How do you calculate the value of an asset management company?
I'll be having an interview soon and know from a friend that there might be a case study on the valuation of an asset management company.
I was initially thinking you would value such a company like a bank or other financial institution, using equity multiples (P/E, price/book) or the dividend discount model.
Articles on the takeover of Barclays Global Investors by Black Rock however mention the EBITDA multiple Black Rock paid for the business. Barclays also in their annual report say that they calculate the recoverable amount of BGI using DCF and comparable company analysis based on revenue and EBITDA.
Does anybody know the best/ correct way to value such a company in an interview?