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Blackstone Inc BX

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Morningstar’s Analysis

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Initiating Coverage of Blackstone With Narrow Moat Rating, Stable Moat Trend, and $115 per Share FVE

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We are initiating coverage on Blackstone with a $115 per share fair value estimate, narrow moat rating, stable moat trend, and high uncertainty rating. Our fair value estimate translates to a price/earnings multiple of 30.7 times our 2021 estimate for distributable earnings per share (which removes the effects of unrealized activity), 26.4 times our 2022 estimate, and 23.0 times our 2023 estimate. We consider the shares to be slightly overvalued based on the closing price of nearly $126 per share on Sept. 22 and recommend that investors hold off on the name until a decent margin of safety is available.

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Company Profile

Business Description

Blackstone is one of the world's largest alternative asset managers with $684 billion in total asset under management, including $499 billion in fee-earning asset under management, at the end of June 2021. The company has four core business segments: private equity (27% of fee-earning AUM, and 31% of base management fees, during 2020); real estate (32% and 39%); credit & insurance (25% and 15%); and hedge fund solutions (16% and 15%). While the firm primarily serves institutional investors (87% of AUM), it does serve 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).

345 Park Avenue
New York, NY, 10154
T +1 212 583-5000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 3,165