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Dec. 10, 2015, 10:26 AM
- Outliers to the upside in private-equity today are KKR (KKR +3.8%) and Apollo Global (APO +3.9%) as Jefferies initiates coverage on three of the battered sector's names.
- KKR is started with a Buy and $20 price target - 27% upside to last night's close. Apollo is started with a Buy and $19 PT - 25% upside to last night's close.
- The Carlyle Group (CG +0.7%) is initiated with a Hold and $19 price target.
Nov. 2, 2015, 3:14 PM
- Leading the way higher for the roughed-up sector are alternative players like Och-Ziff Capital (OZM +10.1%) and KKR (KKR +9.3%). There's also Blackstone (BX +4.3%), Fortress (FIG +3.2%), Oaktree (OAK +4.2%), and Carlyle Group (CG +7.4%).
- Traditional names like Manning and Napier (MN +11.7%), Affiliated (AMG +2.6%), Waddell & Reed (WDR +2.7%), Virtus Investment (VRTS +3.7%), and Legg Mason (LM +2.3%).
- Many of these names have reported Q3 already, and the results have mostly disappointed. On tap for tomorrow is Och-Ziff.
Oct. 28, 2015, 9:12 AM
Oct. 28, 2015, 7:38 AM
- Q3 economic net loss of $286M or $0.37 per unit vs. a profit of $508.7M or $0.50 one year ago. Distributable earnings of $349.1M or $0.35 per unit vs. $504.8M and $0.45.
- The company moves to a fixed distribution policy, with the payout to be $0.16 per quarter beginning for Q4 (Q3 payout is $0.35). This would be an annualized yield of 3.6%. Previous policy had KKR paying out 75-80% of distributable earnings.
- As part of the new capital management strategy, a $500M buyback program is launched, good for about 6% of the float at last night's regular session close. It appears to be the first-ever buyback from a publicly-traded P-E firm.
- Shares -6.1% premarket
- Previously: KKR misses by $0.07, misses on revenue (Oct. 27)
Oct. 15, 2015, 10:29 AM
- After a disappointing IPO which priced at the bottom of its expected $16-$17 range (which had been cut from $18-$20), First Data (NYSE:FDC) is at $15.75 in early action.
- At $16 per share, First Data's market value is about $14B vs. the near-$30B KKR paid for it in 2007.
- Nevertheless, the $2.56B raise is 2015's largest IPO.
- Payment processing upstart/competitor Square filed for its own IPO yesterday.
- Previously: First Data prices IPO at $16 (Oct. 14)
- Previously: First Data reportedly cutting IPO price range (Oct. 14)
Aug. 14, 2015, 6:20 PM
- KKR -6.1% AH after Dow Jones reports Samson Resources plans to file for chapter 11 bankruptcy by mid-September after finalizing a restructuring plan with key creditors today.
- The move would wipe out the ~$4.1B investment of KKR and its partners, which led a $7.2B leveraged buyout of Samson in 2011 in the biggest-ever such deal for an oil and gas producer.
- Samson, which is primarily a natural gas producer, has lost more than $4.5B since the buyout, including a $490M loss during Q1, the most recent period for which it has reported results.
Jul. 23, 2015, 8:21 AM
- Q2 economic net income of $839.9M vs. $501.6M a year ago. ENI after taxes per share of $0.88 vs. $0.57.
- Distributable earnings of $491.M or $0.42 per share vs. $701M and $0.67 one year ago.
- AUM of $101.6B; Fee-paying AUM of $83.7B.
- Private Markets segment revenue of $1B vs. $642.9M a year ago. Fair value of P-E portfolio up 7.4% for the quarter, up 11.8% in H1. ENI of $666.2M vs. $376.2M.
- Public Markets segment revenue of $188.2M vs. $157.2M a year ago. ENI of $136.6M vs. $105.6M. Strong gains were seen across a number of the company's public holdings, including HCA which gained 21% for the quarter.
- Conference call at 10 ET
- KKR +1.7% premarket
Jun. 15, 2015, 6:34 PM
- Coty (NYSE:COTY) +7.5% AH after the NY Post reports it has acquired three beauty products and fragrance lines from Procter & Gamble (NYSE:PG) for as much as $12B combined.
- The businesses are believed to include PG's Max Factor, CoverGirl and Wella hair care brands, and would catapult Coty into the big leagues in the consumer space.
- Other bidders reportedly had included Henkel (OTCPK:HENKY) and P-E firms KKR, Clayton Dubilier & Rice and Warburg Pincus.
Feb. 10, 2015, 9:16 AM
Feb. 10, 2015, 8:43 AM
- Q4 economic net income of $86.6M down from $786.6M one year ago. ENI after taxes per unit of $0.05 vs. $1.04 a year ago.
- Private Markets revenue fell to $283.4M in Q4 from $1.013.7B a year ago, mostly thanks to markdowns on the company's energy investments. The portfolio appreciated 2.7% during the Q, but energy holdings were marked to about $0.76 on the dollar vs. $1.14 at the end of Q3.
- The dividend is cut to $0.35 per unit vs. a recent $0.45.
- Conference call at 10 ET
- Previously: KKR misses by $0.40, misses on revenue (Feb. 10)
- KKR -4.9% premarket
Jan. 6, 2015, 2:38 PM
- One of today's worst-performing sectors as oil tumbles below $48 per barrel is private-equity. It was late last year Blackstone's Steven Schwarzman told investors he was itching to buy into the dive in energy, a promise he made good on in the first session of this year. In general one would think the plunge is a good thing for the opportunistic types who manage these companies.
- In late December, it was estimated buyout firms had lost a combined $11.7B in 27 publicly traded oil producers since June, and that was with oil nearly $10 higher than it is today.
- ETFs: PSP, PEX
- Other individual names: KKR (KKR -2.1%), Fortress Investment (FIG -2.7%), Apollo Global (APO -3.5%), Oaktree (OAK -3.9%), The Carlyle Group (CG -2.8%), Ares Management (ARES -1.8%).
Dec. 4, 2014, 10:19 AM
- In private-equity, Blackstone (BX +1.4%) and KKR & Co. (KKR +0.9%) post gains after being initiated with Overweight ratings, while Carlyle Group (CG -1%) and Oaktree Capital (OAK -0.5%) are started at Equal Weight.
- Moving onto traditional asset managers, Invesco (IVZ -0.5%) is rated Overweight, while T. Rowe Price (TROW -0.3%), Legg Mason (LM -1.5%), Franklin Resources (BEN -0.9%), and BlackRock (BLK -0.2%) are all started at Equal Weight.
Oct. 23, 2014, 8:37 AM
- Economic net income of $508.7M vs. $613.7M one year ago. ENI after taxes per unit of $0.50 vs. $0.80.
- Distributable earnings of $504.8M vs. $251.1M a year ago thanks to fast pace of realizations. Distribution per unit of $0.45 vs. $0.23.
- Private Markets AUM of $59.2B. Segment revenues of $631.6M vs. $788.5M a year ago. ENI of $399M vs. $531.8M. Lower investment income and a lower level of appreciation (up 2.2% for the Q) in the portfolio drove the declines.
- Public Markets AUM of $37B. Segment revenues of $93.6M vs. $83.5M a year ago thanks to higher management fees reflecting new capital raised. ENI of $48.1M vs. $37.6M.
- Capital Market revenues of $93.4M vs. $58M a year ago thanks to a greater level of deals. ENI of $61.6M vs. $44.4M.
- ROE of 24.7% during quarter.
- Conference call at 10 ET
- Previously: KKR beats by $0.06, beats on revenue
- KKR +3% premarket
May 22, 2014, 10:09 AM
- In response to inquiries from the WSJ, KKR (KKR -2.8%) says it erroneously listed in-house consulting unit KKR Capstone as a subsidiary in its 2011 annual report. Additionally, several KKR-controlled public companies wrongly described Capstone as a KKR "affiliate" in regulatory filings, and statements on investor calls identifying Capstone's lead executive as a KKR partner were "technically incorrect."
- The admissions raise a ticklish legal issue as KKR is required to share with investors in its largest buyout fund 80% of any "consulting fees" earned by any KKR affiliate. Capstone has earned the bulk of about $170M in consulting fees reported by KKR over the past three years, but the P-E firm says the unit is owned by Capstone management, not KKR. As Capstone isn't an affiliate, according to KKR, it's consulting fees don't have to be shared with investors.
- This fee-sharing issue is being raised as the SEC ramps up its own probe of fees and disclosures in the P-E industry.
Apr. 24, 2014, 12:03 PM
- KKR Financial (KFN +3.2%) reported Q1 earnings yesterday after the bell, but the stock is ahead because of a 3%-plus gain at KKR which reported its results earlier this morning.
- Previously: Surging markets boost KKR
- Previously: KKR Financial Holdings LLC misses by $0.02
- KKR expects its acquisition of KKR Financial to close sometime this quarter. KFN owners will receive 0.51 shares of KKR for each share of KFN they own.
Apr. 24, 2014, 8:31 AM
- Economic net income of $630.3M falls from $647.7M one year ago, but distributable earnings of $446.8M are up 54% Y/Y as buoyant stock markets made it a good time to harvest. IPOs in Q1: Pets at Home, Santander Consumer USA. Share sales in companies already public: Jazz Pharma and Nielsen. Realized carried interest of $168.8M nearly doubles from last year's $88.1M.
- The carrying value of the P-E portfolio rose 4.5% in Q1 vs. 5.9% one year ago (Blackstone's rose 7% in 2014 Q1).
- CC at 10 ET
- KKR +1.1% premarket
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