Discounted Cash Flow (DCF) Analysis Levered
Blackstone Inc. (BX)
$88.19
-0.47 (-0.53%)
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 | 6,860.99 | 7,421.45 | 5,233.17 | 16,652.35 | 7,132.63 | 9,624.12 | 12,985.90 | 17,521.99 | 23,642.56 | 31,901.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 45.74 | 1,963.11 | 1,935.94 | 3,985.99 | 6,336.25 | 3,404.69 | 4,593.98 | 6,198.70 | 8,363.95 | 11,285.55 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -18.38 | -60.28 | -111.65 | -64.32 | -235.50 | -132.84 | -179.24 | -241.86 | -326.34 | -440.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 27.36 | 1,902.83 | 1,824.29 | 3,921.67 | 6,100.76 | 3,271.85 | 4,414.74 | 5,956.84 | 8,037.62 | 10,845.22 |
Weighted Average Cost Of Capital
| Share price | $ 88.19 |
|---|---|
| Beta | 1.485 |
| Diluted Shares Outstanding | 740.94 |
| Cost of Debt | |
| Tax Rate | 49.52 |
| After-tax Cost of Debt | 1.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.755 |
| Total Debt | 13,460.98 |
| Total Equity | 65,343.71 |
| Total Capital | 78,804.69 |
| Debt Weighting | 17.08 |
| Equity Weighting | 82.92 |
| 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 | 6,860.99 | 7,421.45 | 5,233.17 | 16,652.35 | 7,132.63 | 9,624.12 | 12,985.90 | 17,521.99 | 23,642.56 | 31,901.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 45.74 | 1,963.11 | 1,935.94 | 3,985.99 | 6,336.25 | 3,404.69 | 4,593.98 | 6,198.70 | 8,363.95 | 11,285.55 |
| Capital Expenditure | -18.38 | -60.28 | -111.65 | -64.32 | -235.50 | -132.84 | -179.24 | -241.86 | -326.34 | -440.33 |
| Free Cash Flow | 27.36 | 1,902.83 | 1,824.29 | 3,921.67 | 6,100.76 | 3,271.85 | 4,414.74 | 5,956.84 | 8,037.62 | 10,845.22 |
| WACC | ||||||||||
| PV LFCF | 2,998.40 | 3,707.63 | 4,584.62 | 5,669.04 | 7,009.98 | |||||
| SUM PV LFCF | 23,969.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.12 |
| Free cash flow (t + 1) | 11,062.13 |
| Terminal Value | 155,366.94 |
| Present Value of Terminal Value | 100,423.84 |
Intrinsic Value
| Enterprise Value | 124,393.51 |
|---|---|
| Net Debt | 9,208.98 |
| Equity Value | 115,184.53 |
| Shares Outstanding | 740.94 |
| Equity Value Per Share | 155.46 |