Intrinsic value of Legg Mason - LM

Previous Close

$37.27

  Intrinsic Value

$17.61

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

+17%

Previous close

$37.27

 
Intrinsic value

$17.61

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

+17%

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 2017), $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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.49
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  2,887
  3,366
  3,886
  4,445
  5,044
  5,680
  6,353
  7,062
  7,807
  8,587
  9,402
  10,253
  11,139
  12,060
  13,019
  14,015
  15,051
  16,127
  17,245
  18,408
  19,617
  20,874
  22,183
  23,545
  24,965
  26,444
  27,986
  29,595
  31,275
  33,028
  34,860
Variable operating expenses, $m
 
  3,412
  3,916
  4,459
  5,039
  5,656
  6,308
  6,996
  7,719
  8,475
  9,266
  9,942
  10,801
  11,695
  12,625
  13,591
  14,595
  15,639
  16,723
  17,851
  19,023
  20,242
  21,511
  22,833
  24,209
  25,644
  27,139
  28,700
  30,328
  32,029
  33,805
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
  2,465
  3,412
  3,916
  4,459
  5,039
  5,656
  6,308
  6,996
  7,719
  8,475
  9,266
  9,942
  10,801
  11,695
  12,625
  13,591
  14,595
  15,639
  16,723
  17,851
  19,023
  20,242
  21,511
  22,833
  24,209
  25,644
  27,139
  28,700
  30,328
  32,029
  33,805
Operating income, $m
  422
  -46
  -30
  -13
  5
  24
  44
  66
  88
  112
  137
  310
  337
  365
  394
  424
  456
  488
  522
  557
  594
  632
  671
  713
  756
  800
  847
  896
  947
  1,000
  1,055
EBITDA, $m
  482
  234
  270
  309
  351
  395
  442
  491
  543
  597
  654
  713
  774
  839
  905
  975
  1,047
  1,121
  1,199
  1,280
  1,364
  1,451
  1,542
  1,637
  1,736
  1,839
  1,946
  2,058
  2,175
  2,296
  2,424
Interest expense (income), $m
  49
  61
  80
  100
  123
  146
  171
  198
  226
  256
  286
  319
  352
  387
  424
  462
  501
  542
  585
  629
  675
  723
  773
  824
  878
  935
  993
  1,054
  1,118
  1,184
  1,254
Earnings before tax, $m
  371
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -8
  -15
  -22
  -30
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -185
  -199
Tax expense, $m
  84
  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
Net income, $m
  227
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -8
  -15
  -22
  -30
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -185
  -199

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
  6,562
  7,575
  8,666
  9,832
  11,071
  12,383
  13,766
  15,218
  16,739
  18,328
  19,986
  21,713
  23,509
  25,378
  27,321
  29,339
  31,437
  33,617
  35,883
  38,239
  40,690
  43,241
  45,897
  48,664
  51,548
  54,554
  57,691
  60,965
  64,383
  67,954
Adjusted assets (=assets-cash), $m
  5,627
  6,562
  7,575
  8,666
  9,832
  11,071
  12,383
  13,766
  15,218
  16,739
  18,328
  19,986
  21,713
  23,509
  25,378
  27,321
  29,339
  31,437
  33,617
  35,883
  38,239
  40,690
  43,241
  45,897
  48,664
  51,548
  54,554
  57,691
  60,965
  64,383
  67,954
Revenue / Adjusted assets
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
Average production assets, $m
  3,401
  3,965
  4,578
  5,237
  5,941
  6,691
  7,483
  8,319
  9,196
  10,115
  11,076
  12,078
  13,121
  14,207
  15,336
  16,510
  17,730
  18,998
  20,315
  21,684
  23,108
  24,590
  26,131
  27,736
  29,408
  31,151
  32,968
  34,863
  36,842
  38,908
  41,065
Working capital, $m
  1,543
  -337
  -389
  -445
  -504
  -568
  -635
  -706
  -781
  -859
  -940
  -1,025
  -1,114
  -1,206
  -1,302
  -1,402
  -1,505
  -1,613
  -1,725
  -1,841
  -1,962
  -2,087
  -2,218
  -2,355
  -2,496
  -2,644
  -2,799
  -2,960
  -3,127
  -3,303
  -3,486
Total debt, $m
  1,781
  2,281
  2,869
  3,501
  4,177
  4,896
  5,657
  6,459
  7,301
  8,184
  9,105
  10,067
  11,068
  12,110
  13,194
  14,321
  15,492
  16,708
  17,973
  19,287
  20,654
  22,075
  23,555
  25,096
  26,700
  28,373
  30,117
  31,936
  33,834
  35,817
  37,888
Total liabilities, $m
  3,307
  3,806
  4,394
  5,026
  5,702
  6,421
  7,182
  7,984
  8,826
  9,709
  10,630
  11,592
  12,593
  13,635
  14,719
  15,846
  17,017
  18,233
  19,498
  20,812
  22,179
  23,600
  25,080
  26,621
  28,225
  29,898
  31,642
  33,461
  35,359
  37,342
  39,413
Total equity, $m
  4,214
  2,756
  3,182
  3,640
  4,129
  4,650
  5,201
  5,782
  6,392
  7,030
  7,698
  8,394
  9,119
  9,874
  10,659
  11,475
  12,322
  13,203
  14,119
  15,071
  16,060
  17,090
  18,161
  19,277
  20,439
  21,650
  22,913
  24,230
  25,605
  27,041
  28,541
Total liabilities and equity, $m
  7,521
  6,562
  7,576
  8,666
  9,831
  11,071
  12,383
  13,766
  15,218
  16,739
  18,328
  19,986
  21,712
  23,509
  25,378
  27,321
  29,339
  31,436
  33,617
  35,883
  38,239
  40,690
  43,241
  45,898
  48,664
  51,548
  54,555
  57,691
  60,964
  64,383
  67,954
Debt-to-equity ratio
  0.423
  0.830
  0.900
  0.960
  1.010
  1.050
  1.090
  1.120
  1.140
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.310
  1.320
  1.320
  1.320
  1.330
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
  227
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -8
  -15
  -22
  -30
  -38
  -46
  -54
  -63
  -72
  -81
  -91
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -185
  -199
Depreciation, amort., depletion, $m
  60
  280
  301
  323
  346
  371
  397
  425
  455
  485
  517
  403
  437
  474
  511
  550
  591
  633
  677
  723
  770
  820
  871
  925
  980
  1,038
  1,099
  1,162
  1,228
  1,297
  1,369
Funds from operations, $m
  424
  173
  190
  209
  228
  249
  270
  293
  317
  342
  367
  394
  422
  451
  481
  513
  545
  579
  614
  651
  689
  729
  770
  813
  857
  904
  953
  1,004
  1,057
  1,112
  1,170
Change in working capital, $m
  -30
  -48
  -52
  -56
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -175
  -183
Cash from operations, $m
  454
  221
  242
  265
  288
  312
  338
  364
  391
  420
  449
  479
  511
  543
  577
  612
  649
  687
  726
  767
  810
  854
  901
  949
  999
  1,052
  1,107
  1,165
  1,225
  1,288
  1,353
Maintenance CAPEX, $m
  0
  -113
  -132
  -153
  -175
  -198
  -223
  -249
  -277
  -307
  -337
  -369
  -403
  -437
  -474
  -511
  -550
  -591
  -633
  -677
  -723
  -770
  -820
  -871
  -925
  -980
  -1,038
  -1,099
  -1,162
  -1,228
  -1,297
New CAPEX, $m
  -40
  -564
  -612
  -659
  -705
  -749
  -793
  -836
  -878
  -919
  -960
  -1,002
  -1,044
  -1,086
  -1,129
  -1,174
  -1,220
  -1,268
  -1,317
  -1,369
  -1,424
  -1,481
  -1,542
  -1,605
  -1,672
  -1,743
  -1,817
  -1,895
  -1,978
  -2,066
  -2,158
Cash from investing activities, $m
  -245
  -677
  -744
  -812
  -880
  -947
  -1,016
  -1,085
  -1,155
  -1,226
  -1,297
  -1,371
  -1,447
  -1,523
  -1,603
  -1,685
  -1,770
  -1,859
  -1,950
  -2,046
  -2,147
  -2,251
  -2,362
  -2,476
  -2,597
  -2,723
  -2,855
  -2,994
  -3,140
  -3,294
  -3,455
Free cash flow, $m
  209
  -457
  -502
  -547
  -591
  -635
  -678
  -721
  -764
  -806
  -849
  -892
  -935
  -980
  -1,026
  -1,073
  -1,121
  -1,172
  -1,225
  -1,279
  -1,337
  -1,397
  -1,461
  -1,527
  -1,597
  -1,671
  -1,748
  -1,830
  -1,916
  -2,006
  -2,101
Issuance/(repayment) of debt, $m
  740
  540
  588
  632
  676
  719
  761
  802
  842
  882
  922
  961
  1,002
  1,042
  1,084
  1,127
  1,171
  1,217
  1,264
  1,314
  1,367
  1,422
  1,480
  1,540
  1,605
  1,672
  1,744
  1,819
  1,899
  1,983
  2,071
Issuance/(repurchase) of shares, $m
  -200
  502
  536
  572
  608
  643
  678
  713
  748
  782
  817
  705
  740
  777
  815
  853
  894
  935
  978
  1,024
  1,071
  1,121
  1,173
  1,227
  1,285
  1,345
  1,409
  1,476
  1,546
  1,620
  1,698
Cash from financing (excl. dividends), $m  
  550
  1,042
  1,124
  1,204
  1,284
  1,362
  1,439
  1,515
  1,590
  1,664
  1,739
  1,666
  1,742
  1,819
  1,899
  1,980
  2,065
  2,152
  2,242
  2,338
  2,438
  2,543
  2,653
  2,767
  2,890
  3,017
  3,153
  3,295
  3,445
  3,603
  3,769
Total cash flow (excl. dividends), $m
  744
  585
  621
  657
  693
  727
  761
  794
  826
  858
  890
  774
  807
  839
  873
  907
  943
  980
  1,018
  1,059
  1,101
  1,145
  1,192
  1,241
  1,292
  1,347
  1,404
  1,465
  1,529
  1,597
  1,668
Retained Cash Flow (-), $m
  271
  -502
  -536
  -572
  -608
  -643
  -678
  -713
  -748
  -782
  -817
  -705
  -740
  -777
  -815
  -853
  -894
  -935
  -978
  -1,024
  -1,071
  -1,121
  -1,173
  -1,227
  -1,285
  -1,345
  -1,409
  -1,476
  -1,546
  -1,620
  -1,698
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
 
  1,936
  86
  86
  85
  84
  83
  81
  79
  76
  73
  70
  66
  62
  58
  54
  49
  45
  40
  35
  30
  24
  19
  13
  8
  2
  -4
  -11
  -17
  -24
  -30
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
 
  1,856
  78
  74
  70
  65
  60
  55
  49
  44
  38
  33
  28
  24
  20
  16
  13
  10
  7
  5
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  80.3
  65.6
  54.3
  45.5
  38.6
  33.1
  28.5
  24.8
  21.8
  19.2
  17.4
  15.7
  14.3
  13.1
  12.0
  11.0
  10.1
  9.3
  8.6
  7.9
  7.4
  6.8
  6.3
  5.9
  5.5
  5.1
  4.7
  4.4
  4.1
  3.8

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 17.6
Price to Sales 1.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 9.6
Growth Rates
Sales Growth Rate 8.5%
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 9
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 82.7%
Gross Margin - 3 Yr. Avg. 80.4%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 22.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 37%

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 $2887 million for the last fiscal year's total revenue generated by Legg Mason. The default revenue input number comes from 2017 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 16.6% 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 102.1%.

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 117.8%.

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 -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 - $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 97.997 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 $3.7 billion.

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COMPANY NEWS

▶ Legg Mason and T. Rowe: It's Never too Late to Change   [Aug-17-17 02:28PM  Barrons.com]
▶ As Legg Mason Stock Falls One Analyst Sees 22% Upside   [Jul-27-17 11:59AM  TheStreet.com]
▶ Legg Mason beats Street 1Q forecasts   [Jul-26-17 10:51PM  Associated Press]
▶ Legg Mason profit rises more than 50 percent in 1Q   [05:35PM  American City Business Journals]
▶ No Summertime Blues for This Dividend ETF   [12:00PM  Investopedia]
▶ Like John Harbaugh, Legg Mason CEO wants the firm to 'stack our wins'   [Jul-25-17 02:55PM  American City Business Journals]
▶ New Thinking In A Small-Cap ETF   [Jul-17-17 11:01AM  Benzinga]
▶ [$$] NestlĂ© Unmoved by Demands From Activist Investor Third Point   [Jun-27-17 12:42AM  The Wall Street Journal]
▶ [$$] NestlĂ© Unmoved by Demands From Activist Investor Third Point   [Jun-26-17 03:45PM  The Wall Street Journal]
▶ Legg Mason Still Has Room to Run   [Jun-23-17 10:10AM  Barrons.com]
▶ [$$] Legg Mason: A Survivor in the Active-Manager Massacre   [Jun-19-17 12:00AM  The Wall Street Journal]
▶ [$$] Legg Mason: A Survivor in the Active-Manager Massacre   [Jun-18-17 04:20PM  The Wall Street Journal]
▶ Legg Mason CEO Sullivan's compensation declines 12 percent   [Jun-14-17 03:56PM  American City Business Journals]
▶ Rowing Upstream For Alpha   [09:45AM  Forbes]
▶ Why Can't Trump Move This Trump Trade?   [Jun-05-17 04:26PM  Barrons.com]
▶ ETFs with exposure to Legg Mason, Inc. : June 2, 2017   [Jun-02-17 02:16PM  Capital Cube]
▶ Legg Mason launches two new exchange-traded funds   [May-23-17 02:35PM  American City Business Journals]
▶ Legg Mason to Ring The Nasdaq Stock Market Opening Bell   [May-22-17 11:29AM  GlobeNewswire]
▶ Legg Mason pledges $1 million to Living Classrooms center in East Baltimore   [May-18-17 12:00AM  American City Business Journals]
▶ Legg Mason Announces Appointments to Executive Committee   [May-05-17 09:00AM  PR Newswire]
▶ 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]
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.

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