TPG Valuation

 

Texas Pacific Group or TPG, the global private equity, real estate and private markets giant is listed on Nasdaq with 21.55 billion USD market capitalization.

TPG is undervalued according to Wolfteam Ltd.'s projections and estimates.

TPG's intrinsic worth is 34 billion USD, in Wolfteam Ltd.'s view.

TPG pays a hefty 3.53 % dividend yield. TPG's Price/Earnings ratio is very high at 931.99, but this is due mainly to TPG focusing on growth in the last two years.  

Here is TPG's income statement:

TPG has 246 billion USD assets under management, up 11% in the last twelve months and 141 Fee Earning Assets Under Management, up 3 % over the same period

($ in thousands, except share and per share amounts) 4Q’23 4Q’24 FY’23 FY’24
Revenues
Fees and other $ 529,903 $ 527,248 $ 1,534,626 $ 2,087,076
Capital allocation-based income (loss) 453,234 549,166 855,285 1,413,006
Total revenues 983,137 1,076,414 2,389,911 3,500,082
Expenses
Compensation and benefits:
Cash-based compensation and benefits 188,099 231,865 547,377 835,328
Equity-based compensation 205,813 308,457 654,922 1,006,312
Performance allocation compensation 319,028 376,229 591,676 930,053
Total compensation and benefits 712,940 916,551 1,793,975 2,771,693
General, administrative and other 171,561 120,655 482,574 583,733
Depreciation and amortization 23,446 37,942 47,673 135,386
Interest expense 14,800 23,098 38,528 87,511
Expenses of consolidated Public SPACs — — 1,053 —
Total expenses 922,747 1,098,246 2,363,803 3,578,323
Investment income (loss)
Net gains (losses) from investment activities (4,895) 1,007 6,564 (29,326)
Interest, dividends and other 13,674 43,353 42,622 82,743
Investment and other income of consolidated Public SPACs — — 8,359 —
Total investment income (loss) 8,779 44,360 57,545 53,417
Income (loss) before income taxes 69,169 22,528 83,653 (24,824)
Income tax expense 26,757 11,434 60,268 52,091
Net income (loss)(1) 42,412 11,094 23,385 (76,915)
Net income (loss) attributable to redeemable equity in Public SPACs — — 12,044 —
Net income (loss) attributable to non-controlling interests in TPG Operating Group 7,943 (30,095) (92,411) (175,927)
Net income (loss) attributable to other non-controlling interests 21,296 28,209 23,662 75,529
Net income (loss) attributable to TPG Inc. $ 13,173 $ 12,980 $ 80,090 $ 23,483
Net income (loss) per share data:
Net income (loss) available to Class A common stock per share
Basic $ 0.16 $ 0.04 $ 0.89 $ 0.00
Diluted $ 0.04 $ (0.06) $ (0.04) $ (0.42)
Weighted-average shares of Class A common stock outstanding
Basic 80,665,902 106,612,378 80,334,871 100,219,905
Diluted 343,887,011 364,946,593 317,944,496 364,725,579