Ares Management Corporation

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $836.2M trailing twelve-month free cash flow base (operating cash flow $912.1M less $76.0M capex); 12% FCF growth years 1-5, 7% years 6-10, reflecting management's double-digit AUM and fee-related-earnings growth guidance off record $36B quarterly fundraising; 9% discount rate; 4% terminal growth; approximately $1.65B of estimated corporate (non-fund-level) net debt subtracted, excluding non-recourse CLO/consolidated-fund debt; 330.3M shares outstanding.

Reasoning: Ares is a large, consistently profitable alternative asset manager with genuine free cash flow, so a standard FCF DCF is appropriate; net debt was limited to estimated corporate obligations because most of its reported $14.87B in debt sits at consolidated funds/CLOs and is non-recourse to parent shareholders.