2007 | 2008 | ||||||
Price: | 87.75 | EPS | |||||
Shares Out. (in M): | 0 | P/E | |||||
Market Cap (in $M): | 196 | P/FCF | |||||
Net Debt (in $M): | 0 | EBIT | 0 | 0 | |||
TEV (in $M): | 0 | TEV/EBIT |
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|
Hedge Fund Incentive Fee Calculation | |||
|
3/30/2006 |
6/30/2006 |
9/30/2006 |
12/30/2006E |
|
|
|
|
|
|
|
|
|
|
Total Incentive |
$1,613,228 |
$896,647 |
$0 |
$5,000,000 |
Total Hedge Fund Fees |
$1,801,229 |
$1,122,518 |
$280,649 |
$5,348,712 |
|
|
|
|
|
DHIL Q Net Return |
6.41% |
3.34% |
-0.41% |
8.6% |
|
|
|
|
|
Assets under Management ($mm) |
117 |
150 |
177 |
314 |
|
Diamond Hill Assets Under Management | |||
|
2004 |
2005 |
2006 |
2007E |
Mutual Funds |
237 |
907 |
2518 |
3598 |
Managed Accounts |
265 |
513 |
875 |
1281 |
Private Partnership |
21 |
110 |
314 |
500 |
|
|
|
|
|
Total AUM |
523 |
1530 |
3707 |
5379 |
YOYG |
|
193% |
142% |
45% |
Stock Price |
87.75 |
S/O |
2,239,245 |
|
|
Market Cap |
196,493,749 |
Cash |
19,319,145 |
|
|
EV |
177,174,604 |
|
|
07 Earnings |
$11,749,787 |
|
|
07 Yield to EV |
6.6% |
|
12/31/2005 |
12/31/2006 |
|
|
|
Long/Short |
451 |
1674 |
Total AUM |
1531 |
3708 |
|
|
|
LS as % of AUM |
29% |
45% |
|
|
|
|
2005A |
2006E |
2007E |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
|
3,510,324 |
13,571,154 |
23,927,333 |
Managed Accounts |
|
|
|
2,731,058 |
5,841,410 |
9,360,715 |
Private Partnership |
|
|
|
2,941,285 |
8,006,196 |
6,375,000 |
|
|
|
|
|
|
|
Total Revenue |
|
|
|
9,182,667 |
27,418,759 |
39,663,048 |
|
|
|
|
|
|
|
Operating Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
|
6,877,929 |
18,512,859 |
24,987,720 |
Legal |
|
|
|
105,591 |
207,454 |
300,096 |
G&A |
|
|
|
573,348 |
1,178,943 |
1,705,419 |
Sales and Marketing |
|
|
|
247,972 |
401,334 |
580,556 |
|
|
|
|
|
|
|
Total Operating Expense |
|
|
7,804,840 |
20,300,589 |
27,573,790 | |
|
|
|
|
|
|
|
As % of Revenue |
|
|
|
|
|
|
Compensation |
|
|
|
75% |
68% |
63% |
Legal |
|
|
|
1% |
1% |
1% |
G&A |
|
|
|
6% |
4% |
4% |
Sales and Marketing |
|
|
|
3% |
1% |
1% |
|
|
|
|
|
|
|
Net Operating Income |
|
|
|
1,377,827 |
7,118,170 |
12,089,258 |
|
|
|
|
|
|
|
Operating Margin |
|
|
|
15% |
26% |
30% |
|
|
|
|
|
|
|
Mutual Fund Admin |
|
|
|
16,487 |
2,020,061 |
4,769,784 |
Investment Return |
|
|
|
594,777 |
1,403,287 |
1,500,000 |
|
|
|
|
|
|
|
Income Before Tax |
|
|
|
1,377,828 |
10,541,518 |
18,359,042 |
|
|
|
|
|
|
|
Income Tax Provision |
|
|
|
1,661,675 |
(3,803,152) |
(6,609,255) |
|
|
|
|
|
|
|
Net Income |
|
|
|
3,039,503 |
6,738,367 |
11,749,787 |
|
|
|
|
|
|
|
EPS |
|
|
|
1.83 |
3.02 |
4.93 |
|
|
|
|
|
|
|
Shares Outstanding |
|
|
|
1,660,930 |
2,231,247 |
2,383,334 |
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