Carlyle Group Inc. (CG)

Investment Advice

Latest Price

$46.02

TTM P/E

31.52

Normalized P/E

23.03

Div Yield

3.04%

Book Value

20.53

P/B Ratio

2.24

Valuation metrics

EPS: $2.18

Book value / share: $19.75

Formula: √(22.5 × EPS × BVPS)

Graham Number

$31.12

32% downside

Norm. op. income: $1.3B (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$34.92

24% downside

Base FCF: $944M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$50.55

+10% upside

EPS: $2.18

Target P/E: 23×

Formula: EPS × P/E

P/E Fair Value

$50.14

+9% upside

60.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	31.02M	$1.50B	8.62%	+328.0K	2026-03-31
Capital World Investors	17.83M	$862.0M	4.95%	-2.14M	2026-03-31
HARRIS ASSOCIATES L P	16.58M	$802.0M	4.61%	+1.39M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	11.82M	$571.0M	3.28%	--	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	11.39M	$551.0M	3.17%	--	2026-03-31
MORGAN STANLEY	10.17M	$492.0M	2.83%	-17.5K	2026-03-31
STATE STREET CORP	9.68M	$468.0M	2.69%	+135.8K	2026-03-31
MILLENNIUM MANAGEMENT LLC	8.25M	$399.0M	2.29%	-993.3K	2026-03-31
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	7.65M	$372.0M	2.13%	-86.3K	2026-03-31
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	6.30M	$304.0M	1.75%	-830.8K	2026-03-31