Is Apollo Global Management, Inc. (APO) A Good Stock To Buy Now?

Apollo Global Management, Inc.'s (APO) share price is trading 30% below its late-2021 highs, despite reporting record results across all business segments. A sum-of-the-parts valuation suggests APO has a 70% upside potential from current levels.
Apollo Global Management, Inc. (APO) is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries, and real estate markets. APO's share was trading at $127.33 as of April 20th. The company's trailing and forward P/E were 22.98 and 13.89, respectively. APO is trading roughly 30% below its late-2021 highs and at a 13x trailing DE multiple. Despite sector-level concerns, Apollo's portfolio is insulated from sentiment-driven redemption cycles, with minimal software credit exposure and a growth engine predominantly institutional. The insurance segment, Athene, drives roughly 58% of APO's adjusted net income through spread-related earnings. A sum-of-the-parts valuation assigns 20x 2027E FRE ($120/share) and 10x 2027E SRE ($65/share), yielding $185/share or roughly 70% upside from current levels.
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