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	-	-	2,629.48	2,960.79	3,922.13	2,544.94	3,668.02	3,818.41	3,974.96	4,137.94	4,307.59
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	$ 49.79
Diluted Shares Outstanding	1,206.96
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	9,951.86
Total Equity	60,094.68
Total Capital	70,046.54
Debt Weighting	14.21
Equity Weighting	85.79
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							2,249.27	1,358.18	1,258.45	1,166.04	1,080.42
SUM PV UFCF											8,961.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.35
Free cash flow (t + 1)	2,011.36
Terminal Value	24,088.12
Present Value of Terminal Value	13,456.67

Intrinsic Value

Enterprise Value	22,417.88
Net Debt	7,406.92
Equity Value	15,010.96
Shares Outstanding	1,206.96
Equity Value Per Share	12.44

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