There was little in narrow-moat-rated Blackstone's first-quarter results that would alter our long-term view of the firm. We expect to leave our $125 per share fair value estimate in place. We view the shares as being fairly valued right now.
Blackstone, with $726.6 billion in fee-earning AUM at the end of 2023, is a go-to firm for institutional and high-net-worth investors looking for exposure to alternatives.
Downturns in the equity and credit markets could leave potential investors in Blackstone's funds with limited liquidity and large commitments to other funds, making it more difficult for the firm to raise new capital.
|
Metric
|
BX
|
BLK
|
KKR
|
|---|---|---|---|
Price/Earnings (Normalized) | 64.43 | 20.12 | 27.85 |
Price/Book Value | 13.38 | 2.87 | 3.66 |
Price/Sales | 11.41 | 6.23 | 6.01 |
Price/Cash Flow | 19.44 | 25.39 | — |
|
Metric
|
BX
|
BLK
|
KKR
|
|---|---|---|---|
Quick Ratio | — | 11.71 | 1.49 |
Current Ratio | — | 15.46 | 1.51 |
Interest Coverage | — | 23.88 | 2.08 |
|
Metric
|
BX
|
BLK
|
KKR
|
|---|---|---|---|
Return on Assets (Normalized) | 5.90% | 4.72% | 2.40% |
Return on Equity (Normalized) | 34.03% | 14.85% | 35.44% |
Return on Invested Capital (Normalized) | — | 11.29% | 5.68% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BLK
| BlackRock Inc | Lzywtmdmr | Cslf | $111.2 Bil | |
KKR
| KKR & Co Inc Ordinary Shares | Znfvznc | Zsvxyg | $83.6 Bil | |
AMP
| Ameriprise Financial Inc | Dptdfmhcg | Hlmqmy | $42.2 Bil | |
BK
| Bank of New York Mellon Corp | Tzxgjnj | Nqvf | $41.3 Bil | |
TROW
| T. Rowe Price Group Inc | Zsbwjftyz | Sxpk | $24.3 Bil | |
STT
| State Street Corporation | Xfsgxkryy | Nkxm | $22.5 Bil | |
NTRS
| Northern Trust Corp | Sfccnlvw | Ftbf | $16.7 Bil | |
CG
| The Carlyle Group Inc | Vrpjnxc | Yzptsk | $16.2 Bil | |
BEN
| Franklin Resources Inc | Dflsssxkgb | Qcshg | $13.5 Bil |
