The Blackstone Group BX reported economic net income of $0.30 vs. “our $0.29 estimate and consensus of $0.25,” Jefferies & Company reports.
“Fee earning assets totaled $104B as of quarter end, up 8% y/y and approx. 3% for the quarter,” Jefferies & Company writes. “Following these results we are modestly increasing our 2011 estimates to $1.45 from $1.36.”
Jefferies & Company said that its $14 PT is a combination of a higher multiple (20x) attributed to a relatively stable base net mgmt fees and a discounted multiple (10x) attributed to more variable net performance fees, adding, “Risks to our estimates include a deterioration in the capital markets, continued weakness in real estate, outflows, and poor investment performance.”
The Blackstone Group currently trades at $13.26.
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Posted In: Analyst RatingsAsset Management & Custody BanksFinancialsJefferies & CompanyThe Blackstone Group
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