A Look At StepStone Group (STEP) Valuation As Sector Pressures Follow Higher Treasury Yields

Simply Wall St.

Jun 09

StepStone Group (STEP) is back in focus after the May jobs report pushed Treasury yields higher, pressuring asset managers by increasing mark to market risk and complicating private credit and ...

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See our latest analysis for StepStone Group. The recent drop in StepStone Group's share price, with a 1 day share price return of down 3.67% and a year to date share price return of down 35.05%, extends a broader pullback that contrasts with its 3 year total shareholder return of 88.64%. This suggests earlier optimism is being reassessed as sector wide rate and deployment risks come back into focus. If rising rates have you rethinking where to find growth, this could be a moment to scan opportunities in other asset heavy sectors using our curated list of 35 power grid technology and infrastructure stocks With StepStone trading at a steep discount to analyst price targets and recent results showing fee related earnings growth, the key question for you is simple: is this a reset that creates opportunity, or is the market already baking in the future? AdvertisementPreferred Price to Sales Multiple of 1.8x: Is it justified? StepStone Group trades on a P/S of 1.8x at a last close of $43.26, which looks expensive versus its own fair P/S level and recent share price weakness. The P/S multiple compares the company’s market value to its reported revenue, so it is often used for asset managers and capital markets stocks where earnings can be volatile or currently loss making. For StepStone, the current P/S of 1.8x is described as expensive relative to an estimated fair P/S of 0.9x, a level the market could move toward if sentiment stays cautious around revenue, profitability and fee durability. At the same time, that 1.8x multiple is materially lower than both the wider US Capital Markets industry average of 3.6x and a peer group average of 4.2x. This shows the stock trading at a discount to sector and peers even as it screens rich versus its own fair ratio benchmark. Explore the SWS fair ratio for StepStone Group. Result: Price-to-Sales of 1.8x (OVERVALUED) However, you also need to factor in annual revenue contraction of 4.59% and a reported net loss of US$535.808 million, both of which could challenge sentiment. Wall Street's queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page. Next Steps With sentiment clearly mixed, this is a good time to move quickly, review the data for yourself, and then weigh the 2 important warning signs. Looking for more investment ideas? If you are serious about strengthening your portfolio, do not stop at one stock. Broaden your watchlist now and give yourself more options.  Target potential mispricings by scanning our hand picked list of 47 high quality undervalued stocks that combine attractive pricing with solid underlying metrics. Prioritise resilience by reviewing 62 resilient stocks with low risk scores that aim to keep balance sheets and business models on steadier footing. Seek tomorrow's opportunities early by checking the screener containing 21 high quality undiscovered gems that may not yet be widely followed.   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. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}