blackrock report
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BlackRock, Inc. Profile
55 E. 52nd St.New York, NY 10055 United States
http://www.blackrock.com
212-810-5300Phone:Fax: 212-810-8760
WELCOME
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HIDDEN TEXT TO MARK THE BEGINNING OF THE TOC
PAGE iOct 20, 2010• •866-541-3770 HOOVERS.COM
Table of Contents
1Company Overview
Key Information 1
Key Financials 1
Company Rankings 1
Key People 2
4Company Description
5Industry Information
6People
People 6
Board Members 9
10Biographies
Laurence D. (Larry) Fink 10
Susan L. Wagner 10
Robert S. (Rob) Kapito 11
Ann Marie Petach 11
13Company Financials
Financial Summary 13
Annual Income Statement 14
Quarterly Income Statement 15
Annual Balance Sheet 16
Quarterly Balance Sheet 17
Annual Cash Flow 18
Quarterly Cash Flow 19
Earnings Estimates 20
Financial Market Data 21
Historical Financials 22
23Competition
Competitors List 23
Competitive Landscape 24
PAGE iiOct 20, 2010• •866-541-3770 HOOVERS.COM
Company Overview
New York, NY 10055 United States
1301:Institutional Asset Management62820000:Investment advice523930:Investment AdviceBlackrock Realty
http://www.blackrock.com
R&D
Prescreen ScoreAdvertising
Market Value
ManufacturerSubsidiary Status
Plant/Facility Size (sq. ft.)
Location Type
Company TypeUltimate ParentUltimate Parent DUNSImmediate ParentImmediate Parent DUNS
DUNS Number
Owns / Rents
Total Employees
Year of Founding or Change in ControlEmployees At This Location
Accountant
1-Year Employee Growth
Foreign Trade
Headquarters
Public
786987052
NY
Deloitte & Touche LLP8,629
10061.56%
2006
Latitude/LongitudeTradestylePrimary NAICS CodePrimary SIC CodePrimary Industry
$4,700.00M
$875.00MNet Income
DecemberFiscal Year-End
1-Year Sales Growth
Total Assets11.32%1-Year Net Income Growth
(7.19%)Sales ($ M)
40.75894
$177,994.00M
----
$33,656.67M
Low Risk
8,849.00
No
Rents
212-810-5300Phone:
55 E. 52nd St.
Now this is the kind of coal you want in your stocking. BlackRock is one of the world's largest money managers. The firm, withmore than $3 trillion under management, specializes in fixed-income products and money market instruments for institutionaland retail investors, as well as high-net-worth individuals worldwide. Clients include pension plans, insurance companies,mutual funds, endowments, foundations, and charities. BlackRock does not engage in proprietary trading. It also provides riskmanagement services (through BlackRock Solutions), manages hedge funds, and oversees the operations of publicly tradedreal estate investment trust Anthracite Capital. BlackRock has offices in some 25 countries.
Fax: 212-810-8760
Key Information
Key Financials
-73.9735 /
Company Rankings441 in FORTUNE 500162 in FT Global 500
PAGE 1Oct 20, 2010• •866-541-3770 HOOVERS.COM
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Key People
Name Title
Mr. Laurence D. (Larry) Fink Chairman and CEO
Mr. Robert W. (Rob) Fairbairn Vice Chairman
Mr. Peter R. Fisher Vice Chairman; Head, Fixed Income
Ms. Susan L. Wagner Vice Chairman
Mr. Kendrick R. Wilson III Vice Chairman
Mr. Robert S. (Rob) Kapito President and Director
Mr. Charles S. Hallac Senior Managing Director and COO
Ms. Ann Marie Petach CFO
Mr. Robert C. (Bob) Doll Vice Chairman and Global Chief Investment Officer - Equitiy
Mr. Joseph Feliciani Jr. Managing Director and Chief Accounting Officer
PAGE 3Oct 20, 2010• •866-541-3770 HOOVERS.COM
Company DescriptionCEO Laurence Fink, who has overseen a string of major acquisitions in recent years, engineered a blockbuster mergerwith Barclays Global Investors in 2009. In the deal, which was several years in the making, BlackRock bought BarclaysGlobal Investors from UK banking giant Barclays for some $15 billion. The deal resulted in a new company operatingunder the BlackRock name. Barclays Bank retained a 20% stake in the new combined firm, but Fink remained in chargeof the enterprise.
The merger nearly tripled BlackRock's assets under management and propelled the company to the top of theinternational money management industry by enhancing its investment and risk management capabilities. The deal alsogave BlackRock a much larger footprint outside the US and added more than 3,500 new employees.
BlackRock has traditionally focused investments on developed economies. However, the company is looking to expandits view to include emerging markets such as Asia and Latin America. BlackRock is preparing to expand its client baseand do more than half of its business outside of the US within five years.
Adding on to the Barclays merger, BlackRock also acquired most of the assets of Charlotte-based financial firm HelixFinancial Group in 2010. The deal enhanced BlackRock's real estate analytics and workout capabiltiies, in addition toadding offices and personnel in Charlotte, Atlanta, and India.
BlackRock has gained more of a connection to business in Charlotte. Earlier in 2009 Charlotte-based Bank of Americaacquired Merrill Lynch and assumed that firm's capital stock (some 34%) in BlackRock. PNC Financial owns about about25% of BlackRock.
Even prior to the Barclays Global deal, BlackRock was growing rapidly through acquisition, gobbling up smaller firmsand other opportunities in the marketplace. In 2008 it bought $15 billion in distressed mortgage assets from UBS, thetroubled Swiss financial services giant. That year in a much smaller deal it bought Australian financial software firmImpact Investing, adding it to its solutions business unit. Then in 2009 BlackRock took over hedge fund R3 CapitalManagement, which manages some $1.5 billion in assets.
The firm began its skyrocketing growth when together with Tishman Speyer, the company's real estate unit BlackRockRealty acquired Stuyvesant Town-Peter Cooper Village in New York City from Met Life for $5.4 billion. The 2006 dealwas one of the largest in US history at the time. That venture proved less than successful in the wake of the real estateand credit market crashes, as property values plummeted and rent income followed. By 2009 the companies faceddefault due to high debt levels. The following year, BlackRock and Tishman Speyer defaulted on the $4.4 billion debtused to finance the deal and the property was handed over to creditors.
PAGE 4Oct 20, 2010• •866-541-3770 HOOVERS.COM
Industry InformationHoover's Industries
> Financial Services
> Asset Management> Institutional Asset Management ( primary )> Hedge Fund Management> Mutual Fund Management
Denotes In-depth Industry Insight by Hoover's Editorial Staff
Primary SIC Code62820000 : Investment advicePrimary NAICS Code523930 : Investment Advice
PAGE 5Oct 20, 2010• •866-541-3770 HOOVERS.COM
PeopleEmployees
Name Age SalaryTitle Bonus
Mr. Laurence D. (Larry)Fink
$500,000.00 $9,050,000.0057Chairman and CEO
Mr. Robert W. (Rob)Fairbairn
-- --Vice Chairman
Mr. Peter R. Fisher -- --Vice Chairman; Head, Fixed IncomeMs. Susan L. Wagner $300,000.00 $2,612,500.0047Vice ChairmanMr. Kendrick R. Wilson III -- --Vice ChairmanMr. Robert S. (Rob) Kapito $400,000.00 $7,010,200.0052President and DirectorMr. Charles S. Hallac $300,000.00 $3,475,000.0045Senior Managing Director and COOMs. Ann Marie Petach $450,000.00 $1,655,000.0049CFOMr. Robert C. (Bob) Doll $400,000.00 $13,875,000.0055Vice Chairman and Global Chief
Investment Officer - EquitiyMr. Joseph Feliciani Jr. -- --Managing Director and Chief
Accounting OfficerMr. Peter Knez -- --Managing Director and CIO, Fixed
Income, Index and Model-BasedPortfolios; Head, Index and Model-Based Fixed Income
Mr. Chris Leavy -- --Chief Investment Officer, USFundamental Equity
Mr. Andrew J. Phillips -- --Chief Performance Officer, FixedIncome
Mr. Quintin Price -- --Managing Director, FundamentalEquity and Chief Investment Officer- Europe, Middle East, Africa, andPacific Equity
Mr. Rick M. Rieder -- --Chief Investment Officer, FixedIncome, Fundamental Portfolios;Head Corporate Credit, Multi Sector,and Mortgage Group
Ms. Stephanie Chang -- --VP Corporate Communications,Taiwan
Ms. Sabrina Leung -- --VP Corporate Communications,Hong Kong
Ms. Libby O'Sullivan -- --VP Media Relations, Melbourne,Australia
Ms. Emma Phillips -- --VP and Director CorporateCommunications, Europe, MiddleEast, Africa
Mr. Zach Buchwald -- --Managing Director Client AdvisoryServices, FMA Group
Ms. Juliet Bullick -- --Managing Director and Head of UK
PAGE 6Oct 20, 2010• •866-541-3770 HOOVERS.COM
Name Age SalaryTitle Bonus
Institutional Account ManagementMs. Marie Chandoha -- --Head Business and Product
Strategy, Fixed IncomeMr. Samuel (Sam) Coleman -- --Managing Director Client Advisory
Services, FMA GroupMr. Daniel Gamba -- --Head Latin America and IberiaDr. Bennett W. Golub -- --52Vice Chairman and Co-Head Risk and
Quantitative AnalysisMr. Peter Hayes -- --Managing Director and Head
Municipal BondsMr. Alex Hoctor-Duncan -- --Head, Retail Business UKMr. Kevin Holt -- --Managing Director and Head
Financial InstitutionsMs. Debra Huddleston -- --Managing Director Client Advisory
Services, Financial Markets AdvisoryGroup
Mr. J. Richard Kushel -- --Senior Managing Director and HeadPortfolio Management
Mr. Mike Latham -- --44Global Head, iSharesMr. Ryan Marshall -- --Managing Director and Co-Head,
FMA Portfolio ManagementMr. Craig S. Phillips -- --Managing Director and Global Head,
Financial Markets Advisory GroupDr. Luiz F. Pinheiro deAndrade
-- --56Managing Director and CountryHead, Brazil
Mr. Richard Prager -- --Head Trading for Fixed IncomeMr. Maarten Slendebroek -- --Managing Director and Head,
BlackRock Solutions EMEAMr. Martin Small -- --Managing Director Client Advisory
Services, FMA GroupMr. Scott F. Thiel -- --Deputy Chief Investment Officer,
Fixed Income, FundamentalPortfolios; Head, European and Non-US Fixed Income
Mr. Roland E. Villacorta -- --Managing Director and Co-Head,FMA Portfolio Management
Mr. Brian Beades -- --Director Corporate Communications,Americas
Mr. Lance Berg -- --Managing Director - iShares, SanFrancisco
Mr. James J. Charrington -- --Managing DirectorMs. Katherine Cheung -- --Managing Director Corporate
PAGE 7Oct 20, 2010• •866-541-3770 HOOVERS.COM
Name Age SalaryTitle Bonus
Communications, AsiaBobbie Collins -- --Managing Director Corporate
Communications, AmericasAkiva Dickstein -- --Managing Director, Mortgage
PortfoliosMs. Caroline Hancock -- --Director - iShares, LondonMs. Christine Hudacko -- --Director - iShares, San FranciscoMs. Rebecca Nelson -- --Director Media Relations, LondonMs. Debbie Pearce -- --Director - iShares, SydneyDr. Jeffrey A. Smith -- --Senior Managing Director and Head
Human Resources
PAGE 8Oct 20, 2010• •866-541-3770 HOOVERS.COM
Board Members
Name AgeTitle
Mr. Laurence D. (Larry) Fink 57Chairman and CEO
Mr. Robert W. (Rob) FairbairnVice Chairman
Mr. Peter R. FisherVice Chairman; Head, Fixed Income
Ms. Susan L. Wagner 47Vice Chairman
Mr. Kendrick R. Wilson IIIVice Chairman
Mr. Robert S. (Rob) Kapito 52President and Director
Mr. Abdlatif Y. Al-Hamad 72Director
Mr. Mathis Cabiallavetta 65Director
Mr. Dennis D. Dammerman 64Director
Mr. William S. (Bill) Demchak 47Director
Mr. Robert E. (Bob) Diamond Jr. 58Director
Dr. Kenneth B. Dunn 58Director
Mr. Murry S. Gerber 57Director
Ms. Linda Gosden Robinson 57Director
Mr. James Grosfeld 72Director
Mr. David H. Komansky 70Director
Ms. Sallie L. Krawcheck 45Director
Mr. Mark D. Linsz 45Director
Sir Deryck Maughan 62Director
Mr. Thomas H. O'Brien 73Director
Ms. Linda Gosden Robinson 56Director
Mr. James E. (Jim) Rohr 61Director
Mr. John S. Varley 53Director
PAGE 9Oct 20, 2010• •866-541-3770 HOOVERS.COM
BiographiesLaurence D. (Larry) Fink, Age 57
Title held since 1998 : Chairman and CEO
Current Company Titles1998 - Present : Chairman and CEO
Current Company Compensation HistorySalary Bonus Total compensation
$500,000.00 $9,050,000.002009 : $15,859,416.00
$500,000.00 $16,150,000.002007 : $26,421,106.00
$500,000.00 $10,162,500.002006 : $34,044,500.00
$500,000.00 $10,125,000.002005 : --
$500,000.00 $7,210,000.002004 : --
$500,000.00 $6,101,991.002003 : --
$500,000.00 $8,042,024.002002 : --
$500,000.00 $9,027,558.002001 : --
$500,000.00 $7,589,463.002000 : --
Other Company AffiliationsVice Chair, New York University
Past Company AffiliationsChairman; Chairman and CEO, BlackRock, Anthracite Capital, Inc.
Director, NYSE Euronext
Biography
Source : Proxy, April 23, 2010
Laurence D. Fink, Director since 1999, has beenChairman and Chief Executive Officer ofBlackRock since its formation in 1998 and of BlackRock¿s predecessor entities since 1988.Mr. Fink is also a trustee of one of BlackRock¿s open-end fund complexes. As the principalleader of BlackRock and its predecessor entities since1988, Mr. Fink brings a breadth ofknowledge about BlackRock¿s business and operations, which led the Board of Directors toconclude that he should serve as a director of BlackRock.
Susan L. Wagner, Age 47
Title held since 2010 : Vice Chairman
Current Company Titles2010 - Present : Vice Chairman
2005 - 2010 : Vice Chairman and COO
Unknown -2005 : Managing Director and Head of Strategy and Product Development
Current Company Compensation HistorySalary Bonus Total compensation
$300,000.00 $2,612,500.002009 : $4,241,593.00
PAGE 10Oct 20, 2010• •866-541-3770 HOOVERS.COM
Salary Bonus Total compensation
$250,000.00 $2,000,000.002005 : --
Other Company AffiliationsDirector, Courier Corporation
Biography
Source : Proxy, April 23, 2010
Susan L. Wagner, has been a Vice Chairman since 2006 and Chief Operating Officer since2005. Previously, Ms. Wagner was a Managing Director and Head of Strategy and ProductDevelopment. Ms. Wagner has been with BlackRock or its predecessor entities since 1988.
Robert S. (Rob) Kapito, Age 52
Title held since 2007 : President and Director
Current Company Titles2007 - Present : President and Director
Current Company Compensation HistorySalary Bonus Total compensation
$400,000.00 $7,010,200.002009 : $11,949,655.00
$400,000.00 $12,361,800.002007 : $18,814,822.00
$350,000.00 $8,904,750.002006 : $23,116,176.00
$350,000.00 $11,290,500.002005 : --
$350,000.00 $7,977,915.002004 : --
$350,000.00 $2,341,037.002003 : --
$350,000.00 $7,483,572.002002 : --
$350,000.00 $9,857,775.002001 : --
$350,000.00 $10,318,222.002000 : --
Biography
Source : Proxy, April 23, 2010
Robert S. Kapito, Director since 2006, has been President of BlackRock since 2007, andprior to 2007 had served as Vice Chairman of BlackRock and Head of its PortfolioManagement Group since its formation in 1998 and BlackRock's predecessor entities since1988.Mr. Kapito has served as a leader of BlackRock and its predecessor entities since 1988and has acquired a breadth of knowledge about BlackRock's business and operations, whichled the Board of Directors to conclude that he should serve as a director of BlackRock.
Ann Marie Petach, Age 49
Title held since 2010 : CFO
PAGE 11Oct 20, 2010• •866-541-3770 HOOVERS.COM
Current Company Titles2010 - Present : CFO
Current Company Compensation HistorySalary Bonus Total compensation
$450,000.00 $1,655,000.002009 : $2,520,726.00
Biography
Source : Proxy, April 23, 2010
Ann Marie Petach has been Chief Financial Officer ofBlackRock since June 2008. Ms. Petachwas a Managing Director and Head of Business Finance at BlackRock from June 2007 toJune 2008. Prior to joining BlackRock, Ms. Petach was Vice President and Treasurer at theFord Motor Company fromNovember 2004 to June 2007. Ms. Petach began her career in1984 at Ford, where her responsibilities included pension asset management, actuarialstudies, banking, risk management and funding for Ford and Ford Credit.
PAGE 12Oct 20, 2010• •866-541-3770 HOOVERS.COM
Auditor
$4,700.00M
$875.00MNet Income
PublicCompany Type
1-Year Sales Growth
Prescreen Score11.32%1-Year Net Income Growth
(7.19%)Sales
Low RiskDeloitte & Touche LLP
Financial Summary
Fiscal Year-End December
NYSE: BLKHeadquarters
2009
2009
Company Financials
PAGE 13Oct 20, 2010• •866-541-3770 HOOVERS.COM
Annual Income Statement
All amounts in millions of US Dollars except per share amounts.
Dec 2009
Revenue 4,700.00
Cost of Goods Sold 2,279.00Gross Profit 2,421.00
Gross Profit Margin 51.51%SG&A Expense 874.00Depreciation and Amortization 147.00Operating Income 1,278.00Operating Margin 27.19%Nonoperating Income 42.00Nonoperating Expenses (48.00)Income Before Taxes 1,272.00Income Taxes 375.00Net Income After Taxes 897.00
Continuing Operations 875.00Discontinued Operations --Total Operations 875.00Total Net Income 875.00Net Profit Margin 18.62%
Diluted EPS from Continuing Operations 6.11Diluted EPS from Total Operations 6.11Diluted EPS from Total Net Income 6.11Dividends per Share 3.12
Dec 20085,064.00
2,412.002,652.00
52.37%745.00276.00
1,593.0031.46%
(573.00)(1.00)
1,019.00388.00631.00
786.00--
786.00786.0015.52%
5.915.915.913.12
Dec 20074,844.65
----
--870.37237.83
1,293.6626.70%504.00
--1,822.72
463.831,358.89
995.27--
995.27995.27
20.54%
7.537.537.532.68
Dec 20062,097.98
----
--443.26
37.51471.80
22.49%66.35
(1,626.18)528.23189.46338.77
322.60--
322.60322.6015.38%
3.873.873.871.68
Dec 20051,191.39
----
--204.85
7.51340.54
28.58%43.14
(850.84)375.76138.56237.20
233.91--
233.91233.91
19.63%
3.503.503.501.20
PAGE 14Oct 20, 2010• •866-541-3770 HOOVERS.COM
Quarterly Income Statement
All amounts in millions of US Dollars except per share amounts.
Quarter Ending Jun 2010
Revenue 2,032.00
Cost of Goods Sold 806.00Gross Profit 1,226.00
Gross Profit Margin 60.33%SG&A Expense 462.00Depreciation and Amortization 40.00Operating Income 697.00Operating Margin 34.30%Nonoperating Income (42.00)Nonoperating Expenses (33.00)Income Before Taxes 622.00Income Taxes 233.00Net Income After Taxes 389.00
Continuing Operations 432.00Discontinued Operations --Total Operations 432.00Total Net Income 432.00Net Profit Margin 21.26%
Diluted EPS from Continuing Operations 2.21Diluted EPS from Total Operations 2.21Diluted EPS from Total Net Income 2.21Dividends per Share 1.00
Mar 20101,995.00
873.001,122.00
56.24%402.00
40.00654.00
32.78%38.00
(36.00)656.00228.00428.00
423.00--
423.00423.0021.20%
2.172.172.171.00
Dec 20091,544.00
723.00821.00
53.17%369.00239.00389.0025.19%
37.00(19.00)407.00150.00257.00
256.00--
256.00256.0016.58%
1.611.611.61
0.78
Sep 20091,140.00
563.00577.00
50.61%161.00175.00357.0031.32%
89.00(11.00)
435.00101.00
334.00
317.00--
317.00317.00
27.81%
2.272.272.270.78
Jun 20091,029.00
515.00514.00
49.95%191.0036.00
261.0025.36%
88.00(11.00)
338.0094.00
244.00
218.00--
218.00218.0021.19%
1.591.591.590.78
PAGE 15Oct 20, 2010• •866-541-3770 HOOVERS.COM
Annual Balance Sheet
All amounts in millions of US Dollars except per share amounts.
Current Assets
Inventories
Dec 2009
CashNet Receivables
Total Current Assets
1,919.00
Net Fixed Assets
0.00
445.00
4,708.00
6,627.00
--
170,922.00
Other Current Assets
177,994.00Total Assets
Assets
Other Noncurrent
Preferred Stock EquityCommon Stock Equity
1.00
Dec 2009
24,328.00
Shares Outstanding (M) 191.5124,329.00Total Equity
Shareholder's Equity
Long-Term Debt
Accounts Payable
Other Current Liabilities
Dec 2009
145,231.00Total LiabilitiesOther Noncurrent
Current Liabilities
3,434.00
2,234.00
153,665.00
--
2,766.005,000.00
Short-Term Debt
Total Current Liabilities
Liabilities
Dec 2008
1,210.00
--
260.00
2,032.00
--
--
19,664.0019,924.00
0.00
Dec 2008
12,066.00
191.5112,066.00
Dec 2008
6,912.00946.00
200.00
7,858.00
--
----
Dec 2007
1,235.94
266.46
1,656.20
--
--
22,295.0522,561.52
0.13
Dec 2007
11,596.83
191.5111,596.96
Dec 2007
9,903.191,061.37
300.00
10,964.56
--
----
Dec 2006
1,077.55
214.78
1,160.30
--
--
20,254.7120,469.49
0.13
Dec 2006
10,781.75
191.5110,781.88
Dec 2006
9,190.61497.00
--
9,687.61
--
----
Dec 2005
339.58
129.45
484.22
--
--
1,718.551,848.00
--
Dec 2005
922.24
191.51922.24
Dec 2005
671.97253.79
925.76
--
----
PAGE 16Oct 20, 2010• •866-541-3770 HOOVERS.COM
Quarterly Balance Sheet
All amounts in millions of US Dollars except per share amounts.
Current Assets
Inventories
Jun 2010
CashNet Receivables
Total Current Assets
2,147.00
Net Fixed Assets
0.00
433.00
2,183.00
4,330.00
--
157,503.00
Other Current Assets
162,266.00Total Assets
Assets
Other Noncurrent
Quarter Ending
Long-Term Debt
Accounts Payable
Other Current Liabilities
Quarter Ending Jun 2010
131,531.00Total LiabilitiesOther Noncurrent
Current Liabilities
3,262.00
444.00
137,312.00
--
2,075.002,519.00
Short-Term Debt
Total Current Liabilities
Liabilities
Quarter Ending
Preferred Stock EquityCommon Stock Equity
1.00
Jun 2010
24,953.00
Shares Outstanding (M) 191.5124,954.00Total Equity
Shareholder's Equity
Mar 2010
2,038.00
450.00
2,703.00
4,741.00
--
162,869.00168,060.00
Mar 2010
137,202.003,286.00
880.00
143,412.00
--
2,044.002,924.00
1.00
Mar 2010
24,647.00
191.5124,648.00
Dec 2009
1,919.00
445.00
4,708.00
6,627.00
--
170,922.00177,994.00
Dec 2009
145,231.003,434.00
2,234.00
153,665.00
--
2,766.005,000.00
1.00
Dec 2009
24,328.00
191.5124,329.00
Sep 2009
1,310.00
250.00
2,763.00
4,073.00
--
17,057.0021,380.00
Sep 2009
5,773.00944.00
200.00
8,320.00
--
1,403.001,603.00
1.00
Sep 2009
13,059.00
191.5113,060.00
Jun 2009
1,171.00
252.00
2,305.00
3,476.00
--
16,681.0020,409.00
Jun 2009
5,387.007,664.00
--
1,133.001,333.00
1.00
Jun 2009
12,744.00
191.5112,745.00
PAGE 17Oct 20, 2010• •866-541-3770 HOOVERS.COM
Annual Cash Flow
All amounts in millions of US Dollars except per share amounts.
Dec 2009
Cash and Cash Equivalents at the Beginningof Year
2,032.00
Net Cash Provided in Operating Activities 1,399.00Net Cash Provided by Investing Activities (5,519.00)Net Cash Provided by Financing Activities 6,749.00Net Increase/Decrease in Cash and CashEquivalents
2,676.00
Cash and Cash Equivalents at the End ofYear
4,708.00
Dec 2008
1,656.20
1,916.00(394.00)(887.00)
376.00
2,032.00
Dec 2007
1,160.30
587.45(1,068.83)
958.86495.90
1,656.20
Dec 2006
484.22
720.883.57
(84.90)676.08
1,160.30
Dec 2005
457.67
254.94(219.79)
(4.27)26.55
484.22
PAGE 18Oct 20, 2010• •866-541-3770 HOOVERS.COM
Quarterly Cash Flow
All amounts in millions of US Dollars except per share amounts.
Quarter Ending Jun 2010Cash and Cash Equivalents at the Beginningof Year
2,703.00
Net Cash Provided in Operating Activities 310.00Net Cash Provided by Investing Activities (402.00)Net Cash Provided by Financing Activities (2,372.00)Net Increase/Decrease in Cash and CashEquivalents
(2,525.00)
Cash and Cash Equivalents at the End ofYear
2,183.00
Mar 20104,708.00
(164.00)(30.00)
(1,755.00)(2,005.00)
2,703.00
Dec 20092,763.00
1,399.00(5,519.00)
6,749.002,676.00
4,708.00
Sep 20092,305.00
831.0011.00
(171.00)731.00
2,763.00
Jun 20091,793.00
274.0018.00
(105.00)273.00
2,305.00
PAGE 19Oct 20, 2010• •866-541-3770 HOOVERS.COM
Earning Estimates
High Estimate
Average Estimate
Year ago EPS
11
Growth Rate
$2.37
16.84%
$2.45
$2.10
$2.65
Low Estimate
Consensus Recommendation
Sep 10
Number of Analysts
Current Quarter
12.44%$2.39$2.54$3.03
11
$2.69
Dec 10
Next Quarter
$9.90 $11.23
Current Year Next Year
Sep 10 Sep 10
12 11$10.46 $12.40$9.30 $10.05$7.13 --
38.84% 13.47%
Moderate Buy
PAGE 20Oct 20, 2010• •866-541-3770 HOOVERS.COM
Financial Market DataCurrent Information
455Latest Short Interest Ratio
Dividend Yield 2.03%# of Institutional Holders
2.21
1.62Market Cap
20.75
191.51M$33,656.67M
52-Week High$175.74
7.58%
$243.8020.83
(15-Oct-2010)Last Close
52-Week Low
1.56%
4.43
Price/Cash Flow Ratio
Price/Sales Ratio
Price/Earnings RatioPrice/Book Ratio
Return on Assets
% Owned by InstitutionsLatest Net Insider Transactions
Long-Term Debt/Equity
Return on Equity
(1,194)
0.2325.68%
1.35$138.42
Shares Outstanding
60-Month Beta
Dividend Rate 4.00 Current Ratio 1.72
0.00%
12 MonthGrowth 36 Month 60 Month
22.92% 25.55%
(7.19%) 30.85% 45.32%3.38% 16.44% 23.00%
Revenue GrowthEPS GrowthDividend Growth
PAGE 21Oct 20, 2010• •866-541-3770 HOOVERS.COM
Historical Financials
Income Statement
Year Revenue ($ M) Net Income ($ M) Net Profit Margin Employees
Dec 2009 4,700.00 875.00 18.62% 8,629
Dec 2008 5,064.00 786.00 15.52% 5,341
Dec 2007 4,844.65 995.27 20.54% 5,500
Dec 2006 2,097.98 322.60 15.38% 5,113
Dec 2005 1,191.39 233.91 19.63% 2,151
Dec 2004 725.31 143.14 19.74% 1,020
Dec 2003 598.21 155.40 25.98% 973
Dec 2002 576.98 133.25 23.09% 909
Dec 2001 533.14 107.43 20.15% 804
Dec 2000 476.87 87.36 18.32% 727
200 Year-End Financials
Debt Ratio 14.11%Return on Equity 7.58%Cash ($ M) 4,708.00Current Ratio 1.33Long-Term Debt ($ M) 3,434.00Shares Outstanding (M) 191.51Dividend Yield 2.03%Dividend Payout 0.51Market Cap ($ M) 44,469.51
Stock HistoryStock Price ($) P/E Per Share ($)
Year FY High FY Low FY Close High Low Earns. Div. Book Value
Dec 2009 241.66 88.91 232.20 39.55 14.55 6.11 3.12 127.03
Dec 2008 249.37 94.78 134.15 42.19 16.04 5.91 3.12 63.00
Dec 2007 224.54 139.20 216.80 29.82 18.49 7.53 2.68 60.55
Dec 2006 161.49 105.74 151.90 41.73 27.32 3.87 1.68 56.30
Dec 2005 113.87 69.38 108.48 32.53 19.82 3.50 1.20 4.82
Dec 2004 78.24 54.00 77.26 36.06 24.88 2.17 1.00 4.01
Dec 2003 53.63 39.59 53.11 22.72 16.78 2.36 0.40 3.72
Dec 2002 47.60 33.55 39.40 23.33 16.45 2.04 -- 3.31
Dec 2001 44.50 30.76 41.70 26.97 18.64 1.65 -- 2.54
Dec 2000 48.00 15.00 42.00 35.56 11.11 1.35 -- 1.92
PAGE 22Oct 20, 2010• •866-541-3770 HOOVERS.COM
Competitors List
CompanyGross Revenue Net Profit
Margin Net Operating Cash Flow
Allianz Global Investors -- -- --
Bank of New York Mellon $8,279.00M (4.27%) $3,781.00M
Charles Schwab $4,414.00M 14.18% $1,437.00M
Dimensional Fund Advisors -- -- --
Federated Investors $1,176.99M 19.39% $274.59M
Legg Mason (Top Competitor) $2,634.88M 7.50% $1,427.73M
Morgan Stanley $30,070.00M 12.13% ($45,951.00M)
Principal Global -- -- --
State Street (Top Competitor) $8,434.00M 20.63% ($4,269.00M)
UBS (Top Competitor) $39,931.96M 19.80% $52,502.41M
Waddell & Reed $839.09M 14.07% $155.18M
PAGE 23Oct 20, 2010• •866-541-3770 HOOVERS.COM
Competitive Landscape
Annual Sales ($ M)EmployeesMarket Cap ($ M)
BlackRock, Inc.
$4,700.00M8,629
$44,469.51M
Companies listed are Top Competitors.
Key Numbers
$2,458.84M
Legg Mason, Inc.
$2,634.88M3,890
$21,851.10M
State StreetCorporation
$8,434.00M27,000 65,233
UBS AG
$39,931.96M
$56,667.80M
Profitability
Gross Profit MarginPre-Tax Profit MarginNet Profit MarginReturn on EquityReturn on AssetsReturn on InvestedCapital
BlackRock, Inc.
55.82%31.59%21.28%7.58%1.56%6.71%
Legg Mason, Inc.
100.00%11.91%7.50%3.93%2.33%2.70%
State StreetCorporation
--26.13%
20.63%12.44%
1.11%4.29%
UBS AG
--23.47%19.80%12.18%0.32%1.59%
Industry
42.24%23.36%
4.47%2.38%0.36%1.10%
Market
28.77%8.48%5.53%10.15%1.49%4.35%
Valuation
Price/Sales RatioPrice/Earnings RatioPrice/Book RatioPrice/Cash Flow Ratio
BlackRock, Inc.
4.4320.83
1.3520.75
Legg Mason, Inc.
1.8324.45
0.865.21
State StreetCorporation
2.3511.381.254.84
UBS AG
2.6912.271.420.78
Industry
2.9524.10
1.579.84
Market
3.6927.03
7.1622.88
Operations
Days of SalesOutstandingInventory TurnoverDays Cost of Goods Soldin InventoryAsset TurnoverNet ReceivablesTurnover FlowEffective Tax Rate
BlackRock, Inc.
83.1
----
0.14.4
33.58%
Legg Mason, Inc.
57.0
----
0.36.4
36.55%
State StreetCorporation
--
----
0.0--
21.05%
UBS AG
--
----
0.0--
6.70%
Industry
29.4
----
0.112.4
--
Market
34.7
8.145.1
0.310.5
37.91%
Financial
Current RatioQuick RatioLeverage RatioTotal Debt/ EquityInterest Coverage
BlackRock, Inc.
1.331.337.320.23
19.28
Legg Mason, Inc.
2.452.341.47
0.244.04
State StreetCorporation
----
10.902.00
--
UBS AG
----
32.694.79
--
Industry
1.461.736.740.94
34.19
Market
1.331.167.131.37
17.33
PAGE 24Oct 20, 2010• •866-541-3770 HOOVERS.COM
Per Share Data
Per Share DataDividend Per ShareCash Flow Per ShareWorking Capital Per ShareLong-Term Debt Per ShareBook Value Per ShareTotal Assets Per Share
BlackRock, Inc.
$39.65$3.56$8.48$8.50$17.93
$130.29$929.41
Legg Mason, Inc.
$16.87$0.13$5.94$9.79$7.53
$36.18$55.70
State StreetCorporation
$17.06$0.04$8.27
--$17.61
$32.00$314.72
UBS AG
$6.74$0.00$23.15
--$34.64$12.73
$353.48
Industry
$9.80$0.65$2.94$1.31
$11.93$18.43
$115.38
Market
$7.60$0.25$1.22$0.64$4.06$3.91
$27.90
Growth
12-Month Revenue12-Month Net Income12-Month EPS Growth12-Month Dividend Growth36-Month Revenue Growth36-Month Net Income Growth36-Month EPS Growth36-Month Dividend Growth
BlackRock, Inc.
(7.19%)11.32%3.38%0.00%
30.85%39.46%16.44%22.92%
Legg Mason, Inc.
(21.52%)----
(87.50%)(15.35%)(31.89%)(33.46%)(47.09%)
State StreetCorporation
(27.88%)----
(95.79%)6.91%
----
(63.16%)
UBS AG
(18.56%)------
(20.21%)------
Industry
(21.81%)----
(38.12%)1.48%
----
(11.11%)
Market
31.93%(27.66%)(49.98%)
--14.30%(5.61%)
(14.73%)--
PAGE 25Oct 20, 2010• •866-541-3770 HOOVERS.COM
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