BlackRock Inc

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Deutsche Bank Research Brian Bedell brian.bedell@db.com
Wells Fargo Securities Christopher Harris christopher.harris1@wellsfargo.com
Credit Suisse Craig Siegenthaler craig.siegenthaler@credit-suisse.com
Jefferies Daniel T. Fannon dfannon@jefferies.com
RBC Capital Markets Eric N. Berg eric.berg@rbccm.com
Evercore ISI Glenn Schorr glenn.schorr@evercoreisi.com
Piper Jaffray Jason Weyeneth jason.l.weyeneth@pjc.com
Bernstein Research Luke Montgomery lucas.montgomery@bernstein.com
Gabelli & Company Macrae Sykes msykes@gabelli.com
Keefe Bruyette & Woods Robert Lee rlee@kbw.com

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Primary Input Data

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Derived Input Data

Derived Input

Label

2015 Value

2016
Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT  2,937  2,922 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF 3,433 2,518 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS 55 59 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC 33,974 34,259 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 8.64% 8.53% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv 1,811 548 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 61.67% 18.75% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital
WACCMarket 7.29% 5.35% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  10.93%  10.27%
Enterprise value
EVMarket  55,547  61,206 EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  55,088  60,814
Long-Run Growth
g = IR x ROIC
5.33%  1.60% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP  2.50%  2.50%
Margin from Operations M 39.43%  40.11% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D 6.13%  5.53% D\,\,=\,\,\frac{D+A}{EBITDA}

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value

Single-stage

multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

 4.85

 5.46

 5.17%  1.30%  5.62%  2.11%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

11.54 12.86 5.17% 1.30% 5.62% 2.11%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

18.91 20.94 5.17% 1.30% 5.62% 2.11%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

16.18 24.31 5.17% 1.30% 5.62% 2.11%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

12.29 13.61 5.17% 1.30% 5.62% 2.11%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

1.63 1.79 5.17% 1.30% 5.62% 2.11%

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