Intrinsic value of Franklin Resources - BEN

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$42.28

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$42.28

 
Intrinsic value

$67.67

 
Up/down potential

+60%

 
Rating

str. buy

 
Value-price divergence* premium content

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -16.74
  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
  6,618
  6,750
  6,906
  7,083
  7,282
  7,503
  7,745
  8,009
  8,295
  8,602
  8,932
  9,286
  9,662
  10,064
  10,490
  10,943
  11,422
  11,930
  12,467
  13,034
  13,633
  14,265
  14,931
  15,633
  16,374
  17,153
  17,974
  18,838
  19,747
  20,703
  21,709
Variable operating expenses, $m
 
  3,385
  3,459
  3,544
  3,639
  3,744
  3,860
  3,986
  4,122
  4,269
  4,426
  4,428
  4,608
  4,799
  5,003
  5,219
  5,447
  5,689
  5,945
  6,216
  6,501
  6,803
  7,121
  7,456
  7,809
  8,180
  8,572
  8,984
  9,417
  9,873
  10,353
Fixed operating expenses, $m
 
  990
  1,015
  1,040
  1,066
  1,093
  1,120
  1,148
  1,177
  1,206
  1,237
  1,267
  1,299
  1,332
  1,365
  1,399
  1,434
  1,470
  1,507
  1,544
  1,583
  1,622
  1,663
  1,705
  1,747
  1,791
  1,836
  1,882
  1,929
  1,977
  2,026
Total operating expenses, $m
  4,263
  4,375
  4,474
  4,584
  4,705
  4,837
  4,980
  5,134
  5,299
  5,475
  5,663
  5,695
  5,907
  6,131
  6,368
  6,618
  6,881
  7,159
  7,452
  7,760
  8,084
  8,425
  8,784
  9,161
  9,556
  9,971
  10,408
  10,866
  11,346
  11,850
  12,379
Operating income, $m
  2,355
  2,375
  2,431
  2,499
  2,577
  2,666
  2,765
  2,875
  2,996
  3,127
  3,270
  3,590
  3,755
  3,933
  4,122
  4,325
  4,541
  4,771
  5,015
  5,274
  5,548
  5,839
  6,147
  6,473
  6,818
  7,182
  7,566
  7,972
  8,401
  8,853
  9,330
EBITDA, $m
  2,442
  2,578
  2,635
  2,704
  2,783
  2,873
  2,974
  3,085
  3,208
  3,341
  3,485
  3,641
  3,808
  3,988
  4,180
  4,385
  4,604
  4,836
  5,083
  5,345
  5,623
  5,918
  6,229
  6,559
  6,908
  7,276
  7,665
  8,076
  8,509
  8,967
  9,449
Interest expense (income), $m
  47
  73
  76
  79
  83
  88
  93
  98
  104
  110
  117
  124
  132
  140
  149
  158
  168
  179
  190
  202
  214
  228
  241
  256
  272
  288
  305
  323
  342
  362
  383
Earnings before tax, $m
  2,500
  2,302
  2,355
  2,419
  2,494
  2,578
  2,673
  2,777
  2,892
  3,017
  3,153
  3,466
  3,623
  3,793
  3,974
  4,167
  4,373
  4,592
  4,825
  5,072
  5,334
  5,612
  5,906
  6,217
  6,546
  6,894
  7,261
  7,649
  8,059
  8,491
  8,946
Tax expense, $m
  742
  622
  636
  653
  673
  696
  722
  750
  781
  815
  851
  936
  978
  1,024
  1,073
  1,125
  1,181
  1,240
  1,303
  1,369
  1,440
  1,515
  1,595
  1,679
  1,767
  1,861
  1,961
  2,065
  2,176
  2,292
  2,416
Net income, $m
  1,727
  1,680
  1,719
  1,766
  1,820
  1,882
  1,951
  2,027
  2,111
  2,203
  2,302
  2,530
  2,645
  2,769
  2,901
  3,042
  3,192
  3,352
  3,522
  3,702
  3,894
  4,097
  4,311
  4,538
  4,779
  5,033
  5,301
  5,584
  5,883
  6,198
  6,531

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8,483
  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
  16,099
  7,768
  7,947
  8,151
  8,380
  8,634
  8,913
  9,217
  9,545
  9,899
  10,279
  10,685
  11,119
  11,581
  12,072
  12,592
  13,144
  13,728
  14,346
  14,999
  15,688
  16,415
  17,182
  17,990
  18,842
  19,739
  20,683
  21,677
  22,723
  23,824
  24,981
Adjusted assets (=assets-cash), $m
  7,616
  7,768
  7,947
  8,151
  8,380
  8,634
  8,913
  9,217
  9,545
  9,899
  10,279
  10,685
  11,119
  11,581
  12,072
  12,592
  13,144
  13,728
  14,346
  14,999
  15,688
  16,415
  17,182
  17,990
  18,842
  19,739
  20,683
  21,677
  22,723
  23,824
  24,981
Revenue / Adjusted assets
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
Average production assets, $m
  1,090
  1,114
  1,139
  1,169
  1,202
  1,238
  1,278
  1,322
  1,369
  1,419
  1,474
  1,532
  1,594
  1,661
  1,731
  1,806
  1,885
  1,968
  2,057
  2,151
  2,249
  2,354
  2,464
  2,580
  2,702
  2,830
  2,966
  3,108
  3,258
  3,416
  3,582
Working capital, $m
  0
  -8,654
  -8,853
  -9,081
  -9,336
  -9,619
  -9,930
  -10,268
  -10,634
  -11,028
  -11,451
  -11,904
  -12,387
  -12,902
  -13,448
  -14,029
  -14,643
  -15,294
  -15,982
  -16,709
  -17,477
  -18,287
  -19,142
  -20,042
  -20,991
  -21,990
  -23,042
  -24,150
  -25,315
  -26,541
  -27,831
Total debt, $m
  2,083
  2,169
  2,267
  2,379
  2,504
  2,643
  2,795
  2,961
  3,141
  3,335
  3,543
  3,765
  4,002
  4,255
  4,523
  4,808
  5,110
  5,429
  5,767
  6,124
  6,501
  6,899
  7,318
  7,761
  8,227
  8,717
  9,234
  9,778
  10,350
  10,952
  11,585
Total liabilities, $m
  4,163
  4,249
  4,347
  4,459
  4,584
  4,723
  4,875
  5,041
  5,221
  5,415
  5,623
  5,845
  6,082
  6,335
  6,603
  6,888
  7,190
  7,509
  7,847
  8,204
  8,581
  8,979
  9,398
  9,841
  10,307
  10,797
  11,314
  11,858
  12,430
  13,032
  13,665
Total equity, $m
  11,936
  3,519
  3,600
  3,692
  3,796
  3,911
  4,038
  4,175
  4,324
  4,484
  4,656
  4,840
  5,037
  5,246
  5,468
  5,704
  5,954
  6,219
  6,499
  6,794
  7,107
  7,436
  7,783
  8,150
  8,535
  8,942
  9,370
  9,820
  10,294
  10,792
  11,317
Total liabilities and equity, $m
  16,099
  7,768
  7,947
  8,151
  8,380
  8,634
  8,913
  9,216
  9,545
  9,899
  10,279
  10,685
  11,119
  11,581
  12,071
  12,592
  13,144
  13,728
  14,346
  14,998
  15,688
  16,415
  17,181
  17,991
  18,842
  19,739
  20,684
  21,678
  22,724
  23,824
  24,982
Debt-to-equity ratio
  0.175
  0.620
  0.630
  0.640
  0.660
  0.680
  0.690
  0.710
  0.730
  0.740
  0.760
  0.780
  0.790
  0.810
  0.830
  0.840
  0.860
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.990
  1.000
  1.010
  1.010
  1.020
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,727
  1,680
  1,719
  1,766
  1,820
  1,882
  1,951
  2,027
  2,111
  2,203
  2,302
  2,530
  2,645
  2,769
  2,901
  3,042
  3,192
  3,352
  3,522
  3,702
  3,894
  4,097
  4,311
  4,538
  4,779
  5,033
  5,301
  5,584
  5,883
  6,198
  6,531
Depreciation, amort., depletion, $m
  87
  203
  204
  205
  206
  207
  209
  210
  212
  213
  215
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
Funds from operations, $m
  1,428
  1,884
  1,924
  1,971
  2,027
  2,089
  2,160
  2,238
  2,323
  2,416
  2,517
  2,581
  2,698
  2,824
  2,958
  3,102
  3,255
  3,418
  3,591
  3,774
  3,969
  4,175
  4,393
  4,624
  4,869
  5,127
  5,400
  5,688
  5,991
  6,312
  6,650
Change in working capital, $m
  -300
  -170
  -199
  -228
  -255
  -283
  -311
  -338
  -366
  -394
  -423
  -453
  -483
  -514
  -547
  -580
  -615
  -651
  -688
  -727
  -768
  -810
  -854
  -901
  -949
  -999
  -1,052
  -1,107
  -1,165
  -1,226
  -1,290
Cash from operations, $m
  1,728
  2,037
  2,123
  2,199
  2,282
  2,372
  2,470
  2,576
  2,689
  2,810
  2,940
  3,034
  3,181
  3,338
  3,505
  3,682
  3,870
  4,068
  4,279
  4,501
  4,737
  4,985
  5,248
  5,525
  5,818
  6,126
  6,452
  6,795
  7,157
  7,538
  7,940
Maintenance CAPEX, $m
  0
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
New CAPEX, $m
  -98
  -24
  -26
  -29
  -33
  -36
  -40
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -135
  -143
  -150
  -158
  -166
Cash from investing activities, $m
  192
  -60
  -63
  -67
  -72
  -76
  -81
  -87
  -91
  -97
  -101
  -107
  -113
  -119
  -125
  -133
  -139
  -147
  -155
  -163
  -171
  -179
  -188
  -198
  -208
  -219
  -229
  -242
  -254
  -267
  -280
Free cash flow, $m
  1,920
  1,976
  2,060
  2,132
  2,210
  2,296
  2,389
  2,490
  2,598
  2,714
  2,838
  2,926
  3,068
  3,219
  3,379
  3,550
  3,730
  3,922
  4,125
  4,339
  4,566
  4,806
  5,059
  5,327
  5,609
  5,908
  6,222
  6,554
  6,903
  7,272
  7,660
Issuance/(repayment) of debt, $m
  -94
  86
  98
  112
  125
  139
  152
  166
  180
  194
  208
  222
  237
  253
  268
  285
  302
  320
  338
  357
  377
  398
  419
  442
  466
  491
  517
  544
  572
  602
  633
Issuance/(repurchase) of shares, $m
  -1,284
  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  
  -1,392
  86
  98
  112
  125
  139
  152
  166
  180
  194
  208
  222
  237
  253
  268
  285
  302
  320
  338
  357
  377
  398
  419
  442
  466
  491
  517
  544
  572
  602
  633
Total cash flow (excl. dividends), $m
  524
  2,062
  2,158
  2,243
  2,336
  2,435
  2,542
  2,656
  2,778
  2,908
  3,046
  3,149
  3,305
  3,472
  3,648
  3,835
  4,032
  4,241
  4,462
  4,696
  4,943
  5,204
  5,479
  5,769
  6,075
  6,398
  6,739
  7,097
  7,475
  7,874
  8,293
Retained Cash Flow (-), $m
  -95
  -66
  -81
  -93
  -104
  -115
  -126
  -138
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -236
  -250
  -265
  -280
  -296
  -312
  -329
  -347
  -366
  -386
  -406
  -428
  -450
  -474
  -499
  -524
Prev. year cash balance distribution, $m
 
  8,483
  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
 
  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 available for distribution, $m
 
  10,479
  2,077
  2,151
  2,232
  2,320
  2,415
  2,518
  2,629
  2,747
  2,874
  2,965
  3,109
  3,262
  3,425
  3,599
  3,782
  3,977
  4,183
  4,400
  4,631
  4,874
  5,131
  5,403
  5,690
  5,992
  6,311
  6,647
  7,001
  7,375
  7,769
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
 
  10,047
  1,901
  1,872
  1,838
  1,798
  1,753
  1,701
  1,643
  1,578
  1,507
  1,408
  1,327
  1,240
  1,150
  1,056
  961
  865
  770
  678
  588
  504
  426
  354
  290
  233
  184
  143
  108
  81
  58
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 publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries. The firm invests in the public equity, fixed income, and alternative markets. Franklin Resources, Inc. was founded in 1947 and is based in San Mateo, California with an additional office in Hyderabad, India.

FINANCIAL RATIOS  of  Franklin Resources (BEN)

Valuation Ratios
P/E Ratio 14
Price to Sales 3.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate -16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42%
Cap. Spend. - 3 Yr. Gr. Rate 9.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 17.5%
Total Debt to Equity 17.5%
Interest Coverage 54
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 12.9%
Return On Total Capital 12.3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 18%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 39.8%
EBITDA Margin - 3 Yr. Avg. 40.5%
Operating Margin 35.6%
Oper. Margin - 3 Yr. Avg. 37.2%
Pre-Tax Margin 37.8%
Pre-Tax Margin - 3 Yr. Avg. 38.7%
Net Profit Margin 26.1%
Net Profit Margin - 3 Yr. Avg. 26.6%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 23.7%

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 $6618 million for the last fiscal year's total revenue generated by Franklin Resources. The default revenue input number comes from 2016 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 50.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $966 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 3.5% 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 0%.

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 16.5%.

Life of production assets of 31.6 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 -128.2%. 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 - $11936 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 564.309 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 $23.9 billion.


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COMPANY NEWS

▶ Franklin Universal Trust Declares Monthly Distribution   [Apr-18-17 04:05PM  GlobeNewswire]
▶ Fund Companies Making Layoffs   [07:00AM  Morningstar]
▶ Templeton Global Income Fund (GIM) Announces Distribution   [Apr-03-17 09:22AM  GlobeNewswire]
▶ Another Small Win For Franklin Resources   [Mar-28-17 11:49AM  Barrons.com]
▶ Another Small Win For Franklin Resources   [11:49AM  at Barrons.com]
▶ Franklin Universal Trust Declares Monthly Distribution   [Mar-20-17 04:05PM  GlobeNewswire]
▶ A Cut For Coming Fee Cuts: T. Rowe and Franklin   [Mar-17-17 11:40AM  at Barrons.com]
▶ Franklin Resources: Down But Not Out?   [Mar-09-17 11:29AM  at Barrons.com]
▶ Templeton Global Income Fund (GIM) Announces Dividend   [Mar-01-17 09:44AM  GlobeNewswire]
▶ Active Managers Feel the Urge to Merge   [Feb-24-17 04:20PM  at Barrons.com]
▶ Franklin Universal Trust Declares Monthly Dividend   [Feb-16-17 04:05PM  GlobeNewswire]
▶ Franklin Resources, Inc. Announces Quarterly Dividend   [Feb-15-17 04:30PM  GlobeNewswire]
▶ [$$] Passive investing continues march into US bond market   [Feb-05-17 12:59PM  at Financial Times]
▶ Templeton Global Income Fund (GIM) Announces Dividend   [Feb-01-17 09:30AM  GlobeNewswire]
▶ [$$] Asset managers push for governance change in Mexico   [Jan-30-17 09:00AM  at Financial Times]
▶ Clients' Kid Turning 18: Attention Advisor   [12:10AM  at Barrons.com]
▶ [$$] Three Asset Managers to Buck a Rough 2017   [Jan-04-17 11:07AM  at Barrons.com]
▶ Templeton Global Income Fund ("GIM") Announces Dividend   [Jan-03-17 10:50AM  Marketwired]
▶ Franklin Universal Trust Declares Monthly Dividend   [Dec-20-16 04:05PM  Marketwired]
Stock chart of BEN 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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