Analysing BX's Balance Sheet
$Blackstone (BX.US)$At the end of Q3-31, Blackstone had $8.2 billion in total cash, cash equivalents, corporate treasury, and other investments. It also had $18.4 billion of cash and net investments, or $15.26 per share.
The company also has a $2.3 billion undrawn credit revolver and maintains A level ratings.
On August 5, 2021, it issued $650 million of seven-year notes at a 1.625% coupon… $800 million of 10.5-year notes at a 2.0% coupon… and $550 million of 30-year notes at a 2.85% coupon.
BX generated LTM fee-related earnings of $2.47 per share in Q3, a 36% increase year-over-year. And its LTM total segment distributable earnings were $6 billion, a 97% increase.
Analysts expect it will generate 58% earnings-per-share (EPS) growth in 2021, an extremely impressive forecast to say the least.
BX declared a $1.09 quarterly dividend to record holders as of November 1, 2021 - to be paid on November 8. And the payout has been $3.57 over the LTM.
Also, it repurchased 2.9 million common shares in Q3-21 and 6 million over the LTM. The dividend yield is currently 1.7%.
BX's price-to-earnings (P/E) is 35.4x compared to the peer group average of 21x:
Although I'll admit I don't put a lot of credence into private equity growth estimates… I thought it would be interesting to compare analyst estimates for BX and its public peers.
So here you go:
Clearly, BX's moat is getting wider by the day, as the 35x P/E valuation appears to be stretched. Nonetheless, it's hitting on all cylinders.
And thanks to its C-corp structure, average investors can invest alongside some of the greatest real estate investors on the planet.
$SPDR S&P 500 ETF (SPY.US)$ $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ $E-mini Dow Futures(DEC4) (YMmain.US)$
$SPDR S&P 500 ETF (SPY.US)$ $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ $E-mini Dow Futures(DEC4) (YMmain.US)$
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LayLiLian :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Kieron Morley : In BX, cost basis $8.07., CG cost basis $8.83, KKR cost basis $19.55. The simple truth of the matter, give your capital to brilliant capital allocators, relax, multiply your wealth, stay inactive.
William Paul Kieron Morley : 8 dollars. Omg.
That's it. Everyone should be given a brokerage account from birth.
Real笑寒 Kieron Morley : m
Brandon Golden : Your articles extremely informative and to the point.
Brain Gomes : I got lucky with BX and have been a big fan. It’s recent run up did not surprise me as more investors are coming to realize the power of mega liquidity and the sure knowledge that management will use is when the real deals present themselves. It’s a keeper.
无欢（马） : nice
zxou : nice