reports
- Stephen Ellis
Blackstone should be able to power through an uncertain environment.
Blackstone reported a strong first quarter, and we plan to maintain our $37 per unit fair value estimate and wide-moat rating. In general, we believe Blackstone outperformed the industry by a substantial margin, further demonstrating its healthy competitive position. We believe that as Blackstone continues to differentiate itself from peers and deliver strong results, the current substantial discount to our fair value estimate should disappear. According to Pitchbook, capital investment and deal...
- Stephen Ellis
The 60-Day Department of Labor Fiduciary Rule Delay Definitely Doesnâ€...
To us, the actual text and tone of the Department of Labor’s 60-day delay of the applicability date of the fiduciary rule indicate that the Department still believes that its rule benefits retirement investors and that financial industry firms should be ready for the new June 9 applicability date. While acknowledging that conducting an updated legal and economic analysis will likely take more than 60 days, the Department writes on page 19, “Applying the Rule and the Impartial Conduct Standa...
- Stephen Ellis
Blackstone Reports Good 4Q; We Think 2017 Prospects Look Better
Blackstone reported a strong fourth quarter, and after a challenging industry environment in 2016, we think the outlook is beginning to improve. We plan to maintain our $37 fair value estimate and wide moat rating. Entering 2016, we were concerned about market volatility, lower IPO activity, and tighter credit markets making it difficult to exit investments and make new leveraged deals. Given the weaker level of exits in private equity, incentive income was negatively affected, and we were als...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.