Terminal value debates vs. (mostly) strong EPS growth trajectory across the group

Research evidence excerpt

Terminal value debates vs. (mostly) strong EPS growth trajectory across the group

Equity Research

29 June 2026 | 4:52PM EDT

AMERICAS CAPITAL MARKETS

Terminal value debates vs. (mostly) strong EPS growth trajectory across

the group

Capital Markets stocks continue to see significant share price dislocations Alexander Blostein, CFA

+1(212)357-9976 |

driven by variety of “terminal value” debates across sub-sectors. These range alexander.blostein@gs.com

Goldman Sachs & Co. LLC

from AI/Cash Sweep revenue risks for Wealth Brokers to implications of

Aditya Sharma, CFAtokenization/perps for Exchanges to doubts about durability of Retail/Wealth +1(212)934-9869 |

growth runway for the Alts, with lingering concerns around the future of Private aditya.x.sharma@gs.comGoldman Sachs India SPL

Equity amid limited monetizations. As a result, many stocks trade well below Michael Vinci

historical multiples - with Alts, Exchanges, and Wealth Brokers at the widest +1(212)357-8239michael.vinci@gs.com|

discounts to history in the 15%-20% range. Meanwhile, there is plenty to like on Goldman Sachs & Co. LLC

Corbinthe fundamental front, including robust levels of trading activity (particularly in the Anthony | +1(212)357-7512

retail channel), near record flows for Traditional Managers (fixed income, passive and anthony.corbin@gs.com Goldman Sachs & Co. LLC

active ETFs, tax-advantaged products), upside from higher rates trajectory for the

Vaasu Gupta

Brokers and Trust Banks, and signs of improving Retail Alts flows in June outside of +1(332)245-7522 |

vaasu.x.gupta@gs.com

Credit, with stable to improving capital markets / monetization activity at several Goldman Sachs India SPL

Managers. We find Wealth Managers as most dislocated relative to fundamentals