APO · NYQ · Financial Services
Apollo Global Management, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 116.78
Market price
USD 119.46
Implied upside
-2.2%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 26.1%
- Payout
- 36%
- Cost of equity
- 10.53%
- Return on equity by the final year
- 20.0%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 21.9bn | USD 25.3bn | USD 28.8bn | USD 32.4bn | USD 35.9bn | USD 39.4bn | USD 42.6bn | USD 45.5bn | USD 47.9bn | USD 49.8bn |
| Return on equity | 25.5% | 24.9% | 24.3% | 23.6% | 23.0% | 22.4% | 21.8% | 21.2% | 20.6% | 20.0% |
| Excess return | USD 3.3bn | USD 3.6bn | USD 4.0bn | USD 4.2bn | USD 4.5bn | USD 4.7bn | USD 4.8bn | USD 4.9bn | USD 4.8bn | USD 4.7bn |
| Present value | USD 3.0bn | USD 3.0bn | USD 2.9bn | USD 2.8bn | USD 2.7bn | USD 2.6bn | USD 2.4bn | USD 2.2bn | USD 2.0bn | USD 1.7bn |
| Book equity | USD 21.9bn |
| Present value of excess returns | USD 25.3bn |
| Terminal, growing at 2.50% | USD 22.1bn |
| Equity value | USD 69.3bn |
| Per share | USD 116.78 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.332 | Reported 1.495, pulled toward 1.0 (Blume) |
| Cost of equity | 10.53% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.