Discounted Cash Flow (DCF) Analysis Levered
Blackstone Inc. (BX)
$107.57
+2.99 (+2.86%)
All numbers are in Millions, Currency in USD
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 | 5,911.23 | 6,860.99 | 7,421.45 | 5,966.31 | 6,058.36 | 6,151.83 | 6,246.74 | 6,343.12 | 6,440.99 | 6,540.36 | 6,641.27 |
---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | |||||||||||
Operating Cash Flow | -2,448.74 | 45.74 | 1,963.11 | 1,935.94 | 274.77 | 279 | 283.31 | 287.68 | 292.12 | 296.63 | 301.20 |
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 | -2,473.09 | 27.36 | 1,902.83 | 1,824.29 | 223.83 | 227.28 | 230.78 | 234.35 | 237.96 | 241.63 | 245.36 |
Weighted Average Cost Of Capital
Share price | $ 107.57 |
---|---|
Beta | 1.383 |
Diluted Shares Outstanding | 697.26 |
Cost of Debt | |
Tax Rate | 60.06 |
After-tax Cost of Debt | 2.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.317 |
Total Debt | 8,714.18 |
Total Equity | 75,004.07 |
Total Capital | 83,718.25 |
Debt Weighting | 10.41 |
Equity Weighting | 89.59 |
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 | 5,911.23 | 6,860.99 | 7,421.45 | 5,966.31 | 6,058.36 | 6,151.83 | 6,246.74 | 6,343.12 | 6,440.99 | 6,540.36 | 6,641.27 |
---|---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -2,448.74 | 45.74 | 1,963.11 | 1,935.94 | 274.77 | 279 | 283.31 | 287.68 | 292.12 | 296.63 | 301.20 |
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 | -2,473.09 | 27.36 | 1,902.83 | 1,824.29 | 223.83 | 227.28 | 230.78 | 234.35 | 237.96 | 241.63 | 245.36 |
WACC | |||||||||||
PV LFCF | 223.83 | 209.36 | 195.82 | 183.17 | 171.33 | 160.25 | 149.89 | ||||
SUM PV LFCF | 934.12 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.56 |
Free cash flow (t + 1) | 250.27 |
Terminal Value | 3,815.06 |
Present Value of Terminal Value | 2,530.18 |
Intrinsic Value
Enterprise Value | 3,464.31 |
---|---|
Net Debt | 6,594.44 |
Equity Value | -3,130.13 |
Shares Outstanding | 697.26 |
Equity Value Per Share | -4.49 |