BX · NYQ · Financial Services
Blackstone Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 28.86
Market price
USD 120.14
Implied upside
-76.0%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 36.8%
- Payout
- 100%
- Cost of equity
- 10.64%
- Return on equity by the final year
- 20.0%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 8.7bn | USD 8.7bn | USD 8.7bn | USD 8.8bn | USD 8.9bn | USD 9.0bn | USD 9.1bn | USD 9.3bn | USD 9.5bn | USD 9.7bn |
| Return on equity | 35.1% | 33.4% | 31.7% | 30.1% | 28.4% | 26.7% | 25.0% | 23.4% | 21.7% | 20.0% |
| Excess return | USD 2.1bn | USD 2.0bn | USD 1.8bn | USD 1.7bn | USD 1.6bn | USD 1.4bn | USD 1.3bn | USD 1.2bn | USD 1.0bn | USD 907.1m |
| Present value | USD 1.9bn | USD 1.6bn | USD 1.4bn | USD 1.1bn | USD 951.0m | USD 788.1m | USD 647.6m | USD 526.2m | USD 421.1m | USD 330.1m |
| Book equity | USD 8.7bn |
| Present value of excess returns | USD 9.7bn |
| Terminal, growing at 2.50% | USD 4.2bn |
| Equity value | USD 22.5bn |
| Per share | USD 28.86 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.358 | Reported 1.534, pulled toward 1.0 (Blume) |
| Cost of equity | 10.64% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.