Discounted Cash Flow (DCF) Analysis Unlevered

The Blackstone Group L.P. Representing Limited Partnership Interests (BX)

Financial Services

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	6,613.17	7,484.78	4,646.55	5,146.52	7,145.43	6,833.89	7,114.08	7,405.76	7,709.39	8,025.48	8,354.52
Revenue (%)
EBITDA	1,630.81	2,099.48	1,146.30	1,407.06	2,458.74	2,013.95	1,999.06	2,081.02	2,166.34	2,255.16	2,347.62
EBITDA (%)
EBIT	1,534.92	1,997.69	1,045.01	1,324.20	2,412.30	1,955.18	1,903.02	1,981.04	2,062.26	2,146.82	2,234.84
EBIT (%)
Depreciation	95.89	101.79	101.29	82.86	46.45	58.77	96.04	99.98	104.08	108.34	112.79
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	-	-	4,261.35	4,679.22	5,914.27	4,752.97	5,957.33	6,201.58	6,455.85	6,720.54	6,996.08
Total Cash (%)
Account Receivables	2,080.50	1,687.82	1,853.97	2,215.06	2,903.19	2,630.36	2,561.78	2,666.81	2,776.15	2,889.98	3,008.46
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	2,308.66	2,684.79	1,931.57	2,403.43	2,980.36	1,911.44	2,711.89	2,823.08	2,938.82	3,059.31	3,184.74
Accounts Payable (%)
Capital Expenditure	-25.79	-29.94	-59.48	-21.62	-24.29	-18.45	-36.99	-38.51	-40.09	-41.73	-43.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 52.99
Diluted Shares Outstanding	678.85
Cost of Debt
Tax Rate	13.92
After-tax Cost of Debt	-0.65
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.68
Total Debt	9,952.00
Total Equity	35,972.27
Total Capital	45,924.27
Debt Weighting	21.67
Equity Weighting	78.33
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	6,613.17	7,484.78	4,646.55	5,146.52	7,145.43	6,833.89	7,114.08	7,405.76	7,709.39	8,025.48	8,354.52
EBITDA	1,630.81	2,099.48	1,146.30	1,407.06	2,458.74	2,013.95	1,999.06	2,081.02	2,166.34	2,255.16	2,347.62
EBIT	1,534.92	1,997.69	1,045.01	1,324.20	2,412.30	1,955.18	1,903.02	1,981.04	2,062.26	2,146.82	2,234.84
Tax Rate	17.92%	15.52%	21.15%	11.30%	33.56%	13.92%	18.90%	18.90%	18.90%	18.90%	18.90%
EBIAT	1,259.91	1,687.59	823.98	1,174.57	1,602.78	1,682.95	1,543.44	1,606.72	1,672.59	1,741.17	1,812.56
Depreciation	95.89	101.79	101.29	82.86	46.45	58.77	96.04	99.98	104.08	108.34	112.79
Accounts Receivable	-	392.68	-166.16	-361.09	-688.13	272.82	68.58	-105.03	-109.34	-113.82	-118.49
Inventories	-	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	376.13	-753.22	471.85	576.93	-1,068.92	800.45	111.19	115.75	120.49	125.43
Capital Expenditure	-	4.15	29.54	-37.86	2.68	-5.84	18.54	1.52	1.58	1.64	1.71
UFCF	1,355.80	2,562.35	35.44	1,330.33	1,540.71	939.78	2,527.05	1,714.37	1,784.66	1,857.83	1,934.00
WACC
PV UFCF							2,263.37	1,375.27	1,282.27	1,195.56	1,114.71
SUM PV UFCF											9,257.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.65
Free cash flow (t + 1)	2,011.36
Terminal Value	26,292.26
Present Value of Terminal Value	15,154.25

Intrinsic Value

Enterprise Value	24,411.82
Net Debt	5,199.03
Equity Value	19,212.79
Shares Outstanding	678.85
Equity Value Per Share	28.30

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

You can support our API by donating via Paypal !