APOLLO (APO) BMO (ZAPO) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of APOLLO (APO) BMO C$11.58, price C$8.83, upside +31.2%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.
How to read this chart
10‑month range C$8.11 – C$11.42 · fair‑value band C$6.49 – C$18.15 · the C$8.83 price screens below the C$11.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.
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Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets.
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Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions. For credit strategies, the firm focuses to invest in multi-sector credit, semi-liquid credit, direct lending, first lien, unitranche, whole loans and private credit. The firm provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients. It also manages real estate funds and private equity funds for its clients. The firm invests in the fixed income and alternative investment markets across the globe. Its fixed income investments include income-oriented senior loans, bonds, collateralized loan obligations, structured credit, opportunistic credit, non-performing loans, distressed debt, mezzanine debt, and value oriented fixed income securities. The firm seeks to invest in chemicals, commodities, consumer and retail, oil and gas, metals, mining, agriculture, commodities, distribution and transportation, financial and business services, manufacturing and industrial, media distribution, cable, entertainment and leisure, telecom, technology, natural resources, energy, packaging and materials, and satellite and wireless industries. It also focuses on clean energy, sustainable industry, climate solutions, energy transition, industrial decarbonization, sustainable mobility, sustainable resource use, and sustainable real estate. It seeks to invest in companies based in across Africa, Asia, North
Stock analysis
APOLLO (APO) BMO CDR (CAD HEDGED) (ZAPO) currently trades at C$8.83, while our model-based Fair Value estimate is C$11.58, implying the stock looks roughly 23.8% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of C$80.74 per share, and 10 of the 10 models we run sit above the C$8.83 price.
Bear case: the Asset-Based group reads lowest at C$38.64, and 0 of the 10 models stay below the price. Evidence for this calculation is medium.
Scenario range: C$6.49 (bear) to C$18.15 (bull), the price of C$8.83 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
APOLLO (APO) BMO CDR (CAD HEDGED) reported revenue of $32.0B in FY2025 versus $6.0B in FY2021, a compound +52.3%/yr. Reported net income was $3.5B in FY2025, compounding +17.4%/yr from FY2021.
Key figures
Market cap C$5.9B (≈ $4.2B) · P/E ratio 4.0 · P/S ratio 0.43 · EPS (TTM) C$2.22 · Net margin 10.9% · Return on equity 8.5% · Return on assets (EBIT) 2.1% · Operating margin 13.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 31%, ZAPO screens cheaper than that median.
Fair Value models
Bear C$6.49Fair Value C$11.58Bull C$18.15
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (C$0.0960 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.0%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 26%
Compare APOLLO (APO) BMO CDR (CAD HEDGED) with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+29.3% · Above median
Profitability
Return on equity (TTM)8.5% · Above median
Return on assets0.7% · Below median
Net margin (TTM)3.7% · Bottom 25%
Operating margin (TTM)13.5% · Below median
Growth and dividend
Revenue growth−9.2% · Below median
Dividend yield (TTM)23.7% · Top 25%
Balance sheet
Debt / equity0.57× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is APOLLO (APO) BMO (ZAPO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of C$11.58 versus a price of C$8.83, about +31% upside (undervalued).
What is the fair value of ZAPO?
Our model-based fair value for APOLLO (APO) BMO CDR (CAD HEDGED) is C$11.58 (as of Sep 24, 2026), built from audited fundamentals. The current price: C$8.83.
What is the quality score of ZAPO?
APOLLO (APO) BMO CDR (CAD HEDGED) has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for APOLLO (APO) BMO (ZAPO)?
Our model-based price target is the fair value of C$11.58 (as of Sep 24, 2026) from 10 valuation models. Cautious scenario C$6.49, optimistic scenario C$18.15. It is a calculation from audited fundamentals, not an analyst target.
What is the APOLLO (APO) BMO CDR (CAD HEDGED) stock forecast for 2026?
Our models put fair value at C$11.58, about +31% upside versus a price of C$8.83 (undervalued). Cautious scenario C$6.49, optimistic scenario C$18.15. The calculation is refreshed regularly with new filings.
What is the revenue of APOLLO (APO) BMO (ZAPO)?
APOLLO (APO) BMO CDR (CAD HEDGED) reported trailing-twelve-month revenue of about $31.3B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of APOLLO (APO) BMO (ZAPO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For APOLLO (APO) BMO CDR (CAD HEDGED) it is C$11.58 per share (as of Sep 24, 2026), against a price of C$8.83. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is APOLLO (APO) BMO CDR (CAD HEDGED) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZAPO trades below its calculated fair value: price C$8.83, fair value C$11.58, a gap of about +31% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZAPO?
No. The price is what the market pays today (C$8.83); the fair value is what the company's own numbers justify (C$11.58). For APOLLO (APO) BMO CDR (CAD HEDGED) the two are C$2.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is APOLLO (APO) BMO CDR (CAD HEDGED) worth?
The market values APOLLO (APO) BMO CDR (CAD HEDGED) at about C$5.9B (market capitalisation, as of Sep 24, 2026). Per share that is C$8.83; our models calculate a fair value of C$11.58 per share.
What do the bullish and bearish scenarios say about ZAPO?
Our models span a range for APOLLO (APO) BMO CDR (CAD HEDGED): cautious scenario C$6.49, base C$11.58, optimistic C$18.15 per share (as of Sep 24, 2026, price C$8.83). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZAPO?
APOLLO (APO) BMO CDR (CAD HEDGED) trades at a price-to-earnings ratio of 4.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$11.58 is built from several models across several years. Other multiples: PEG 0.0, P/B 0.2, P/S 0.1.
What is the PEG ratio of ZAPO?
The PEG ratio of APOLLO (APO) BMO CDR (CAD HEDGED) is 0.04 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of APOLLO (APO) BMO (ZAPO)?
Balance-sheet figures for APOLLO (APO) BMO CDR (CAD HEDGED) (as of Sep 24, 2026): return on equity 8.5%, debt of 0.57 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
Which stocks are comparable to APOLLO (APO) BMO CDR (CAD HEDGED)?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is APOLLO (APO) BMO CDR (CAD HEDGED) stock attractive at the current price?
The data as of Sep 24, 2026: price C$8.83, calculated fair value C$11.58 (+31%), Quality Score 52/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZAPO calculated?
We run APOLLO (APO) BMO CDR (CAD HEDGED) through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$11.58, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. APOLLO (APO) BMO CDR (CAD HEDGED) currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of APOLLO (APO) BMO (ZAPO)?
The closing price on Oct 2, 2026 was C$8.83. Our model-based fair value is C$11.58, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with APOLLO (APO) BMO CDR (CAD HEDGED) right now?
The model range is unusually wide (C$6.49 to C$18.15). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of APOLLO (APO) BMO CDR (CAD HEDGED)
How large is the market capitalisation of APOLLO (APO) BMO (ZAPO)?
The market capitalisation of APOLLO (APO) BMO CDR (CAD HEDGED) is C$5.9B (≈ $4.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of APOLLO (APO) BMO (ZAPO)?
The price-to-sales ratio of APOLLO (APO) BMO CDR (CAD HEDGED) is 0.43 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of APOLLO (APO) BMO (ZAPO)?
Earnings per share at APOLLO (APO) BMO CDR (CAD HEDGED) are C$2.22 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of APOLLO (APO) BMO (ZAPO)?
The net margin of APOLLO (APO) BMO CDR (CAD HEDGED) is 10.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of APOLLO (APO) BMO (ZAPO)?
The return on equity (ROE) of APOLLO (APO) BMO CDR (CAD HEDGED) is 8.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of APOLLO (APO) BMO (ZAPO)?
On an EBIT basis the return on assets of APOLLO (APO) BMO CDR (CAD HEDGED) is 2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of APOLLO (APO) BMO (ZAPO)?
The operating margin of APOLLO (APO) BMO CDR (CAD HEDGED) is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at APOLLO (APO) BMO (ZAPO)?
Revenue at APOLLO (APO) BMO CDR (CAD HEDGED) is growing −9.2% versus a year earlier (3y avg +43.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at APOLLO (APO) BMO (ZAPO)?
Earnings per share at APOLLO (APO) BMO CDR (CAD HEDGED) are growing −57.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does APOLLO (APO) BMO (ZAPO) generate?
The free cash flow of APOLLO (APO) BMO CDR (CAD HEDGED) is $7.2B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does APOLLO (APO) BMO (ZAPO) carry?
The net debt of APOLLO (APO) BMO CDR (CAD HEDGED) is $1.6B (fiscal year 2022, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 24, 2026