Transcript: - Sight Seeing West Coast - Mountains - Chocolate Stones - Chocolate whey - Success on Chocolate - Nicer Chocolate slabs - Big Island Chocolate Factory Blackstone Town - Lots of Chocolate - Place to Visit Like Swiss Mountains - Biggest Mountain - Smaller Population than Vancover - Nicest Beach - Mountain - Free Chocolate - Rich town - New Factory
Transcript: They own... They also own 40,000+ Homes in the US. Worth more than $7.5 Billion. - Manage over $200 Billion - A private equity firm BLACKSTONE and HOUSING Rob Call Occupy Our Homes Atlanta What is Blackstone? - They own property, and other "Alternative Assets" SECURITIZATION OF RENT
Transcript: Body Dry Erase Board Body Server Physical Environment Body Server Host Stand Computers Body Bartender Hostess Shewmaker Hostess Organizational Chart Daily Specials New Draft Beers 86 Items Hostess Communication through Organizational Chart Flynn Body Body EMAIL Communication Instruments Hostess Other owners are "silent" Flynn Body Flynn Hostess Body Hostess Shift Manager Body Staff Communications with Erik and other mangament Bar Manager Body Bar Manager Body Body General Manager Hall Body Bartender Server Bartender Server Computer system Green Table-clean Grey Table- Dirty $$- paid but not left Clock X Body Face to Face Communication Body Reservation Sheet Host Stand stationed right at door where guests walk in strategically placed between formal dinning area and bar seating areas in order to communicate balanced and convenient seating between the opposite sides of the restaurant White Board In back kitchen area, used as a way to communicate with employees of changes to the menu, specials, new products, things they are out of, or events/issues within the restaurant has detailed descriptions of new products so that employees can familiarize themselves and better serve guests Registers one right next to opening of the bar and right next to kitchen door, also placed right before the larger open bar seating area 2 registers are placed evening throughout the formal dinning area in order to speed up communication and allow orders to be placed promptly General Manager Hall Server Hostess Body Main Form of Communication Bartender Bartender Server Body Server Hostess Body Bartender Bartender Body Shewmaker Body Dry Erase Board Body Body Server http://prezi.com/5vxftbgcsykv/edit/?auth_key=ysw560i&follow=-cm01zuwecrh Swift Body Reservation Sheet Bartender Host Stand Computers Head Swift Shift Manager Typed out Sheet Time Name # Special Requests Table numbers Specific rooms
Transcript: Guiding Principles Corporate Social Responsibility is the corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. Company Culture CSR This article shows how Blackstone takes initiative to assess and take responsibility for its effects on the environment and impact on social welfare. Blackstone Agriculture Overview In the News Questions Awarded $1.6 million Helping innovative organizations Blackstone Culture Blackstone Charitable Foundation Guiding Principles Company Overview In The News Their Mission 10% Reduction Improve environmental performance Collaborative Initiative Blackstone applies its strengths as a leading global investment and advisory firm to deliver solutions, unlock value and proper growth. Everything they do is guided by a set of principles that define their character and culture. Entrepreneurship Help protect Provide Employ Stand behind The Blackstone Solar Program Agricultural Services Integrity Teamwork Guiding Principles Questions? New York, September 22, 2014 Blackstone Hosts Second Annual Veterans Hiring Summit Blackstone is a premier global investment and advisory firm that strives to provide solutions that create lasting values for their investors, the companies in which we invest and society at large. CSR Blacstone Energy Solutions Inc. One of Blackstone Agriculture Inc. greatest areas of expertise is that they act as an independent inter dealer broker specializing in the wholesale and financial over-the-counter grain markets. Accountability Excellence 15,000/15 Supporting the hiring Company Overview Blackstone Agriculture Inc. is a multifacted company that is vertically integrated into all aspects of the agricultural market and offers simple solutions to complex changes that are facing the industry. Based on Jim Harvey's speech structures
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Transcript: Company Overview Opportunities: • International market expansion • New products and services • Economic uptick and increase in customer spending, after years of recession and slow growth rate in the industry, is an opportunity for Blackstone Group to capture new customers and increase its market share. • Stable free cash flow provides opportunities to inves. With more cash in bank the company can invest in new technologies as well as in new products segments. This should open a window of opportunity for Blackstone Group in other product categories. • New customers from online channel. Over the past few years the company has invested more into the online platform. This investment has opened new sales channel for Blackstone Group. In the next few years the company can leverage this opportunity by knowing its customer better and serving their needs using big data analytics Threats: • Economic fluctuations and a weak economy • Intense competition • Regulation to oversee private equity and hedge funds • Substitutes, alternate investing possibilities • Rising pay level especially movements such as $15 an hour and increasing prices in China can lead to serious pressure on profitability of Blackstone Group • As the company is operating in numerous countries it is exposed to currency fluctuations especially given the volatile political climate in number of markets across the world. • The company can face lawsuits in various markets given different laws and continuous fluctuations regarding product standards in those markets. Current headline projects References Michael Kaye Victor De Maat Arman Manji Ryan Bloomfield (Blackstone, 2018) Blackstone is split into 4 main areas Founded by Peter Peterson and Stephen Schwarzman in 1985. The name 'Blackstone' was formed using their names and a translation from german and greek. Both previously worked for Lehman brothers and decided to break off and start their own firm. They started with a balance sheet of $400,000 Blackstone originally formed as a merger and acquisition consultancy firm. They advised on the 1987 merger off investment banks E.F Hutton and Co. and collected a fee of $3.5million They then planned to enter the private equity sector, but had difficulties raising funds due to neither of them having experience in leading a leveraged buy out In 1987 Blackstone entered into a 50/50 partnership with the founders of BlackRock In 1988 japanese bank Nikko securities acquired a 20% stake in Blackstone for $100million, which valued the firm at $500million which allowed Blackstone to expand and grow to the size it is today. Business Model and strategy Customer Segments Blackstone serves a range of clients across multiple demographics and business sectors. These customers include: • Individual Clients, usually high-net wealth individuals providing them with various asset management services. • Corporate and Commercial Clients, to which it provides fund management, advisory and corporate restructuring services. • Public and Government Clients, to which it provides fund and asset management, and advisory services. Key Values Blackstone provides value to its customers in the following ways: • Its reputation and prestige – Blackstone are an established industry leader and have provided advisory services to high profile companies such as Microsoft. • Its technical expertise and experience – employing highly trained specialist staff. • Its broad international reach – supplying services across America, Europe, Asia, the Middle East and Africa. • Its successful track record – in December 2017 Blackstone have 434billion Dollars of assets under management. Channels • Blackstone provides its services to clients directly and often in person through their network of offices building close and strong relationships. • They consult customers through teams by region, asset class and business segment • Blackstone also operates on a website which provides information on all their services, infrastructure, charitable foundation, corporate social reasonability, history, personnel and performance. Each office across the world has senior management staff to report to the board and run the day to day dealings in their location https://www.bloomberg.com/news/articles/2017-08-17/blackstone-s-new-pipeline-asset-is-wreaking-environmental-havoc https://seekingalpha.com/article/3829856-blackstone-crushing-private-equity-competition https://www.blackstone.com/the-firm/our-offices https://www.ft.com/content/1804c0cc-059e-11e8-9650-9c0ad2d7c5b5 https://www.bloomberg.com/news/articles/2018-01-31/blackstone-s-biggest-deal-in-decade-stitched-by-3-month-old-bank https://seekingalpha.com/article/3829856-blackstone-crushing-private-equity-competition https://www.archdaily.com/804907/willis-tower-to-receive-500-dollars-million-renovation https://www.forbes.com/sites/antoinegara/2017/05/20/blackstone-unveils-40-billion-infrastructure-mega-fund-with-saudi-arabia-as-trump-visits/#56ea011b67ad Blackstone.com Business
Transcript: In talk with banks to sell the Weather Channel Weather Channel was acquired in 2008 for $3.5 billion Vivent Solar going public...a rooftop panel leasing unit. Just filed for a $426M IPO- valued at $1.9B Residential solar industry will grow at an annual rate of 28% from 2012-2017 (GMT Research) Compete with Sungevity & Sunrun Competitor Solar City- up 368% since IPO Vivint Solar installs panels at no cost to the homeowner, charging for the electricity used at a rate that is about 20 to 30 percent lower than the rate charged by the local utility. The contracts last for 20 years, and the rate goes up slightly each year. The company is selling all the 20.6 million shares in the IPO. Investments purchased has also increased. Hilton Historical Performance The Real Estate market is making a comeback Blackstone was hit hard by the bursting of the housing bubble. By holding its undervalued property and selling in the current housing market, Blackstone made the best of a bad situation Expenses are under control, they are not increasing rapidly. What Does Blackstone Own? USING CAPM We found the risk free rate: 10 year Treasury bond rate: 2.629% Found the market risk premium by taking the average of the historical market premium’s: 5.4% Beta of Blackstone: 1.86 r_s=2.629+(5.4)(1.86) r_s=12.63% Competitors Analysis Analysts say buy!! :) DCF Method to find Required Return The closing price on the day of the IPO was 347 The price as of 9/29 is 352 http://www.blackstone.com/businesses/aam/private-equity/selected-portfolio-companies http://www.bloomberg.com/quote/MERL:LN Investment Risks Fed Chairman Janet Yellen: Dove On inflation * Does not want to raise Rates until U target is met * Long Term natural U rate determined by FOMC : 5% * Current U rate for August : 6.1% * Rates not Projected to move until Q2 2015 Asset Utilization Total revenues increased. Projected Net Earnings and Threats Blackstone in China! Financial Statement Analysis Blackstone brought Merlin Entertainment public for London Stock Exchange-Nov 2013 Blackstone bought Merlin Entertainment in August 2005 for 102.5m pounds which is$166,482,037.50 Blackstone's initial equity investment is now worth over $2 billion Merlin Entertainment is the largest British operator of visitor attractions-runs 100 attractions in 22 countries across four continents Used the dividend discount model with dividend growth to find the value of Blackstone stock. (1.71(1.0944))/(.1397-.0944))=$41.31 Which means that Blackstone is undervalued at $31.84 Group Buy 100 more shares of Blackstone! How does this fit into our Portfolio?! global investment and advisory firm leader in alternative asset management a trusted partner to many of the world’s top institutional investors manages $280 billion alternative assets for wealthy individuals, college endowments, pension, sovereign wealth funds, & corporations mainly invests in private equity deals, hedge funds, & other complex & risky opportunities Future Plans Blackstone's Success with Real Estate * Decreasing Growth in the Housing market * Increased Spending on investments * Economic Recession in China * Fed Rate Hikes Real Estate Finding the Expected Value of Blackstone Who is Blackstone ? Analyst Opinions! Our Proposal Sensitivity Analysis Merlin Entertainment (MERL) 5 year dividend growth=13.63% Long term dividend growth=5.25% Average of the two: 9.44% Current stock price: 31.84 Current Dividend: 1.71 (yearly) r_s=(1.71(1.0944))/31.84+.0944=15.32% Average of the CAPM figure and the DCF figure for a cost of required return of 13.97% OR We more than double our money Compared to the Industry If we use the long term historical growth rate of 5.25% rs=11.77% Value of the stock $27.60 If we use the 5 year historical growth rate of 13.63% rs=16.18% Value of the stock $76.19 Current State Of Interest Rates In the U.S (BX) Blackstone: $31.62 Cap: 36.5B B:2.0 P/E:12.09 EPS:2.62 Div:$1.71 52 Week Range- (24.41-36.08) (BEN) Franklin Resources: $55.81 Cap: 34.9B B: 1.6 P/E: 15.88 EPS:3.57 Div: $.48 52Week Range- (49.49-58.81) (TROW) T. Rowe Price: $80.07 Cap: 21.1B B: 1.4 P/E: 18.59x EPS: 4.32 Div: $1.76 52 Week Range- (70.96-85.74) (KKR) Kohlberg Kravis Roberts & Co: $22.55 Cap: 9.37 B B:2.13 P/E: 9.92 EPS: 2.27 Div:$2.68 52 Week Range= 19.33-26.50 (CG) The Carlyle Group: $31.09 Cap: 2.08B B:2.07 P/E:16.05 EPS:1.94 Div:.64 52 Week Range=24.95-39.38 http://www.blackstone-gso.com/bgx-holdings.php 193 holdings The nature of business can make it suspectible to an economic downturn ....but Blackstone knows how to deal with it now. http://video.foxbusiness.com/v/3414846085001/blackstones-gray-on-opportunities-in-china/#sp=show-clips To use this model the following assumptions needed to be made. Required rate of return (CAPM and DCF) current dividend dividend growth rate (average of long term growth and moderate term growth (5 years) Dividend Discount Model Finding Required Return Capital Structure Of Blackstone Blackstone's Segments China's Economic
Transcript: Associate - Private Equity Tiggy Hillbery Blackstone Founded in 1985 as a M&A boutique by Peter G. Peterson and Stephen A. Schwarzman with $400,000 of their own money, who had previously worked together at Lehman Brothers. Fund Blackstone Capital partners I gathered $800m of investment, with largest sum coming from General Motors In 2007, Blackstone became a public company via a $4 billion initial public offering to become one of the first major private equity firms to list shares in its management company on the public stock market. History Structure& more... Structure $439B Assets Under Management $119.5 B $119.4 B $77.4 B $123.1 B Private Equity Current Portfolio of 90 large and mid cap companies USA, South America, Europe, SE Asia, Middle East, Australia $750m $1.65b $2b $2.4b Real Estate 2014 Accuried 20% of Versave for $200m Historically notable deals 2007 acquired Hilton Hotels for $26B Acquired in 2007 for $40B Blackstone is known for investing in other PE firms. They are raising a new fund dedicated to buying stakes in alternative asset managers, The firm is seeking $3.3B for the fund, which will buy minority stakes in alternative asset managers focusing on private equity, real estate, and infrastructure. Hedge Fund Fundraising Raises capital through pension funds, soverign wealth funds, central banks and insitutional investors Within 10 years expected that 1/2 of its annual fundraising will come from individuals July this year began a fundraising “super cycle” which could see it manage more than half a trillion dollars in assets. Blackstone has faced questions over how much room it has to grow further after increasing its AUM five-fold since it became public in 2007 $88B of its $439.4 billion left uninvested as of the end of June. Teams Credit -250 Private Equity Proffesionals - Across offices in NY, London, Mumbai, Sydney, Hong Kong, Toyko, Singapore -Principals, Managing Directors, Sr Managing Director and Global Head to "provide unique global perspectives, strong regional knowledge and access to a wealth of relationships that enhance our ability to serve our clients and capture opportunities around the world. These advisors work with Blackstone professionals on generating new business, advising on transactions and giving business-related expertise" + Group of independent Senior Advisors and Consultants that work with Blackstone's portfolio companies The fun part 'More Rumours about his parties than his deals' - The New York Times 2007 'The undisputed King of Private Equity' - Forbes One of Time Magazines most influential people 2007
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