A Look At StepStone Group (STEP) Valuation After Private Credit Liquidity Jitters And Sector Selloff

Simply Wall St.03-16

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See our latest analysis for StepStone Group. Despite a 4.06% 1 day share price return to US$45.09, StepStone’s 30 day share price return of 20.56% and year to date share price return of 32.31% show momentum has recently faded, even as its 3 year total shareholder return of 104.65% points to a much stronger long term picture. If concerns around private credit liquidity have you rethinking where risk sits in your portfolio, this can be a good moment to look at 20 top founder-led companies With shares down 29.01% over 90 days and 32.31% year to date, yet trading well below the average analyst price target of US$79.71, you have to ask: is this a reset that opens the door, or is the market already baking in the growth story? Preferred Price-to-Sales Multiple of 2x: Is It Justified? On a simple P/S basis, StepStone Group trades at 2x sales, which looks cheaper than many peers even though the share price has pulled back recently. The P/S ratio compares the company’s market value to its revenue and is often used for businesses that are not currently profitable. For an asset manager and private markets platform like StepStone, where earnings can swing with performance fees and investment cycles, investors often look at revenue based measures as a cleaner starting point. Against the US Capital Markets industry average P/S of 3.3x and a peer average of 4.4x, StepStone’s 2x multiple stands out as materially lower. However, Simply Wall St’s fair P/S estimate of 0.8x suggests the current market valuation is rich compared to the level the fair ratio model points to. Explore the SWS fair ratio for StepStone Group Result: Price-to-sales of 2x (ABOUT RIGHT). However, you still have to weigh StepStone’s recent 1 year total return decline of 15.28% and its US$546.53m net loss as potential pressure points. Find out about the key risks to this StepStone Group narrative. Next Steps With sentiment clearly mixed, this is a moment to move quickly, review the facts for yourself, and decide how much risk you are comfortable carrying, starting with 3 important warning signs Looking for more investment ideas? If you are reassessing your exposure after the recent moves in StepStone Group, do not stop here. Fresh ideas across sectors and risk levels are only a few clicks away.  Target potential mispricings by scanning for quality companies trading below what the market currently implies using the 49 high quality undervalued stocks. Prioritize resilience by focusing on companies backed by robust finances through the solid balance sheet and fundamentals stocks screener (42 results). Hunt for future standouts early by reviewing the screener containing 26 high quality undiscovered gems before they attract broader attention.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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