PS: Not a Typical Asset Manager, Not a Typical Valuation; Initiating at Equal Weight

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PS: Not a Typical Asset Manager, Not a Typical Valuation; Initiating at Equal Weight

Equity Research

Initiation of Coverage — May 26, 2026

Asset Managers, Brokers & Exchanges

Pershing Square Inc.

Not a Typical Asset Manager, Not a Typical Valuation; Equal Weight

Initiating at Equal Weight Price Target: $37.00

Our Call Ticker PS

Upside/(Downside) to Target 3.7%

Initiating at EW and $37 price target. We favor PS' compounding of earnings from its

historically strong portfolio returns and stable capital base. But current risk-reward seems Price (05/22/2026) $35.67

balanced, with future fundraising and lock-up expirations as concerns. 52 Week Range $22.01 - 54.94

Market Cap (MM) $14,268

Balanced risk-reward. We find much to like in a company that can compound earnings Enterprise Value (MM) $14,247

at the net portfolio return (well above the S&P 500 return historically) and, after the Average Daily Value (MM) $40

stock moves past post-IPO volatility, be in a position for share price gains in line with EPS Dividend Yield 1.4%

growth. Yet, we find risk-reward as balanced at present, as concerns include lack of clarity

on the pace of potential future fundraising built into the current stock price as well as the $ (Dec) Q1 Q2 Q3 Q4 FY

Oct '26 scheduled tripling of the public float. EPS

2026E 0.10 E 0.11 E 0.14 E 0.35 E 0.69 E

Not typical, highly valued. Since the Apr '26 IPO, PS has traded far above valuations of 2027E 0.16 E 0.17 E 0.18 E 0.46 E 0.98 E

other asset managers, a result we found unsurprising directionally. This is supported by

EPS: Estimates reflect PS' primary earnings metric (distributable

meaningful, differentiating positives (e.g., historical fund performance, lack of redemption earnings or "DE"). It is cash-based and almost entirely comprises fee-