Intrinsic value of Eaton Vance - EV

Previous Close

$47.68

  Intrinsic Value

$100.30

stock screener

  Rating & Target

str. buy

+110%

  Value-price divergence*

-50%

Previous close

$47.68

 
Intrinsic value

$100.30

 
Up/down potential

+110%

 
Rating

str. buy

 
Value-price divergence*

-50%

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

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

We calculate the intrinsic value of EV 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 5.4

 

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, %
  -4.34
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  1,343
  1,559
  1,793
  2,044
  2,311
  2,595
  2,895
  3,211
  3,542
  3,888
  4,250
  4,627
  5,019
  5,427
  5,852
  6,293
  6,751
  7,228
  7,723
  8,238
  8,773
  9,330
  9,910
  10,514
  11,143
  11,799
  12,483
  13,197
  13,942
  14,720
  15,533
Variable operating expenses, $m
 
  1,109
  1,272
  1,446
  1,632
  1,830
  2,038
  2,258
  2,488
  2,729
  2,981
  3,218
  3,491
  3,775
  4,070
  4,377
  4,696
  5,027
  5,372
  5,730
  6,102
  6,490
  6,893
  7,313
  7,751
  8,207
  8,682
  9,179
  9,697
  10,238
  10,804
Fixed operating expenses, $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
Total operating expenses, $m
  929
  1,109
  1,272
  1,446
  1,632
  1,830
  2,038
  2,258
  2,488
  2,729
  2,981
  3,218
  3,491
  3,775
  4,070
  4,377
  4,696
  5,027
  5,372
  5,730
  6,102
  6,490
  6,893
  7,313
  7,751
  8,207
  8,682
  9,179
  9,697
  10,238
  10,804
Operating income, $m
  414
  450
  521
  597
  679
  765
  857
  953
  1,054
  1,159
  1,269
  1,409
  1,528
  1,652
  1,782
  1,916
  2,056
  2,201
  2,351
  2,508
  2,671
  2,841
  3,017
  3,201
  3,393
  3,592
  3,801
  4,018
  4,245
  4,482
  4,729
EBITDA, $m
  435
  480
  552
  630
  712
  800
  892
  989
  1,091
  1,198
  1,309
  1,425
  1,546
  1,672
  1,803
  1,939
  2,080
  2,227
  2,380
  2,538
  2,703
  2,875
  3,053
  3,239
  3,433
  3,635
  3,846
  4,066
  4,296
  4,535
  4,786
Interest expense (income), $m
  28
  21
  27
  33
  40
  47
  55
  63
  72
  81
  91
  101
  111
  122
  133
  145
  157
  169
  183
  196
  210
  225
  240
  256
  273
  290
  308
  327
  347
  367
  389
Earnings before tax, $m
  408
  429
  495
  564
  639
  718
  802
  889
  981
  1,078
  1,178
  1,308
  1,417
  1,531
  1,649
  1,771
  1,899
  2,031
  2,169
  2,312
  2,461
  2,616
  2,777
  2,945
  3,120
  3,302
  3,492
  3,691
  3,898
  4,114
  4,340
Tax expense, $m
  154
  116
  134
  152
  173
  194
  216
  240
  265
  291
  318
  353
  383
  413
  445
  478
  513
  548
  586
  624
  664
  706
  750
  795
  842
  892
  943
  996
  1,052
  1,111
  1,172
Net income, $m
  241
  313
  361
  412
  466
  524
  585
  649
  716
  787
  860
  955
  1,034
  1,117
  1,204
  1,293
  1,386
  1,483
  1,583
  1,688
  1,796
  1,909
  2,027
  2,150
  2,277
  2,410
  2,549
  2,694
  2,845
  3,003
  3,168

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  424
  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
  1,730
  1,517
  1,744
  1,988
  2,248
  2,525
  2,816
  3,123
  3,445
  3,782
  4,134
  4,501
  4,882
  5,279
  5,692
  6,122
  6,568
  7,031
  7,513
  8,014
  8,534
  9,076
  9,640
  10,228
  10,840
  11,478
  12,143
  12,837
  13,562
  14,319
  15,110
Adjusted assets (=assets-cash), $m
  1,306
  1,517
  1,744
  1,988
  2,248
  2,525
  2,816
  3,123
  3,445
  3,782
  4,134
  4,501
  4,882
  5,279
  5,692
  6,122
  6,568
  7,031
  7,513
  8,014
  8,534
  9,076
  9,640
  10,228
  10,840
  11,478
  12,143
  12,837
  13,562
  14,319
  15,110
Revenue / Adjusted assets
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
Average production assets, $m
  74
  86
  99
  112
  127
  143
  159
  177
  195
  214
  234
  254
  276
  299
  322
  346
  371
  398
  425
  453
  483
  513
  545
  578
  613
  649
  687
  726
  767
  810
  854
Working capital, $m
  0
  -156
  -179
  -204
  -231
  -260
  -290
  -321
  -354
  -389
  -425
  -463
  -502
  -543
  -585
  -629
  -675
  -723
  -772
  -824
  -877
  -933
  -991
  -1,051
  -1,114
  -1,180
  -1,248
  -1,320
  -1,394
  -1,472
  -1,553
Total debt, $m
  572
  738
  917
  1,109
  1,313
  1,530
  1,760
  2,001
  2,254
  2,519
  2,795
  3,083
  3,384
  3,696
  4,020
  4,358
  4,708
  5,072
  5,451
  5,845
  6,254
  6,680
  7,123
  7,585
  8,066
  8,567
  9,090
  9,636
  10,206
  10,801
  11,422
Total liabilities, $m
  1,027
  1,192
  1,371
  1,563
  1,767
  1,984
  2,214
  2,455
  2,708
  2,973
  3,249
  3,537
  3,838
  4,150
  4,474
  4,812
  5,162
  5,526
  5,905
  6,299
  6,708
  7,134
  7,577
  8,039
  8,520
  9,021
  9,544
  10,090
  10,660
  11,255
  11,876
Total equity, $m
  704
  325
  373
  425
  481
  540
  603
  668
  737
  809
  885
  963
  1,045
  1,130
  1,218
  1,310
  1,405
  1,505
  1,608
  1,715
  1,826
  1,942
  2,063
  2,189
  2,320
  2,456
  2,599
  2,747
  2,902
  3,064
  3,233
Total liabilities and equity, $m
  1,731
  1,517
  1,744
  1,988
  2,248
  2,524
  2,817
  3,123
  3,445
  3,782
  4,134
  4,500
  4,883
  5,280
  5,692
  6,122
  6,567
  7,031
  7,513
  8,014
  8,534
  9,076
  9,640
  10,228
  10,840
  11,477
  12,143
  12,837
  13,562
  14,319
  15,109
Debt-to-equity ratio
  0.813
  2.270
  2.460
  2.610
  2.730
  2.830
  2.920
  2.990
  3.060
  3.110
  3.160
  3.200
  3.240
  3.270
  3.300
  3.330
  3.350
  3.370
  3.390
  3.410
  3.420
  3.440
  3.450
  3.470
  3.480
  3.490
  3.500
  3.510
  3.520
  3.520
  3.530
Adjusted equity ratio
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  241
  313
  361
  412
  466
  524
  585
  649
  716
  787
  860
  955
  1,034
  1,117
  1,204
  1,293
  1,386
  1,483
  1,583
  1,688
  1,796
  1,909
  2,027
  2,150
  2,277
  2,410
  2,549
  2,694
  2,845
  3,003
  3,168
Depreciation, amort., depletion, $m
  21
  30
  31
  32
  33
  34
  35
  36
  38
  39
  40
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  54
  57
Funds from operations, $m
  293
  344
  392
  444
  500
  558
  620
  686
  754
  826
  900
  972
  1,053
  1,137
  1,225
  1,316
  1,411
  1,509
  1,611
  1,718
  1,828
  1,943
  2,063
  2,188
  2,318
  2,453
  2,595
  2,742
  2,896
  3,057
  3,225
Change in working capital, $m
  -48
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -51
  -54
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -75
  -78
  -81
Cash from operations, $m
  341
  366
  416
  469
  526
  587
  650
  717
  787
  860
  937
  1,009
  1,092
  1,178
  1,267
  1,360
  1,457
  1,557
  1,661
  1,769
  1,882
  1,999
  2,121
  2,248
  2,381
  2,519
  2,663
  2,814
  2,971
  3,135
  3,306
Maintenance CAPEX, $m
  0
  -5
  -6
  -7
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -54
New CAPEX, $m
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -108
  -17
  -19
  -21
  -22
  -24
  -25
  -28
  -30
  -32
  -34
  -36
  -39
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
  -84
  -89
  -94
  -99
Free cash flow, $m
  233
  348
  397
  449
  504
  563
  625
  689
  757
  828
  903
  973
  1,054
  1,137
  1,224
  1,314
  1,408
  1,506
  1,607
  1,713
  1,822
  1,937
  2,055
  2,179
  2,308
  2,442
  2,583
  2,729
  2,882
  3,041
  3,208
Issuance/(repayment) of debt, $m
  0
  166
  179
  192
  205
  217
  229
  241
  253
  265
  276
  288
  300
  312
  325
  337
  351
  364
  379
  394
  409
  426
  443
  462
  481
  501
  523
  546
  570
  595
  622
Issuance/(repurchase) of shares, $m
  -142
  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  
  -151
  166
  179
  192
  205
  217
  229
  241
  253
  265
  276
  288
  300
  312
  325
  337
  351
  364
  379
  394
  409
  426
  443
  462
  481
  501
  523
  546
  570
  595
  622
Total cash flow (excl. dividends), $m
  78
  515
  576
  641
  709
  780
  854
  931
  1,010
  1,093
  1,179
  1,261
  1,354
  1,449
  1,549
  1,652
  1,759
  1,870
  1,986
  2,106
  2,232
  2,362
  2,499
  2,641
  2,789
  2,944
  3,106
  3,275
  3,451
  3,636
  3,830
Retained Cash Flow (-), $m
  -84
  -45
  -49
  -52
  -56
  -59
  -62
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -142
  -149
  -155
  -162
  -169
Prev. year cash balance distribution, $m
 
  424
  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
 
  894
  527
  589
  653
  721
  791
  865
  942
  1,021
  1,104
  1,183
  1,272
  1,364
  1,460
  1,560
  1,663
  1,771
  1,883
  1,999
  2,120
  2,246
  2,378
  2,515
  2,658
  2,807
  2,963
  3,126
  3,296
  3,474
  3,660
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
 
  857
  483
  512
  538
  559
  574
  584
  588
  587
  579
  562
  543
  519
  490
  458
  423
  385
  347
  308
  269
  232
  197
  165
  135
  109
  86
  67
  51
  38
  28
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

Eaton Vance Corp., through its subsidiaries, engages in the creation, marketing, and management of investment funds in the United States. It also provides investment management and counseling services to institutions and individuals. Further, the company operates as an adviser and distributor of investment companies and separate accounts. As of October 31, 2004, the company provided investment advisory or administration services to approximately 150 funds; approximately 1,300 separately managed individual and institutional accounts; and participated in approximately 40 retail-managed account broker/dealer programs. It markets and distributes shares of funds through a retail network of national and regional broker/dealers, banks, insurance companies, and financial planning firms. Eaton Vance Corp. was founded in 1944 and is headquartered in Boston, Massachusetts.

FINANCIAL RATIOS  of  Eaton Vance (EV)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 4
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 9.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 81.3%
Total Debt to Equity 81.3%
Interest Coverage 16
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 16.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity 36.4%
Return On Equity - 3 Yr. Avg. 39.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 81.4%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 33.7%
Operating Margin 30.8%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 17.9%
Net Profit Margin - 3 Yr. Avg. 18.4%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 49.4%

EV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EV stock intrinsic value calculation we used $1343 million for the last fiscal year's total revenue generated by Eaton Vance. The default revenue input number comes from 2016 income statement of Eaton Vance. 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 EV stock valuation model: a) initial revenue growth rate of 16.1% 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 EV is calculated based on our internal credit rating of Eaton Vance, 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 Eaton Vance.
    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 EV stock the variable cost ratio is equal to 71.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EV 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 3.6% for Eaton Vance.

Corporate tax rate of 27% is the nominal tax rate for Eaton Vance. 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 EV 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 EV are equal to 5.5%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Eaton Vance 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 EV is equal to -10%. 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 - $704 million for Eaton Vance - 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 112.974 million for Eaton Vance 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 Eaton Vance at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ Ex-Eaton Vance trader sentenced to 18 months in prison   [Aug-17-17 02:00PM  American City Business Journals]
▶ [$$] GSO Capital Cool to New iHeartCommunications Restructuring Deal   [Jul-26-17 09:20AM  The Wall Street Journal]
▶ [$$] iHeart's Battle With Bondholders Reaches Pivotal Point   [Jul-19-17 07:29PM  The Wall Street Journal]
▶ Aussie Dollar Bulls Target 80 U.S. Cents   [Jul-18-17 01:18AM  Bloomberg]
▶ [$$] "A Great Time" to Invest in the Health-Care Sector   [Jul-15-17 12:01AM  Barrons.com]
▶ Eaton Vance Corp. Declares Quarterly Dividend   [Jul-12-17 02:00PM  PR Newswire]
▶ [$$] J.Crew Nears Completion of Bond Swap As Lenders Appeal to Stop Deal   [Jul-11-17 06:24PM  The Wall Street Journal]
▶ [$$] Big U.S. Funds Arent Buying the European Recovery Story   [Jul-02-17 11:34PM  The Wall Street Journal]
▶ New Strong Buy Stocks for June 29th   [Jun-29-17 10:14AM  Zacks]
▶ New Strong Buy Stocks for June 19th   [Jun-19-17 10:02AM  Zacks]
▶ New Strong Buy Stocks for June 14th   [Jun-14-17 10:23AM  Zacks]
▶ ETFs with exposure to Eaton Vance Corp. : June 12, 2017   [Jun-12-17 02:02PM  Capital Cube]
▶ New Strong Buy Stocks for June 9th   [Jun-09-17 10:47AM  Zacks]
▶ Major Changes Afoot in Asset Management   [Jun-05-17 01:54PM  Barrons.com]
▶ [$$] A Smart Strategy for Municipal Bond Investors   [May-27-17 12:57AM  Barrons.com]
▶ Eaton Vance tops Street 2Q forecasts   [08:52AM  Associated Press]
▶ Advisor Interest in Social Investing Soars   [May-11-17 12:42PM  Barrons.com]
▶ Q&A: Eaton Vance Chief Sees More Consolidation Coming   [May-04-17 12:11PM  Barrons.com]
▶ Eaton Vance portfolio manager pleads guilty to $2M securities fraud   [Apr-24-17 07:00PM  American City Business Journals]
▶ Eaton Vance Declares Quarterly Dividend   [Apr-12-17 01:34PM  PR Newswire]
Stock chart of EV Financial statements of EV
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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