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BlackRock Inc BLK

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Raising BlackRock's FVE on Improved Long-Term Forecasts for Multi-Asset and Alternatives AUM

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

Having taken a deeper look at our long-term projections for wide-moat-rated BlackRock following the company's release of third-quarter earnings, we've raised our fair value estimate to $910 per share from $880. Most of the improvement came from adjustments to our longer-term forecasts for the company's multi-asset and alternatives segments--two areas management has targeted for higher levels of growth over the next five to 10 years. While we had lifted our projections for both segments in June following BlackRock's investor day presentations, we felt that our forecasts were a bit too conservative (especially considering the more recent rates of organic growth we've seen from both segments).

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Company Profile

Business Description

BlackRock is the largest asset managers in the world, with $9.464 trillion in AUM at the end of September 2021. Product mix is fairly diverse, with 53% of the firm's managed assets in equity strategies, 29% in fixed income, 8% in multi-asset class, 7% 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 around 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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 16,900