BXMT - Blackstone Likely To Go Higher Supported By AUM Growth

• Several factors are supporting BX shares and revenue higher, namely increasing AUM and perpetual capital.
• On the surface, BX might look overvalued. However, the company's growth, profitability, and performance record merit its price premium.
• Comparing BX to the sector is not very meaningful, given fundamental differences in governance. Carlyle, Apollo, and KKR represent a more refined peer group.
• The argument that private equities are overpriced has some merit. However, this has little effect on our bullish thesis, given BX's diversification and opportunities within private equity in light of emerging disruptive technologies.

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