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BlackRock Inc BLK

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Morningstar’s Analysis

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Strong Flows and Market Gains Offset Adverse Currency in BlackRock's Fourth Quarter

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We expect to increase our fair value estimate for wide-moat rated BlackRock to $960 per share following the company's release of fourth-quarter earnings that were at the upper end of our expectations as well as to adjust for our changing expectations for the U.S. corporate tax rate (which we had been projecting to increase to around 26% as part of the Build Back Better legislation). BlackRock closed out the December quarter with a record $10.010 trillion in managed assets, up 5.8% sequentially and 15.4% on a year-over-year basis. Annualized organic AUM growth of 7.7% during the fourth quarter, and full-year organic growth of 5.7%, was above our long-term annual target range of 3%-5% (and management's own guidance of 5%) as BlackRock generated solid flows from both its active fund and ETF operations.

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Company Profile

Business Description

BlackRock is the largest asset managers in the world, with $10.010 trillion in AUM at the end of 2021. Product mix is fairly diverse, with 53% of the firm's managed assets in equity strategies, 28% in fixed income, 8% in multi-asset class, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's iShares ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is also geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the U.S. and Canada.

55 East 52nd Street
New York, NY, 10055
T +1 212 810-5300
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 18,000