Intrinsic value of Federated Investors - FII

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$26.82

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$26.82

 
Intrinsic value

$114.63

 
Up/down potential

+327%

 
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 FII.

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

We calculate the intrinsic value of FII 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 2.7

 

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, %
  23.30
  18.90
  17.51
  16.26
  15.13
  14.12
  13.21
  12.39
  11.65
  10.98
  10.39
  9.85
  9.36
  8.93
  8.53
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
Revenue, $m
  1,143
  1,359
  1,597
  1,857
  2,138
  2,439
  2,762
  3,104
  3,465
  3,846
  4,245
  4,663
  5,100
  5,555
  6,029
  6,522
  7,035
  7,568
  8,122
  8,697
  9,296
  9,917
  10,564
  11,237
  11,937
  12,666
  13,426
  14,218
  15,044
  15,905
  16,805
Variable operating expenses, $m
 
  936
  1,089
  1,255
  1,435
  1,628
  1,834
  2,053
  2,285
  2,529
  2,784
  2,986
  3,266
  3,557
  3,861
  4,176
  4,505
  4,846
  5,201
  5,569
  5,952
  6,351
  6,765
  7,195
  7,644
  8,111
  8,597
  9,104
  9,633
  10,185
  10,761
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
  808
  936
  1,089
  1,255
  1,435
  1,628
  1,834
  2,053
  2,285
  2,529
  2,784
  2,986
  3,266
  3,557
  3,861
  4,176
  4,505
  4,846
  5,201
  5,569
  5,952
  6,351
  6,765
  7,195
  7,644
  8,111
  8,597
  9,104
  9,633
  10,185
  10,761
Operating income, $m
  336
  423
  508
  602
  703
  811
  927
  1,050
  1,180
  1,317
  1,461
  1,677
  1,834
  1,998
  2,168
  2,346
  2,530
  2,722
  2,921
  3,128
  3,343
  3,567
  3,799
  4,041
  4,293
  4,556
  4,829
  5,114
  5,411
  5,720
  6,044
EBITDA, $m
  346
  493
  580
  674
  776
  885
  1,002
  1,126
  1,258
  1,396
  1,541
  1,692
  1,851
  2,016
  2,188
  2,367
  2,553
  2,747
  2,948
  3,156
  3,374
  3,599
  3,834
  4,078
  4,332
  4,597
  4,873
  5,160
  5,460
  5,772
  6,099
Interest expense (income), $m
  3
  6
  9
  13
  17
  22
  27
  32
  38
  44
  50
  56
  63
  70
  78
  86
  94
  102
  111
  120
  129
  139
  149
  160
  171
  182
  194
  207
  220
  233
  247
Earnings before tax, $m
  341
  417
  499
  589
  685
  789
  900
  1,018
  1,143
  1,274
  1,411
  1,621
  1,771
  1,927
  2,090
  2,260
  2,436
  2,620
  2,810
  3,008
  3,214
  3,428
  3,650
  3,882
  4,122
  4,373
  4,635
  4,907
  5,191
  5,487
  5,797
Tax expense, $m
  119
  113
  135
  159
  185
  213
  243
  275
  308
  344
  381
  438
  478
  520
  564
  610
  658
  707
  759
  812
  868
  926
  986
  1,048
  1,113
  1,181
  1,251
  1,325
  1,402
  1,482
  1,565
Net income, $m
  209
  304
  364
  430
  500
  576
  657
  743
  834
  930
  1,030
  1,183
  1,293
  1,407
  1,526
  1,650
  1,779
  1,912
  2,051
  2,196
  2,346
  2,502
  2,665
  2,834
  3,009
  3,192
  3,383
  3,582
  3,789
  4,006
  4,232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  301
  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
  1,155
  1,016
  1,194
  1,388
  1,598
  1,823
  2,064
  2,320
  2,590
  2,874
  3,173
  3,485
  3,812
  4,152
  4,506
  4,875
  5,258
  5,656
  6,070
  6,500
  6,947
  7,412
  7,895
  8,398
  8,922
  9,467
  10,034
  10,626
  11,243
  11,887
  12,560
Adjusted assets (=assets-cash), $m
  854
  1,016
  1,194
  1,388
  1,598
  1,823
  2,064
  2,320
  2,590
  2,874
  3,173
  3,485
  3,812
  4,152
  4,506
  4,875
  5,258
  5,656
  6,070
  6,500
  6,947
  7,412
  7,895
  8,398
  8,922
  9,467
  10,034
  10,626
  11,243
  11,887
  12,560
Revenue / Adjusted assets
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
Average production assets, $m
  112
  133
  157
  182
  209
  239
  271
  304
  340
  377
  416
  457
  500
  544
  591
  639
  689
  742
  796
  852
  911
  972
  1,035
  1,101
  1,170
  1,241
  1,316
  1,393
  1,474
  1,559
  1,647
Working capital, $m
  197
  -92
  -109
  -126
  -145
  -166
  -188
  -211
  -236
  -262
  -289
  -317
  -347
  -378
  -410
  -444
  -478
  -515
  -552
  -591
  -632
  -674
  -718
  -764
  -812
  -861
  -913
  -967
  -1,023
  -1,082
  -1,143
Total debt, $m
  191
  266
  377
  498
  630
  771
  921
  1,081
  1,250
  1,427
  1,614
  1,809
  2,013
  2,226
  2,447
  2,678
  2,917
  3,166
  3,425
  3,694
  3,973
  4,264
  4,566
  4,880
  5,207
  5,548
  5,903
  6,272
  6,658
  7,061
  7,481
Total liabilities, $m
  560
  635
  746
  867
  999
  1,140
  1,290
  1,450
  1,619
  1,796
  1,983
  2,178
  2,382
  2,595
  2,816
  3,047
  3,286
  3,535
  3,794
  4,063
  4,342
  4,633
  4,935
  5,249
  5,576
  5,917
  6,272
  6,641
  7,027
  7,430
  7,850
Total equity, $m
  595
  381
  448
  520
  599
  684
  774
  870
  971
  1,078
  1,190
  1,307
  1,429
  1,557
  1,690
  1,828
  1,972
  2,121
  2,276
  2,438
  2,605
  2,780
  2,961
  3,149
  3,346
  3,550
  3,763
  3,985
  4,216
  4,458
  4,710
Total liabilities and equity, $m
  1,155
  1,016
  1,194
  1,387
  1,598
  1,824
  2,064
  2,320
  2,590
  2,874
  3,173
  3,485
  3,811
  4,152
  4,506
  4,875
  5,258
  5,656
  6,070
  6,501
  6,947
  7,413
  7,896
  8,398
  8,922
  9,467
  10,035
  10,626
  11,243
  11,888
  12,560
Debt-to-equity ratio
  0.321
  0.700
  0.840
  0.960
  1.050
  1.130
  1.190
  1.240
  1.290
  1.320
  1.360
  1.380
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.520
  1.530
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
Adjusted equity ratio
  0.344
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  209
  304
  364
  430
  500
  576
  657
  743
  834
  930
  1,030
  1,183
  1,293
  1,407
  1,526
  1,650
  1,779
  1,912
  2,051
  2,196
  2,346
  2,502
  2,665
  2,834
  3,009
  3,192
  3,383
  3,582
  3,789
  4,006
  4,232
Depreciation, amort., depletion, $m
  10
  70
  71
  72
  73
  74
  75
  76
  77
  78
  80
  15
  17
  18
  20
  21
  23
  25
  27
  28
  30
  32
  35
  37
  39
  41
  44
  46
  49
  52
  55
Funds from operations, $m
  232
  375
  436
  502
  573
  650
  732
  819
  911
  1,008
  1,110
  1,198
  1,309
  1,425
  1,546
  1,671
  1,802
  1,937
  2,078
  2,224
  2,377
  2,535
  2,699
  2,870
  3,048
  3,234
  3,427
  3,629
  3,839
  4,058
  4,287
Change in working capital, $m
  -21
  -15
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
Cash from operations, $m
  253
  391
  452
  519
  592
  671
  754
  843
  936
  1,034
  1,137
  1,227
  1,339
  1,456
  1,578
  1,705
  1,836
  1,973
  2,116
  2,264
  2,417
  2,577
  2,743
  2,916
  3,096
  3,283
  3,479
  3,682
  3,895
  4,116
  4,348
Maintenance CAPEX, $m
  0
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
New CAPEX, $m
  -13
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
Cash from investing activities, $m
  -8
  -25
  -27
  -30
  -34
  -37
  -40
  -43
  -45
  -48
  -52
  -55
  -58
  -62
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -101
  -106
  -110
  -115
  -122
  -127
  -133
  -140
Free cash flow, $m
  245
  366
  424
  489
  559
  634
  715
  800
  890
  985
  1,085
  1,172
  1,281
  1,395
  1,513
  1,637
  1,765
  1,898
  2,037
  2,181
  2,330
  2,486
  2,647
  2,816
  2,991
  3,173
  3,363
  3,561
  3,767
  3,983
  4,208
Issuance/(repayment) of debt, $m
  -26
  101
  111
  121
  131
  141
  151
  160
  169
  178
  187
  195
  204
  213
  221
  230
  240
  249
  259
  269
  279
  290
  302
  314
  327
  341
  355
  370
  386
  402
  420
Issuance/(repurchase) of shares, $m
  -82
  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  
  -107
  101
  111
  121
  131
  141
  151
  160
  169
  178
  187
  195
  204
  213
  221
  230
  240
  249
  259
  269
  279
  290
  302
  314
  327
  341
  355
  370
  386
  402
  420
Total cash flow (excl. dividends), $m
  137
  466
  535
  610
  690
  775
  865
  960
  1,059
  1,163
  1,272
  1,367
  1,485
  1,607
  1,735
  1,867
  2,004
  2,147
  2,295
  2,449
  2,610
  2,776
  2,949
  3,130
  3,318
  3,514
  3,718
  3,931
  4,153
  4,385
  4,628
Retained Cash Flow (-), $m
  53
  -61
  -67
  -73
  -79
  -85
  -90
  -96
  -101
  -107
  -112
  -117
  -122
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -189
  -196
  -204
  -213
  -222
  -231
  -241
  -252
Prev. year cash balance distribution, $m
 
  275
  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
 
  681
  468
  537
  611
  691
  775
  864
  958
  1,057
  1,160
  1,250
  1,363
  1,480
  1,602
  1,729
  1,861
  1,998
  2,140
  2,288
  2,442
  2,602
  2,768
  2,941
  3,122
  3,309
  3,505
  3,709
  3,922
  4,144
  4,376
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
 
  652
  429
  468
  503
  535
  562
  584
  599
  607
  608
  594
  581
  563
  538
  508
  473
  435
  394
  352
  310
  269
  230
  193
  159
  129
  102
  80
  61
  45
  33
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

Federated Investors, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, including high net worth individuals, banking or thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, state or municipal government entities, and registered investment advisors. Through its subsidiaries, it manages separate client-focused equity, fixed income, balanced and money market mutual funds along with separate client-focused equity, fixed income, money market, and balanced portfolios. Through its subsidiaries, the firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of small-cap, mid-cap, and large-cap companies. The firm makes its fixed income investments in ultra-short, short-term, and intermediate-term mortgage-backed, U.S. Government, U.S. corporate, high yield, and municipal securities. It employs both fundamental and quantitative analysis to make its equity investments. Federated Investors, Inc. was founded in 1955 and is based in Pittsburgh, Pennsylvania with additional offices in New York City and London, United Kingdom.

FINANCIAL RATIOS  of  Federated Investors (FII)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 2.4
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 116.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 27.7%
Total Debt to Equity 32.1%
Interest Coverage 115
Management Effectiveness
Return On Assets 18%
Ret/ On Assets - 3 Yr. Avg. 15.5%
Return On Total Capital 25.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 33.6%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 97.6%
Gross Margin - 3 Yr. Avg. 97%
EBITDA Margin 31%
EBITDA Margin - 3 Yr. Avg. 30.8%
Operating Margin 29.3%
Oper. Margin - 3 Yr. Avg. 29.1%
Pre-Tax Margin 29.8%
Pre-Tax Margin - 3 Yr. Avg. 29.1%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 18%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 98.1%

FII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FII stock intrinsic value calculation we used $1143 million for the last fiscal year's total revenue generated by Federated Investors. The default revenue input number comes from 2016 income statement of Federated Investors. 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 FII stock valuation model: a) initial revenue growth rate of 18.9% 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 FII is calculated based on our internal credit rating of Federated Investors, 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 Federated Investors.
    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 FII stock the variable cost ratio is equal to 69.8%.

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 FII 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 Federated Investors.

Corporate tax rate of 27% is the nominal tax rate for Federated Investors. 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 FII 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 FII are equal to 9.8%.

Life of production assets of 77.1 years is the average useful life of capital assets used in Federated Investors 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 FII is equal to -6.8%. 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 - $595 million for Federated Investors - 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 101.746 million for Federated Investors 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 Federated Investors at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ Federated Investors beats 1Q profit forecasts   [Apr-27-17 04:30PM  Associated Press]
▶ Ronald Muhlenkamp Gains 4 New Holdings, Sells 2 Others   [Feb-10-17 12:23PM  GuruFocus.com]
▶ In 2017, Active To Passive Migration Picks Up Speed   [Jan-10-17 02:01PM  at Barrons.com]
▶ Federated Investors: Rates Give Lift to Earnings   [Oct-28-16 02:26PM  at Motley Fool]
▶ 17 dividend stocks that may rise up to 26% in the next year   [Sep-02-16 08:33AM  at MarketWatch]
Stock chart of FII Financial statements of FII
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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