An independent two-stage DCF analysis by a frontier AI model.
" data-astro-cid-pni5cwlx> A 9% growth rate assumes BlackRock continues to capture net inflows in ETFs (iShares) and its Aladdin technology platform. While base fees face pressure, volume and tech revenue should sustain high single-digit bottom-line growth.
" data-astro-cid-pni5cwlx> 10Y Treasury: 4.18%. For a diversified, dominant asset manager, a 9.5% discount rate provides a solid hurdle rate, slightly below riskier tech names but above the risk-free rate.
" data-astro-cid-pni5cwlx> 3.0% roughly matches nominal global GDP growth. An asset manager's long-term growth is inextricably linked to global wealth creation and market appreciation.
Intrinsic value per share under varying discount rate and terminal growth rate assumptions.
| WACC ↓ / Terminal → | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| 2.0% | $28.60 | $24.20 | $20.97 | $18.51 | $16.56 |
| 2.5% | $31.46 | $26.22 | $22.47 | $19.66 | $17.48 |
| 3.0% | $34.96 | $28.60 | $24.20 | $20.97 | $18.51 |
| 3.5% | $39.32 | $31.46 | $26.22 | $22.47 | $19.66 |
| 4.0% | $44.94 | $34.96 | $28.60 | $24.20 | $20.97 |
■ Undervalued vs current price ■ Overvalued vs current price
BlackRock is the world's largest asset manager ($10T+ AUM) with iShares ETFs as the dominant passive investing platform. The secular shift from active to passive continues. Private markets expansion (infrastructure, private credit) adds higher-fee revenue. Aladdin technology platform is a unique competitive advantage.
Westmount Research. "BlackRock (BLK) Intrinsic Value: A DCF Analysis." westmountfundamentals.com, March 18, 2026.
Disclaimer: The numbers presented on this page are for educational and entertainment purposes only. They are the result of a deterministic mathematical model fed with assumptions generated by an Artificial Intelligence (Gemini 3.1). This does not constitute investment advice. Always conduct your own due diligence before investing in the stock market.