P10, Inc. Stock Research

Market Summary

USD9.25+0.14

Market Closed

1.54%

PX Stock Price

PX RSI Chart

PX Valuation

Market Cap

1.1M

Price/Earnings (Trailing)

0.04

Price/Sales (Trailing)

0.01

EV/EBITDA

4.21

Price/Free Cashflow

0.02

PX Price/Sales (Trailing)

PX Profitability

EBT Margin

13.44%

Return on Equity

6.38%

Return on Assets

Free Cashflow Yield

4.7K%

PX Fundamentals

PX Revenue

Revenue (TTM)

185.6M

Revenue Y/Y

31.07%

Revenue Q/Q

6.97%

PX Earnings

Earnings (TTM)

26.0M

Earnings Y/Y

56.72%

Earnings Q/Q

-49.64%

Price Action

52 Week Range

8.9413.78

(Low)(High)

Last 7 days

-11.5%

Last 30 days

-19.6%

Last 90 days

-12.8%

Trailing 12 Months

-22.8%

PX Financial Health

Debt/Equity

0.42

Debt/Cashflow

0.31

PX Investor Care

Dividend Yield

1.3%

Dividend/Share (TTM)

0.12

Buy Backs (1Y)

99.81%

Diluted EPS (TTM)

0.2

Financials for P10

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	6.8%	186	174	161	151	130
Operating Expenses	10.3%	136	123	118	110	102
S&GA Expenses	9.8%	15.00	14.00	12.00	10.00	8.00
EBITDA	-1.6%	36.00	37.00	29.00	25.00	28.00
EBITDA Margin	-7.9%	0.20*	0.21*	0.18*	0.17*	0.22*
Earnings Before Taxes	9.9%	25.00	23.00	11.00	4.00	8.00
EBT Margin	2.9%	0.13*	0.13*	0.07*	0.02*	0.06*
Interest Expenses	-21.1%	11.00	14.00	17.00	21.00	20.00
Net Income	8.5%	26.00	24.00	15.00	9.00	28.00
Net Income Margin	1.6%	0.14*	0.14*	0.09*	0.06*	0.22*
Free Cahsflow	-4.8%	51.00	54.00	47.00	49.00	35.00

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	-1.0%	648	655	656	676	644
Cash Equivalents	-17.8%	19.00	24.00	24.00	41.00	22.00
Net PPE	6.5%	3.00	2.00	1.00	1.00	1.00
Goodwill	0%	419	419	419	419	43.00
Liabilities	-4.6%	241	253	264	281	376
Long Term Debt	-9.1%	171	188	188	212	316
Shareholder's Equity	1.2%	407	402	392	395	69.00
Retained Earnings	2.4%	-230	-236	-247	-255	-256
Additional Paid-In Capital	0.4%	641	639	639	650	326
Accumulated Depreciation	26.2%	1.00	0.00	1.00	0.00	0.00
Shares Outstanding	0.0%	0.00	0.00	-	-	-
Float	-	482	-	-	-	-

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	-4.3%	52.00	55.00	47.00	49.00	35.00
Share Based Compensation	100.6%	14.00	7.00	5.00	4.00	2.00
Cashflow From Investing	95.6%	-2.09	-47.08	-46.64	-47.40	-214
Cashflow From Financing	-4218.8%	-57.48	-1.33	12.00	29.00	190
Dividend Payments	Infinity%	14.00	0.00	0.00	-	-
Buy Backs	0%	50.00	50.00	0.00	-	-

Risks for PX

What is the probability of a big loss on PX?

60.8%

Probability that P10 stock will be more than 20% underwater in next one year

8.1%

Probability that P10 stock will be more than 30% underwater in next one year.

Probability that P10 stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PX drawdown profile look like?

Y-axis is the maximum loss one would have experienced if P10 was unfortunately bought at previous high price.

Drawdowns

Returns for PX

Cumulative Returns on PX

Which funds bought or sold PX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	7.7	155,893	1,850,890	-%
2023-02-24	NATIXIS	sold off	-100	-105,000	-	-%
2023-02-15	State of Wyoming	new	-	249,987	249,987	0.08%
2023-02-15	JANE STREET GROUP, LLC	new	-	328,497	328,497	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	reduced	-3.23	-558,395	29,542,600	0.01%
2023-02-15	CAPTRUST FINANCIAL ADVISORS	unchanged	-	1,375	133,375	-%
2023-02-14	MORGAN STANLEY	reduced	-38.67	-174,696	288,304	-%
2023-02-14	STATE STREET CORP	added	22.58	303,744	1,553,740	-%
2023-02-14	CITADEL ADVISORS LLC	added	78.84	1,130,800	2,521,800	-%
2023-02-14	Royal Bank of Canada	new	-	-	-	-%

Latest Funds Activity

Are funds buying PX calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PX

No. of Funds

P10 News

Schedule 13G FIlings of P10

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 28, 2023	altai capital management, l.p.	0.0%	0	SC 13G/A
Feb 14, 2023	blatherwick nell m.	2.7%	1,145,694	SC 13G
Feb 14, 2023	t. rowe price investment management, inc.	10.9%	4,461,425	SC 13G/A
Feb 13, 2023	conversant capital llc	6.0%	2,459,702	SC 13G/A
Feb 13, 2023	grandeur peak global advisors, llc	3.59%	1,468,231	SC 13G
Feb 09, 2023	vanguard group inc	8.82%	3,608,355	SC 13G/A
Feb 07, 2023	goldman sachs asset management, l.p.	2.2%	887,620	SC 13G/A
Feb 01, 2023	federated hermes, inc.	7.78%	3,181,933	SC 13G/A
Jun 30, 2022	dauten kent p	7.7%	6,583,091	SC 13G
Jun 28, 2022	keystone capital xxx, llc	0%	0	SC 13G/A

PX Fair Value

Recent SEC filings of P10

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 06, 2023	8-K	Current Report
Feb 28, 2023	SC 13G/A	Major Ownership Report
Feb 14, 2023	SC 13G	Major Ownership Report
Feb 14, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for PX

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-02	Gehl Jeff Patrick	acquired	-	-	33,540	see remarks
2023-03-02	Souder William F.	acquired	-	-	33,540	chief operating officer
2023-03-02	Coussens Amanda N.	acquired	-	-	8,385	see remarks
2023-03-02	Gehl Jeff Patrick	sold (taxes)	-178,270	10.82	-16,476	see remarks
2023-03-02	Coussens Amanda N.	sold (taxes)	-22,094	10.82	-2,042	see remarks
2023-03-02	Blatherwick Nell M.	acquired	-	-	71,692	-
2023-03-02	210 Capital, LLC	sold (taxes)	-88,096	10.82	-8,142	see remarks
2023-03-02	210 Capital, LLC	acquired	-	-	33,540	see remarks
2023-03-02	Blatherwick Nell M.	sold (taxes)	-217,082	10.82	-20,063	-
2023-03-02	Souder William F.	sold (taxes)	-88,085	10.82	-8,141	chief operating officer

About P10

Robert H. Alpert

www.p10alts.com

P10, Inc., together with its subsidiaries, operates as a multi-asset class private market solutions provider in the alternative asset management industry in the United States. The company offers private equity, venture capital, private credit, impact investing, and private credit services, as well as primary fund of funds, secondary investment, and direct and co-investments services. It also provides tax credit transaction and consulting services. The company was founded in 1992 and is headquartered in Dallas, Texas.

PX Income Statement

2022-09-30

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Total revenues	$ 49,996	$ 38,145	$ 140,015	$ 104,901
OPERATING EXPENSES
Compensation and benefits	23,984	14,055	60,293	38,328
Professional fees	4,064	2,901	9,416	9,038
General, administrative and other	4,031	2,667	12,393	6,919
Contingent consideration expense	1,380	(26)	1,367	134
Amortization of intangibles	6,153	7,484	18,487	22,452
Strategic alliance expense	124	0	429	0
Total operating expenses	39,736	27,081	102,385	76,871
INCOME FROM OPERATIONS	10,260	11,064	37,630	28,030
OTHER (EXPENSE)/INCOME
Interest expense implied on notes payable to sellers	0	(223)	0	(657)
Interest expense, net	(2,358)	(5,261)	(5,268)	(15,761)
Other income	183	257	1,303	802
Total other (expense)	(2,175)	(5,227)	(3,965)	(15,616)
Net income before income taxes	8,085	5,837	33,665	12,414
Income tax expense	(2,468)	(1,759)	(9,102)	(3,154)
NET INCOME	5,617	4,078	24,563	9,260
Less: preferred dividends attributable to redeemable noncontrolling interest	0	(494)	0	(1,483)
NET INCOME ATTRIBUTABLE TO P10	$ 5,617	$ 3,584	$ 24,563	$ 7,777
Earnings per share
Basic earnings per share	$ 0.05	$ 0.04	$ 0.21	$ 0.09
Diluted earnings per share	0.05	0.04	0.20	0.08
Dividends paid per share	$ 0.03	$ 0	$ 0.06	$ 0
Weighted average shares outstanding, basic	117,210	62,465	117,210	62,465
Weighted average shares outstanding, diluted	121,532	66,788	121,362	66,703
Management and Advisory Fees
REVENUES
Total revenues	$ 49,479	$ 37,939	$ 138,957	$ 104,029
Other Revenue [Member]
REVENUES
Total revenues	$ 517	$ 206	$ 1,058	$ 872

PX Balance Sheet

2022-09-30

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 19,415	$ 40,916
Restricted cash	1,347	2,566
Accounts receivable	5,407	2,854
Note receivable	4,001	2,552
Due from related parties	30,359	12,357
Investment in unconsolidated subsidiaries	2,137	1,803
Prepaid expense and other assets	3,596	4,759
Property and equipment, net	2,513	981
Right-of-use assets	13,052	14,789
Deferred tax assets, net	37,321	45,151
Intangibles, net	110,449	128,788
Goodwill	418,690	418,701
Total assets	648,287	676,217
LIABILITIES:
Accounts payable	1,901	401
Accrued expenses	4,958	6,009
Accrued compensation and benefits	8,818	6,465
Due to related parties	1,519	2,258
Other liabilities	602	1,808
Contingent consideration	24,330	22,963
Deferred revenues	12,748	12,953
Lease liabilities	15,425	15,700
Debt obligations	170,774	212,496
Total liabilities	241,075	281,053
COMMITMENTS AND CONTINGENCIES (NOTE 14)
STOCKHOLDERS' EQUITY:
Treasury stock	(3,439)	(273)
Additional paid-in-capital	641,055	650,405
Accumulated deficit	(230,521)	(255,085)
Total stockholders' equity	407,212	395,164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	648,287	676,217
Common Class A [Member]
STOCKHOLDERS' EQUITY:
Common stock value	41	34
Common Class B [Member]
STOCKHOLDERS' EQUITY:
Common stock value	$ 76	$ 83