Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
KKR’s Fundraising Stays Strong—But Market Uncertainty Tests Asset Managers ! Assessing capital deployment drivers, earnings durability, and the challenges ahead for U.S. asset managers!
KKR closed 2024 with record Fee-Related Earnings (FRE) per share of $3.66 (+37% YoY) and Adjusted Net Income (ANI) per share of $4.70 (+38% YoY), underpinned by strong asset management fee growth, robust capital deployment, and a multi-year shift toward scalable, recurring revenue streams. The firm raised $114B in new capital, second only to its 2021 peak, with private credit and infrastructure leading inflows as institutional investors continued allocating to alternative assets. Fourth-quarter results showed solid momentum, with FRE up 24% YoY to $843M, a 67% margin, and adjusted EPS of $1.32 beating by $0.04. However, while deployment surged to $22.6B, capital raised declined YoY to $26.7B from $31.4B, signaling a potential slowdown in fundraising amid uncertain macro conditions. With $109.6B in dry powder, KKR remains well-positioned to capitalize on market dislocations, but economic uncertainty, equity volatility, and shifting monetary policy could challenge near-term fee-related earnings growth. The upcoming Capital Group partnership and growing retail AUM ($100B, +43% YoY) offer incremental fundraising visibility, yet investor sentiment hinges on the sustainability of its earnings expansion. Can KKR sustain its fee-driven momentum and capitalize on alternative asset tailwinds, or will macro-driven dislocations weigh on fundraising and deployment?
