StepStone Group (STEP) Valuation Check as Lindsay Creedon Takes Future Private Equity Helm

Simply Wall St.12-06

StepStone Group (STEP) just laid out its next chapter in private equity leadership, naming longtime partner Lindsay Creedon as Head of Private Equity starting January 2026, while CEO Scott Hart stays ...

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See our latest analysis for StepStone Group. The leadership shuffle lands at a time when the stock is trading around $62.85, with modest positive short term share price returns but a standout three year total shareholder return of 137.02 percent, suggesting longer term momentum remains firmly intact. If this kind of leadership driven story has you thinking about where else growth and alignment might show up, now could be a smart moment to explore fast growing stocks with high insider ownership. With shares up strongly over three years and still sitting nearly 20 percent below analyst price targets, the real question is whether StepStone is quietly undervalued or if the market is already pricing in its next leg of growth. AdvertisementPrice-to-Sales of 3.2x: Is it justified? StepStone shares recently closed at $62.85, and on a price-to-sales ratio of 3.2x, the stock screens as good value against listed peers yet looks stretched against its own fundamentals. The price-to-sales multiple compares the market value of the company to the revenue it generates. This can be a useful lens for asset managers and capital markets firms where earnings can be volatile. In StepStone's case, investors are paying 3.2 times its revenue base, despite the company currently being unprofitable and having seen losses deepen sharply over the past five years. This creates a tension. The same 3.2x sales looks attractive versus both peer and broader industry averages, but expensive when stacked against an estimated fair price-to-sales ratio of just 0.8x, a level the market could potentially drift back toward if sentiment or growth expectations cool. Against the US Capital Markets industry, where the average price-to-sales ratio sits around 4x, StepStone trades at a visible discount. It also looks cheaper than its more focused peer set at roughly 5x, suggesting investors are not fully awarding it the same growth or quality premium as competitors despite a seasoned management team and experienced board. Explore the SWS fair ratio for StepStone Group Result: Price-to-Sales of 3.2x (ABOUT RIGHT) However, StepStone remains loss making and vulnerable to a downturn in private markets or fundraising setbacks, which could quickly challenge its growth premium. Find out about the key risks to this StepStone Group narrative.  Build Your Own StepStone Group Narrative If you see the story differently or want to stress test the numbers yourself, you can build a custom view in just a few minutes: Do it your way. A great starting point for your StepStone Group research is our analysis highlighting 2 important warning signs that could impact your investment decision. Looking for your next investing move? Step up your research now with focused stock ideas tailored to different strategies, so you do not miss opportunities while others stay on the sidelines.  Target income potential with steady cash flows by reviewing these 15 dividend stocks with yields > 3% that may help support long term compounding. Position for the next wave of innovation by scanning these 26 AI penny stocks harnessing artificial intelligence across real world applications. Capitalize on market mispricing by assessing these 906 undervalued stocks based on cash flows that could offer upside if investor sentiment changes.   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. 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