Intrinsic value of Franklin Resources - BEN

Previous Close

$32.72

  Intrinsic Value

$52.41

stock screener

  Rating & Target

str. buy

+60%

Previous close

$32.72

 
Intrinsic value

$52.41

 
Up/down potential

+60%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as BEN.

We calculate the intrinsic value of BEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.41
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,392
  6,520
  6,670
  6,841
  7,034
  7,247
  7,481
  7,736
  8,011
  8,309
  8,627
  8,969
  9,333
  9,720
  10,132
  10,569
  11,032
  11,522
  12,041
  12,589
  13,167
  13,778
  14,421
  15,100
  15,814
  16,567
  17,360
  18,194
  19,072
  19,996
  20,968
Variable operating expenses, $m
 
  3,588
  3,665
  3,754
  3,853
  3,963
  4,084
  4,216
  4,358
  4,511
  4,676
  4,629
  4,817
  5,017
  5,230
  5,455
  5,694
  5,947
  6,215
  6,498
  6,796
  7,111
  7,443
  7,794
  8,163
  8,551
  8,960
  9,391
  9,844
  10,321
  10,822
Fixed operating expenses, $m
 
  631
  644
  659
  673
  688
  703
  719
  734
  750
  767
  784
  801
  819
  837
  855
  874
  893
  913
  933
  953
  974
  996
  1,018
  1,040
  1,063
  1,086
  1,110
  1,135
  1,160
  1,185
Total operating expenses, $m
  4,129
  4,219
  4,309
  4,413
  4,526
  4,651
  4,787
  4,935
  5,092
  5,261
  5,443
  5,413
  5,618
  5,836
  6,067
  6,310
  6,568
  6,840
  7,128
  7,431
  7,749
  8,085
  8,439
  8,812
  9,203
  9,614
  10,046
  10,501
  10,979
  11,481
  12,007
Operating income, $m
  2,264
  2,301
  2,360
  2,429
  2,507
  2,596
  2,694
  2,802
  2,919
  3,047
  3,185
  3,556
  3,714
  3,884
  4,066
  4,259
  4,464
  4,682
  4,913
  5,158
  5,418
  5,692
  5,982
  6,288
  6,612
  6,953
  7,313
  7,693
  8,093
  8,515
  8,960
EBITDA, $m
  2,344
  2,804
  2,869
  2,945
  3,032
  3,129
  3,238
  3,356
  3,486
  3,626
  3,778
  3,940
  4,115
  4,301
  4,500
  4,712
  4,937
  5,176
  5,430
  5,698
  5,982
  6,283
  6,601
  6,936
  7,290
  7,664
  8,058
  8,474
  8,912
  9,373
  9,860
Interest expense (income), $m
  42
  55
  60
  66
  73
  81
  90
  99
  110
  121
  133
  146
  160
  175
  191
  208
  225
  244
  264
  285
  308
  331
  356
  383
  410
  439
  470
  503
  537
  572
  610
Earnings before tax, $m
  2,549
  2,247
  2,300
  2,363
  2,434
  2,515
  2,604
  2,702
  2,810
  2,926
  3,052
  3,409
  3,554
  3,709
  3,875
  4,051
  4,239
  4,438
  4,649
  4,873
  5,110
  5,360
  5,626
  5,906
  6,201
  6,514
  6,843
  7,191
  7,557
  7,943
  8,350
Tax expense, $m
  759
  607
  621
  638
  657
  679
  703
  730
  759
  790
  824
  921
  960
  1,002
  1,046
  1,094
  1,144
  1,198
  1,255
  1,316
  1,380
  1,447
  1,519
  1,595
  1,674
  1,759
  1,848
  1,941
  2,040
  2,145
  2,254
Net income, $m
  1,697
  1,640
  1,679
  1,725
  1,777
  1,836
  1,901
  1,973
  2,051
  2,136
  2,228
  2,489
  2,595
  2,708
  2,829
  2,957
  3,094
  3,240
  3,394
  3,557
  3,730
  3,913
  4,107
  4,311
  4,527
  4,755
  4,995
  5,249
  5,516
  5,798
  6,095

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8,750
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  17,534
  11,963
  12,238
  12,553
  12,906
  13,297
  13,726
  14,194
  14,700
  15,245
  15,830
  16,456
  17,124
  17,835
  18,591
  19,393
  20,243
  21,142
  22,093
  23,099
  24,160
  25,280
  26,461
  27,706
  29,017
  30,399
  31,853
  33,384
  34,995
  36,690
  38,473
Adjusted assets (=assets-cash), $m
  8,784
  11,963
  12,238
  12,553
  12,906
  13,297
  13,726
  14,194
  14,700
  15,245
  15,830
  16,456
  17,124
  17,835
  18,591
  19,393
  20,243
  21,142
  22,093
  23,099
  24,160
  25,280
  26,461
  27,706
  29,017
  30,399
  31,853
  33,384
  34,995
  36,690
  38,473
Revenue / Adjusted assets
  0.728
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
  0.545
Average production assets, $m
  1,066
  2,797
  2,861
  2,935
  3,017
  3,109
  3,209
  3,319
  3,437
  3,564
  3,701
  3,847
  4,004
  4,170
  4,347
  4,534
  4,733
  4,943
  5,166
  5,401
  5,649
  5,911
  6,187
  6,478
  6,784
  7,107
  7,447
  7,805
  8,182
  8,578
  8,995
Working capital, $m
  0
  -300
  -307
  -315
  -324
  -333
  -344
  -356
  -369
  -382
  -397
  -413
  -429
  -447
  -466
  -486
  -507
  -530
  -554
  -579
  -606
  -634
  -663
  -695
  -727
  -762
  -799
  -837
  -877
  -920
  -965
Total debt, $m
  1,098
  1,112
  1,226
  1,355
  1,501
  1,662
  1,839
  2,031
  2,240
  2,465
  2,706
  2,963
  3,239
  3,532
  3,843
  4,173
  4,524
  4,894
  5,286
  5,700
  6,137
  6,599
  7,085
  7,598
  8,139
  8,708
  9,307
  9,938
  10,602
  11,300
  12,034
Total liabilities, $m
  4,914
  4,929
  5,042
  5,172
  5,317
  5,478
  5,655
  5,848
  6,056
  6,281
  6,522
  6,780
  7,055
  7,348
  7,659
  7,990
  8,340
  8,711
  9,102
  9,517
  9,954
  10,415
  10,902
  11,415
  11,955
  12,524
  13,124
  13,754
  14,418
  15,116
  15,851
Total equity, $m
  12,620
  7,034
  7,196
  7,381
  7,589
  7,819
  8,071
  8,346
  8,644
  8,964
  9,308
  9,676
  10,069
  10,487
  10,931
  11,403
  11,903
  12,432
  12,991
  13,582
  14,206
  14,865
  15,559
  16,291
  17,062
  17,874
  18,730
  19,630
  20,577
  21,574
  22,622
Total liabilities and equity, $m
  17,534
  11,963
  12,238
  12,553
  12,906
  13,297
  13,726
  14,194
  14,700
  15,245
  15,830
  16,456
  17,124
  17,835
  18,590
  19,393
  20,243
  21,143
  22,093
  23,099
  24,160
  25,280
  26,461
  27,706
  29,017
  30,398
  31,854
  33,384
  34,995
  36,690
  38,473
Debt-to-equity ratio
  0.087
  0.160
  0.170
  0.180
  0.200
  0.210
  0.230
  0.240
  0.260
  0.270
  0.290
  0.310
  0.320
  0.340
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
Adjusted equity ratio
  0.441
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,697
  1,640
  1,679
  1,725
  1,777
  1,836
  1,901
  1,973
  2,051
  2,136
  2,228
  2,489
  2,595
  2,708
  2,829
  2,957
  3,094
  3,240
  3,394
  3,557
  3,730
  3,913
  4,107
  4,311
  4,527
  4,755
  4,995
  5,249
  5,516
  5,798
  6,095
Depreciation, amort., depletion, $m
  80
  503
  509
  516
  525
  534
  544
  555
  566
  579
  593
  385
  400
  417
  435
  453
  473
  494
  517
  540
  565
  591
  619
  648
  678
  711
  745
  781
  818
  858
  900
Funds from operations, $m
  374
  2,143
  2,188
  2,241
  2,301
  2,369
  2,445
  2,527
  2,617
  2,715
  2,821
  2,874
  2,995
  3,125
  3,263
  3,411
  3,567
  3,734
  3,910
  4,097
  4,295
  4,504
  4,725
  4,959
  5,205
  5,466
  5,740
  6,030
  6,335
  6,656
  6,995
Change in working capital, $m
  -761
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
Cash from operations, $m
  1,135
  2,148
  2,195
  2,249
  2,310
  2,379
  2,455
  2,539
  2,630
  2,729
  2,835
  2,889
  3,012
  3,143
  3,282
  3,431
  3,589
  3,756
  3,934
  4,122
  4,322
  4,532
  4,755
  4,990
  5,238
  5,500
  5,777
  6,068
  6,375
  6,699
  7,040
Maintenance CAPEX, $m
  0
  -274
  -280
  -286
  -293
  -302
  -311
  -321
  -332
  -344
  -356
  -370
  -385
  -400
  -417
  -435
  -453
  -473
  -494
  -517
  -540
  -565
  -591
  -619
  -648
  -678
  -711
  -745
  -781
  -818
  -858
New CAPEX, $m
  -124
  -57
  -64
  -74
  -83
  -91
  -100
  -109
  -118
  -127
  -137
  -146
  -156
  -166
  -177
  -187
  -199
  -210
  -222
  -235
  -248
  -262
  -276
  -291
  -307
  -323
  -340
  -358
  -377
  -396
  -417
Cash from investing activities, $m
  52
  -331
  -344
  -360
  -376
  -393
  -411
  -430
  -450
  -471
  -493
  -516
  -541
  -566
  -594
  -622
  -652
  -683
  -716
  -752
  -788
  -827
  -867
  -910
  -955
  -1,001
  -1,051
  -1,103
  -1,158
  -1,214
  -1,275
Free cash flow, $m
  1,187
  1,817
  1,851
  1,889
  1,934
  1,986
  2,044
  2,109
  2,180
  2,258
  2,342
  2,373
  2,471
  2,576
  2,689
  2,809
  2,937
  3,073
  3,217
  3,371
  3,533
  3,706
  3,888
  4,080
  4,284
  4,499
  4,726
  4,965
  5,218
  5,484
  5,765
Issuance/(repayment) of debt, $m
  -642
  99
  113
  130
  145
  161
  177
  193
  208
  225
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  461
  487
  513
  540
  569
  599
  631
  664
  698
  734
Issuance/(repurchase) of shares, $m
  -740
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -515
  99
  113
  130
  145
  161
  177
  193
  208
  225
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  461
  487
  513
  540
  569
  599
  631
  664
  698
  734
Total cash flow (excl. dividends), $m
  707
  1,916
  1,964
  2,019
  2,080
  2,147
  2,221
  2,301
  2,388
  2,482
  2,583
  2,631
  2,746
  2,869
  3,000
  3,139
  3,287
  3,443
  3,609
  3,785
  3,971
  4,167
  4,374
  4,593
  4,824
  5,068
  5,325
  5,596
  5,882
  6,182
  6,499
Retained Cash Flow (-), $m
  -684
  -130
  -162
  -185
  -208
  -230
  -252
  -275
  -298
  -321
  -344
  -368
  -393
  -418
  -444
  -472
  -500
  -529
  -559
  -591
  -624
  -658
  -694
  -732
  -771
  -812
  -855
  -900
  -947
  -997
  -1,048
Prev. year cash balance distribution, $m
 
  5,716
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  121
  124
  127
  130
  134
  138
  142
  147
  152
  158
  164
  170
  177
  185
  193
  201
  210
  219
  229
  239
  250
  262
  274
  287
  300
  315
  330
  346
  362
  380
Cash available for distribution, $m
 
  7,502
  1,802
  1,834
  1,872
  1,917
  1,969
  2,027
  2,091
  2,162
  2,239
  2,263
  2,353
  2,451
  2,556
  2,668
  2,787
  2,914
  3,050
  3,194
  3,347
  3,508
  3,680
  3,861
  4,053
  4,256
  4,470
  4,696
  4,934
  5,186
  5,451
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  7,193
  1,650
  1,596
  1,542
  1,486
  1,429
  1,369
  1,307
  1,242
  1,174
  1,075
  1,004
  932
  858
  783
  708
  634
  562
  492
  425
  363
  305
  253
  206
  166
  130
  101
  76
  57
  41
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Franklin Resources, Inc. is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world. The Company offers its investment products and services under the Franklin, Templeton, Franklin Mutual Series, Franklin Bissett, Fiduciary Trust, Darby, Balanced Equity Management, K2 and LibertyShares brand names. Its products include investment funds and institutional, high net-worth and separately managed accounts (collectively, sponsored investment products (SIPs)). It offers various types of SIPs, such as the United States funds, cross-border funds, local/regional funds, and other managed accounts, alternative investment products and trusts. Its investment funds include the United States-registered funds, non-United States-registered funds and unregistered funds.

FINANCIAL RATIOS  of  Franklin Resources (BEN)

Valuation Ratios
P/E Ratio 10.7
Price to Sales 2.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.5%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 8.7%
Total Debt to Equity 8.7%
Interest Coverage 62
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.8%
EBITDA Margin - 3 Yr. Avg. 40.5%
Operating Margin 35.4%
Oper. Margin - 3 Yr. Avg. 36.3%
Pre-Tax Margin 39.9%
Pre-Tax Margin - 3 Yr. Avg. 38.6%
Net Profit Margin 26.5%
Net Profit Margin - 3 Yr. Avg. 26.1%
Effective Tax Rate 29.8%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 26%

BEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEN stock intrinsic value calculation we used $6392 million for the last fiscal year's total revenue generated by Franklin Resources. The default revenue input number comes from 2017 income statement of Franklin Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BEN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BEN is calculated based on our internal credit rating of Franklin Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Franklin Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BEN stock the variable cost ratio is equal to 55.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $617 million in the base year in the intrinsic value calculation for BEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Franklin Resources.

Corporate tax rate of 27% is the nominal tax rate for Franklin Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BEN stock is equal to 1.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BEN are equal to 42.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Franklin Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BEN is equal to -4.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $12620 million for Franklin Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 558 million for Franklin Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Franklin Resources at the current share price and the inputted number of shares is $18.3 billion.

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COMPANY NEWS

▶ Franklin Universal Trust Declares Monthly Distribution   [Aug-13-18 04:05PM  GlobeNewswire]
▶ After the Bell: Oops, Tech Did It Again   [Jul-30-18 05:21PM  Barrons.com]
▶ Earnings Preview For Franklin Resources   [Jul-26-18 02:17PM  Benzinga]
▶ [$$] Money Managers Look Like Bargains   [07:24AM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [Jul-19-18 04:05PM  GlobeNewswire]
▶ [$$] Community Health Systems Completes Debt Swap   [Jun-20-18 03:59PM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [Jun-15-18 04:05PM  GlobeNewswire]
▶ Franklin Resources, Inc. Announces Quarterly Dividend   [Jun-12-18 04:40PM  GlobeNewswire]
▶ Franklin's Downgrade Is a Warning to All Bond Titans   [Jun-06-18 07:30AM  Bloomberg]
▶ Templeton Global Income Fund (GIM) Announces Distribution   [Jun-01-18 07:55AM  GlobeNewswire]
▶ [$$] Community Health Extends Deadline for Debt Swap   [May-23-18 01:20PM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [May-18-18 04:05PM  GlobeNewswire]
▶ Franklin Resources: Fiscal 2Q Earnings Snapshot   [08:38AM  Associated Press]
▶ Franklin Universal Trust Declares Monthly Distribution   [Apr-18-18 04:05PM  GlobeNewswire]
▶ This Fund Tries To Profit From Carnage   [Apr-05-18 06:00AM  Morningstar]
▶ Templeton Global Income Fund (GIM) Announces Distribution   [Apr-02-18 02:55PM  GlobeNewswire]
▶ Franklin Universal Trust Declares Monthly Distribution   [Mar-15-18 04:05PM  GlobeNewswire]
▶ Here's how much iHeartMedia's bankruptcy could cost T. Rowe Price   [02:51PM  American City Business Journals]
▶ [$$] Movers and shakers, March 12   [Mar-11-18 10:30PM  Financial Times]
Financial statements of BEN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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