Financials BlackRock, Inc. Xetra

Equities

BLQA

US09247X1019

Investment Management & Fund Operators

Market Closed - Xetra Other stock markets 09:05:50 09/05/2024 pm IST			5-day change	1st Jan Change
733.2 ^EUR	+1.65%		+3.59%	-0.30%

09/05	Will Ethereum disappoint in this cycle? A look at the ETH market
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Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	78,006	1,10,043	1,39,089	1,06,433	1,20,765	1,15,660	-	-
Enterprise Value (EV) ¹	78,263	1,08,643	1,37,212	1,05,671	1,19,947	1,13,303	1,11,478	1,09,602
P/E ratio	17.7 x	22.7 x	24 x	20.9 x	22.2 x	18.8 x	17.2 x	15.9 x
Yield	2.63%	2.01%	1.8%	2.75%	2.46%	2.62%	2.85%	2.99%
Capitalization / Revenue	5.37 x	6.79 x	7.18 x	5.95 x	6.76 x	5.72 x	5.13 x	4.83 x
EV / Revenue	5.38 x	6.7 x	7.08 x	5.91 x	6.72 x	5.6 x	4.95 x	4.58 x
EV / EBITDA	13.1 x	17.6 x	17.4 x	15.5 x	17.9 x	13.8 x	11.8 x	11.6 x
EV / FCF	29.8 x	30.6 x	29.8 x	23.9 x	31.4 x	17.5 x	15.1 x	14.6 x
FCF Yield	3.36%	3.27%	3.35%	4.19%	3.19%	5.71%	6.63%	6.84%
Price to Book	2.33 x	3.12 x	3.68 x	2.81 x	3.06 x	2.87 x	2.63 x	2.43 x
Nbr of stocks (in thousands)	1,55,173	1,52,511	1,51,917	1,50,196	1,48,762	1,48,600	-	-
Reference price ²	502.7	721.5	915.6	708.6	811.8	778.3	778.3	778.3
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,539	16,205	19,374	17,873	17,859	20,234	22,526	23,938
EBITDA ¹	5,956	6,171	7,865	6,803	6,702	8,202	9,474	9,440
EBIT ¹	5,551	5,695	7,450	6,385	6,275	7,672	8,921	9,492
Operating Margin	38.18%	35.14%	38.45%	35.72%	35.14%	37.91%	39.6%	39.65%
Earnings before Tax (EBT) ¹	5,787	6,524	8,173	6,290	7,155	8,115	9,093	9,473
Net income ¹	4,476	4,932	5,901	5,178	5,502	6,280	6,947	7,215
Net margin	30.79%	30.44%	30.46%	28.97%	30.81%	31.03%	30.84%	30.14%
EPS ²	28.43	31.85	38.22	33.97	36.51	41.30	45.38	48.98
Free Cash Flow ¹	2,630	3,549	4,603	4,423	3,821	6,470	7,390	7,495
FCF margin	18.09%	21.9%	23.76%	24.75%	21.4%	31.98%	32.81%	31.31%
FCF Conversion (EBITDA)	44.16%	57.51%	58.53%	65.02%	57.01%	78.88%	78.01%	79.4%
FCF Conversion (Net income)	58.76%	71.96%	78%	85.42%	69.45%	103.03%	106.38%	103.89%
Dividend per Share ²	13.20	14.52	16.52	19.52	20.00	20.43	22.16	23.30
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	5,106	4,699	4,526	4,311	4,337	4,243	4,463	4,522	4,631	4,728	4,843	5,087	5,464	5,256	5,460
EBITDA ¹	2,149	1,864	1,767	1,635	1,537	1,544	1,717	1,750	1,696	-	2,006	2,140	2,376	2,418	-
EBIT ¹	2,039	1,764	1,668	1,526	1,427	1,438	1,615	1,637	1,585	1,693	1,807	1,899	2,166	1,954	2,092
Operating Margin	39.93%	37.54%	36.85%	35.4%	32.9%	33.89%	36.19%	36.2%	34.23%	35.81%	37.3%	37.33%	39.64%	37.17%	38.32%
Earnings before Tax (EBT) ¹	2,110	1,626	1,321	1,691	1,652	1,554	1,866	1,808	1,927	1,913	1,946	2,039	2,265	1,994	2,192
Net income ¹	1,643	1,436	1,077	1,406	1,259	1,157	1,366	1,604	1,375	1,573	1,418	1,567	1,752	1,570	1,644
Net margin	32.18%	30.56%	23.8%	32.61%	29.03%	27.27%	30.61%	35.47%	29.69%	33.27%	29.27%	30.8%	32.07%	29.88%	30.1%
EPS ²	10.63	9.350	7.060	9.250	8.290	7.640	9.060	10.66	9.150	10.48	9.554	9.972	11.05	10.23	10.82
Dividend per Share ²	4.130	4.880	4.880	4.880	4.880	5.000	5.000	5.000	5.000	5.100	5.100	5.100	5.100	5.475	5.475
Announcement Date	14/01/22	13/04/22	15/07/22	13/10/22	13/01/23	14/04/23	14/07/23	13/10/23	12/01/24	12/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	257	-	-	-	-	-	-	-
Net Cash position ¹	-	1,400	1,877	762	818	2,357	4,182	6,058
Leverage (Debt/EBITDA)	0.0431 x	-	-	-	-	-	-	-
Free Cash Flow ¹	2,630	3,549	4,603	4,423	3,821	6,470	7,391	7,495
ROE (net income / shareholders' equity)	13.6%	15.2%	16.6%	14.3%	14.8%	15.7%	16.8%	17.4%
ROA (Net income/ Total Assets)	2.73%	3.03%	3.67%	3.99%	4.73%	5.09%	5.59%	5.1%
Assets ¹	1,63,806	1,62,738	1,60,781	1,29,797	1,16,400	1,23,394	1,24,380	1,41,470
Book Value Per Share ²	216.0	231.0	249.0	252.0	265.0	271.0	295.0	321.0
Cash Flow per Share ²	18.30	24.20	32.00	32.50	27.60	45.10	51.00	52.80
Capex ¹	254	194	341	533	344	266	458	290
Capex / Sales	1.75%	1.2%	1.76%	2.98%	1.93%	1.31%	2.03%	1.21%
Announcement Date	15/01/20	14/01/21	14/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BlackRock, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

778.3 USD

Average target price

913.4 USD

Spread / Average Target

+17.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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