Report
Stephen Ellis
EUR 101.80 For Business Accounts Only

Strength in emerging markets differentiates Carlyle from its peers.

After a disappointing 2016, we’re looking forward to improved results from Carlyle this year, as many of its legacy issues are behind the firm. We plan to maintain our $19 fair value estimate and narrow moat rating. The high-profile struggles with its hedge funds business and energy continued to be painful, as the firm incurred $175 million in charges relating to losses within Vermillion for the misappropriation of petroleum commodities by third parties outside of the U.S. from Vermillion invest...
Underlying
Carlyle Group Inc

Carlyle Group is an asset management firm. The company segments are: Corporate Private Equity, which advises its buyout and growth capital funds that pursue a variety of corporate investments; Real Assets, which advises its carry funds focused on real estate, infrastructure and energy and natural resources; Global Credit, which advises a group of funds that pursue investment strategies including loans and structured credit, direct lending, opportunistic credit, energy credit, distressed credit, and aircraft financing and servicing; Investment Solutions, which advises global private equity and real estate fund of funds programs and related co-investment and secondary activities across fund vehicles.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Stephen Ellis

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