Intrinsic value of BlackRock - BLK

Previous Close

$503.96

  Intrinsic Value

$11.98

stock screener

  Rating & Target

str. sell

-98%

Previous close

$503.96

 
Intrinsic value

$11.98

 
Up/down potential

-98%

 
Rating

str. sell

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

We calculate the intrinsic value of BLK 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 81.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  13,990
  15,571
  17,232
  18,973
  20,793
  22,692
  24,671
  26,731
  28,873
  31,099
  33,413
  35,818
  38,317
  40,915
  43,616
  46,425
  49,348
  52,392
  55,562
  58,865
  62,310
  65,902
  69,652
  73,567
  77,656
  81,929
  86,396
  91,067
  95,954
  101,068
Variable operating expenses, $m
  6,617
  7,352
  8,124
  8,933
  9,779
  10,661
  11,581
  12,538
  13,533
  14,568
  15,527
  16,645
  17,806
  19,013
  20,268
  21,574
  22,932
  24,347
  25,820
  27,355
  28,956
  30,625
  32,368
  34,187
  36,087
  38,073
  40,149
  42,319
  44,590
  46,967
Fixed operating expenses, $m
  1,350
  1,380
  1,410
  1,441
  1,473
  1,505
  1,538
  1,572
  1,607
  1,642
  1,678
  1,715
  1,753
  1,791
  1,831
  1,871
  1,912
  1,954
  1,997
  2,041
  2,086
  2,132
  2,179
  2,227
  2,276
  2,326
  2,377
  2,430
  2,483
  2,538
Total operating expenses, $m
  7,967
  8,732
  9,534
  10,374
  11,252
  12,166
  13,119
  14,110
  15,140
  16,210
  17,205
  18,360
  19,559
  20,804
  22,099
  23,445
  24,844
  26,301
  27,817
  29,396
  31,042
  32,757
  34,547
  36,414
  38,363
  40,399
  42,526
  44,749
  47,073
  49,505
Operating income, $m
  6,023
  6,839
  7,698
  8,599
  9,542
  10,526
  11,552
  12,620
  13,732
  14,889
  16,208
  17,458
  18,758
  20,110
  21,516
  22,980
  24,504
  26,091
  27,745
  29,469
  31,268
  33,145
  35,105
  37,153
  39,293
  41,530
  43,870
  46,318
  48,881
  51,564
EBITDA, $m
  30,915
  34,531
  38,332
  42,317
  46,482
  50,830
  55,360
  60,077
  64,982
  70,082
  75,383
  80,892
  86,617
  92,570
  98,759
  105,198
  111,900
  118,877
  126,145
  133,720
  141,618
  149,858
  158,459
  167,439
  176,821
  186,626
  196,877
  207,598
  218,815
  230,555
Interest expense (income), $m
  198
  1,517
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
  1,494
Earnings before tax, $m
  4,505
  5,345
  6,204
  7,105
  8,048
  9,032
  10,058
  11,127
  12,239
  13,395
  14,714
  15,964
  17,264
  18,616
  20,022
  21,486
  23,010
  24,597
  26,251
  27,975
  29,774
  31,651
  33,611
  35,659
  37,799
  40,036
  42,376
  44,824
  47,387
  50,070
Tax expense, $m
  1,216
  1,443
  1,675
  1,918
  2,173
  2,439
  2,716
  3,004
  3,304
  3,617
  3,973
  4,310
  4,661
  5,026
  5,406
  5,801
  6,213
  6,641
  7,088
  7,553
  8,039
  8,546
  9,075
  9,628
  10,206
  10,810
  11,442
  12,103
  12,794
  13,519
Net income, $m
  3,289
  3,902
  4,529
  5,187
  5,875
  6,593
  7,342
  8,122
  8,934
  9,778
  10,741
  11,654
  12,603
  13,590
  14,616
  15,685
  16,797
  17,956
  19,163
  20,422
  21,735
  23,105
  24,536
  26,031
  27,593
  29,226
  30,934
  32,722
  34,592
  36,551

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  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
  247,761
  275,759
  305,182
  336,015
  368,247
  401,881
  436,925
  473,400
  511,335
  550,769
  591,750
  634,337
  678,594
  724,598
  772,432
  822,186
  873,960
  927,861
  984,002
  1,042,507
  1,103,505
  1,167,132
  1,233,534
  1,302,864
  1,375,281
  1,450,957
  1,530,067
  1,612,798
  1,699,347
  1,789,917
Working capital, $m
  -176,189
  -196,098
  -217,022
  -238,948
  -261,869
  -285,787
  -310,708
  -336,646
  -363,622
  -391,665
  -420,808
  -451,092
  -482,564
  -515,279
  -549,294
  -584,676
  -621,494
  -659,824
  -699,747
  -741,351
  -784,728
  -829,975
  -877,195
  -926,497
  -977,995
  -1,031,810
  -1,088,067
  -1,146,899
  -1,208,446
  -1,272,852
Total debt, $m
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
  27,664
Total liabilities, $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
Total equity, $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
Total liabilities and equity, $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
Debt-to-equity ratio
  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
  0.000
  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
  3,289
  3,902
  4,529
  5,187
  5,875
  6,593
  7,342
  8,122
  8,934
  9,778
  10,741
  11,654
  12,603
  13,590
  14,616
  15,685
  16,797
  17,956
  19,163
  20,422
  21,735
  23,105
  24,536
  26,031
  27,593
  29,226
  30,934
  32,722
  34,592
  36,551
Depreciation, amort., depletion, $m
  24,892
  27,692
  30,634
  33,718
  36,941
  40,304
  43,809
  47,456
  51,250
  55,193
  59,175
  63,434
  67,859
  72,460
  77,243
  82,219
  87,396
  92,786
  98,400
  104,251
  110,350
  116,713
  123,353
  130,286
  137,528
  145,096
  153,007
  161,280
  169,935
  178,992
Funds from operations, $m
  28,181
  31,594
  35,163
  38,904
  42,816
  46,897
  51,151
  55,579
  60,184
  64,971
  69,916
  75,087
  80,462
  86,050
  91,860
  97,903
  104,193
  110,742
  117,563
  124,673
  132,085
  139,819
  147,890
  156,317
  165,121
  174,322
  183,941
  194,002
  204,527
  215,543
Change in working capital, $m
  -18,877
  -19,909
  -20,924
  -21,926
  -22,922
  -23,918
  -24,921
  -25,938
  -26,976
  -28,042
  -29,143
  -30,284
  -31,473
  -32,715
  -34,016
  -35,381
  -36,818
  -38,330
  -39,924
  -41,604
  -43,377
  -45,247
  -47,220
  -49,302
  -51,498
  -53,814
  -56,257
  -58,832
  -61,547
  -64,407
Cash from operations, $m
  47,059
  51,503
  56,087
  60,830
  65,737
  70,815
  76,072
  81,517
  87,160
  93,014
  99,059
  105,372
  111,935
  118,764
  125,875
  133,285
  141,011
  149,072
  157,487
  166,277
  175,462
  185,065
  195,110
  205,619
  216,619
  228,136
  240,198
  252,834
  266,074
  279,949
Maintenance CAPEX, $m
  -22,122
  -24,776
  -27,576
  -30,518
  -33,601
  -36,825
  -40,188
  -43,693
  -47,340
  -51,134
  -55,077
  -59,175
  -63,434
  -67,859
  -72,460
  -77,243
  -82,219
  -87,396
  -92,786
  -98,400
  -104,251
  -110,350
  -116,713
  -123,353
  -130,286
  -137,528
  -145,096
  -153,007
  -161,280
  -169,935
New CAPEX, $m
  -26,544
  -27,997
  -29,423
  -30,833
  -32,233
  -33,634
  -35,044
  -36,475
  -37,935
  -39,434
  -40,981
  -42,586
  -44,258
  -46,004
  -47,833
  -49,754
  -51,774
  -53,901
  -56,142
  -58,505
  -60,997
  -63,627
  -66,402
  -69,330
  -72,418
  -75,675
  -79,110
  -82,731
  -86,548
  -90,570
Cash from investing activities, $m
  -48,666
  -52,773
  -56,999
  -61,351
  -65,834
  -70,459
  -75,232
  -80,168
  -85,275
  -90,568
  -96,058
  -101,761
  -107,692
  -113,863
  -120,293
  -126,997
  -133,993
  -141,297
  -148,928
  -156,905
  -165,248
  -173,977
  -183,115
  -192,683
  -202,704
  -213,203
  -224,206
  -235,738
  -247,828
  -260,505
Free cash flow, $m
  -1,607
  -1,270
  -912
  -521
  -97
  357
  839
  1,349
  1,885
  2,446
  3,001
  3,610
  4,244
  4,901
  5,582
  6,287
  7,018
  7,775
  8,559
  9,372
  10,214
  11,088
  11,994
  12,936
  13,915
  14,933
  15,992
  17,096
  18,245
  19,444
Issuance/(repayment) of debt, $m
  -432
  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
Cash from financing (excl. dividends), $m  
  -432
  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
  -2,039
  -1,270
  -912
  -521
  -97
  357
  839
  1,349
  1,885
  2,446
  3,001
  3,610
  4,244
  4,901
  5,582
  6,287
  7,018
  7,775
  8,559
  9,372
  10,214
  11,088
  11,994
  12,936
  13,915
  14,933
  15,992
  17,096
  18,245
  19,444
Retained Cash Flow (-), $m
  -432
  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
  432
  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
  0
  0
  0
  0
  894
  976
  1,061
  1,149
  1,242
  1,337
  1,437
  1,540
  1,648
  1,759
  1,875
  1,996
  2,122
  2,253
  2,389
  2,531
  2,679
  2,834
  2,995
  3,163
  3,339
  3,523
  3,715
  3,916
  4,126
Cash available for distribution, $m
  -432
  0
  0
  0
  0
  357
  839
  1,349
  1,885
  2,446
  3,001
  3,610
  4,244
  4,901
  5,582
  6,287
  7,018
  7,775
  8,559
  9,372
  10,214
  11,088
  11,994
  12,936
  13,915
  14,933
  15,992
  17,096
  18,245
  19,444
Discount rate, %
  15.40
  16.17
  16.98
  17.83
  18.72
  19.65
  20.64
  21.67
  22.75
  23.89
  25.08
  26.34
  27.66
  29.04
  30.49
  32.02
  33.62
  35.30
  37.06
  38.92
  40.86
  42.90
  45.05
  47.30
  49.67
  52.15
  54.76
  57.50
  60.37
  63.39
PV of cash for distribution, $m
  -374
  0
  0
  0
  0
  122
  226
  281
  298
  287
  256
  218
  177
  138
  103
  74
  51
  34
  21
  13
  8
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

BlackRock, Inc. (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds (ETFs), separate accounts, collective investment funds and other pooled investment vehicles. It offers its Aladdin investment system, as well as risk management, outsourcing, advisory and technology services, to institutional investors and wealth management intermediaries under the BlackRock Solutions name.

FINANCIAL RATIOS  of  BlackRock (BLK)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 7.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 37.8
Price to Free Cash Flow 40
Growth Rates
Sales Growth Rate -2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.2%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 16.9%
Total Debt to Equity 16.9%
Interest Coverage 24
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 89%
Gross Margin - 3 Yr. Avg. 89.2%
EBITDA Margin 43.8%
EBITDA Margin - 3 Yr. Avg. 44.5%
Operating Margin 41%
Oper. Margin - 3 Yr. Avg. 40.8%
Pre-Tax Margin 40%
Pre-Tax Margin - 3 Yr. Avg. 40%
Net Profit Margin 28.4%
Net Profit Margin - 3 Yr. Avg. 29.2%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 27.3%
Payout Ratio 48.7%

BLK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLK stock intrinsic value calculation we used $12491 million for the last fiscal year's total revenue generated by BlackRock. The default revenue input number comes from 2017 income statement of BlackRock. 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 BLK stock valuation model: a) initial revenue growth rate of 12% 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 15.4%, whose default value for BLK is calculated based on our internal credit rating of BlackRock, 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 BlackRock.
    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 BLK stock the variable cost ratio is equal to 47.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1321 million in the base year in the intrinsic value calculation for BLK 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 BlackRock.

Corporate tax rate of 27% is the nominal tax rate for BlackRock. 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 BLK stock is equal to 4.3%.

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 BLK are equal to 1771%.

Life of production assets of 10 years is the average useful life of capital assets used in BlackRock 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 BLK is equal to -1259.4%. 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 BlackRock - 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 162 million for BlackRock 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 BlackRock at the current share price and the inputted number of shares is $81.6 billion.

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COMPANY NEWS

▶ Company News For Jul 17, 2018   [10:17AM  Zacks]
▶ [$$] BlackRocks Investor-Cash Inflows Slide   [Jul-16-18 08:57PM  The Wall Street Journal]
▶ [$$] BlackRock's Investor-Cash Inflows Slide   [07:54PM  The Wall Street Journal]
▶ BlackRock chief talks cryptocurrencies, trade war   [01:05PM  American City Business Journals]
▶ Bitcoin Rises as BlackRock Explores Crypto   [11:05AM  Investing.com]
▶ BofA profit surges on loan growth   [10:08AM  Reuters Videos]
▶ BlackRock posts 2Q earnings beat   [07:13AM  Fox Business Videos]
▶ BlackRock: 2Q Earnings Snapshot   [06:38AM  Associated Press]
▶ BlackRock, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ U.S. Asset Managers: Go Big orGo Big   [10:46AM  Barrons.com]
▶ [$$] Investors Win From ETF Price War   [Jul-12-18 07:39PM  The Wall Street Journal]
▶ 18 Midterm Election Year Stock Picks   [07:23AM  Investopedia]
▶ PRESS DIGEST- Financial Times - July 9   [Jul-08-18 07:53PM  Reuters]
▶ [$$] BlackRock and Citi plan Paris expansion in Macron coup   [Jul-07-18 11:46PM  Financial Times]
▶ $49 Billion Fund Loads Up on Chinese Shares   [Jul-05-18 12:00PM  Bloomberg]
▶ [$$] Role models and allies critical to LGBT inclusion at work   [Jul-04-18 11:00PM  Financial Times]
▶ BlackRock Joins the AI and Robotics ETF Craze   [Jul-03-18 10:41AM  Bloomberg]
▶ Vanguard Adds to Commission-Free ETF Offerings   [Jul-02-18 11:58AM  Investopedia]
▶ iShares Enters Robotics ETF Fray   [Jun-29-18 12:17PM  Benzinga]
▶ Another Robotics ETF is Here   [09:10AM  Investopedia]
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