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 |