Corporate Webpages Blackstone Mortgage Trust Inc.
Blackstone Mortgage Trust Inc. (BXMT) originates senior loans
collaterized by real estate in North America, Europe, and
Australia. It has $512 billion in assets making it one of the
biggest investment firms. Of that, $140 billion is in real
estate, but the rest is in private equity, public debt,
non-investment grade credit and secondary funds. Real estate
holdings are concentrated in New York and California but smaller
holdings spread out through the U.S. Annual revenues are
consistently around $330 million.
It has an acceptable Zenith Index indicate fiscal
conservativeness and reasonable valuation. A look at the stock
chart over the past year or so would suggest it is not volatile
enough to attract some traders, but we think a trading range of
between $32 and $36 is enough to offer some potential.
The stock is a high dividend payer paying out around 6% in
dividends. It acts like a real estate investment trust in that
a certain percentage of its earnings must be paid out to shareholders.
Formerly known as "Blackstone Capital" it has its fingers in
many pies and has four major reporting segments which include
private equity, real estate, hedge fund solutions, and credit.
In one way or another it is involved in the holdings of many of
the biggest corporate names in America. However, over the past
12 months the company paid out more in dividends than it earned,
which is not sustainable over time.
The REIT Mortgage Trust group is a moderately strong industry
group of stocks and quite competitive.
The stock has a high book value, profit margin, offseting high
debt to equity, so we give it a plus for financial ratios.
However, earnings have failed to keep pace with revenue growth,
indicating possible poorer performance than competing trusts.
Both researchers and analysts are neutral to negative on the
stock. Institutions are net sellers. Executive compensation
looks reasonable indicating good corporate governance, but
shareholder concern appears to us low because of lack of a CEO
Letter to Shareholders or glitzy annual report, depending
instead upon conference call transcripts. Management reporting
is good in our opinion.
Short interest is significant in that as ex-dividend dates
approach on a stock with this high a payout, stock share price
may increase and then fall back ex-dividend. The corporation is
often diluting the value of shares by issuing more Class A
(voting) stock but using proceeds to increase assets. Many
large acquisitions happened in 2014-15. As we have just passed
an ex-dividend date (June 26th), the share price may drop back a bit in the
trading range. Current sentiment is low.
06-28-2019: Blackstone Mortgage Trust Inc. (BXMT): Fingers In Every Pie
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Avg. P/E to Current P/E
Financial Ratios
Intrinsic Value (Disc. CashFlow)
Fair Value Estimator
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Standard & Poor's
Management's Discussion
Channel Potential
MACD Histogram
Intraday Chart
Val Idea
Stock Consultant
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
Blackstone Mortgage Trust, Inc. (BXMT) Exchange: NYSE
345 Park Avenue
42nd Floor Sector: Real Estate
New York, NY 10154 Industry: REIT - Diversified
Blackstone Mortgage Trust, Inc., a real estate finance company,
originates senior loans collateralized by properties in North America,
Europe, and Australia. The company operates as a real estate investment
trust for federal income tax purposes. It generally would not be subject
to U.S. federal income taxes if it distributes at least 90% of its
taxable income to its stockholders. The company was formerly known as
Capital Trust, Inc. and changed its name to Blackstone Mortgage Trust,
Inc. in May 2013. Blackstone Mortgage Trust, Inc. was founded in 1966
and is headquartered in New York, New York.
Last Trade: 36.62 52-Week Range: 36.77 - 30.84
Employees: Avg.Volume: 837,532 Shares
Corporate Governance:
Pillar scores are Audit: 1; Board: 9; Shareholder Rights: 10; Compensation: 7.
(A lower number means less governance risk.)
EPS: 2.55 Dividend Amount: $ 2.48 Yield: 6.77%
Ex-Dividend Date: Jun 26, 2019 Payout Ratio: 96.88
Key Statistics:
Trailing P/E: 14.14 Forward P/E (est.): 13.12
Target Price: 36.92
Qrtly Stock Price Growth (yoy): 13.90% Beta: 0.00
Qrtly S&P Index Growth (yoy): 24.20% Short Ratio: 10.61%
Qrtly Revenue Growth (yoy): 8.73% Shares Out: 125670000
Qrtly Earnings Growth (yoy): 25.60%
Book Value: 27.37 Debt/Equity: 324.90%
Price/Book Value: 1.32 Operating Profit Margin: 72.37%
Price/Sales: 10.87 Profit Margin: 72.09%
Market Cap: 4,534,000,000 Return on Equity: 9.46%
Enterprise Value: 15,680,000,000 Return on Assets: 2.32%
Operating Cash Flow: 295,000,000
Free Cash Flow: -7,919,365
Annual Income Statement: (All numbers in thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Total Revenue 396,484 303,045 313,704
Cost of Revenue 0 0 0
Gross Profit 396,484 303,045 313,704
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 110,363 84,763 83,675
Non-Recurring Expenses 0 0 0
Other Operating Expenses 0 0 0
Total Operating Expenses 110,363 84,763 83,675
Operating Income or Loss 286,121 218,282 230,029
Income from Continuing Operations:
Total Other Income/Expenses Net 0 0 16,607
Earnings Before Interest & Taxes 0 0 0
Interest Expense 0 0 0
Income Before Taxes 286,121 218,282 246,636
Income Tax Expense 308 314 196
Minority Interest 10,483 6,340 6,340
Net Income from Continuing Op.s 285,813 217,968 246,440
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 285,078 217,631 238,297
Preferred Stock & Other Adjustments 0 0 0
Net Income Avail to Common Shares 285,078 217,631 238,297
Annual Cash Flow Statement: (All numbers in thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Net Income 285,813 217,968 246,440
Operating Activities:
Depreciation 0 0 0
Adjustments to Net Income -18,204 -14,005 -16,933
Changes in Accounts Recv'bls 0 0 0
Changes in Liabilities 0 0 0
Changes in Investories 0 0 0
Changes in other Oper'g Acts -4,969 1,847 -4,051
Total Cash Flow f Operations 290,002 227,461 236,652
Investing Activities:
Capital Exenditures 0 0 0
Investments -95,937 -95,937 -95,937
Other Cash Flows fr Investing 137,580 36,983 71,540
Total Cash Flows from Investing -4,251,659 -780,752 434,087
Financing Activities:
Dividends Paid -277,260 -234,989 -232,775
Sale of Purchase of Stock 0 0 0
Net Borrowings 3,780,146 439,635 -430,429
Other Cash Flows fr Financing -21,598 -21,462 71,540
Total Cash Flows from Financing 3,957,708 574,742 -699,597
Effect of Exchange Rate Chg 0 0 0
Change in Cash & Cash Equiv. 5,500 -1,581 113
Annual Balance Sheets: (All Numbers in Thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Current Assets:
Cash & Cash Equivalents 105,662 69,654 75,567
Short Term Investments 0 0 0
Net Receivables 14,254,012 10,150,064 8,731,614
Inventory 0 0 0
Other Current Assets 653 37,813 898
Total Current Assets 14,360,327 10,257,531 8,808,079
Long-Term Investments 96,167 0 0
Property, Plant & Equipt 0 0 0
Goodwill 0 0 0
Intangible Assets 0 0 0
Accumulated Amortization 0 0 0
Other Assets 965 80 450
Deferred LT Asset Charges 0 0 0
Total Assets 14,467,375 10,258,825 8,812,615
Current Liabilities:
Accounts Payable 4,583 2,125 1,775
Current Portion LT Debt 0 0 0
Other Current Liabilities 76,530 105,344 63,987
Total Current Liabilities 128,212 140,826 87,819
Long Term Debt 10,964,556 7,200,593 6,231,193
Other Liabilities 128,212 0 0
Deferred LT Liab. Charges 0 0 0
Minority Interest 10,483 6,340 6,340
Negative Goodwill 0 0 0
Total Liabilities 11,092,768 7,341,419 6,319,012
Stockholder Equity:
Misc. Options, Warrants 0 0 0
Redeemable Preferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 1,234 1,079 945
Retained Earnings -569,428 -567,168 -541,137
Treasury Stock -34,222 -29,706 -56,202
Capital Surplus 3,966,540 3,506,861 3,089,997
Other Stockhohlder Equity -34,222 -29,706 -56,202
Total Stockholder Equity 3,364,124 2,911,066 2,493,603
Net Tangible Assets 3,364,124 2,911,066 2,493,603
Blackstone Mortgage Trust, Inc. (BXMT) [Indices near +3.0, near zero,
or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28? 1.9802 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 3.0000 Forward P/E Ratio < 28? 2.1341
Price/Sales Ratio < 2.3? 0.2116 Inventory/Sales < 5%? 1.0000
Sales < $1 Billion? 2.5222 Operating Margin < 7.5%? 0.1036
Balance Sheet Tests:
Debt/Equity < 0.40? 0.1231 Long-Term Debt Service: 0.3078
LTD Being Reduced? -3.0000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 3.0000 Working Capital >= 1.5? 0.0136
Leverage Ratio < 20%? 0.2619 Debt/Assets < 1? 1.3195
Quick Ratio > 1? 3.0000 Inventory Turnover > 1? 1.0000
Share Equity Increase: 2.3230 Market Cap.< 1.5 Billion? 0.3308
Intangibles < 3% Assets? 3.0000
Income Tests:
Profit Margin < 7.5%? 3.0000 EPS Annual Growth > 10%? 0.0763
Dividend Yield > 2.0%? 0.2954 EPS 3-yr Growth > 15? 0.1254
Enterprise Value/Revenue 3.0000 EPS Growth Consistent? 0.0000
Enterprise Value/EBITDA: 3.0000 Collection < 45 days? 0.0034
EPS Qrtly Growth > 10%? 0.0039 Gross Pft/Cur. LTD > 1? 3.0000
Borrowing Int. Rate < 6%? 3.0000
Stock Performance Tests:
Volatility > 25%? 0.6451 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 0.0000 % Held by Institut. < 50? 0.7865
50 Da MA > 200 Da MA? 0.1122 % Held by Institut. > 30? 2.1190
52-Wk Change vs. S&P 500: 1.5922 Short Ratio > 5? 2.1220
Price/Book Value < 3? 2.2422 Short % of Float > 20? 0.3205
Return on Assets > 17%? 0.1365 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: -3.0000 Positive Free Cash Flow? -1.0000
Positive Oper. Cash Flow? 3.0000 Price to C.F.Ratio < 14?: 3.0000
Cash Flow / Assets > 10%? 3.0000
BXMT Blackstone Mortgage Trust, Inc. Overall Zenith Index: 1.2902
Financial Statements |
BLACKSTONE MORTGAGE TRUST INC A (BXMT) INCOME STATEMENT Fiscal year ends in December. USD in thousan 2014-12 2015-12 2016-12 2017-12 2018-12 TTM Revenue 109,390 237,300 271,165 248,204 321,650 337,987 Operating expenses 84,218 203,747 246,760 222,094 290,558 306,163 Sales, General and administrative 25,172 33,553 24,405 26,110 31,092 31,824 Total expenses 109,390 237,300 271,165 248,204 321,650 337,987 Interest income 184,766 410,635 497,974 537,915 756,109 825,443 Interest expenses 69,143 152,416 184,270 234,870 359,625 408,324 Gain on sale of equity investment 13,258 21,967 13,420 0 0 0 Other income (expense) -27,869 -67,797 -80,488 -84,763 -110,363 -115,266 Income before income taxes 101,012 212,389 246,636 218,282 286,121 301,853 Provision for income taxes 518 504 196 314 308 289 Net income from continuing operations 100,494 211,885 246,440 217,968 285,813 301,564 Other -10,449 -15,056 -8,143 -337 -735 -879 Net income 90,045 196,829 238,297 217,631 285,078 300,685 Net income available to common shareholders 90,045 196,829 238,297 217,631 285,078 300,685 Earnings per share Basic 1.86 2.41 2.53 2.27 2.50 2.56 Diluted 1.86 2.41 2.53 2.27 2.50 2.56 Weighted average shares outstanding Basic 48,394 81,740 94,165 95,964 113,857 117,841 Diluted 48,394 81,740 94,165 95,964 113,857 117,841 ____________________________________________________________________________________________________________________________________________ BLACKSTONE MORTGAGE TRUST INC A (BXMT) BALANCE SHEET Fiscal year ends in December. USD in thousan 2014-12 2015-12 2016-12 2017-12 2018-12 Assets Receivables 86,016 37,161 32,871 38,573 56,679 Other assets 4,450,695 9,242,962 8,704,177 10,146,478 14,305,034 Total assets 4,588,521 9,376,573 8,812,615 10,258,825 14,467,375 Liabilities Short-term borrowing 0 6,020,005 5,052,419 4,771,672 7,457,933 Long-term debt 2,702,069 757,158 1,178,774 2,428,921 3,506,623 Payables and accrued expenses 61,013 93,679 0 97,459 125,287 Other liabilities 324,553 0 87,819 43,367 2,925 Total liabilities 3,087,635 6,870,842 6,319,012 7,341,419 11,092,768 Total liabilities Common stock 583 937 945 1,079 1,234 Additional paid-in capital 2,027,404 3,070,200 3,089,997 3,506,861 3,966,540 Retained earnings -547,592 -545,791 -541,137 -567,168 -569,428 Accumulated other comprehensive income -15,024 -32,758 -56,202 -29,706 -34,222 Total stockholders' equity 1,465,371 2,492,588 2,493,603 2,911,066 3,364,124 Total liabilities and stockholders' equity 4,553,006 9,363,430 8,812,615 10,252,485 14,456,892 ____________________________________________________________________________________________________________________________________________ BLACKSTONE MORTGAGE TRUST INC A (BXMT) Statement of CASH FLOW Fiscal year ends in December. USD in thousan 2014-12 2015-12 2016-12 2017-12 2018-12 TTM Cash Flows From Operating Activities Stock based compensation 9,716 20,717 21,899 24,031 28,154 28,946 Accounts receivable -13,166 0 0 0 0 0 Other working capital 8,290 -17,105 -4,051 1,847 -4,969 -15,326 Other non-cash items 75,797 167,782 218,804 201,583 266,817 281,375 Net cash provided by operating activities 80,637 171,394 236,652 227,461 290,002 294,995 Cash Flows From Investing Activities Purchases of investments 0 0 -14,730 -41,031 -153,402 -142,855 Sales/Maturities of investments 0 0 41,573 22,573 90,637 86,831 Other investing activities -2,412,896 -4,820,985 416,800 -762,294 -4,188,894 -3,561,586 Net cash used for investing activities -2,412,896 -4,820,985 443,643 -780,752 -4,251,659 -3,617,610 Cash Flows From Financing Activities Debt issued 3,392,733 7,141,393 3,240,374 5,599,139 9,498,323 8,031,615 Debt repayment -1,771,576 -3,268,255 -3,670,803 -5,159,504 -5,718,177 -4,936,825 Common stock issued 766,138 1,029,540 27 391,558 476,420 541,797 Cash dividends paid -84,238 -166,978 -232,775 -234,989 -277,260 -286,902 Other financing activities 30,879 -41,582 -36,420 -21,462 -21,598 -19,975 Net cash provided by (used for) financing 2,333,936 4,694,118 -699,597 574,742 3,957,708 3,329,710 Effect of exchange rate changes -2,209 113 -1,581 5,500 7,093 -2,136 Net change in cash -532 44,640 -20,883 26,951 3,144 4,959 Cash at beginning of period 52,342 51,810 96,450 75,567 102,518 74,478 Cash at end of period 51,810 96,450 75,567 102,518 105,662 79,437 Free Cash Flow Operating cash flow 80,637 171,394 236,652 227,461 290,002 294,995 Free cash flow 80,637 171,394 236,652 227,461 290,002 294,995
Average to Current P/E Ratios |
(BXMT) Blackstone Mortgage Trust Inc. Cl
2014 2015 2016 2017 2018
Annual Earnings: 1.86 2.41 2.53 2.27 2.50
Average Price During Year: 28.47 29.07 27.60 31.21 32.51
P/E Ratio: 15.31 12.06 10.91 13.75 13.00
Average 5-Year P/E Ratio = 13.01
Current Price = 35.97
Previous 5 Quarter Earnings: 0.56 0.66 0.67 0.61 0.62
Current Annualized (Last Four Quarters) Earnings = 1.90
________
Average PE / Current PE = 0.69
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...a number above 1.00 is good
1.00 or below is badFinancial Ratios |
. . . . . . . . . . . . Lowest to Highest, Compared to Industry
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Fair Value Estimator |
Fair Value Estimate:
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Standard & Poor's |
Management's Discussion of Results of Operations Excerpts |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for BLACKSTONE MORTGAGE TRUST INC.:
Symbol? BXMT
Total Months Available: 25
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
34.58 31.19 35.70 30.84 36.77 33.97
RANGE = 36.77 TO 30.84 Close = 36.10
CHANNEL = 34.58 TO 33.97 Degree = 1
Volatility = 1.69% Index = 0
MACD Histogram Divergence |
The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.
Intraday Chart |
2 Days:
Val Idea |
Stock Consultant |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
2 out of 3 of the ultimate systems favor an upmove.
System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | + 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings | + 1 |
| Cash Flow | + 1 |
| Average to Current P/E | - 1 |
| Ratios | + 1 |
| Intrinsic Value DCF | + 1 |
| Fair Value Estimator | + 1 |
| Projected Earnings | - 1 |
| Research Reports | - 1 |
| Analysts | - 1 |
| Executive Perquisites | + 1 |
| Insider Activity | - 1 |
| Institutional Activity | - 1 |
| Management Reporting | + 1 |
| Short Interest | - 1 |
| Sentiment | - 1 |
| Standard & Poor's | - 1 |
| MACD Histogram Divergence | - 1 |
| Val Idea | 0 |
| Stock Consultant | + 1 |
| Point & Figure | + 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | - 1 |
| Neural Network | - 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | + 1 |
| Total | + 3 |
Place 840 shares of Blackstone Mortgage Trust Inc. (BXMT) on the Active List.
