Discounted Cash Flow (DCF) Analysis Levered

Blackstone Inc. (BX)

$98.87

+5.52 (+5.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.42 | 98.87 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,911.236,860.997,421.455,966.316,058.366,151.836,246.746,343.126,440.996,540.366,641.27
Revenue (%)
Operating Cash Flow -2,448.7445.741,963.111,935.94274.77279283.31287.68292.12296.63301.20
Operating Cash Flow (%)
Capital Expenditure -24.35-18.38-60.28-111.65-50.94-51.73-52.52-53.33-54.16-54.99-55.84
Capital Expenditure (%)
Free Cash Flow -2,473.0927.361,902.831,824.29223.83227.28230.78234.35237.96241.63245.36

Weighted Average Cost Of Capital

Share price $ 98.87
Beta 1.372
Diluted Shares Outstanding 719.77
Cost of Debt
Tax Rate 56.80
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.601
Total Debt 8,714.18
Total Equity 71,163.35
Total Capital 79,877.53
Debt Weighting 10.91
Equity Weighting 89.09
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,911.236,860.997,421.455,966.316,058.366,151.836,246.746,343.126,440.996,540.366,641.27
Operating Cash Flow -2,448.7445.741,963.111,935.94274.77279283.31287.68292.12296.63301.20
Capital Expenditure -24.35-18.38-60.28-111.65-50.94-51.73-52.52-53.33-54.16-54.99-55.84
Free Cash Flow -2,473.0927.361,902.831,824.29223.83227.28230.78234.35237.96241.63245.36
WACC
PV LFCF 205.99192.49179.89168.10157.09146.80137.19
SUM PV LFCF 931.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.66
Free cash flow (t + 1) 250.27
Terminal Value 3,757.78
Present Value of Terminal Value 2,480.75

Intrinsic Value

Enterprise Value 3,412.41
Net Debt 6,594.44
Equity Value -3,182.03
Shares Outstanding 719.77
Equity Value Per Share -4.42