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Blackstone Inc BX

Morningstar Rating
$126.32 −0.43 (0.34%)
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Company Report

US-Based Asset Managers: Equity Market Rally Erased Margin of Safety Needed to Consider the Group

All the US-based asset managers we cover have reported their December-quarter earnings, and in some cases revealed assets under management, or AUM, data for January 2024. We now have a better sense of how recent market activity has been affecting results. In our third-quarter earnings wrap, we had assumed that the malaise that had crept into the markets during August-October 2023 might continue through the rest of the year.

Price vs Fair Value

BX is trading at a 1% premium.
Price
$126.32
Fair Value
$761.00
Uncertainty
High
1-Star Price
$717.19
5-Star Price
$54.00
Economic Moat
Ydhwsq
Capital Allocation
Pksnstdfv

Bulls Say, Bears Say

Bulls

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.

Bears

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.

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News

Trading Information

Previous Close Price
$126.75
Day Range
$125.62127.27
52-Week Range
$76.19133.53
Bid/Ask
$125.86 / $127.80
Market Cap
$95.16 Bil
Volume/Avg
867 / 3.8 Mil

Key Statistics

Price/Earnings (Normalized)
67.65
Price/Sales
11.98
Dividend Yield (Trailing)
2.65%
Dividend Yield (Forward)
2.65%
Total Yield
3.09%

Company Profile

Blackstone is the world's largest alternative-asset manager with $1.040 trillion in total asset under management, including $762.6 billion in fee-earning assets under management, at the end of 2023. The company has four core business segments: private equity (22% of fee-earning AUM and 28% of base management fees), real estate (39% and 43%), credit and insurance (29% and 21%), and hedge fund solutions (10% and 8%). 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 in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Large Core
Total Number of Employees
4,735

Competitors

Valuation

Metric
BX
KKR
CG
Price/Earnings (Normalized)
67.6528.7134.97
Price/Book Value
14.054.153.13
Price/Sales
11.986.915.48
Price/Cash Flow
20.4122.05
Price/Earnings
BX
KKR
CG

Financial Strength

Metric
BX
KKR
CG
Quick Ratio
4.11
Current Ratio
4.13
Interest Coverage
1.34
Quick Ratio
BX
KKR
CG

Profitability

Metric
BX
KKR
CG
Return on Assets (Normalized)
5.90%0.93%−2.34%
Return on Equity (Normalized)
34.03%14.34%−8.43%
Return on Invested Capital (Normalized)
1.63%
Return on Assets
BX
KKR
CG
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Asset Management Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
BLK
BlackRock IncKqqc$120.6 Bil
KKR
KKR & Co Inc Ordinary SharesLsnhvw$84.8 Bil
BK
Bank of New York Mellon CorpPvxv$42.2 Bil
AMP
Ameriprise Financial IncCmjlpc$41.2 Bil
TROW
T. Rowe Price Group IncVsr$25.1 Bil
STT
State Street CorporationFltv$22.2 Bil
NTRS
Northern Trust CorpYdd$16.7 Bil
CG
The Carlyle Group IncRrqgjy$16.3 Bil
BEN
Franklin Resources IncRflvzw$14.2 Bil

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