KKR & Co Inc Updating estimates; remain OW

研报英文原文证据摘录

KKR & Co Inc Updating estimates; remain OW

J P M O R G A N North America Equity Research

12 May 2026

KKR & Co Inc Overweight

KKR, KKR US

Updating estimates; remain OW Price (11 May 26):$99.46

Following last week’s 1Q26 results (see our note here), and the release of the 10Q, Brokers, Asset Managers &

we update our model. Our 2Q26 ANI estimate is little changed at $1.29ps, down Exchanges

from $1.31ps, but we also reduce estimates in 3Q26 and 4Q26, to $1.51ps and Christopher Brown AC

$1.81ps, down from $1.54ps and $1.86ps respectively as we retain a fairly cautious (44-20) 7134-4722

outlook for monetizations, despite the $1.2bn in the pipeline, though it is not clear christopher.brown@jpmorgan.com

how this will be split between 2Q/3Q/4Q at this stage. Despite these small cuts, our Adam Kelly, CFA

FY26 ANI estimate is up from $5.97ps to $6.00ps (vs KKR target from 2024 of (44-20) 7742-9526

adam.kelly@jpmorgan.com

$7.00-$8.00) on account of the strong beat in 1Q, though some of the monetization J.P. Morgan Securities plc

beat will have been brought forward from 2Q26, while we treat the lower tax charge

as a one-off. KKR implied on the call that it was likely to miss its FY26 ANI target

of $7.00+, which is highly dependent on monetizations, noting these may be J.P. Morgan Cazenove is acting as

pushed back, and clearly there is upside to our estimates if these turn out better than corporate broker and financial adviser to

expected. Management was keen to reiterate confidence in achieving valuations in DCC plc in connection with an indicative

those monetizations and they view the main area of uncertainty as timing. cash proposal (the "Proposal") from

Management also have confidence on fundraising targets. KKR had previously

Energy Capital Partners, LLC and