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Discounted Cash Flow (DCF) Analysis Unlevered


The Blackstone Group L.P. Representing Limited Partnership Interests

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 6,613.177,484.784,646.555,146.527,145.436,833.897,114.087,405.767,709.398,025.488,354.52
Revenue (%)
EBITDA 1,630.812,099.481,146.301,407.062,458.742,013.951,999.062,081.022,166.342,255.162,347.62
EBITDA (%)
EBIT 1,534.921,997.691,045.011,324.202,412.301,955.181,903.021,981.042,062.262,146.822,234.84
EBIT (%)
Depreciation 95.89101.79101.2982.8646.4558.7796.0499.98104.08108.34112.79
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 --4,261.354,679.225,914.274,752.975,957.336,201.586,455.856,720.546,996.08
Total Cash (%)
Account Receivables 2,080.501,687.821,853.972,215.062,903.192,630.362,561.782,666.812,776.152,889.983,008.46
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 2,308.662,684.791,931.572,403.432,980.361,911.442,711.892,823.082,938.823,059.313,184.74
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 6,613.177,484.784,646.555,146.527,145.436,833.897,114.087,405.767,709.398,025.488,354.52
EBITDA 1,630.812,099.481,146.301,407.062,458.742,013.951,999.062,081.022,166.342,255.162,347.62
EBIT 1,534.921,997.691,045.011,324.202,412.301,955.181,903.021,981.042,062.262,146.822,234.84
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 1,259.911,687.59823.981,174.571,602.781,682.951,543.441,606.721,672.591,741.171,812.56
Depreciation 95.89101.79101.2982.8646.4558.7796.0499.98104.08108.34112.79
Accounts Receivable -392.68-166.16-361.09-688.13272.8268.58-105.03-109.34-113.82-118.49
Inventories -----------
Accounts Payable -376.13-753.22471.85576.93-1,068.92800.45111.19115.75120.49125.43
Capital Expenditure -4.1529.54-37.862.68-5.8418.541.521.581.641.71
UFCF 1,355.802,562.3535.441,330.331,540.71939.782,527.051,714.371,784.661,857.831,934.00
WACC
PV UFCF 2,263.371,375.271,282.271,195.561,114.71
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