Apollo Reports Strong Fourth Quarter; We Plan to Boost Fair Value Estimate

Narrow-moat Apollo reported a strong fourth quarter, and we plan to boost our $18 fair value estimate about 10% to reflect an improving industry environment. With the potential for lower taxes, reduced regulation, and more aggressive growth policies under the new administration, we see the opportunity for more lucrative and faster exits, higher investment returns, investment activity, and the potential for an attractive C-corp conversion from a limited partner for Apollo.