Intrinsic value of Legg Mason - LM

Previous Close

$37.38

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$37.38

 
Intrinsic value

$76.46

 
Up/down potential

+105%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying
Our model is not good at valuating stocks of financial companies, such as LM.

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

We calculate the intrinsic value of LM 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 3.6

 

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, %
  -5.60
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  2,661
  2,882
  3,112
  3,350
  3,598
  3,856
  4,124
  4,403
  4,692
  4,994
  5,307
  5,634
  5,974
  6,328
  6,697
  7,083
  7,485
  7,905
  8,344
  8,802
  9,282
  9,783
  10,308
  10,857
  11,431
  12,033
  12,663
  13,323
  14,015
  14,740
  15,500
Variable operating expenses, $m
 
  2,359
  2,536
  2,719
  2,909
  3,107
  3,313
  3,527
  3,749
  3,980
  4,221
  4,323
  4,584
  4,856
  5,139
  5,435
  5,744
  6,066
  6,403
  6,755
  7,123
  7,507
  7,910
  8,331
  8,772
  9,234
  9,717
  10,224
  10,755
  11,311
  11,894
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
  2,717
  2,359
  2,536
  2,719
  2,909
  3,107
  3,313
  3,527
  3,749
  3,980
  4,221
  4,323
  4,584
  4,856
  5,139
  5,435
  5,744
  6,066
  6,403
  6,755
  7,123
  7,507
  7,910
  8,331
  8,772
  9,234
  9,717
  10,224
  10,755
  11,311
  11,894
Operating income, $m
  -56
  522
  576
  631
  689
  749
  811
  876
  944
  1,014
  1,087
  1,310
  1,390
  1,472
  1,558
  1,648
  1,741
  1,839
  1,941
  2,048
  2,159
  2,276
  2,398
  2,525
  2,659
  2,799
  2,946
  3,099
  3,260
  3,429
  3,605
EBITDA, $m
  4
  793
  856
  922
  990
  1,061
  1,135
  1,212
  1,291
  1,374
  1,461
  1,550
  1,644
  1,742
  1,843
  1,949
  2,060
  2,176
  2,296
  2,423
  2,555
  2,693
  2,837
  2,988
  3,146
  3,312
  3,485
  3,667
  3,857
  4,057
  4,266
Interest expense (income), $m
  49
  61
  70
  80
  90
  101
  112
  124
  136
  148
  161
  174
  188
  203
  218
  234
  251
  268
  286
  305
  324
  345
  366
  389
  413
  437
  463
  490
  518
  548
  579
Earnings before tax, $m
  -25
  461
  505
  551
  599
  648
  699
  753
  808
  866
  926
  1,136
  1,201
  1,269
  1,340
  1,414
  1,491
  1,571
  1,655
  1,743
  1,835
  1,931
  2,031
  2,136
  2,247
  2,362
  2,483
  2,609
  2,742
  2,881
  3,026
Tax expense, $m
  8
  125
  136
  149
  162
  175
  189
  203
  218
  234
  250
  307
  324
  343
  362
  382
  402
  424
  447
  471
  495
  521
  548
  577
  607
  638
  670
  704
  740
  778
  817
Net income, $m
  -25
  337
  369
  402
  437
  473
  510
  549
  590
  632
  676
  829
  877
  926
  978
  1,032
  1,088
  1,147
  1,208
  1,272
  1,339
  1,409
  1,483
  1,560
  1,640
  1,724
  1,812
  1,905
  2,001
  2,103
  2,209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,893
  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
  7,520
  6,093
  6,578
  7,083
  7,608
  8,153
  8,719
  9,308
  9,920
  10,557
  11,220
  11,910
  12,629
  13,378
  14,159
  14,974
  15,825
  16,713
  17,640
  18,610
  19,623
  20,683
  21,792
  22,952
  24,167
  25,439
  26,771
  28,167
  29,629
  31,162
  32,769
Adjusted assets (=assets-cash), $m
  5,627
  6,093
  6,578
  7,083
  7,608
  8,153
  8,719
  9,308
  9,920
  10,557
  11,220
  11,910
  12,629
  13,378
  14,159
  14,974
  15,825
  16,713
  17,640
  18,610
  19,623
  20,683
  21,792
  22,952
  24,167
  25,439
  26,771
  28,167
  29,629
  31,162
  32,769
Revenue / Adjusted assets
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
Average production assets, $m
  3,401
  3,683
  3,977
  4,282
  4,599
  4,928
  5,271
  5,627
  5,997
  6,382
  6,783
  7,200
  7,634
  8,087
  8,559
  9,052
  9,566
  10,103
  10,664
  11,250
  11,862
  12,503
  13,173
  13,875
  14,609
  15,378
  16,183
  17,027
  17,911
  18,837
  19,808
Working capital, $m
  1,543
  -334
  -361
  -389
  -417
  -447
  -478
  -511
  -544
  -579
  -616
  -653
  -693
  -734
  -777
  -822
  -868
  -917
  -968
  -1,021
  -1,077
  -1,135
  -1,196
  -1,259
  -1,326
  -1,396
  -1,469
  -1,545
  -1,626
  -1,710
  -1,798
Total debt, $m
  1,781
  2,009
  2,290
  2,583
  2,887
  3,204
  3,532
  3,874
  4,229
  4,598
  4,983
  5,383
  5,800
  6,234
  6,688
  7,160
  7,653
  8,168
  8,706
  9,269
  9,857
  10,471
  11,114
  11,787
  12,492
  13,230
  14,002
  14,812
  15,660
  16,549
  17,481
Total liabilities, $m
  3,307
  3,534
  3,815
  4,108
  4,412
  4,729
  5,057
  5,399
  5,754
  6,123
  6,508
  6,908
  7,325
  7,759
  8,213
  8,685
  9,178
  9,693
  10,231
  10,794
  11,382
  11,996
  12,639
  13,312
  14,017
  14,755
  15,527
  16,337
  17,185
  18,074
  19,006
Total equity, $m
  4,214
  2,559
  2,763
  2,975
  3,195
  3,424
  3,662
  3,909
  4,167
  4,434
  4,712
  5,002
  5,304
  5,619
  5,947
  6,289
  6,646
  7,019
  7,409
  7,816
  8,242
  8,687
  9,153
  9,640
  10,150
  10,684
  11,244
  11,830
  12,444
  13,088
  13,763
Total liabilities and equity, $m
  7,521
  6,093
  6,578
  7,083
  7,607
  8,153
  8,719
  9,308
  9,921
  10,557
  11,220
  11,910
  12,629
  13,378
  14,160
  14,974
  15,824
  16,712
  17,640
  18,610
  19,624
  20,683
  21,792
  22,952
  24,167
  25,439
  26,771
  28,167
  29,629
  31,162
  32,769
Debt-to-equity ratio
  0.423
  0.790
  0.830
  0.870
  0.900
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.090
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.210
  1.220
  1.230
  1.240
  1.250
  1.250
  1.260
  1.260
  1.270
Adjusted equity ratio
  0.412
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -25
  337
  369
  402
  437
  473
  510
  549
  590
  632
  676
  829
  877
  926
  978
  1,032
  1,088
  1,147
  1,208
  1,272
  1,339
  1,409
  1,483
  1,560
  1,640
  1,724
  1,812
  1,905
  2,001
  2,103
  2,209
Depreciation, amort., depletion, $m
  60
  271
  281
  291
  301
  312
  324
  336
  348
  361
  374
  240
  254
  270
  285
  302
  319
  337
  355
  375
  395
  417
  439
  462
  487
  513
  539
  568
  597
  628
  660
Funds from operations, $m
  424
  608
  650
  693
  738
  785
  834
  885
  938
  993
  1,050
  1,069
  1,131
  1,196
  1,263
  1,334
  1,407
  1,484
  1,564
  1,647
  1,735
  1,826
  1,922
  2,022
  2,127
  2,237
  2,352
  2,472
  2,598
  2,731
  2,869
Change in working capital, $m
  -30
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
Cash from operations, $m
  454
  541
  676
  721
  767
  815
  865
  917
  971
  1,028
  1,086
  1,107
  1,171
  1,237
  1,306
  1,378
  1,454
  1,532
  1,615
  1,700
  1,790
  1,884
  1,983
  2,086
  2,194
  2,307
  2,425
  2,549
  2,679
  2,815
  2,958
Maintenance CAPEX, $m
  0
  -113
  -123
  -133
  -143
  -153
  -164
  -176
  -188
  -200
  -213
  -226
  -240
  -254
  -270
  -285
  -302
  -319
  -337
  -355
  -375
  -395
  -417
  -439
  -462
  -487
  -513
  -539
  -568
  -597
  -628
New CAPEX, $m
  -40
  -282
  -294
  -305
  -317
  -330
  -342
  -356
  -370
  -385
  -401
  -417
  -435
  -453
  -472
  -493
  -514
  -537
  -561
  -586
  -613
  -641
  -670
  -701
  -734
  -769
  -805
  -844
  -884
  -926
  -971
Cash from investing activities, $m
  -245
  -395
  -417
  -438
  -460
  -483
  -506
  -532
  -558
  -585
  -614
  -643
  -675
  -707
  -742
  -778
  -816
  -856
  -898
  -941
  -988
  -1,036
  -1,087
  -1,140
  -1,196
  -1,256
  -1,318
  -1,383
  -1,452
  -1,523
  -1,599
Free cash flow, $m
  209
  146
  260
  283
  307
  332
  358
  386
  414
  443
  473
  464
  496
  530
  564
  600
  638
  677
  717
  759
  803
  848
  896
  945
  997
  1,051
  1,107
  1,166
  1,227
  1,291
  1,359
Issuance/(repayment) of debt, $m
  740
  268
  282
  293
  304
  316
  329
  342
  355
  369
  384
  400
  417
  435
  453
  473
  493
  515
  538
  562
  588
  615
  643
  673
  705
  738
  773
  809
  848
  889
  932
Issuance/(repurchase) of shares, $m
  -200
  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  
  550
  268
  282
  293
  304
  316
  329
  342
  355
  369
  384
  400
  417
  435
  453
  473
  493
  515
  538
  562
  588
  615
  643
  673
  705
  738
  773
  809
  848
  889
  932
Total cash flow (excl. dividends), $m
  744
  414
  542
  576
  612
  649
  687
  727
  769
  812
  857
  864
  913
  964
  1,017
  1,073
  1,131
  1,192
  1,255
  1,321
  1,391
  1,463
  1,539
  1,618
  1,701
  1,788
  1,880
  1,975
  2,075
  2,180
  2,290
Retained Cash Flow (-), $m
  271
  -198
  -204
  -212
  -220
  -229
  -238
  -247
  -257
  -268
  -278
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -390
  -407
  -426
  -445
  -466
  -487
  -510
  -534
  -560
  -586
  -614
  -644
  -675
Prev. year cash balance distribution, $m
 
  1,853
  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
 
  2,069
  338
  364
  391
  420
  449
  480
  512
  545
  579
  574
  611
  650
  689
  731
  774
  819
  865
  914
  965
  1,018
  1,073
  1,131
  1,191
  1,254
  1,320
  1,389
  1,461
  1,537
  1,616
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
 
  1,983
  309
  317
  322
  325
  326
  324
  320
  313
  303
  273
  261
  247
  231
  215
  197
  178
  159
  141
  123
  105
  89
  74
  61
  49
  39
  30
  23
  17
  12
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

Legg Mason, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides investment management and related services to company-sponsored mutual funds and other investment vehicles including pension funds, foundations, endowments, sovereign wealth funds, insurance companies, private banks, family offices, individuals, as well as to global, institutional, and retail clients. It launches and manages equity, fixed income, and multi-asset customized portfolios through its subsidiaries. The firm also launches and manages mutual funds and exchange traded funds for its clients through its subsidiaries. It invests in private and public equity, fixed income, and multi asset markets across the globe through its subsidiaries. Through its subsidiaries, the firm also invests in alternative markets. It also employs a combination of fundamental and quantitative research to make its investments through its subsidiaries. Legg Mason, Inc. was founded in 1899 and is based in Baltimore, Maryland.

FINANCIAL RATIOS  of  Legg Mason (LM)

Valuation Ratios
P/E Ratio -160
Price to Sales 1.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate -5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 47
Current Ratio 0.1
LT Debt to Equity 41.3%
Total Debt to Equity 42.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity -0.6%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 79.5%
Gross Margin - 3 Yr. Avg. 78.6%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin -2.1%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin -0.9%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate -32%
Eff/ Tax Rate - 3 Yr. Avg. 11.6%
Payout Ratio -336%

LM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LM stock intrinsic value calculation we used $2661 million for the last fiscal year's total revenue generated by Legg Mason. The default revenue input number comes from 2016 income statement of Legg Mason. 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 LM stock valuation model: a) initial revenue growth rate of 8.3% 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 LM is calculated based on our internal credit rating of Legg Mason, 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 Legg Mason.
    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 LM stock the variable cost ratio is equal to 82.3%.

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 LM 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 Legg Mason.

Corporate tax rate of 27% is the nominal tax rate for Legg Mason. 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 LM 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 LM are equal to 127.8%.

Life of production assets of 80.2 years is the average useful life of capital assets used in Legg Mason 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 LM is equal to -11.6%. 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 - $4214 million for Legg Mason - 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 96.649 million for Legg Mason 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 Legg Mason at the current share price and the inputted number of shares is $3.6 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 1.33 0.41  str.sell
MS Morgan Stanley 43.37 490.15  str.buy
BLK BlackRock 384.57 788.66  str.buy
BEN Franklin Resou 43.11 67.67  str.buy
VOYA Voya Financial 37.38 3,260.90  str.buy
EV Eaton Vance 42.93 58.91  buy
WDR Waddell&Reed F 17.99 42.63  str.buy
DHIL Diamond Hill I 202.15 969.30  str.buy

COMPANY NEWS

▶ Legg Mason: "Positive But Volatile"   [Apr-27-17 12:39PM  Barrons.com]
▶ Legg Mason tops Street 4Q forecasts   [Apr-26-17 05:14PM  Associated Press]
▶ Legg Mason swings to $75.9 million profit in fourth quarter   [05:12PM  American City Business Journals]
▶ Baltimore's biggest companies report earnings this week. Here's what to look for.   [Apr-24-17 03:15PM  American City Business Journals]
▶ Flow Show: BlackRock and Legg Mason Stand Strong   [Apr-14-17 03:01PM  Barrons.com]
▶ [$$] Legg Mason to Cut 3% of Corporate Staff   [Mar-29-17 08:12PM  The Wall Street Journal]
▶ Royce International Small-Cap Fund to Close   [Mar-27-17 10:34AM  PR Newswire]
▶ Flow Strong: BlackRock and Invesco   [Mar-14-17 11:54AM  Barrons.com]
▶ A Rating Upgrade as Legg Mason Mends   [06:00AM  at Morningstar]
▶ The 3 Best-Performing Stocks in February   [Mar-08-17 10:19AM  at Motley Fool]
▶ Legg Mason Puts the Kibosh on M&A Rumors, Has Room to Run   [Mar-03-17 02:33PM  at Barrons.com]
▶ 'Trump effect' rally pumping up many Baltimore-area stocks   [Mar-01-17 02:50PM  at bizjournals.com]
▶ Legg Mason Runs Higher on Takeout Rumors   [Feb-21-17 02:37PM  at Barrons.com]
▶ Dodd-Frank Dismantling Good For Regional Banks   [Feb-06-17 05:39PM  at Barrons.com]
▶ Legg Mason posts 3Q profit, assets under management fall   [Feb-01-17 04:59PM  at bizjournals.com]
▶ [$$] Barron's Roundtable, Part 3: Digging Into the Details   [Jan-28-17 12:01AM  at Barrons.com]
▶ Invesco Drops 1.8%, EPS Beats, Revenue Misses   [12:35PM  at Barrons.com]
▶ In Trump's World - Growth is King   [Jan-17-17 02:00PM  PR Newswire]
▶ Brokers & Asset Managers: 10 Surprises To Watch For In 2017   [Jan-09-17 12:35PM  at Barrons.com]
▶ 2016: A Terrific Year for Small-Caps   [Jan-05-17 02:57PM  PR Newswire]
▶ Another Formerly High-Flying Hedge Fund Bites The Dust   [Dec-21-16 10:36AM  at Barrons.com]
▶ Finance Watch   [12:23AM  at The Wall Street Journal]
▶ [$$] Legg Mason Deepens Ties With Largest Shareholder Shanda   [08:31AM  at The Wall Street Journal]
▶ AUM Down At Franklin: Blame It On Outflows, FX   [Dec-09-16 11:33AM  at Barrons.com]
▶ Are Hedge Funds Losing Their Interest in Legg Mason Inc (LM)?   [Dec-07-16 05:47PM  at Insider Monkey]
▶ Small-Caps Enjoy Their Best November Yet   [08:37AM  PR Newswire]
▶ [$$] Chinese donors fund studies into acceptance of death   [Dec-06-16 09:07AM  at Financial Times]
▶ Asset Managers: BlackRock's 3Q AUM Growth Outstrips All   [Dec-01-16 02:42PM  at Barrons.com]
Stock chart of LM Financial statements of LM
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.