AlTi Global, Inc. (ALTI) | Investment Case

1. Company Snapshot

1.a. Company Description

AlTi Global, Inc.provides wealth and asset management services individuals, families, foundations, and institutions in the United States and internationally.The company offers discretionary investment management, non-discretionary investment advisory, trust, and administration services, as well as family office services comprising wealth transfer planning, multi-generational education planning, wealth and asset strategy, trust and fiduciary, chief financial officers and outsourced family office, philanthropy, and lifestyle and special projects services.

It also provides merchant banking services, such as merger and acquisition advisory, corporate broker, private placements, public company and initial public offering advisory, strategic advisory, independent board advice, and structured finance advisory services; and corporate advisory, brokerage, and placement agency services to entrepreneurs and companies.The company offers investment strategy, asset allocation, investment manager selection, risk management, portfolio construction and implementation, and reporting.In addition, it manages or advises in combined assets; structures, arranges, and provides investors with co-investment opportunities in various alternative assets; manages and advises public and private investment funds; and invests in and supports financial services professionals, as well as provides impact investing advisory, investment manager selection, monitoring, and due diligence services.

Further, the company offers coordination of legal-related and strategic business planning, wealth transfer planning, estate planning, research on trustee placement and multi-generational education planning, administrative, tax planning and concierge, and other services.The company was formerly known as Alvarium Tiedemann Holdings, Inc.and changed its name to AlTi Global, Inc.

in April 2023.The company is based in New York, New York.

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1.b. Last Insights on ALTI

Recent drivers behind AlTi Global, Inc.'s stock performance include: * The announcement of CFO Stephen Yarad's transition on February 26, 2025, as Mike Harrington takes over, bringing nearly four decades of experience in financial services. * The company's expansion into Germany through the acquisition of Kontora on March 6, 2025, adding approximately €14 billion in assets under management. * The participation in conferences, such as the UBS Financial Services Conference and BofA Securities US Financial Services Conference, on February 11 and 12, 2025, indicating potential investor engagement. * Insider buying activity in December 2024, as reported in "Insiders Are Loving These 6 Stocks Right Now".

1.c. Company Highlights

Last Price	4.54
Change Percentage	4.61%
Open	4.31
Previous Close	4.34
Market Cap ( Millions)	643
Volume	128380
Year High	4.84
Year Low	2.33
M A 50	3.84
M A 200	3.73

FCF Yield	-6.60%
Dividend Yield	0.00%
ROE	-21.92%
Debt / Equity	9.49%
Net Debt / EBIDTA	-20.70%
Price To Book	0.66
Price Earnings Ratio	-3.05
Price To FCF	-15.15
Price To sales	4.28
EV / EBITDA	-8.75

2. AlTi Global's Q3 2025 Earnings: A Mixed Bag

AlTi Global's third-quarter 2025 earnings report presented a mixed picture, with consolidated revenue reaching $57 million, largely driven by recurring management fees, which accounted for approximately 95% of the total. Adjusted EBITDA was $6 million, reflecting the company's efforts to optimize its cost base through its zero-based budget program. The actual EPS came out at $0.01, falling short of estimates at $0.03. The company's assets under management (AUM) grew 6% year over year to $49 billion, with significant international growth, adding over $1.2 billion year to date.

Publication Date: Nov -17

                                    📋 Highlights
                                    Core Revenue Stability:
                                                Consolidated revenue reached $57M, with 95% from recurring management fees.
Adjusted EBITDA Performance:
                                                Generated $6M in adjusted EBITDA despite a $107M net loss from non-cash charges.
Cost Optimization Progress:
                                                Zero-based budgeting program targets $20M annual savings by 2026 in non-compensation costs.
AUM Growth:
                                                Assets under management rose to $49B (+6% YoY), with $600M added in Q3, including a $240M mandate.
International Expansion:
                                                Secured $1.2B in assets YTD internationally, driven by collaborations and focus on Middle East/US markets.

                                

Revenue and Margin Analysis

The revenue growth was primarily driven by recurring management fees, indicating a stable source of income. The adjusted EBITDA margin was around 10.5%, reflecting the company's focus on cost optimization. The zero-based budget program is expected to yield approximately $20 million in recurring annual gross savings by 2026, which should further support margin expansion.

Growth Prospects and Strategy

AlTi Global is focusing on four distinct segments: women who manage wealth, family offices, endowments and foundations, and established wealth. The company is also refining its pricing models, particularly in international wealth management. The pipeline for deals and growth opportunities is global, with a focus on densifying existing jurisdictions, particularly in the Middle East and US. Analysts estimate revenue growth at 7.0% for next year, indicating a positive outlook.

Valuation and Metrics

With a Price-to-Sales Ratio of 3.67 and an EV/EBITDA of -7.52, the market seems to be pricing in a mixed outlook for the company's future performance. The low P/B Ratio of 0.57 may indicate undervaluation, but the negative ROE of -21.92% and ROIC of -7.67% raise concerns about the company's profitability. As the company continues to optimize its balance sheet and focus on organic and strategic growth, investors will be watching for improvements in these metrics.

Key Takeaways and Future Expectations

The company's UK restructuring is complete, and the integration of Contura is progressing well. AlTi Global is evaluating its balance sheet optimization, including potential asset sales or divestitures. While there are challenges ahead, the company's focus on its core wealth management business and efforts to improve cash flow are expected to drive growth. The administration process in the UK is expected to be completed by December 2027, providing relief on a payable due to a third party over the next eight quarters.

3. NewsRoom

AlTi Global (NASDAQ:ALTI) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Nov -19

Source: defenseworld.net

AlTi Global, Inc. (ALTI) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

AlTi Global, Inc. Reports Third Quarter 2025 Financial Results

Nov -12

Source: businesswire.com

AlTi Global Announces Postponement of Q3 2025 Earnings Conference Call

Nov -10

Source: businesswire.com

AlTi Global, Inc. to Participate in Wolfe Wealth Symposium

Oct -27

Source: businesswire.com

Short Interest in AlTi Global, Inc. (NASDAQ:ALTI) Declines By 30.5%

Oct -23

Source: defenseworld.net

AlTi Global, Inc. to Announce Third Quarter 2025 Financial Results

Oct -13

Source: businesswire.com

Is the Options Market Predicting a Spike in AlTi Global Stock?

Aug -26

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.38%)

6. Segments

Wealth Management

Expected Growth: 7.1%

Growing demand for personalized investment strategies and financial planning among high net worth individuals, families, and institutions drives the wealth management market. Increasing wealth creation, aging population, and need for long-term financial security are key drivers.

Strategic Alternatives

Expected Growth: 5.5%

Growing demand for strategic advisory services, increasing M&A activities, and rising need for recapitalization and divestiture strategies drive the market growth.

7. Detailed Products

AlTi Cloud

A cloud-based platform providing scalable and secure infrastructure for businesses to host their applications and data.

AlTi Cybersecurity

A comprehensive cybersecurity solution offering threat detection, incident response, and penetration testing to protect businesses from cyber threats.

AlTi Data Analytics

A data analytics platform providing insights and visualization tools to help businesses make data-driven decisions.

AlTi IT Consulting

A team of experienced IT consultants providing strategic guidance and implementation services for businesses to optimize their IT infrastructure.

AlTi Digital Transformation

A comprehensive digital transformation service helping businesses to innovate, automate, and digitize their operations.

8. AlTi Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AlTi Global, Inc. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for AlTi Global, Inc. is high due to the concentration of buyers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers for AlTi Global, Inc. is low due to the availability of multiple suppliers and the lack of concentration in the supply market.

Threat Of New Entrants

The threat of new entrants for AlTi Global, Inc. is medium due to the moderate barriers to entry and the availability of resources.

Intensity Of Rivalry

The intensity of rivalry for AlTi Global, Inc. is high due to the high level of competition and the presence of multiple players in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	41.49%
Debt Cost	6.19%
Equity Weight	58.51%
Equity Cost	7.37%
WACC	6.88%
Leverage	70.91%

11. Quality Control: AlTi Global, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

U.S. Global Investors

A-Score: 5.6/10

Value: 6.2

Growth: 2.9

Quality: 4.5

Yield: 5.0

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

Metals Acquisition

A-Score: 4.9/10

Value: 5.5

Growth: 6.6

Quality: 3.7

Yield: 5.0

Momentum: 3.5

Volatility: 5.3

1-Year Total Return ->

PRA Group

A-Score: 4.2/10

Value: 9.3

Growth: 2.6

Quality: 7.9

Yield: 0.0

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

BRP Group

A-Score: 3.8/10

Value: 6.7

Growth: 6.4

Quality: 1.8

Yield: 0.0

Momentum: 5.0

Volatility: 2.7

1-Year Total Return ->

AlTi Global

A-Score: 3.6/10

Value: 8.4

Growth: 2.9

Quality: 4.6

Yield: 0.0

Momentum: 3.0

Volatility: 2.7

1-Year Total Return ->

Beneficient

A-Score: 3.5/10

Value: 9.8

Growth: 2.6

Quality: 8.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

18.28%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.88%

AlTi Global, Inc. - US02157E1064

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ALTI

1.c. Company Highlights

More Volatile

Lower Quality

Weak Momentum

Cheaper

Earnings Miss

Revenues Beats

Earnings Beats

Revenues Miss

Lower Yield

2. AlTi Global's Q3 2025 Earnings: A Mixed Bag

Revenue and Margin Analysis

Growth Prospects and Strategy

Valuation and Metrics

Key Takeaways and Future Expectations

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.38%)

6. Segments

Wealth Management

Expected Growth: 7.1%

Strategic Alternatives

Expected Growth: 5.5%

7. Detailed Products

AlTi Cloud

AlTi Cybersecurity

AlTi Data Analytics

AlTi IT Consulting

AlTi Digital Transformation

8. AlTi Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: AlTi Global, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.54$

Current Price

4.54$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA