%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$17.85	$20.65	$90.24	$97.05	$33.60	$14.92
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy