BLK – Market expectations are for Uniform ROA compression, but management is confident about their alternatives franchise and bond ETFs

• BlackRock, Inc. (BLK:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 15.9x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their alternatives franchise and bond ETFs
• Specifically, management is confident that they had a lower diluted share count in the current quarter and that they have continued momentum in their alternatives franchise. Furthermore, they are confident their minority investments are part of their capital management strategy, and they are confident about the future growth opportunities they see for their bond ETFs.