Discounted Cash Flow (DCF) Analysis Levered
Blackstone Inc. (BX)
$107.14
-1.09 (-1.01%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,796.26 | 6,173.92 | 5,233.17 | 16,652.35 | 7,132.63 | 9,848.71 | 13,599.07 | 18,777.54 | 25,927.96 | 35,801.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 45.74 | 1,963.11 | 1,935.94 | 3,985.99 | 6,336.25 | 3,591.84 | 4,959.60 | 6,848.20 | 9,455.97 | 13,056.77 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -18.38 | -60.28 | -111.65 | -64.32 | -235.50 | -140.14 | -193.51 | -267.20 | -368.95 | -509.44 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 27.36 | 1,902.83 | 1,824.29 | 3,921.67 | 6,100.76 | 3,451.70 | 4,766.09 | 6,581 | 9,087.03 | 12,547.33 |
Weighted Average Cost Of Capital
| Share price | $ 107.14 |
|---|---|
| Beta | 1.482 |
| Diluted Shares Outstanding | 740.94 |
| Cost of Debt | |
| Tax Rate | 13.66 |
| After-tax Cost of Debt | 2.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.566 |
| Total Debt | 13,460.98 |
| Total Equity | 79,384.57 |
| Total Capital | 92,845.55 |
| Debt Weighting | 14.50 |
| Equity Weighting | 85.50 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,796.26 | 6,173.92 | 5,233.17 | 16,652.35 | 7,132.63 | 9,848.71 | 13,599.07 | 18,777.54 | 25,927.96 | 35,801.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 45.74 | 1,963.11 | 1,935.94 | 3,985.99 | 6,336.25 | 3,591.84 | 4,959.60 | 6,848.20 | 9,455.97 | 13,056.77 |
| Capital Expenditure | -18.38 | -60.28 | -111.65 | -64.32 | -235.50 | -140.14 | -193.51 | -267.20 | -368.95 | -509.44 |
| Free Cash Flow | 27.36 | 1,902.83 | 1,824.29 | 3,921.67 | 6,100.76 | 3,451.70 | 4,766.09 | 6,581 | 9,087.03 | 12,547.33 |
| WACC | ||||||||||
| PV LFCF | 3,132.78 | 3,926.06 | 4,920.21 | 6,166.10 | 7,727.47 | |||||
| SUM PV LFCF | 25,872.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.18 |
| Free cash flow (t + 1) | 12,798.28 |
| Terminal Value | 156,458.19 |
| Present Value of Terminal Value | 96,357.26 |
Intrinsic Value
| Enterprise Value | 122,229.89 |
|---|---|
| Net Debt | 9,208.98 |
| Equity Value | 113,020.92 |
| Shares Outstanding | 740.94 |
| Equity Value Per Share | 152.54 |