Discounted Cash Flow (DCF) Analysis Unlevered

Blackstone Inc. (BX)

$92.83

+1.60 (+1.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.65 | 92.83 | overvalue

Operating Data

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 5,911.236,860.997,421.455,966.316,058.366,151.836,246.746,343.126,440.996,540.366,641.27
Revenue (%)
EBITDA 3,790.172,014.192,272.381,638.592,295.492,330.902,366.872,403.382,440.462,478.122,516.35
EBITDA (%)
EBIT 3,743.401,955.172,201.381,567.542,237.952,272.472,307.542,343.142,379.292,4162,453.27
EBIT (%)
Depreciation 46.7859.027171.0557.5458.4359.3360.2561.1862.1263.08
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1,992.502,207.842,172.441,999.481,948.851,978.922,009.452,040.462,071.942,103.902,136.36
Total Cash (%)
Account Receivables 2,916.152,630.363,569.954,087.673,094.093,141.833,190.303,239.533,289.513,340.263,391.80
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 2,043.52875.98806.16717.101,063.541,079.951,096.611,113.531,130.711,148.151,165.87
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 92.83
Beta 1.372
Diluted Shares Outstanding 719.77
Cost of Debt
Tax Rate 56.80
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.365
Total Debt 8,714.18
Total Equity 66,815.96
Total Capital 75,530.14
Debt Weighting 11.54
Equity Weighting 88.46
Wacc

Build Up Free Cash

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 5,911.236,860.997,421.455,966.316,058.366,151.836,246.746,343.126,440.996,540.366,641.27
EBITDA 3,790.172,014.192,272.381,638.592,295.492,330.902,366.872,403.382,440.462,478.122,516.35
EBIT 3,743.401,955.172,201.381,567.542,237.952,272.472,307.542,343.142,379.292,4162,453.27
Tax Rate 64.28%56.11%46.32%60.06%56.71%56.80%56.71%56.71%56.71%56.71%56.71%
EBIAT 1,337.32858.101,181.80626.03968.73981.67998.861,014.271,029.921,045.811,061.94
Depreciation 46.7859.027171.0557.5458.4359.3360.2561.1862.1263.08
Accounts Receivable -285.78-939.59-517.73993.58-47.74-48.47-49.22-49.98-50.75-51.54
Inventories -----------
Accounts Payable --1,167.54-69.82-89.05346.4316.4116.6616.9217.1817.4517.71
Capital Expenditure -24.35-18.38-60.28-111.65-50.94-64.32-52.52-53.33-54.16-54.99-55.84
UFCF 1,359.7516.99183.11-21.352,315.35957.04973.85988.881,004.131,019.621,035.36
WACC
PV UFCF 2,315.35882.88828.77776.34727.23681.23638.14
SUM PV UFCF 3,958.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.40
Free cash flow (t + 1) 1,056.06
Terminal Value 16,500.98
Present Value of Terminal Value 11,024.61

Intrinsic Value

Enterprise Value 14,983.07
Net Debt 6,594.44
Equity Value 8,388.63
Shares Outstanding 719.77
Equity Value Per Share 11.65