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Blackstone Inc BX Stock Quote

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NYSE:BX

Morningstar‘s Stock Analysis BX

Valuation
Currency in USD
Is it the right time to buy or sell?
Is it the right time to buy or sell?

1-Star Price

INVESTOR

5-Star Price

INVESTOR

Economic Moat

INVESTOR

Capital Allocation

INVESTOR

Blackstone's Diversification and Solid Fundraising Helping Firm Mitigate Impacts of Market Downturn

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We've lowered our fair value estimate for narrow-moat-rated Blackstone to $115 per share from $125 after updating our valuation model to include weaker equity and credit market returns in the near term, which will have a negative impact on assets under management. Our new fair value estimate implies a price/earnings multiple of 22.2 times our 2022 estimate, 20.5 times our 2023 estimate, and 16.4 times our 2024 estimate for distributable earnings per share (which remove the effects of unrealized activity). For some perspective, during the past five (10) years, the company's shares have traded at an average of 23.5 (23.5) times trailing distributable earnings.

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Key Statistics BX

Company Profile BX

Business Description

Blackstone is one of the world's largest alternative asset managers with $950.9 billion in total asset under management, including $705.9 billion in fee-earning asset under management, at the end of September 2022. The company has four core business segments: private equity (24% of fee-earning AUM and 31% of base management fees); real estate (39% and 40%); credit & insurance (27% and 20%); and hedge fund solutions (10% and 9%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices located in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Contact
345 Park Avenue
New York, NY, 10154
T +1 212 583-5000
Industry Asset Management
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 3,795

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