BlackRock, Inc. (BLK)

Industry: Asset Management Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DRUM.L	26	Drumz plc	31,771	0.26	0.26	-	-	-36.26	-33.01
HDGCX	27	The Hartford Divid	25,063	6.38	5.80	-	-	5.49	5.47
HFMIX	28	The Hartford MidCa	25,063	-	-	-	-	1.05	1.05
HFMSX	29	The Hartford MidCa	25,063	-	-	-	-	1.05	1.05
0P00000MO4.F	30	Vanguard Eurozone	24,890	8.55	8.55	9.20	9.20	119.02	114.54
0P00000W6B.F	31	Vanguard Eurozone	24,890	7.41	7.41	7.97	7.97	103.11	99.22
0P00001QSE.F	32	Vanguard Japan Sto	24,890	7.68	7.68	8.26	8.26	106.83	102.80
BLK	33	BlackRock, Inc.	22,885	29.62	28.11	19.00	17.31	22.11	21.72
STT-PD	34	State Street Corpo	22,707	11.03	10.60	14.72	13.38	14.21	15.75
ATHS	35	Athene Holding Ltd	21,325	1.70	1.70	-3.09	-3.09	-	-1.63
AMP	36	Ameriprise Financi	18,494	13.05	11.37	34.52	41.34	8.63	6.11
SWISX	37	Schwab Capital Tru	18,461	-	-	-	-	-1.23	-1.21
KKR	38	KKR & Co. Inc.	16,723	49.25	41.64	11.00	8.97	49.80	270.79
BTBFX	39	Boston Trust Asset	14,707	-	-	2.32	2.32	3.13	3.43
INVE-A.ST	40	Investor AB (publ)	14,503	12.79	13.09	13.98	14.24	4.15	14.24
MF.PA	41	Wendel	14,040	14.39	14.39	4.73	4.90	10.65	5.90

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.68	7.68	8.26	8.26	7.06	6.01
Full Range Median Multiple	8.55	8.55	9.20	8.97	9.64	10.18
Industry Multiple	12.04	11.13	11.85	12.29	35.59	53.36
Market Implied Multiple	29.56	28.04	18.96	17.26	22.06	21.66
Company (BLK) Multiple	29.62	28.11	19.00	17.31	22.11	21.72
(*) Net Income / EBITDA / Revenue	6,096	6,426	9,098	9,990	7,820	7,961
Winsorized Enterprise Value	N/A	N/A	75,113	82,477	55,203	47,835
Full Range Median Enterprise Value	N/A	N/A	83,689	89,570	75,381	81,012
(-) Net Debt	-7,702	-7,702	-7,702	-7,702	-7,702	-7,702
Winsorized Equity Value	46,793	49,323	82,815	90,179	62,905	55,537
Full Range Median Equity Value	52,144	54,963	91,391	97,272	83,083	88,714
(/) Shares Outstanding	155	155	155	155	155	155
Winsorized Fair Value	$302.09	$318.42	$534.64	$582.17	$406.10	$358.54
Full Range Median Fair Value	$336.63	$354.83	$590.00	$627.96	$536.37	$572.72
Current Price	$1,163.17	$1,163.17	$1,163.17	$1,163.17	$1,163.17	$1,163.17
Upside / Downside	-74.03%	-72.62%	-54.04%	-49.95%	-65.09%	-69.18%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$211.46	$222.89	$374.25	$407.52	$284.27	$250.98
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy