BlackRock: Pioneering the ETF Revolution and Redefining Investment Strategies

BlackRock's equity story is one of unparalleled growth, innovation, and leadership in the asset management industry. Founded in 1988, the firm has evolved into the world's largest asset manager (Opens in a new window), boasting a diverse portfolio of investment products and services. Central to BlackRock's success is its commitment to fiduciary duty and risk management, epitomized by its proprietary Aladdin platform, which provides cutting-edge investment and risk analysis capabilities.

The acquisition of Barclays Global Investors in 2009 (Opens in a new window), including the iShares ETF business, was a pivotal moment, propelling BlackRock to the forefront of the rapidly expanding ETF market. Today, BlackRock's iShares platform is a market leader, catering to the growing demand for low-cost, passive investment strategies.

BlackRock's robust financial performance is driven by consistent revenue growth, strong earnings, and substantial free cash flow generation. The firm's commitment to sustainability and ESG investing positions it favorably in an industry increasingly focused on responsible investing. With a global presence in over 100 countries, BlackRock leverages local market knowledge to deliver tailored solutions to a diverse client base.

Looking ahead, BlackRock is poised to capitalize on emerging opportunities in technology, ESG investing, and global market expansion, ensuring its continued leadership and value creation in the asset management industry.

Table of Contents

1. History

2. Management and Shareholder Structure

3. Business Model
   3.1. Basics of the Business Model
   3.2. Detailed Analysis of the Business Model

4. Industry
   4.1. Industry Overview
   4.2. Industry Trends
   4.3. Competitive Comparison

5. Key Figures
   5.1. Sales Development
   5.2. EBIT and Free Cash Flow
   5.3. Distributions (Dividends)
   5.4. Outstanding Shares
   5.5. Balance Sheet Analysis
   5.5.1. Long-Term Debt
   5.5.2. Debt-to-Equity Ratio
   5.5.3. Return on Equity
   5.5.4. Return on Assets
   5.5.5. Operating Margin

6. Opportunities and Risks
   6.1. Strengths
   6.2. Weaknesses
   6.3. Opportunities
   6.4. Risks

7. Assessment
   7.1. Historical Multiple Rating P/E Ratio
   7.2. Price-to-Free Cashflow Ratio

8. Conclusion