Blue Owl Capital (OWL) · wyniki II kw. 2026 i wycena

Przy wzroście 20,0% rocznie (3-letni wzrost przychodów) wartość godziwa z modelu to $83.70 na akcję — kurs jest o 87% poniżej niej. Obecna cena zakłada wzrost o −3,5% rocznie.

1. Prognoza

   The FRE margin reached 58.5% in II kw. 2026, which is in line with the annual outlook and modestly up from the first quarter and 2025 levels.

2. Główny temat

   OWL expects equity based compensation other to run at $365 million for 2026, which is the number the company wants investors to focus on.

   Cytat ze źródła

   “First, our regular way year end stock compensation what we call equity based compensation other, This is the number to focus on, and we continue to expect to run at $365 million for 2026.”

3. Liczba

   OWL reported fee related earnings of 25¢ per share and distributable earnings of 22¢ per share for the second quarter of 2026.

   Cytat ze źródła

   “This morning, we issued our financial results for the second quarter of 26 reporting fee related earnings or FRE of 25¢ per share and distributable earnings or DE of 22¢ per share.”

4. Liczba

   The alternative credit interval fund reached its one-year anniversary with a size exceeding $2.7 billion and performance outperforming the leverage loan index by more than 600 basis points.

   Cytat ze źródła

   “During the second quarter, we reached the 1-year anniversary of the inception of our alternative credit interval fund, which has surpassed $2.7 billion in size and has outperformed the leverage loan index by more than 600 basis points over that period.”

5. Liczba

   The firm raised more than $16.5 billion of equity capital this quarter, representing more than 40% of its total for the last 12-month period.

   Cytat ze źródła

   “We raised more than $16.5 billion of equity capital across the firm. For more than 40% of our last 12-month total.”

4 więcej

1. Liczba

   During Q2, the company exceeded the hard cap for its net lease strategy and raised 1.5x more than the predecessor vintage.

   Cytat ze źródła

   “On our net lease strategy, during Q2, we exceeded the hard cap initially set for this vintage and have raised 1.5x more than the predecessor vintage.”

2. Liczba

   Last 12 month total returns were 8.3% for direct lending and 11.4% for alternative credit, which compared favorably to relevant public credit benchmarks over the same period.

   Cytat ze źródła

   “Last 12 month total returns were 8.3% for direct lending, and 11.4% for alternative credit comparing favorably to relevant public credit benchmarks over the same period.”

3. Liczba

   The company expects to exceed the prior figures of $1.02 FRE per share and $0.89 DE per share this year.

   Cytat ze źródła

   “We reaffirm that again today. And to be specific, at that time, FRE per share was $1.02, and DE per share $0.89. We think we can beat those numbers this year.”

4. Liczba

   The company raised approximately $15 billion for the current vintage including co-investments and strip sales since the beginning of the fundraise.

   Cytat ze źródła

   “Since the beginning of fundraise for this vintage in total, we have actually raised about $15 billion when you include this vintage, co invest, and the strip sales that we have done.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Zdania, które wpłynęły na ton

“Our growth rate has fluctuated through these landscapes, but we have consistently demonstrated growth and durability, and we maintained very strong investment performance throughout.”

“Look, we continue to be encouraged by the flows that we are seeing certainly ORENT as well, but your focus for the question, at least, on OWLCX and ODIT We...”

“In GP's strategic capital, our market leading position in the specialist strategy has continued to pay off, with approximately $5.5 billion raised over the last year across the commingled fund,...”