Intrinsic value of OM Asset Management - OMAM

Previous Close

$15.58

  Intrinsic Value

$422.59

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.58

 
Intrinsic value

$422.59

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of OMAM 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 1.7

 

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, %
  -5.01
  39.50
  36.05
  32.95
  30.15
  27.64
  25.37
  23.33
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
Revenue, $m
  664
  926
  1,260
  1,675
  2,181
  2,783
  3,489
  4,303
  5,229
  6,267
  7,418
  8,681
  10,055
  11,537
  13,126
  14,818
  16,611
  18,504
  20,494
  22,580
  24,761
  27,038
  29,410
  31,880
  34,449
  37,119
  39,894
  42,778
  45,775
  48,891
  52,130
Variable operating expenses, $m
 
  124
  159
  203
  256
  319
  393
  479
  576
  685
  805
  910
  1,055
  1,210
  1,377
  1,554
  1,742
  1,941
  2,150
  2,368
  2,597
  2,836
  3,085
  3,344
  3,613
  3,893
  4,184
  4,487
  4,801
  5,128
  5,468
Fixed operating expenses, $m
 
  426
  437
  448
  459
  471
  482
  494
  507
  520
  533
  546
  559
  573
  588
  602
  618
  633
  649
  665
  682
  699
  716
  734
  752
  771
  791
  810
  831
  851
  873
Total operating expenses, $m
  508
  550
  596
  651
  715
  790
  875
  973
  1,083
  1,205
  1,338
  1,456
  1,614
  1,783
  1,965
  2,156
  2,360
  2,574
  2,799
  3,033
  3,279
  3,535
  3,801
  4,078
  4,365
  4,664
  4,975
  5,297
  5,632
  5,979
  6,341
Operating income, $m
  156
  375
  664
  1,024
  1,465
  1,993
  2,614
  3,330
  4,146
  5,063
  6,080
  7,224
  8,441
  9,754
  11,161
  12,661
  14,252
  15,930
  17,695
  19,546
  21,482
  23,503
  25,609
  27,802
  30,083
  32,455
  34,919
  37,481
  40,144
  42,912
  45,790
EBITDA, $m
  168
  406
  695
  1,057
  1,500
  2,030
  2,652
  3,372
  4,190
  5,110
  6,131
  7,253
  8,473
  9,791
  11,204
  12,709
  14,306
  15,990
  17,762
  19,620
  21,563
  23,591
  25,705
  27,906
  30,195
  32,575
  35,049
  37,620
  40,293
  43,070
  45,959
Interest expense (income), $m
  3
  14
  27
  46
  69
  98
  132
  172
  218
  270
  329
  394
  465
  543
  627
  717
  812
  914
  1,021
  1,133
  1,251
  1,375
  1,503
  1,638
  1,777
  1,923
  2,074
  2,230
  2,394
  2,563
  2,739
Earnings before tax, $m
  161
  362
  637
  979
  1,396
  1,896
  2,482
  3,159
  3,928
  4,793
  5,751
  6,831
  7,975
  9,211
  10,534
  11,945
  13,439
  15,016
  16,675
  18,413
  20,231
  22,128
  24,106
  26,164
  28,306
  30,532
  32,846
  35,251
  37,750
  40,348
  43,050
Tax expense, $m
  41
  98
  172
  264
  377
  512
  670
  853
  1,061
  1,294
  1,553
  1,844
  2,153
  2,487
  2,844
  3,225
  3,629
  4,054
  4,502
  4,972
  5,462
  5,975
  6,509
  7,064
  7,643
  8,244
  8,868
  9,518
  10,193
  10,894
  11,624
Net income, $m
  126
  264
  465
  714
  1,019
  1,384
  1,812
  2,306
  2,868
  3,499
  4,198
  4,986
  5,822
  6,724
  7,690
  8,720
  9,811
  10,962
  12,172
  13,442
  14,769
  16,154
  17,597
  19,100
  20,663
  22,288
  23,978
  25,733
  27,558
  29,454
  31,427

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  102
  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
  1,294
  1,663
  2,262
  3,008
  3,915
  4,997
  6,264
  7,726
  9,387
  11,251
  13,317
  15,585
  18,051
  20,713
  23,565
  26,603
  29,823
  33,221
  36,793
  40,538
  44,454
  48,541
  52,801
  57,235
  61,847
  66,641
  71,624
  76,801
  82,182
  87,775
  93,590
Adjusted assets (=assets-cash), $m
  1,192
  1,663
  2,262
  3,008
  3,915
  4,997
  6,264
  7,726
  9,387
  11,251
  13,317
  15,585
  18,051
  20,713
  23,565
  26,603
  29,823
  33,221
  36,793
  40,538
  44,454
  48,541
  52,801
  57,235
  61,847
  66,641
  71,624
  76,801
  82,182
  87,775
  93,590
Revenue / Adjusted assets
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
Average production assets, $m
  44
  61
  83
  111
  144
  184
  230
  284
  345
  414
  490
  573
  664
  761
  866
  978
  1,096
  1,221
  1,353
  1,490
  1,634
  1,784
  1,941
  2,104
  2,274
  2,450
  2,633
  2,823
  3,021
  3,227
  3,441
Working capital, $m
  0
  -135
  -184
  -245
  -318
  -406
  -509
  -628
  -763
  -915
  -1,083
  -1,267
  -1,468
  -1,684
  -1,916
  -2,163
  -2,425
  -2,702
  -2,992
  -3,297
  -3,615
  -3,947
  -4,294
  -4,654
  -5,029
  -5,419
  -5,825
  -6,246
  -6,683
  -7,138
  -7,611
Total debt, $m
  397
  764
  1,303
  1,974
  2,790
  3,764
  4,905
  6,220
  7,716
  9,393
  11,252
  13,293
  15,513
  17,909
  20,476
  23,210
  26,108
  29,166
  32,381
  35,751
  39,276
  42,954
  46,788
  50,778
  54,929
  59,244
  63,728
  68,388
  73,231
  78,265
  83,498
Total liabilities, $m
  1,130
  1,497
  2,036
  2,707
  3,523
  4,497
  5,638
  6,953
  8,449
  10,126
  11,985
  14,026
  16,246
  18,642
  21,209
  23,943
  26,841
  29,899
  33,114
  36,484
  40,009
  43,687
  47,521
  51,511
  55,662
  59,977
  64,461
  69,121
  73,964
  78,998
  84,231
Total equity, $m
  164
  166
  226
  301
  391
  500
  626
  773
  939
  1,125
  1,332
  1,558
  1,805
  2,071
  2,357
  2,660
  2,982
  3,322
  3,679
  4,054
  4,445
  4,854
  5,280
  5,723
  6,185
  6,664
  7,162
  7,680
  8,218
  8,778
  9,359
Total liabilities and equity, $m
  1,294
  1,663
  2,262
  3,008
  3,914
  4,997
  6,264
  7,726
  9,388
  11,251
  13,317
  15,584
  18,051
  20,713
  23,566
  26,603
  29,823
  33,221
  36,793
  40,538
  44,454
  48,541
  52,801
  57,234
  61,847
  66,641
  71,623
  76,801
  82,182
  87,776
  93,590
Debt-to-equity ratio
  2.421
  4.590
  5.760
  6.560
  7.130
  7.530
  7.830
  8.050
  8.220
  8.350
  8.450
  8.530
  8.590
  8.650
  8.690
  8.720
  8.750
  8.780
  8.800
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.900
  8.910
  8.920
  8.920
Adjusted equity ratio
  0.056
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  264
  465
  714
  1,019
  1,384
  1,812
  2,306
  2,868
  3,499
  4,198
  4,986
  5,822
  6,724
  7,690
  8,720
  9,811
  10,962
  12,172
  13,442
  14,769
  16,154
  17,597
  19,100
  20,663
  22,288
  23,978
  25,733
  27,558
  29,454
  31,427
Depreciation, amort., depletion, $m
  12
  30
  31
  33
  34
  36
  39
  41
  44
  48
  51
  28
  33
  38
  43
  48
  54
  60
  67
  73
  81
  88
  96
  104
  112
  121
  130
  139
  149
  159
  169
Funds from operations, $m
  88
  294
  496
  747
  1,054
  1,420
  1,850
  2,347
  2,912
  3,546
  4,250
  5,015
  5,855
  6,761
  7,733
  8,768
  9,865
  11,022
  12,239
  13,515
  14,849
  16,242
  17,693
  19,204
  20,775
  22,409
  24,107
  25,872
  27,706
  29,613
  31,596
Change in working capital, $m
  -50
  -38
  -49
  -61
  -74
  -88
  -103
  -119
  -135
  -152
  -168
  -184
  -201
  -216
  -232
  -247
  -262
  -276
  -291
  -305
  -318
  -332
  -346
  -361
  -375
  -390
  -405
  -421
  -438
  -455
  -473
Cash from operations, $m
  138
  333
  545
  808
  1,127
  1,508
  1,953
  2,466
  3,047
  3,698
  4,418
  5,199
  6,055
  6,978
  7,965
  9,015
  10,126
  11,298
  12,530
  13,819
  15,168
  16,574
  18,039
  19,564
  21,150
  22,799
  24,512
  26,293
  28,144
  30,068
  32,069
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -33
  -38
  -43
  -48
  -54
  -60
  -67
  -73
  -81
  -88
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
New CAPEX, $m
  -14
  -18
  -22
  -27
  -33
  -40
  -47
  -54
  -61
  -69
  -76
  -83
  -91
  -98
  -105
  -112
  -118
  -125
  -131
  -138
  -144
  -150
  -157
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
Cash from investing activities, $m
  -284
  -20
  -25
  -31
  -38
  -47
  -56
  -65
  -75
  -86
  -96
  -107
  -119
  -131
  -143
  -155
  -166
  -179
  -191
  -205
  -217
  -231
  -245
  -259
  -274
  -288
  -304
  -320
  -337
  -355
  -373
Free cash flow, $m
  -146
  313
  520
  776
  1,089
  1,461
  1,898
  2,401
  2,972
  3,612
  4,321
  5,092
  5,936
  6,847
  7,822
  8,860
  9,960
  11,120
  12,338
  13,615
  14,950
  16,343
  17,795
  19,306
  20,877
  22,511
  24,209
  25,973
  27,807
  29,714
  31,696
Issuance/(repayment) of debt, $m
  261
  372
  540
  671
  816
  974
  1,141
  1,316
  1,495
  1,677
  1,860
  2,041
  2,220
  2,395
  2,567
  2,734
  2,898
  3,058
  3,215
  3,370
  3,525
  3,679
  3,834
  3,991
  4,151
  4,315
  4,484
  4,660
  4,843
  5,034
  5,234
Issuance/(repurchase) of shares, $m
  -99
  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  
  152
  372
  540
  671
  816
  974
  1,141
  1,316
  1,495
  1,677
  1,860
  2,041
  2,220
  2,395
  2,567
  2,734
  2,898
  3,058
  3,215
  3,370
  3,525
  3,679
  3,834
  3,991
  4,151
  4,315
  4,484
  4,660
  4,843
  5,034
  5,234
Total cash flow (excl. dividends), $m
  5
  685
  1,060
  1,447
  1,905
  2,435
  3,039
  3,716
  4,467
  5,289
  6,181
  7,133
  8,156
  9,242
  10,389
  11,595
  12,858
  14,177
  15,553
  16,986
  18,475
  20,022
  21,628
  23,296
  25,028
  26,826
  28,693
  30,633
  32,650
  34,747
  36,930
Retained Cash Flow (-), $m
  2
  -99
  -60
  -75
  -91
  -108
  -127
  -146
  -166
  -186
  -207
  -227
  -247
  -266
  -285
  -304
  -322
  -340
  -357
  -374
  -392
  -409
  -426
  -443
  -461
  -479
  -498
  -518
  -538
  -559
  -582
Prev. year cash balance distribution, $m
 
  97
  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
 
  682
  1,000
  1,373
  1,814
  2,327
  2,912
  3,570
  4,301
  5,103
  5,974
  6,906
  7,910
  8,976
  10,104
  11,291
  12,536
  13,838
  15,196
  16,611
  18,083
  19,613
  21,202
  22,853
  24,567
  26,346
  28,195
  30,115
  32,112
  34,188
  36,348
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  648
  897
  1,158
  1,430
  1,703
  1,966
  2,209
  2,419
  2,589
  2,711
  2,777
  2,792
  2,753
  2,663
  2,527
  2,354
  2,152
  1,930
  1,698
  1,464
  1,238
  1,025
  830
  658
  510
  386
  285
  205
  143
  98
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

OM Asset Management plc is a global, diversified, multi-boutique asset management company. As of December 31, 2016, the Company operated its business through its eight Affiliates, each of which operated autonomously and employed its own investment processes. Its Affiliates include Acadian Asset Management LLC; Barrow, Hanley, Mewhinney & Strauss, LLC; Campbell Global, LLC; Copper Rock Capital Partners LLC; Heitman LLC; Investment Counselors of Maryland, LLC; Landmark Partners, LLC, and Thompson, Siegel & Walmsley LLC. It works with boutique asset managers, and the Company leverages the resources within its organization to engage with its Affiliates and provide them with capabilities unavailable to specialist asset management firms. The Company works with its Affiliates to identify and execute upon opportunities for their businesses in areas, such as business line expansion and product development, as well as activities required for the operation of investment boutiques.

FINANCIAL RATIOS  of  OM Asset Management (OMAM)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 2.7
Price to Book 10.8
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 14.3
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.7%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 20
Current Ratio NaN
LT Debt to Equity 239%
Total Debt to Equity 242.1%
Interest Coverage 55
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 30.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 76.4%
Return On Equity - 3 Yr. Avg. 68.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 20.1%
Operating Margin 23.5%
Oper. Margin - 3 Yr. Avg. 14.8%
Pre-Tax Margin 24.2%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 19%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 25.5%
Eff/ Tax Rate - 3 Yr. Avg. 2.6%
Payout Ratio 31%

OMAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OMAM stock intrinsic value calculation we used $664 million for the last fiscal year's total revenue generated by OM Asset Management. The default revenue input number comes from 2016 income statement of OM Asset Management. 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 OMAM stock valuation model: a) initial revenue growth rate of 39.5% 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 5.3%, whose default value for OMAM is calculated based on our internal credit rating of OM Asset Management, 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 OM Asset Management.
    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 OMAM stock the variable cost ratio is equal to 14.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $416 million in the base year in the intrinsic value calculation for OMAM 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 OM Asset Management.

Corporate tax rate of 27% is the nominal tax rate for OM Asset Management. 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 OMAM 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 OMAM are equal to 6.6%.

Life of production assets of 20.3 years is the average useful life of capital assets used in OM Asset Management 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 OMAM is equal to -14.6%. 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 - $164 million for OM Asset Management - 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 109.756 million for OM Asset Management 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 OM Asset Management at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ OM Asset Management beats 2Q profit forecasts   [Aug-03-17 07:04PM  Associated Press]
▶ Is Om Asset a Great Stock for Value Investors?   [Jul-25-17 09:30AM  Zacks]
▶ OMAM Announces CEO Succession Process   [Jun-29-17 04:07PM  Business Wire]
▶ OMAM Announces Full Exercise of Over-Allotment Option   [Jun-14-17 04:38PM  Business Wire]
▶ OMAM Announces Closing of Secondary Offering   [May-19-17 04:03PM  Business Wire]
▶ OMAM Announces Pricing of Secondary Offering   [May-15-17 09:39PM  Business Wire]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [10:45AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-10-17 11:42AM  Investor's Business Daily]
▶ No. 1-Ranked Asset Management Stock Tests New Buy Zone   [11:40AM  Investor's Business Daily]
▶ OM Asset Management meets 1Q profit forecasts   [May-04-17 08:45AM  Associated Press]
▶ [$$] Chinese Conglomerate HNA to Buy Stake in U.S. Asset Manager   [Mar-27-17 12:06AM  The Wall Street Journal]
▶ [$$] Chinese Conglomerate HNA to Buy Stake in U.S. Asset Manager   [Mar-26-17 05:36AM  at The Wall Street Journal]
▶ Top Ranked Value Stocks to Buy for March 7th   [Mar-07-17 09:21AM  Zacks]
▶ OMAM Announces Pricing of Secondary Offering   [Dec-13-16 10:15PM  Business Wire]
▶ Steelcase Inc. (SCS): Are Hedge Funds Right About This Stock?   [Dec-02-16 09:18AM  at Insider Monkey]
▶ [$$] Deal Close Announcements: Aug. 15-19   [Aug-19-16 06:23PM  at The Wall Street Journal]
▶ OMAM Completes Investment in Landmark Partners   [Aug-18-16 04:08PM  Business Wire]
Financial statements of OMAM
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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