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Intrinsic Value of BlackRock, Inc. (BLK)

Previous Close$946.70
Intrinsic Value$2.52
Upside potential  -100%
Previous Close
$946.70
Intrinsic Value
$2.52
Potential        
-100%

VALUATION INPUT DATA

Revenue, mln $Initial revenue growth rate, %Variable cost ratio, %Fixed operating exp., mln $Prod. assets / Revenue, %Working capital / Revenue, %Interest rate on debt, %Initial discount rate, %Shares outstanding, mlnAdjusted equity ratioAdjusted assets / RevenueCash & ST InvestmentsTotal debt

This valuation is based on fiscal year data as of 2024 and quarterly data as of 2024-12-31.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

INCOME STATEMENT

Revenue growth rate, %14.313.813.413.012.612.211.811.511.210.910.610.310.09.89.59.39.18.98.78.58.38.28.07.97.7
Revenue, $2332526552301083401538292429624804753570595546602272999805118858297240106513116428127015138304150329163121176715191148206456222681239861
Variable operating expenses, $m12012136741550617518197202212524744275893067034001375954146345620500795485459960654127122777419840079100898441106325114680123529
Fixed operating expenses, $m252627402973322635003798412044714851526357106196672272947914858693161010810967119001291114008151991649117893
Total operating expenses, $m1453816414184792074423220259232886432060355213926443305476595234257373627686854674728813358838695907103919112449121524131171141422
Operating income, $m8787101381162913271150711703919182215112403326758296943285236240398684374547881522865696961942672147279678698849329150998440
EBITDA, $m95641102512640144171636618497208182334026072290253220835631393054324047447519365671861804672077293679005854259220999368106917
Interest expense (income), $m56912051779241131063867469756016583764787971003711373128081434815996177591964121649237872606128478310443376636651
Earnings before tax, $m82188932985010860119651317214486159101745019111208972281524867270602939731885345273732840293434274673550220538885774361789
Tax expense, $m221924122660293232313557391142964711516056426160671473067937860993221007910879117251261813559145501559116683
Net income, $m59996520719179288735961610574116141273813951152551665518153197542146023276252052724929414317023411636661393384215245106

BALANCE SHEET

Cash and short-term investments, $m0000000000000000000000000
Total assets, $m148115168607191189215993243154272809305100340169378166419239463546511244562498617477676356739315806542878232954586103581511221401213787131099814140211523120
Adjusted assets (=assets-cash), $m148115168607191189215993243154272809305100340169378166419239463546511244562498617477676356739315806542878232954586103581511221401213787131099814140211523120
Average production assets, $m266373032334384388454372949063548706117768010753978336591943101161111049121637132960145051157943171675186284201808218291235773254301273922
Working capital, $m11663132761505417007191462148124024267852977733011365004025544291486205325658214635076915275164815608835795574103228111340119931
Total debt, $m3013644480602877765096663117421140025164574191171219923250937284326320203358689399904443975491034541217594665651526711953776106844153916270992639
Total liabilities, $m1036811180251338321511951702081909662135702381192647162934683244823578713937484322344734495175205645796147626682107250717854988496519176989898151066184
Total equity, $m44435505825735764798729468184391530102051113450125772139064153373168749185243202907221794241963263470286376310745336642364136393299424206456936
Debt-to-equity ratio0.3200.5960.7750.9301.0641.1811.2831.3721.4511.5201.5811.6361.6851.7291.7681.8031.8351.8641.8901.9141.9351.9551.9731.9902.005
Adjusted equity ratio0.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.3000.300

CASH FLOW

Net income, $m59996520719179288735961610574116141273813951152551665518153197542146023276252052724929414317023411636661393384215245106
Depreciation, amort., depletion, $m77788810111146129514581635182920392267251327793065337237024055443248355265572362096727727678598477
Funds from operations, $m6776740882019074100301107412210134431477816218177681943321218231262516227330296373208434679374244032643388466155001153583
Change in working capital, $m1459161417781953213923352543276129923234348937564036432946364957529356456012639667977216765481128590
Cash from operations, $m5317579564237121789187389667106821178612984142801567817182187972052622373243432644028667310283352936171389604189944992
Maintenance CAPEX, $m-777-888-1011-1146-1295-1458-1635-1829-2039-2267-2513-2779-3065-3372-3702-4055-4432-4835-5265-5723-6209-6727-7276-7859-8477
New CAPEX, $m-3333-3685-4061-4461-4885-5333-5807-6307-6833-7387-7968-8578-9218-9888-10589-11323-12090-12893-13732-14609-15525-16482-17483-18528-19621
Total CAPEX, $m-4109-4573-5072-5607-6180-6791-7443-8136-8873-9654-10481-11357-12282-13260-14291-15377-16522-17728-18997-20331-21734-23209-24759-26387-28097
Free cash flow, $m1208122213511514171119482225254629133330379843214900553762356996782187129670106971179412962142011551216895
Issuance/(repurchase) of shares, $m04926542359286437694974637975848689929494998910477109571142911892123471279513236136711410314532149621539515835
Retained Cash Flow, $m-4423-6148-6775-7441-8148-8897-9687-10521-11399-12322-13292-14309-15376-16494-17664-18888-20168-21507-22906-24369-25897-27494-29163-30907-32730
Pot'l extraordinary dividend, $m3612
Cash available for distribution, $m397000000000000000000000000
Discount rate, %4.905.155.405.675.966.256.576.897.247.607.988.388.809.249.7010.1910.7011.2311.7912.3813.0013.6514.3315.0515.80
PV of cash for distribution, $m379000000000000000000000000
Current shareholders' claim on cash, %100979491888683817977757472717068676665646362626160