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

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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