Report
Stephen Ellis
EUR 147.86 For Business Accounts Only

Blackstone should be able to power through an uncertain environment.

Blackstone reported decent second-quarter results, and we plan to maintain our wide moat rating and our $37 fair value estimate. Blackstone delivered improvements in many areas from a difficult first quarter, as inflows, fund performance, and realizations improved. As the firm has finally moved past very difficult comparisons to the first half of 2015, when its performance was extraordinary, we expect future performance comparisons to look better. We still remain concerned about a volatile envir...
Underlying
Blackstone Group Inc.

Blackstone Group, together with its subsidiaries, is a global manager of private capital. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts, funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation vehicles, separately managed accounts and registered investment companies (collectively referred to as the Blackstone Funds). The company's business is organized into four segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Stephen Ellis

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