Intrinsic value of Blackstone Group - BX

Previous Close

$35.95

  Intrinsic Value

$15,299

stock screener

  Rating & Target

str. buy

+999%

Previous close

$35.95

 
Intrinsic value

$15,299

 
Up/down potential

+999%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as BX.

We calculate the intrinsic value of BX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.31
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.76
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
Revenue, $m
  5,126
  9,888
  13,400
  17,749
  23,023
  29,295
  36,623
  45,053
  54,610
  65,310
  77,153
  90,130
  104,225
  119,415
  135,676
  152,981
  171,308
  190,635
  210,944
  232,224
  254,470
  277,681
  301,866
  327,036
  353,214
  380,426
  408,706
  438,093
  468,633
  500,379
  533,388
Variable operating expenses, $m
 
  3,622
  4,802
  6,264
  8,037
  10,145
  12,608
  15,441
  18,654
  22,250
  26,231
  30,295
  35,033
  40,138
  45,604
  51,421
  57,581
  64,077
  70,904
  78,057
  85,534
  93,336
  101,465
  109,925
  118,724
  127,871
  137,377
  147,254
  157,520
  168,191
  179,286
Fixed operating expenses, $m
 
  874
  893
  913
  933
  953
  974
  996
  1,018
  1,040
  1,063
  1,086
  1,110
  1,135
  1,160
  1,185
  1,211
  1,238
  1,265
  1,293
  1,321
  1,350
  1,380
  1,410
  1,441
  1,473
  1,506
  1,539
  1,573
  1,607
  1,642
Total operating expenses, $m
  2,929
  4,496
  5,695
  7,177
  8,970
  11,098
  13,582
  16,437
  19,672
  23,290
  27,294
  31,381
  36,143
  41,273
  46,764
  52,606
  58,792
  65,315
  72,169
  79,350
  86,855
  94,686
  102,845
  111,335
  120,165
  129,344
  138,883
  148,793
  159,093
  169,798
  180,928
Operating income, $m
  2,197
  5,393
  7,705
  10,572
  14,053
  18,197
  23,041
  28,615
  34,939
  42,019
  49,859
  58,749
  68,082
  78,142
  88,912
  100,375
  112,516
  125,320
  138,775
  152,875
  167,615
  182,995
  199,021
  215,700
  233,048
  251,082
  269,823
  289,300
  309,541
  330,582
  352,460
EBITDA, $m
  2,280
  10,290
  14,235
  19,125
  25,059
  32,120
  40,373
  49,868
  60,636
  72,693
  86,041
  100,668
  116,557
  133,682
  152,015
  171,527
  192,191
  213,984
  236,885
  260,883
  285,969
  312,145
  339,418
  367,805
  397,328
  428,018
  459,912
  493,057
  527,502
  563,308
  600,539
Interest expense (income), $m
  152
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Earnings before tax, $m
  2,382
  5,391
  7,705
  10,572
  14,053
  18,197
  23,041
  28,615
  34,939
  42,019
  49,859
  58,749
  68,082
  78,142
  88,912
  100,375
  112,516
  125,320
  138,775
  152,875
  167,615
  182,995
  199,021
  215,700
  233,048
  251,082
  269,823
  289,300
  309,541
  330,582
  352,460
Tax expense, $m
  132
  1,456
  2,080
  2,855
  3,794
  4,913
  6,221
  7,726
  9,433
  11,345
  13,462
  15,862
  18,382
  21,098
  24,006
  27,101
  30,379
  33,836
  37,469
  41,276
  45,256
  49,409
  53,736
  58,239
  62,923
  67,792
  72,852
  78,111
  83,576
  89,257
  95,164
Net income, $m
  1,039
  3,935
  5,624
  7,718
  10,259
  13,283
  16,820
  20,889
  25,505
  30,674
  36,397
  42,887
  49,700
  57,044
  64,906
  73,274
  82,137
  91,483
  101,306
  111,599
  122,359
  133,586
  145,285
  157,461
  170,125
  183,290
  196,971
  211,189
  225,965
  241,325
  257,296

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,842
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  26,403
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  23,561
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.218
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  436
  45,990
  62,322
  82,551
  107,079
  136,249
  170,336
  209,540
  253,992
  303,756
  358,838
  419,195
  484,750
  555,399
  631,027
  711,516
  796,754
  886,642
  981,100
  1,080,076
  1,183,541
  1,291,497
  1,403,977
  1,521,046
  1,642,798
  1,769,361
  1,900,889
  2,037,569
  2,179,614
  2,327,264
  2,480,788
Working capital, $m
  0
  -25,710
  -34,839
  -46,147
  -59,859
  -76,166
  -95,221
  -117,137
  -141,986
  -169,806
  -200,597
  -234,338
  -270,985
  -310,479
  -352,757
  -397,751
  -445,401
  -495,650
  -548,454
  -603,784
  -661,622
  -721,972
  -784,851
  -850,294
  -918,356
  -989,107
  -1,062,634
  -1,139,041
  -1,218,447
  -1,300,986
  -1,386,809
Total debt, $m
  8,942
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities, $m
  19,942
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  6,461
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  26,403
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  1.384
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.157
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,039
  3,935
  5,624
  7,718
  10,259
  13,283
  16,820
  20,889
  25,505
  30,674
  36,397
  42,887
  49,700
  57,044
  64,906
  73,274
  82,137
  91,483
  101,306
  111,599
  122,359
  133,586
  145,285
  157,461
  170,125
  183,290
  196,971
  211,189
  225,965
  241,325
  257,296
Depreciation, amort., depletion, $m
  83
  4,897
  6,530
  8,553
  11,006
  13,923
  17,332
  21,252
  25,697
  30,674
  36,182
  41,920
  48,475
  55,540
  63,103
  71,152
  79,675
  88,664
  98,110
  108,008
  118,354
  129,150
  140,398
  152,105
  164,280
  176,936
  190,089
  203,757
  217,961
  232,726
  248,079
Funds from operations, $m
  -2,053
  8,832
  12,155
  16,271
  21,265
  27,206
  34,152
  42,141
  51,202
  61,348
  72,579
  84,806
  98,175
  112,583
  128,008
  144,426
  161,812
  180,147
  199,416
  219,606
  240,713
  262,736
  285,683
  309,566
  334,405
  360,226
  387,060
  414,946
  443,926
  474,051
  505,374
Change in working capital, $m
  -1,512
  -7,200
  -9,129
  -11,308
  -13,712
  -16,307
  -19,055
  -21,916
  -24,850
  -27,819
  -30,792
  -33,741
  -36,646
  -39,494
  -42,278
  -44,995
  -47,649
  -50,249
  -52,804
  -55,329
  -57,839
  -60,350
  -62,879
  -65,444
  -68,062
  -70,751
  -73,527
  -76,407
  -79,406
  -82,539
  -85,823
Cash from operations, $m
  -541
  16,033
  21,284
  27,579
  34,977
  43,513
  53,206
  64,057
  76,052
  89,167
  103,371
  118,547
  134,821
  152,078
  170,286
  189,421
  209,461
  230,396
  252,220
  274,936
  298,552
  323,086
  348,561
  375,010
  402,467
  430,977
  460,587
  491,352
  523,332
  556,590
  591,197
Maintenance CAPEX, $m
  0
  -3,311
  -4,599
  -6,232
  -8,255
  -10,708
  -13,625
  -17,034
  -20,954
  -25,399
  -30,376
  -35,884
  -41,920
  -48,475
  -55,540
  -63,103
  -71,152
  -79,675
  -88,664
  -98,110
  -108,008
  -118,354
  -129,150
  -140,398
  -152,105
  -164,280
  -176,936
  -190,089
  -203,757
  -217,961
  -232,726
New CAPEX, $m
  -22
  -12,882
  -16,331
  -20,229
  -24,528
  -29,170
  -34,086
  -39,204
  -44,452
  -49,764
  -55,082
  -60,357
  -65,555
  -70,649
  -75,628
  -80,489
  -85,238
  -89,888
  -94,459
  -98,975
  -103,465
  -107,956
  -112,480
  -117,069
  -121,753
  -126,563
  -131,529
  -136,680
  -142,045
  -147,650
  -153,523
Cash from investing activities, $m
  -29
  -16,193
  -20,930
  -26,461
  -32,783
  -39,878
  -47,711
  -56,238
  -65,406
  -75,163
  -85,458
  -96,241
  -107,475
  -119,124
  -131,168
  -143,592
  -156,390
  -169,563
  -183,123
  -197,085
  -211,473
  -226,310
  -241,630
  -257,467
  -273,858
  -290,843
  -308,465
  -326,769
  -345,802
  -365,611
  -386,249
Free cash flow, $m
  -570
  -160
  354
  1,118
  2,193
  3,635
  5,495
  7,820
  10,646
  14,004
  17,913
  22,306
  27,347
  32,954
  39,118
  45,829
  53,072
  60,833
  69,097
  77,850
  87,079
  96,776
  106,931
  117,543
  128,610
  140,134
  152,122
  164,584
  177,530
  190,979
  204,947
Issuance/(repayment) of debt, $m
  2,900
  -34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,589
  -34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  2,019
  -194
  354
  1,118
  2,193
  3,635
  5,495
  7,820
  10,646
  14,004
  17,913
  22,306
  27,347
  32,954
  39,118
  45,829
  53,072
  60,833
  69,097
  77,850
  87,079
  96,776
  106,931
  117,543
  128,610
  140,134
  152,122
  164,584
  177,530
  190,979
  204,947
Retained Cash Flow (-), $m
  -191
  -34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
 
  34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  475
  643
  852
  1,105
  1,406
  1,758
  2,163
  2,621
  3,135
  3,703
  4,326
  5,003
  5,732
  6,512
  7,343
  8,223
  9,150
  10,125
  11,147
  12,215
  13,329
  14,490
  15,698
  16,954
  18,260
  19,618
  21,028
  22,494
  24,018
Cash available for distribution, $m
 
  -34
  354
  1,118
  2,193
  3,635
  5,495
  7,820
  10,646
  14,004
  17,913
  22,306
  27,347
  32,954
  39,118
  45,829
  53,072
  60,833
  69,097
  77,850
  87,079
  96,776
  106,931
  117,543
  128,610
  140,134
  152,122
  164,584
  177,530
  190,979
  204,947
Discount rate, %
 
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
 
  -34
  354
  1,118
  2,193
  3,635
  5,495
  7,820
  10,646
  14,004
  17,913
  22,306
  27,347
  32,954
  39,118
  45,829
  53,072
  60,833
  69,097
  77,850
  87,079
  96,776
  106,931
  117,543
  128,610
  140,134
  152,122
  164,584
  177,530
  190,979
  204,947
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Blackstone Group L.P. is a global alternative asset manager. The Company's alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit. The Private Equity segment includes its corporate private equity business, which consists of its corporate private equity funds, Blackstone Capital Partners (BCP) funds, its sector-focused corporate private equity funds, including its energy-focused funds, Blackstone Energy Partners (BEP) funds and its core private equity fund. The Blackstone Real Estate Partners funds target a range of opportunistic real estate and real estate related investments. The Hedge Fund Solutions segment consists of Blackstone Alternative Asset Management (BAAM). The Credit segment consists principally of GSO Capital Partners LP (GSO).

FINANCIAL RATIOS  of  Blackstone Group (BX)

Valuation Ratios
P/E Ratio 22.3
Price to Sales 4.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow -42.8
Price to Free Cash Flow -41.1
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -62.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.3%
Financial Strength
Quick Ratio 38
Current Ratio NaN
LT Debt to Equity 137.2%
Total Debt to Equity 138.4%
Interest Coverage 17
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 16.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 83.1%
Gross Margin - 3 Yr. Avg. 84.6%
EBITDA Margin 51.1%
EBITDA Margin - 3 Yr. Avg. 50.4%
Operating Margin 42.9%
Oper. Margin - 3 Yr. Avg. 41.6%
Pre-Tax Margin 46.5%
Pre-Tax Margin - 3 Yr. Avg. 46.3%
Net Profit Margin 20.3%
Net Profit Margin - 3 Yr. Avg. 18.9%
Effective Tax Rate 5.5%
Eff/ Tax Rate - 3 Yr. Avg. 7.8%
Payout Ratio 194.3%

BX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BX stock intrinsic value calculation we used $7119 million for the last fiscal year's total revenue generated by Blackstone Group. The default revenue input number comes from 2016 income statement of Blackstone Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BX stock valuation model: a) initial revenue growth rate of 38.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for BX is calculated based on our internal credit rating of Blackstone Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Blackstone Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BX stock the variable cost ratio is equal to 37.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $855 million in the base year in the intrinsic value calculation for BX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Blackstone Group.

Corporate tax rate of 27% is the nominal tax rate for Blackstone Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BX stock is equal to 4.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BX are equal to 465.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Blackstone Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BX is equal to -260%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Blackstone Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 665 million for Blackstone Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Blackstone Group at the current share price and the inputted number of shares is $23.9 billion.

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COMPANY NEWS

▶ International Market Centers closes deal to buy AmericasMart   [Jul-20-18 04:14PM  American City Business Journals]
▶ [$$] Blackstones Profit Jumps   [Jul-19-18 08:28PM  The Wall Street Journal]
▶ [$$] Blackstone's Profit Climbs as PE Portfolio Surges   [05:34PM  The Wall Street Journal]
▶ Blackstone's profit surges   [10:33AM  Reuters Videos]
▶ Blackstone Beats 2Q Revenue, EPS Estimates   [09:01AM  Bloomberg Video]
▶ Blackstone Group: 2Q Earnings Snapshot   [08:06AM  Associated Press]
▶ Blackstone Group Q2 Earnings Preview   [Jul-18-18 03:59PM  Benzinga]
▶ [$$] Blackstone Has Upside, C-Corp or No   [08:52AM  Barrons.com]
▶ [$$] Blackstone, Goldman Units Buy Minority Stake in Francisco Partners   [Jul-13-18 06:11PM  The Wall Street Journal]
▶ New development eyed after $44 million sale of Depot Park   [03:55PM  American City Business Journals]
▶ [$$] WeWork vies for lease of New Yorks landmark Flatiron   [Jul-12-18 10:00PM  Financial Times]
▶ Blackstone Said to Seek More Than $20B for Buyout Fund   [Jul-10-18 04:02PM  Bloomberg Video]
▶ [$$] How Regulators Averted a Debacle in Credit-Default Swaps   [Jul-08-18 08:30PM  The Wall Street Journal]
▶ JW Marriott Hill Country Resort to be sold for nearly $650 million   [03:55PM  American City Business Journals]
▶ Exclusive: Highrise with 400 apartments in Oakland's Auto Row set to break ground   [Jul-03-18 05:37PM  American City Business Journals]
▶ KKR seeks to woo investors with corporate rejig   [Jul-01-18 11:00PM  Reuters]
▶ [$$] Creditors Probe Gibson's Pre-Bankruptcy Dealings   [Jun-29-18 03:01PM  The Wall Street Journal]
▶ Blackstone Announces Second Quarter 2018 Media Call   [Jun-22-18 01:00PM  Business Wire]
▶ Solus Made Money From That CDS Litigation   [Jun-20-18 01:03PM  Barrons.com]
▶ Heres what LaSalles CEO stands to make if the Blackstone deal closes   [01:32PM  American City Business Journals]
▶ [$$] Blackstone to Exit Intelenet Investment   [Jun-14-18 04:55PM  The Wall Street Journal]
▶ Deals of the day-Mergers and acquisitions   [Jun-13-18 04:27PM  Reuters]
Financial statements of BX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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