Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 114

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 114
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96 million (assuming a 10% discount to balance sheet investments), $6 million in net present value of net tax benefit (assuming a marginal tax rate of 25% and a discount rate of 10%) and $397 million in net debt, the analysis indicated Bridge’s overall sum-of-theparts valuation range of $338 million to $571 million with a mid-pointvaluation at $454 million. Under this analysis, the 2025 sum-of-the-partsvaluation for Bridge is $2.39 to $4.04 per share. Discounted Cash Flow Analysis J.P. Morgan conducted a sum-of-the-partsdiscounted cash flow analysis for the purpose of determining an implied equity value per share for Bridge Class A common stock based on information provided to J.P. Morgan by Bridge’s management and as directed by Bridge’s management. J.P. Morgan calculated the unlevered free cash flows, as of December 31, 2024, that Bridge’s FRE and PRE were forecasted to generate from calendar years 2025 through 2029, assuming a tax rate of 25% at the direction of Bridge’s management. J.P. Morgan also calculated a range of terminal asset values for Bridge at the end of the four-year-period by applying perpetual growth rates ranging from of 1.5% to 2.5%, at the direction of Bridge’s management, to estimates of the terminal unlevered free cash flows of each of FRE and PRE. The unlevered free cash flows and the range of terminal asset values were then discounted to present values, as of December 31, 2024, using a range of discount rates from 9.0% to 11.0% for Bridge, which ranges were chosen by J.P. Morgan based upon an analysis of the weighted average cost of capital of Bridge. After aggregating the discounted values for the FRE and PRE businesses, adding the aggregated value of balance sheet investments attributable to Bridge (assuming a 10% discount to balance sheet investments) of $96 million, 69

adding the net present value of net tax benefit and subtracting from each such aggregated value of Bridge’s net debt of $397 million as of December 31, 2024. J.P. Morgan’s
analysis then indicated a range of implied values per share of Bridge Class A common stock of approximately $5.93 to $9.33.

Miscellaneous

The
foregoing summary of certain material financial analyses does not purport to be a complete description of the analyses or data