Discounted Cash Flow (DCF) Analysis Levered

Blackstone Inc. (BX)

$88.19

-0.47 (-0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 155.46 | 88.19 | undervalue

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 6,860.997,421.455,233.1716,652.357,132.639,624.1212,985.9017,521.9923,642.5631,901.10
Revenue (%)
Operating Cash Flow 45.741,963.111,935.943,985.996,336.253,404.694,593.986,198.708,363.9511,285.55
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 27.361,902.831,824.293,921.676,100.763,271.854,414.745,956.848,037.6210,845.22

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 6,860.997,421.455,233.1716,652.357,132.639,624.1212,985.9017,521.9923,642.5631,901.10
Operating Cash Flow 45.741,963.111,935.943,985.996,336.253,404.694,593.986,198.708,363.9511,285.55
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 27.361,902.831,824.293,921.676,100.763,271.854,414.745,956.848,037.6210,845.22
WACC
PV LFCF 2,998.403,707.634,584.625,669.047,009.98
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