Financials Blackstone Inc.

Equities

BX

US09260D1072

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 04:00:02 2024-05-13 pm EDT			5-day change	1st Jan Change
122.1 ^USD	-1.54%		+0.76%	-6.71%

09:39am	Haldiram's: the Indian snack maker eyed by foreign investors	RE
07:00am	Blackstone-led consortium eyes snacks business of India's Haldiram's, sources say	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,795	45,409	92,857	55,019	99,209	92,718	-	-
Enterprise Value (EV) ¹	46,858	49,131	98,543	63,117	107,557	101,210	100,651	99,736
P/E ratio	24.2 x	24.5 x	27.1 x	14.4 x	33.1 x	25.5 x	20.8 x	19 x
Yield	3.49%	3.49%	3.14%	5.93%	2.56%	3.36%	4.23%	4.81%
Capitalization / Revenue	5.15 x	6.97 x	7.96 x	4.37 x	10.2 x	7.66 x	6.25 x	5.59 x
EV / Revenue	6.39 x	7.54 x	8.45 x	5.01 x	11.1 x	8.36 x	6.78 x	6.01 x
EV / EBITDA	14.2 x	12.8 x	13.7 x	8.08 x	17.2 x	14.3 x	11.7 x	12.3 x
EV / FCF	-	26.9 x	25.1 x	10.3 x	28.1 x	14.2 x	12.9 x	11.6 x
FCF Yield	-	3.71%	3.98%	9.67%	3.56%	7.06%	7.74%	8.62%
Price to Book	5.36 x	6.66 x	16.5 x	11.4 x	22.6 x	12.9 x	10.6 x	11.5 x
Nbr of stocks (in thousands)	675,640	700,649	717,651	741,598	757,781	759,176	-	-
Reference price ²	55.94	64.81	129.4	74.19	130.9	122.1	122.1	122.1
Announcement Date	1/30/20	1/27/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,338	6,515	11,663	12,590	9,694	12,106	14,840	16,590
EBITDA ¹	3,288	3,846	7,179	7,810	6,255	7,064	8,606	8,101
EBIT ¹	3,262	3,811	7,127	7,741	6,161	6,839	8,556	9,710
Operating Margin	44.45%	58.49%	61.11%	61.49%	63.56%	56.49%	57.65%	58.53%
Earnings before Tax (EBT) ¹	3,067	3,646	6,931	7,425	5,731	7,053	8,464	9,195
Net income ¹	2,871	3,342	6,171	6,633	5,061	6,301	7,792	8,397
Net margin	39.12%	51.29%	52.91%	52.68%	52.21%	52.04%	52.51%	50.61%
EPS ²	2.310	2.650	4.770	5.170	3.950	4.791	5.867	6.437
Free Cash Flow ¹	-	1,824	3,922	6,101	3,833	7,149	7,795	8,602
FCF margin	-	28%	33.62%	48.46%	39.54%	59.05%	52.53%	51.85%
FCF Conversion (EBITDA)	-	47.44%	54.62%	78.11%	61.27%	101.2%	90.58%	106.18%
FCF Conversion (Net income)	-	54.59%	63.55%	91.98%	75.73%	113.46%	100.04%	102.44%
Dividend per Share ²	1.950	2.260	4.060	4.400	3.350	4.108	5.164	5.878
Announcement Date	1/30/20	1/27/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,457	3,501	4,154	2,592	2,342	2,486	2,351	2,322	2,535	2,549	2,686	3,000	3,830	3,487	3,556
EBITDA	2,722	2,166	2,426	1,654	1,564	1,547	1,524	1,519	1,665	-	-	-	-	-	-
EBIT ¹	2,708	2,152	2,410	1,639	1,540	1,524	1,500	1,497	1,640	1,551	1,557	1,772	2,334	-	-
Operating Margin	60.75%	61.47%	58.02%	63.23%	65.73%	61.32%	63.79%	64.49%	64.68%	60.84%	57.96%	59.06%	60.95%	-	-
Earnings before Tax (EBT) ¹	2,651	2,086	2,341	1,559	1,440	1,420	1,392	1,387	1,532	1,444	1,501	1,786	2,313	-	-
Net income ¹	2,273	1,938	1,986	1,375	1,334	1,249	1,212	1,212	1,388	1,266	1,393	1,574	2,059	1,853	1,796
Net margin	51.01%	55.35%	47.81%	53.03%	56.96%	50.25%	51.56%	52.18%	54.76%	49.67%	51.85%	52.46%	53.78%	53.13%	50.52%
EPS ²	1.710	1.550	1.490	1.060	1.070	0.9700	0.9300	0.9400	1.110	0.9800	1.048	1.194	1.550	1.346	1.397
Dividend per Share ²	1.450	1.320	1.270	0.9000	0.9100	0.8200	0.7900	0.8000	0.9400	0.8300	0.8886	1.028	1.341	1.158	1.203
Announcement Date	1/27/22	4/21/22	7/21/22	10/20/22	1/26/23	4/20/23	7/20/23	10/19/23	1/25/24	4/18/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,062	3,722	5,686	8,098	8,348	8,491	7,932	7,018
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.756 x	0.9678 x	0.7921 x	1.037 x	1.335 x	1.202 x	0.9218 x	0.8663 x
Free Cash Flow ¹	-	1,824	3,922	6,101	3,833	7,149	7,795	8,602
ROE (net income / shareholders' equity)	30.6%	48.9%	76.8%	77.7%	69.9%	44.9%	56.6%	61.5%
ROA (Net income/ Total Assets)	6.66%	11.4%	18.3%	15.8%	12.2%	12.1%	14.2%	14.1%
Assets ¹	43,076	29,427	33,733	41,860	41,406	52,006	54,961	59,552
Book Value Per Share ²	10.40	9.730	7.850	6.520	5.790	9.430	11.50	10.60
Cash Flow per Share ²	-	2.780	5.540	5.250	3.330	5.720	6.700	6.690
Capex ¹	-	112	64.3	235	224	134	121	74
Capex / Sales	-	1.71%	0.55%	1.87%	2.31%	1.1%	0.82%	0.45%
Announcement Date	1/30/20	1/27/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Blackstone Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

122.1 USD

Average target price

125.5 USD

Spread / Average Target

+2.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Investment Management