Financials Blackstone Inc.

Equities

BX

US09260D1072

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 21:03:34 09/09/2024 BST			5-day change	1st Jan Change
139.77 ^USD	+1.93%		-1.82%	+6.76%

09:28am	Australia's NEXTDC plans to raise $500 million to tap AI boom via Asian expansion	RE
09-06	Blackstone, Vista in Discussions to Acquire Smartsheet	MT

Projected Income Statement: Blackstone Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,338	6,515	11,663	12,590	9,694	11,857	14,862	16,767
Change	-	-11.22%	79.03%	7.95%	-23%	22.32%	25.34%	12.82%
EBITDA ¹	3,288	3,846	7,179	7,810	6,255	6,638	8,594	9,172
Change	-	16.96%	86.68%	8.79%	-19.91%	6.12%	29.47%	6.73%
EBIT ¹	3,262	3,811	7,127	7,741	6,161	6,663	8,652	9,848
Change	-	16.82%	87.03%	8.62%	-20.41%	8.14%	29.87%	13.82%
Interest Paid ¹	-199.6	-166.2	-196.6	-316.6	-431.9	-32.72	-37.38	-62
Earnings before Tax (EBT) ¹	3,067	3,646	6,931	7,425	5,731	6,605	8,076	7,829
Change	-	18.87%	90.1%	7.13%	-22.8%	15.24%	22.27%	-3.06%
Net income ¹	2,871	3,342	6,171	6,633	5,061	5,881	7,483	8,428
Change	-	16.4%	84.67%	7.49%	-23.7%	16.2%	27.24%	12.64%
Announcement Date	30/01/20	27/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	1,735	2,091	1,141	1,113	1,459	2,803	2,047	2,118	3,042	4,457	3,501	4,154	2,592	2,342	2,486	2,351	2,322	2,535	2,549	2,516	2,759	3,877	3,400	3,404	3,821	4,360	3,475	3,632
Change	-	20.54%	-45.47%	-2.43%	31.07%	92.15%	-26.97%	3.46%	43.64%	46.52%	-21.44%	18.63%	-37.59%	-9.64%	6.12%	-5.43%	-1.24%	9.19%	0.56%	-1.29%	9.63%	40.52%	-12.29%	0.13%	12.25%	14.11%	-20.31%	4.53%
EBITDA	805.4	1,055	629.2	659	861.1	1,697	1,333	-	-	2,722	2,166	2,426	1,654	1,564	1,547	1,524	1,519	1,665	-	-	-	-	-	-	-	-	-	-
Change	-	31%	-40.37%	4.73%	30.67%	97.02%	-21.42%	-100%	-	-	-20.41%	11.97%	-31.8%	-5.45%	-1.06%	-1.54%	-0.31%	9.61%	-100%	-	-	-	-	-	-	-	-	-
EBIT ¹	798.6	1,047	621.7	650.9	851.5	1,687	1,321	-	-	2,708	2,152	2,410	1,639	1,540	1,524	1,500	1,497	1,640	1,551	1,524	1,713	1,722	2,055	1,978	2,085	2,042	-	-
Change	-	31.17%	-40.65%	4.7%	30.83%	98.06%	-21.69%	-100%	-	-	-20.52%	11.98%	-31.98%	-6.07%	-1%	-1.62%	-0.15%	9.51%	-5.4%	-1.73%	12.4%	0.52%	19.33%	-3.73%	5.41%	-2.07%	-100%	-
Charge d'intérêts ¹	-53.36	-60.69	-41.54	-38.92	-39.54	-45.7	-44.34	-44.13	-52.41	-56.39	-66.6	-69.42	-80.31	-100.2	-104.2	-107.1	-110	-108.7	-10.36	-	-7.7	-7.533	-7.367	-7.2	-7.033	-6.867	-	-
Earnings before Tax (EBT) ¹	745.7	990.1	580.2	612	812.3	1,641	1,276	1,211	1,792	2,651	2,086	2,341	1,559	1,440	1,420	1,392	1,387	1,532	1,444	1,416	1,563	2,249	-	-	-	-	-	-
Change	-	32.77%	-41.41%	5.48%	32.74%	102.05%	-22.23%	-5.15%	48.03%	47.94%	-21.34%	12.23%	-33.39%	-7.66%	-1.35%	-1.95%	-0.37%	10.39%	-5.75%	-1.91%	10.39%	43.89%	-100%	-	-	-	-	-
Net income ¹	709.9	914	557.1	548	772.1	1,464	1,192	1,070	1,635	2,273	1,938	1,986	1,375	1,334	1,249	1,212	1,212	1,388	1,266	1,252	1,382	1,970	1,676	1,780	1,924	2,287	1,947	1,997
Change	-	28.75%	-39.05%	-1.64%	40.9%	89.67%	-18.59%	-10.25%	52.83%	39.02%	-14.76%	2.47%	-30.77%	-2.96%	-6.38%	-2.96%	-0.04%	14.57%	-8.77%	-1.12%	10.34%	42.55%	-14.9%	6.17%	8.13%	18.83%	-14.85%	2.56%
Announcement Date	23/10/19	30/01/20	23/04/20	23/07/20	28/10/20	27/01/21	22/04/21	22/07/21	21/10/21	27/01/22	21/04/22	21/07/22	20/10/22	26/01/23	20/04/23	20/07/23	19/10/23	25/01/24	18/04/24	18/07/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Blackstone Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,062	3,722	5,686	8,098	8,348	8,287	8,044	7,997
Change	-	-58.93%	52.77%	42.42%	3.09%	-0.73%	-2.93%	-0.58%
Announcement Date	30/01/20	27/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Blackstone Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	111.6	64.32	235.5	224.2	137.5	122.7	73.86
Change	-	-42.39%	266.16%	-4.78%	-38.7%	-10.76%	-39.79%
Free Cash Flow (FCF) ¹	1,824	3,922	6,101	3,833	8,517	8,397	8,142
Change	-	114.97%	55.57%	-37.18%	122.22%	-1.4%	-3.04%
Announcement Date	27/01/21	27/01/22	26/01/23	25/01/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Blackstone Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	44.81%	59.03%	61.55%	62.04%	64.53%	55.98%	57.83%	54.71%
EBIT Margin (%)	44.45%	58.49%	61.11%	61.49%	63.56%	56.19%	58.22%	58.74%
EBT Margin (%)	41.79%	55.96%	59.42%	58.97%	59.13%	55.71%	54.34%	46.7%
Net margin (%)	39.12%	51.29%	52.91%	52.68%	52.21%	49.6%	50.35%	50.27%
FCF margin (%)	-	28%	33.62%	48.46%	39.54%	71.83%	56.5%	48.56%
FCF / Net Income (%)	-	54.59%	63.55%	91.98%	75.73%	144.83%	112.23%	96.61%
Profitability
ROA	6.66%	11.36%	18.29%	15.84%	12.22%	12.42%	13.96%	16.8%
ROE	30.62%	48.92%	76.78%	77.67%	69.94%	39.93%	45.72%	49.08%
Financial Health
Leverage (Debt/EBITDA)	2.76x	0.97x	0.79x	1.04x	1.33x	1.25x	0.94x	0.87x
Debt / Free cash flow	-	2.04x	1.45x	1.33x	2.18x	0.97x	0.96x	0.98x
Capital Intensity
CAPEX / Current Assets (%)	-	1.71%	0.55%	1.87%	2.31%	1.16%	0.83%	0.44%
CAPEX / EBITDA (%)	-	2.9%	0.9%	3.02%	3.58%	2.07%	1.43%	0.81%
CAPEX / FCF (%)	-	6.12%	1.64%	3.86%	5.85%	1.61%	1.46%	0.91%
Items per share
Cash flow per share ¹	-	2.777	5.535	5.252	3.335	4.7	6.625	5.73
Change	-	-	99.36%	-5.11%	-36.51%	40.94%	40.96%	-13.51%
Dividend per Share ¹	1.95	2.26	4.06	4.4	3.35	3.939	5.078	5.883
Change	-	15.9%	79.65%	8.37%	-23.86%	17.58%	28.93%	15.84%
Book Value Per Share ¹	10.44	9.727	7.849	6.521	5.787	9.214	11.21	10.09
Change	-	-6.87%	-19.31%	-16.92%	-11.25%	59.22%	21.69%	-10.04%
EPS ¹	2.31	2.65	4.77	5.17	3.95	4.516	5.811	6.663
Change	-	14.72%	80%	8.39%	-23.6%	14.34%	28.66%	14.68%
Nbr of stocks (in thousands)	675,640	700,649	717,651	741,598	757,781	765,760	765,760	765,760
Announcement Date	30/01/20	27/01/21	27/01/22	26/01/23	25/01/24	-	-	-