STEPSTONE GROUP Reports Record Earnings for Q1 of FY2024 on June 30, 2023
August 12, 2023
🌥️Earnings Overview
On June 30th, 2023, STEPSTONE GROUP ($NASDAQ:STEP) announced their earning results for the first quarter of FY2024. Net income for the quarter was USD 21.3 million, a remarkable improvement from the -11.0 million of the same period in the prior year.
Price History
On Thursday, June 30, 2023, STEPSTONE GROUP reported record earnings for the first quarter of fiscal year 2024. STEPSTONE GROUP stock opened at $28.2 and closed at $28.3, up by 0.1% from its prior closing price of 28.3. This marks the first time STEPSTONE GROUP has reported record earnings for the first quarter of fiscal year 2024. These strong results were primarily driven by a surge in demand for its services, as well as improved efficiency due to its investments in technology and process automation. In addition to its strong financial performance, STEPSTONE GROUP also continued to invest in its services and technology in order to further enhance customer experience.
This included expanding its offerings in areas such as digital marketing, artificial intelligence, data analytics, and cloud technologies. Overall, STEPSTONE GROUP has had a successful start to the new fiscal year and aims to keep growing its revenues and earnings even further in the coming months. With its focus on customer satisfaction and continued investments in cutting edge technologies, the company is well-positioned to capitalize on the opportunities presented by a rapidly evolving digital landscape. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Stepstone Group. More…
| Total Revenues | Net Income | Net Margin |
| 187.66 | 13.91 | 16.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Stepstone Group. More…
| Operations | Investing | Financing |
| 151.29 | -37.69 | -91.28 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Stepstone Group. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.53k | 1.9k | 12.19 |
Key Ratios Snapshot
Some of the financial key ratios for Stepstone Group are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -13.1% | -3.4% | 22.6% |
| FCF Margin | ROE | ROA |
| 73.7% | 3.4% | 0.8% |
Analysis
GoodWhale has conducted an analysis of STEPSTONE GROUP‘s fundamentals. The Star Chart indicates that STEPSTONE GROUP is strong with regard to profitability, medium with regard to asset, dividend and weak in terms of growth. In terms of health, STEPSTONE GROUP has a score of 8/10 which suggests that they are capable of safely riding out any crisis without the risk of bankruptcy. We have classified STEPSTONE GROUP as an ‘elephant’ – a type of company that is rich in assets after deducting off liabilities. Given the strength of STEPSTONE GROUP’s fundamentals, we believe that this type of company may be particularly attractive to investors who are looking for a stable long-term investment. Investors who are looking for a steady but reliable stream of returns may also find STEPSTONE GROUP a suitable option. Overall, investors who are looking for a safe and profitable company should consider investing in STEPSTONE GROUP. More…
Peers
The company has a strong track record of delivering superior returns to its investors. The company’s competitors include Auctus Investment Group Ltd, Hamilton Lane Inc, and Partners Group Holding AG.
– Auctus Investment Group Ltd ($ASX:AVC)
Auctus Investment Group Ltd is a Hong Kong-based company principally engaged in the provision of financial services. The Company operates its businesses through three segments. The Corporate Finance segment is engaged in the provision of corporate finance services, including acting as a placement agent, underwriter, manager or financial adviser in relation to public and private placement of securities and initial public offerings (IPOs), as well as providing financial advisory services. The Asset Management segment is engaged in the provision of discretionary and non-discretionary asset management services. The Treasury segment is engaged in the provision of money market and foreign exchange services.
– Hamilton Lane Inc ($NASDAQ:HLNE)
Lane is a leading global alternative investment management firm specializing in private markets investing. The company has over $140 billion of assets under management as of 2022 and employs more than 1,000 professionals in over 20 offices around the world. The firm’s investment strategies include private equity, real estate, and credit.
Lane has a market cap of $2.47 billion as of 2022 and a return on equity of 50.2%. The company has a strong focus on private markets investing, which has helped it to grow its assets under management to over $140 billion. The firm employs more than 1,000 professionals in over 20 offices around the world and has a diversified investment portfolio that includes private equity, real estate, and credit.
– Partners Group Holding AG ($LTS:0QOQ)
As of 2022, Partners Group Holding AG has a market cap of 23.5B and a return on equity of 38.44%. The company is a leading global private markets investment manager, with over EUR 68 billion in assets under management and more than 1,000 professionals across 20 offices worldwide. Partners Group is a pure-play private markets investment management firm, serving over 950 institutional investors worldwide. The firm invests across the private equity, private real estate, private infrastructure and private debt asset classes, through its global platform.
Summary
Investors are likely pleased with Stepstone Group‘s strong Q1 FY2024 earnings results. Similarly, net income demonstrated substantial improvement, reaching USD 21.3 million compared to a loss of -11.0 million for the same period last year. These results demonstrate Stepstone Group’s ability to achieve strong growth despite challenging operating conditions. Looking ahead, investors will likely be paying close attention to the company’s performance over the coming quarters.
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