Opinions
Brendan Caldwell
Ares Management
ARES-N
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Oct 02, 2023
$103.050
Stock price when the opinion was issued
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Investment management business very strong - high margins are nature of business. Arranging private debt offerings which are much less competitive. Potentially a very strong growth area. Large banks have left niche for new entrants. Lots of room for growth for the long term investors.
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They mainly do private credit on a floating rate basis, so they benefit when interest rates rise (which he expects), and they do some private equity. Nearing $400 billing in assets. Most revenues come from investment management fees instead of performance fees. As banks shed too-risky assets, they overcorrect, so ARES is in a good position to pick up that credit lending. Also, they benefit after the US regional bank meltdown to fill that void in lending.
(Analysts’ price target is $110.62)