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| BlackRock, Inc. stands as a globally recognized investment management powerhouse, publicly owned and operating across a diverse range of financial markets. Its services are primarily targeted towards a broad spectrum of investors: from institutional, intermediary, and individual investors to a wider audience including pension plans, insurance companies, sovereign wealth funds, and public institutions. Its portfolio includes corporate bodies, banks, charities, foundations, and governments, showcasing a worldwide investment reach. | | BlackRock, Inc. stands as a globally recognized investment management powerhouse, publicly owned and operating across a diverse range of financial markets. Its services are primarily targeted towards a broad spectrum of investors: from institutional, intermediary, and individual investors to a wider audience including pension plans, insurance companies, sovereign wealth funds, and public institutions. Its portfolio includes corporate bodies, banks, charities, foundations, and governments, showcasing a worldwide investment reach. |
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| {{Infobox|infobox=BlackRock Inc.}}
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| Beyond mere investment management, BlackRock also offers robust risk management and advisory services, adding another dimension to its comprehensive financial portfolio. It manages bespoke client portfolios focused on equity, fixed income, and balanced assets. | | Beyond mere investment management, BlackRock also offers robust risk management and advisory services, adding another dimension to its comprehensive financial portfolio. It manages bespoke client portfolios focused on equity, fixed income, and balanced assets. |
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| ==== Robert Goldstein - Chief Operating Officer ==== | | ==== Robert Goldstein - Chief Operating Officer ==== |
| Mr. Goldstein is BlackRock's Chief Operating Officer, a Senior Managing Director, co-chair of the Global Operating Committee and a member of the Global Executive Committee. He has worked at BlackRock for more than 20 years, starting as analyst in BlackRock's Portfolio Analytics Group in 1994, and being instrumental in developing BlackRock's processes and capabilities. Previously he earned a bachelors degree in economics from the Binghamton University in 1994. He has twice been named to Fortune's "40 under 40" list. | | Mr. Goldstein is BlackRock's Chief Operating Officer, a Senior Managing Director, co-chair of the Global Operating Committee and a member of the Global Executive Committee. He has worked at BlackRock for more than 20 years, starting as analyst in BlackRock's Portfolio Analytics Group in 1994, and being instrumental in developing BlackRock's processes and capabilities. Previously he earned a bachelors degree in economics from the Binghamton University in 1994. He has twice been named to Fortune's "40 under 40" list. |
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| == Company Valuation ==
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| {| class="wikitable"
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| | colspan="2" |'''DCF Assumptions & Output:'''
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| |-
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| |'''Company Name:'''
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| |BlackRock
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| | colspan="3" |'''Terminal Value - Multiples Method:'''
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| | colspan="4" |'''Terminal Value - Perpetuity Growth Method:'''
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| |-
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| |'''Ticker:'''
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| |BLK
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| |-
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| |'''Current Share Price:'''
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| |$ 745.74
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| | colspan="3" |'''Median TEV / EBITDA of Comps:'''
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| |14.0 x
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| | colspan="3" |'''Expected Long-Term GDP Growth:'''
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| |1.80%
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| |-
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| | colspan="3" |'''Baseline Terminal EBITDA Multiple:'''
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| |17.4 x
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| | colspan="3" |'''Baseline Terminal FCF Growth Rate:'''
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| |0.75%
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| |-
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| |'''Discount Rate (WACC):'''
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| |10.10%
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| |-
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| |'''Effective Tax Rate:'''
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| |22.0%
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| | colspan="2" |'''Baseline Terminal Value:'''
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| |$ 192,588
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| | colspan="2" |'''Baseline Terminal Value:'''
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| |$ 192,875
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| |-
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| |'''Last Fiscal Year:'''
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| |2022-01-31
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| | colspan="3" |'''Implied Terminal FCF Growth Rate:'''
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| |0.74%
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| | colspan="3" |'''Implied Terminal EBITDA Multiple:'''
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| |17.4 x
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| |'''Current Equity Value:'''
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| |$ 38,785
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| | colspan="2" |'''(+) PV of Terminal Value:'''
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| | 119,034
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| | colspan="2" |'''(+) PV of Terminal Value:'''
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| | 119,212
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| |-
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| |'''(-) Cash & Cash-Equivalents:'''
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| | (7,416)
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| | colspan="3" |'''(+) Sum of PV of Free Cash Flows:'''
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| | 52,417
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| | colspan="3" |'''(+) Sum of PV of Free Cash Flows:'''
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| | 52,417
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| |-
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| |'''(-) Equity Investments:'''
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| | (533)
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| | colspan="2" |'''Implied Enterprise Value:'''
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| | 171,451
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| | colspan="2" |'''Implied Enterprise Value:'''
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| | 171,628
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| |-
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| |'''(-) Other Non-Core Assets, Net:'''
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| |'''(-) Net Operating Losses:'''
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| | (6,350)
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| | colspan="3" |'''% of Implied TEV from Terminal Value:'''
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| |69.4%
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| | colspan="3" |'''% of Implied TEV from Terminal Value:'''
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| |69.5%
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| |'''(+) Total Debt & Finance Leases:'''
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| | 8,492
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| |-
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| |'''(+) Preferred Stock:'''
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| | -
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| | colspan="2" |'''(+) Cash & Cash-Equivalents:'''
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| | 7,416
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| | colspan="2" |'''(+) Cash & Cash-Equivalents:'''
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| | 7,416
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| |-
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| |'''(+) Noncontrolling Interests:'''
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| | 1,041
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| | colspan="2" |'''(+) Equity Investments:'''
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| | 533
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| | colspan="2" |'''(+) Equity Investments:'''
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| | 533
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| |-
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| |'''(+) Unfunded Pension Obligations:'''
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| | -
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| | colspan="3" |'''(+) Other Non-Core Assets, Net:'''
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| | -
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| | colspan="3" |'''(+) Other Non-Core Assets, Net:'''
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| | -
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| |-
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| |'''Current Enterprise Value:'''
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| |$ 34,019
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| | colspan="2" |'''(+) Net Operating Losses:'''
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| | 6,350
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| | colspan="2" |'''(+) Net Operating Losses:'''
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| | 6,350
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| |-
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| | colspan="3" |'''(-) Total Debt & Capital Leases:'''
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| | (8,492)
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| | colspan="2" |'''(-) Total Debt:'''
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| | (8,492)
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| | colspan="2" |'''(-) Preferred Stock:'''
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| | -
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| | colspan="2" |'''(-) Preferred Stock:'''
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| | colspan="2" |'''(-) Noncontrolling Interests:'''
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| | (1,041)
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| | colspan="2" |'''(-) Noncontrolling Interests:'''
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| | (1,041)
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| |-
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| | colspan="3" |'''(-) Unfunded Pension Obligations:'''
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| | -
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| | colspan="3" |'''(-) Unfunded Pension Obligations:'''
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| | -
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| | colspan="2" |'''Implied Equity Value:'''
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| | 176,217
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| | colspan="2" |'''Implied Equity Value:'''
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| | 176,394
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| | colspan="2" |'''Diluted Shares Outstanding:'''
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| | 150.2
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| | colspan="2" |'''Diluted Shares Outstanding:'''
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| | 150.2
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| | colspan="2" |'''Implied Share Price from DCF:'''
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| |$ 1,173.21
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| | colspan="2" |'''Implied Share Price from DCF:'''
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| |$ 1,174.40
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| | colspan="3" |'''Premium / (Discount) to Current:'''
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| |57.3%
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| | colspan="3" |'''Premium / (Discount) to Current:'''
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| |57.5%
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| |}
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| {| class="wikitable"
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| | colspan="3" |Historical:
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| | colspan="5" |Projected:
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| |-
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| | colspan="2" |'''Unlevered Free Cash Flow Projections:'''
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| |Units:
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| |FY19
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| |FY20
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| |FY21
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| |FY22
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| |FY23
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| |FY24
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| |FY25
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| |FY26
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| |FY27
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| |-
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| |'''AUM:'''
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| |M
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| |7,429,633
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| |8,676,680
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| |10,010,143
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| |8,594,485
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| |9,275,739
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| |10,017,557
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| |10,825,699
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| |11,563,964
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| |12,356,733
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| |'''Equity'''
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| |M
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| |3,820,329
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| |4,419,806
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| |5,342,360
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| |4,435,354
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| |4,878,889
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| |5,366,778
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| |5,903,456
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| |6,375,733
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| |6,885,791
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |15.7%
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| |20.9%
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| |(17.0%)
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| |10.0%
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| |10.0%
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| |10.0%
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| |8.0%
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| |8.0%
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| |'''Fixed Income'''
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| |M
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| |2,315,392
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| |2,674,488
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| |2,822,041
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| |2,536,823
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| |2,638,296
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| |2,743,828
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| |2,853,581
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| |2,967,724
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| |3,086,433
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |15.5%
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| |5.5%
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| |(10.1%)
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| |4.0%
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| |4.0%
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| |4.0%
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| |4.0%
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| |4.0%
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| |-
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| |'''Multi-asset'''
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| |M
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| |568,121
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| |658,733
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| |816,494
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| |684,904
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| |732,847
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| |784,147
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| |839,037
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| |880,989
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| |925,038
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |15.9%
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| |23.9%
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| |(16.1%)
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| |7.0%
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| |7.0%
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| |7.0%
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| |5.0%
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| |5.0%
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| |-
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| |'''Alternatives'''
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| |M
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| |178,072
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| |235,042
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| |264,881
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| |266,210
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| |300,817
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| |339,924
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| |384,114
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| |426,366
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| |473,266
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |32.0%
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| |12.7%
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| |0.5%
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| |13.0%
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| |13.0%
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| |13.0%
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| |11.0%
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| |11.0%
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| |-
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| |'''Cash Management'''
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| |M
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| |545,949
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| |666,252
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| |755,057
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| |671,194
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| |724,890
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| |782,881
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| |845,511
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| |913,152
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| |986,204
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |22.0%
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| |13.3%
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| |(11.1%)
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| |8.0%
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| |8.0%
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| |8.0%
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| |8.0%
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| |8.0%
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| |-
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| |-
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| |'''Fees (For given AUM Performance)'''
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| |Rev $ / AUM $
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| |0.159%
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| |0.146%
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| |0.152%
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| |0.168%
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| |0.173%
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| |0.179%
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| |0.185%
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| |0.192%
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| |0.198%
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| |-
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| |'''Fees % on Equity;'''
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| |Rev $ / AUM $
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| |0.150%
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| |0.133%
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| |0.150%
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| |0.162%
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| |0.167%
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| |0.172%
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| |0.177%
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| |0.183%
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| |0.188%
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |(10.8%)
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| |12.2%
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| |8.4%
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |-
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| |'''Fees % on Fixed Income;'''
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| |Rev $ / AUM $
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| |0.119%
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| |0.133%
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| |0.146%
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| |0.135%
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| |0.139%
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| |0.143%
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| |0.147%
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| |0.152%
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| |0.156%
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| |-
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| |'''Growth Rate:'''
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| |%
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| |N/A
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| |11.8%
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| |9.3%
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| |(7.5%)
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |-
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| |'''Fees % on Multi-asset'''
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| |Rev $ / AUM $
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| |0.202%
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| |0.177%
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| |0.173%
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| |0.190%
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| |0.195%
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| |0.201%
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| |0.207%
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| |0.213%
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| |0.220%
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| |-
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| |
| |
| |'''Growth Rate:'''
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| |%
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| |N/A
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| |(12.6%)
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| |(1.9%)
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| |9.5%
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |3.0%
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| |-
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| |'''Fees % on Alternatives;'''
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| |Rev $ / AUM $
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| |0.567%
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| |0.531%
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| |0.571%
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| |0.597%
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| |0.609%
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| |0.621%
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| |0.634%
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| |0.647%
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| |0.659%
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| |-
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| |
| |
| |'''Growth Rate:'''
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| |%
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| |N/A
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| |(6.4%)
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| |7.7%
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| |4.6%
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| |2.0%
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| |2.0%
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| |2.0%
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| |2.0%
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| |2.0%
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| |-
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| |
| |
| |'''Fees % on Cash Management;'''
| |
| |Rev $ / AUM $
| |
| |0.113%
| |
| |0.119%
| |
| |0.062%
| |
| |0.129%
| |
| |0.134%
| |
| |0.139%
| |
| |0.145%
| |
| |0.151%
| |
| |0.157%
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |4.7%
| |
| |(47.5%)
| |
| |106.8%
| |
| |4.0%
| |
| |4.0%
| |
| |4.0%
| |
| |4.0%
| |
| |4.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''COGS and OpEx per AUM:'''
| |
| |$ / AUM $
| |
| | 0.001210
| |
| | 0.001211
| |
| | 0.001191
| |
| | 0.001336
| |
| | 0.001403
| |
| | 0.001473
| |
| | 0.001547
| |
| | 0.001624
| |
| | 0.001705
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |0.1%
| |
| |(1.6%)
| |
| |12.2%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Maintenance CapEx per AUM:'''
| |
| |$ / AUM $
| |
| | 0.0000342
| |
| | 0.0000224
| |
| | 0.0000341
| |
| | 0.0000620
| |
| | 0.0000992
| |
| | 0.0001588
| |
| | 0.0002540
| |
| | 0.0004064
| |
| | 0.0006503
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |(34.6%)
| |
| |52.4%
| |
| |82.1%
| |
| |60.0%
| |
| |60.0%
| |
| |60.0%
| |
| |60.0%
| |
| |60.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''D&A per AUM:'''
| |
| |$ / AUM $
| |
| | 0.00003984
| |
| | 0.00004126
| |
| | 0.00004146
| |
| | 0.00004864
| |
| | 0.00005107
| |
| | 0.00005362
| |
| | 0.00005630
| |
| | 0.00005912
| |
| | 0.00006207
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |3.6%
| |
| |0.5%
| |
| |17.3%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |5.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Growth CapEx per New AUM:'''
| |
| |$ / AUM $
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | 0.00029
| |
| | 0.000299
| |
| | 0.000308
| |
| | 0.000315
| |
| | 0.000323
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |3.0%
| |
| |3.0%
| |
| |2.5%
| |
| |2.5%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Tech and Advisory Services Growth Rate:'''
| |
| |%
| |
| |29.1%
| |
| |15.4%
| |
| |(16.8%)
| |
| |15.0%
| |
| |15.0%
| |
| |15.0%
| |
| |15.0%
| |
| |15.0%
| |
| |15.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Revenue:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(+) Equity Sales'''
| |
| |$ M
| |
| |$ 5,716
| |
| |$ 5,900
| |
| |$ 8,000
| |
| |$ 7,203
| |
| |$ 8,161
| |
| |$ 9,246
| |
| |$ 10,476
| |
| |$ 11,654
| |
| |$ 12,964
| |
| |-
| |
| |
| |
| |'''(+) Fixed Income Sales'''
| |
| |$ M
| |
| |$ 3,286
| |
| |$ 3,539
| |
| |$ 3,863
| |
| |$ 3,495
| |
| |$ 3,666
| |
| |$ 3,927
| |
| |$ 4,206
| |
| |$ 4,506
| |
| |$ 4,827
| |
| |-
| |
| |
| |
| |'''(+) Multi-asset Sales'''
| |
| |$ M
| |
| |$ 1,148
| |
| |$ 1,163
| |
| |$ 1,414
| |
| |$ 1,299
| |
| |$ 1,432
| |
| |$ 1,578
| |
| |$ 1,739
| |
| |$ 1,881
| |
| |$ 2,034
| |
| |-
| |
| |
| |
| |'''(+) Alternatives Sales'''
| |
| |$ M
| |
| |$ 1,009
| |
| |$ 1,247
| |
| |$ 1,513
| |
| |$ 1,590
| |
| |$ 1,833
| |
| |$ 2,112
| |
| |$ 2,435
| |
| |$ 2,756
| |
| |$ 3,121
| |
| |-
| |
| |
| |
| |'''(+) Cash Managment Sales'''
| |
| |$ M
| |
| |$ 618
| |
| |$ 790
| |
| |$ 470
| |
| |$ 864
| |
| |$ 970
| |
| |$ 1,090
| |
| |$ 1,224
| |
| |$ 1,375
| |
| |$ 1,545
| |
| |-
| |
| |
| |
| |'''(+) Net Sales:'''
| |
| |$ M
| |
| |$ 11,777
| |
| |$ 12,639
| |
| |$ 15,260
| |
| |$ 14,451
| |
| |$ 16,061
| |
| |$ 17,953
| |
| |$ 20,080
| |
| |$ 22,172
| |
| |$ 24,489
| |
| |-
| |
| |
| |
| |'''(+) Tech and Advisory Services:'''
| |
| |$ M
| |
| | 2,762
| |
| | 3,566
| |
| | 4,114
| |
| | 3,422
| |
| | 3,935
| |
| | 4,526
| |
| | 5,204
| |
| | 5,985
| |
| | 6,883
| |
| |-
| |
| |
| |
| |'''Total Revenue:'''
| |
| |$ M
| |
| | 14,539
| |
| | 16,205
| |
| | 19,374
| |
| | 17,873
| |
| | 19,997
| |
| | 22,479
| |
| | 25,285
| |
| | 28,157
| |
| | 31,372
| |
| |-
| |
| |
| |
| |'''Revenue Growth:'''
| |
| |%
| |
| |N/A
| |
| |11.5%
| |
| |19.6%
| |
| |(7.7%)
| |
| |11.9%
| |
| |12.4%
| |
| |12.5%
| |
| |11.4%
| |
| |11.4%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Operating Income (EBIT):'''
| |
| |$ M
| |
| | 5,550
| |
| | 5,700
| |
| | 7,450
| |
| | 6,390
| |
| | 6,984
| |
| | 7,722
| |
| | 8,541
| |
| | 9,377
| |
| | 10,301
| |
| |-
| |
| |
| |
| |'''Operating (EBIT) Margin:'''
| |
| |%
| |
| |38.2%
| |
| |35.2%
| |
| |38.5%
| |
| |35.8%
| |
| |34.9%
| |
| |34.4%
| |
| |33.8%
| |
| |33.3%
| |
| |32.8%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(-) Taxes, Excluding Effect of Interest:'''
| |
| |$ M
| |
| | (1,221)
| |
| | (1,254)
| |
| | (1,639)
| |
| | (1,406)
| |
| | (1,536)
| |
| | (1,699)
| |
| | (1,879)
| |
| | (2,063)
| |
| | (2,266)
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Net Operating Profit After Tax (NOPAT):'''
| |
| |$ M
| |
| | 4,329
| |
| | 4,446
| |
| | 5,811
| |
| | 4,984
| |
| | 5,447
| |
| | 6,024
| |
| | 6,662
| |
| | 7,314
| |
| | 8,035
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Adjustments for Non-Cash Charges:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(+) Depreciation & Amortization:'''
| |
| |$ M
| |
| | 296
| |
| | 358
| |
| | 415
| |
| | 418
| |
| | 474
| |
| | 537
| |
| | 610
| |
| | 684
| |
| | 767
| |
| |-
| |
| |
| |
| |'''% Revenue:'''
| |
| |%
| |
| |2.0%
| |
| |2.2%
| |
| |2.1%
| |
| |2.3%
| |
| |2.4%
| |
| |2.4%
| |
| |2.4%
| |
| |2.4%
| |
| |2.4%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(+/-) Deferred Taxes:'''
| |
| |$ M
| |
| | 796
| |
| | 1,028
| |
| | 2,369
| |
| | 1,635
| |
| | 1,536
| |
| | 1,699
| |
| | 1,879
| |
| | 2,063
| |
| | 2,266
| |
| |-
| |
| |
| |
| |'''% Book Taxes:'''
| |
| |%
| |
| |65.2%
| |
| |82.0%
| |
| |144.5%
| |
| |116.3%
| |
| |100.0%
| |
| |100.0%
| |
| |100.0%
| |
| |100.0%
| |
| |100.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(+/-) Other Operating Activities:'''
| |
| |$ M
| |
| | 1,243
| |
| | 1,331
| |
| | 1,450
| |
| | 1,527
| |
| | 1,616
| |
| | 1,816
| |
| | 2,043
| |
| | 2,275
| |
| | 2,535
| |
| |-
| |
| |
| |
| |'''% Revenue:'''
| |
| |%
| |
| |8.5%
| |
| |8.2%
| |
| |7.5%
| |
| |8.5%
| |
| |8.1%
| |
| |8.1%
| |
| |8.1%
| |
| |8.1%
| |
| |8.1%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Change in Working Capital:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Accounts Receivable:'''
| |
| |$ M
| |
| | 3,179
| |
| | 3,535
| |
| | 3,789
| |
| | 3,264
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Accounts Payable:'''
| |
| |$ M
| |
| | (1,167)
| |
| | (1,028)
| |
| | (1,379)
| |
| | (1,294)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(+/-) Change in Working Capital: '''
| |
| |$ M
| |
| | 2,012
| |
| | 2,507
| |
| | 2,410
| |
| | 1,970
| |
| | 2,364
| |
| | 2,837
| |
| | 3,404
| |
| | 4,085
| |
| | 4,902
| |
| |-
| |
| |
| |
| |'''% Change in Revenue:'''
| |
| |%
| |
| |N/A
| |
| |150.5%
| |
| |76.0%
| |
| |(131.2%)
| |
| |120.0%
| |
| |120.0%
| |
| |120.0%
| |
| |120.0%
| |
| |120.0%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''(-) Capital Expenditures:'''
| |
| |$ M
| |
| | (254)
| |
| | (194)
| |
| | (341)
| |
| | (533)
| |
| | (549)
| |
| | (564)
| |
| | (578)
| |
| | (591)
| |
| | (604)
| |
| |-
| |
| |
| |
| |'''% Revenue:'''
| |
| |%
| |
| |1.7%
| |
| |1.2%
| |
| |1.8%
| |
| |3.0%
| |
| |2.7%
| |
| |2.5%
| |
| |2.3%
| |
| |2.1%
| |
| |1.9%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Annual Unlevered Free Cash Flow:'''
| |
| |$ M
| |
| | 8,422
| |
| | 9,476
| |
| | 12,114
| |
| | 10,001
| |
| | 10,888
| |
| | 12,349
| |
| | 14,019
| |
| | 15,829
| |
| | 17,902
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |12.5%
| |
| |27.8%
| |
| |(17.4%)
| |
| |8.9%
| |
| |13.4%
| |
| |13.5%
| |
| |12.9%
| |
| |13.1%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Period:'''
| |
| |#
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |1
| |
| |2
| |
| |3
| |
| |4
| |
| |5
| |
| |-
| |
| |
| |
| |'''PV of Unlevered FCF:'''
| |
| |$ M
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | 9,889
| |
| | 10,187
| |
| | 10,504
| |
| | 10,772
| |
| | 11,065
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''EBITDA:'''
| |
| |$ M
| |
| |$ 5,846
| |
| |$ 6,058
| |
| |$ 7,865
| |
| |$ 6,808
| |
| |$ 7,457
| |
| |$ 8,260
| |
| |$ 9,150
| |
| |$ 10,060
| |
| |$ 11,068
| |
| |-
| |
| |
| |
| |'''Growth Rate:'''
| |
| |%
| |
| |N/A
| |
| |N/A
| |
| |29.8%
| |
| |(13.4%)
| |
| |9.5%
| |
| |10.8%
| |
| |10.8%
| |
| |9.9%
| |
| |10.0%
| |
| |}
| |
| {| class="wikitable"
| |
| | colspan="2" |'''Discount Rate Calculations - Assumptions:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Risk-Free Rate:'''
| |
| |
| |
| |3.90%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Equity Risk Premium:'''
| |
| |
| |
| |5.00%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Pre-Tax Cost of Debt:'''
| |
| |
| |
| |3.73%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |'''Cost of Preferred Stock:'''
| |
| |
| |
| |–
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |
| |
| |'''Debt'''
| |
| |'''% Debt'''
| |
| |'''Stock'''
| |
| |'''% Preferred'''
| |
| |'''Equity'''
| |
| |'''% Equity'''
| |
| |'''Beta'''
| |
| |-
| |
| |'''Current Capital Structure:'''
| |
| |$ 1,073
| |
| |2.7%
| |
| |$ -
| |
| |–
| |
| |$ 38,785
| |
| |97.3%
| |
| | 1.28
| |
| |-
| |
| |'''Cost of Equity Based on Historical Beta:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |10.30%
| |
| |-
| |
| |'''WACC, Current Capital Structure:'''
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |10.10%
| |
| |}
| |
|
| |
| ==== Ratios ====
| |
| {| class="wikitable"
| |
| |
| |
| |'''Mkt Cap (USD)'''
| |
| |'''BF P/E'''
| |
| |'''BF EV/EBITDA'''
| |
| |'''BF EV/EBIT'''
| |
| |'''BF EV/Rev'''
| |
| |'''LF P/BV'''
| |
| |-
| |
| |'''BlackRock'''
| |
| |109.89B
| |
| |19.1x
| |
| |14.4x
| |
| |15.5x
| |
| |5.9x
| |
| |2.9x
| |
| |-
| |
| |'''Mean from Comps'''
| |
| |8.94B
| |
| |12.3x
| |
| |8.7x
| |
| |9.7x
| |
| |3.2x
| |
| |2.1x
| |
| |}
| |
|
| |
| == Competition ==
| |
|
| |
| # '''Vanguard Group''': Vanguard is one of the world's largest investment management companies, known for its low-cost index funds and exchange-traded funds (ETFs). It competes with BlackRock in the passive investing space.
| |
| # '''State Street Global Advisors (SSGA)''': SSGA is another prominent asset management firm, offering a variety of investment strategies, including ETFs and active funds. It is a significant player in the institutional investor market and often competes with BlackRock for institutional mandates.
| |
| # '''Fidelity Investments''': Fidelity is a well-known financial services company offering various investment products, retirement planning, and brokerage services. It competes with BlackRock in both active and passive investment segments.
| |
| # '''JPMorgan Asset Management''': JPMorgan's asset management arm offers a diverse range of investment solutions to institutional and retail clients. It competes with BlackRock in various investment categories, such as mutual funds and alternative investments.
| |
| # '''PIMCO (Pacific Investment Management Company)''': PIMCO is a global investment management firm that specializes in fixed-income strategies. It competes with BlackRock in the bond and fixed-income markets.
| |
| # '''Goldman Sachs Asset Management (GSAM)''': GSAM provides a wide range of investment products and services to institutional and individual clients. It competes with BlackRock in various asset management and alternative investment offerings.
| |
| __INDEX__ | | __INDEX__ |
| __FORCETOC__
| |