Carlyle Group is undervalued due to overstated private credit concerns, despite limited direct lending exposure. Management targets $200B in new assets and >$6/share earnings, but guidance is ambitious; even $185B in inflows would be strong. CG's balance sheet is robust with ~$5B net cash/investments, a secure 3.1% dividend yield, and ongoing buybacks.
The Carlyle Group: Undervalued Given Limited Private Credit Exposure
Source: Seeking Alpha