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BlackRock Inc BLK

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Economic Moat




Inflows, Market Gains and Favorable Currency Lift BlackRock's 3Q; FVE Raised to $620 per Share

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in wide-moat BlackRock's third-quarter earnings to alter our long-term view of the firm, we plan to increase our fair value estimate to $620 per share from $560 to account for the continued recovery in the equity, credit, and currency markets following the steep coronavirus-induced sell-off in the first quarter of 2020. BlackRock closed out the September quarter with a record $7.808 trillion in managed assets, up 6.7% (12.1%) sequentially (year-over-year), with organic growth, market gains and favorable currency exchange all adding to the improvement in overall assets under management. 

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Company Profile

Business Description

BlackRock is one of the largest asset managers in the world, with $7.808 trillion in AUM at the end of September 2020. Product mix is fairly diverse, with 48% of the firm's managed assets in equity strategies, 33% in fixed income, 8% in multi-asset class, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's iShares ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for close to 80% of AUM. BlackRock is also geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the U.S. and Canada.

55 East 52nd Street
New York, NY, 10055
T +1 212 810-5300
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 16,600