Intrinsic value of SEI Investments - SEIC

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$50.71

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$50.71

 
Intrinsic value

$35.91

 
Up/down potential

-29%

 
Rating

sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of SEIC 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 8.1

 

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, %
  5.10
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  1,402
  1,544
  1,692
  1,846
  2,007
  2,175
  2,349
  2,530
  2,718
  2,914
  3,117
  3,328
  3,548
  3,776
  4,014
  4,262
  4,519
  4,788
  5,068
  5,360
  5,665
  5,984
  6,316
  6,664
  7,027
  7,407
  7,805
  8,221
  8,656
  9,112
  9,590
Variable operating expenses, $m
 
  1,127
  1,235
  1,348
  1,465
  1,587
  1,715
  1,847
  1,984
  2,127
  2,275
  2,430
  2,590
  2,757
  2,930
  3,111
  3,299
  3,495
  3,700
  3,913
  4,136
  4,368
  4,611
  4,865
  5,130
  5,407
  5,697
  6,001
  6,319
  6,652
  7,000
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
  1,023
  1,127
  1,235
  1,348
  1,465
  1,587
  1,715
  1,847
  1,984
  2,127
  2,275
  2,430
  2,590
  2,757
  2,930
  3,111
  3,299
  3,495
  3,700
  3,913
  4,136
  4,368
  4,611
  4,865
  5,130
  5,407
  5,697
  6,001
  6,319
  6,652
  7,000
Operating income, $m
  378
  417
  457
  498
  542
  587
  634
  683
  734
  787
  842
  899
  958
  1,020
  1,084
  1,151
  1,220
  1,293
  1,368
  1,447
  1,530
  1,616
  1,705
  1,799
  1,897
  2,000
  2,107
  2,220
  2,337
  2,460
  2,589
EBITDA, $m
  449
  495
  542
  592
  643
  697
  753
  811
  871
  934
  999
  1,067
  1,137
  1,210
  1,286
  1,366
  1,448
  1,535
  1,624
  1,718
  1,816
  1,918
  2,024
  2,136
  2,252
  2,374
  2,501
  2,635
  2,774
  2,920
  3,073
Interest expense (income), $m
  1
  0
  1
  2
  4
  5
  6
  8
  9
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
Earnings before tax, $m
  508
  417
  456
  496
  538
  582
  628
  675
  724
  776
  829
  884
  942
  1,002
  1,064
  1,129
  1,196
  1,267
  1,340
  1,417
  1,497
  1,580
  1,667
  1,758
  1,854
  1,953
  2,057
  2,166
  2,280
  2,400
  2,525
Tax expense, $m
  174
  113
  123
  134
  145
  157
  169
  182
  196
  209
  224
  239
  254
  270
  287
  305
  323
  342
  362
  383
  404
  427
  450
  475
  500
  527
  555
  585
  616
  648
  682
Net income, $m
  334
  304
  333
  362
  393
  425
  458
  493
  529
  566
  605
  646
  688
  731
  777
  824
  873
  925
  978
  1,034
  1,093
  1,153
  1,217
  1,284
  1,353
  1,426
  1,502
  1,581
  1,665
  1,752
  1,843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  717
  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
  1,637
  1,013
  1,110
  1,211
  1,317
  1,427
  1,541
  1,660
  1,784
  1,912
  2,045
  2,184
  2,328
  2,478
  2,634
  2,796
  2,966
  3,142
  3,326
  3,517
  3,717
  3,926
  4,145
  4,373
  4,611
  4,860
  5,121
  5,394
  5,680
  5,979
  6,292
Adjusted assets (=assets-cash), $m
  920
  1,013
  1,110
  1,211
  1,317
  1,427
  1,541
  1,660
  1,784
  1,912
  2,045
  2,184
  2,328
  2,478
  2,634
  2,796
  2,966
  3,142
  3,326
  3,517
  3,717
  3,926
  4,145
  4,373
  4,611
  4,860
  5,121
  5,394
  5,680
  5,979
  6,292
Revenue / Adjusted assets
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
Average production assets, $m
  439
  483
  529
  578
  628
  681
  735
  792
  851
  912
  976
  1,042
  1,110
  1,182
  1,256
  1,334
  1,415
  1,499
  1,586
  1,678
  1,773
  1,873
  1,977
  2,086
  2,200
  2,318
  2,443
  2,573
  2,709
  2,852
  3,002
Working capital, $m
  789
  79
  86
  94
  102
  111
  120
  129
  139
  149
  159
  170
  181
  193
  205
  217
  230
  244
  258
  273
  289
  305
  322
  340
  358
  378
  398
  419
  441
  465
  489
Total debt, $m
  0
  34
  69
  106
  144
  184
  225
  269
  313
  360
  408
  459
  511
  565
  622
  681
  742
  806
  873
  943
  1,015
  1,091
  1,171
  1,253
  1,340
  1,430
  1,525
  1,624
  1,728
  1,836
  1,950
Total liabilities, $m
  334
  368
  403
  440
  478
  518
  559
  603
  647
  694
  742
  793
  845
  899
  956
  1,015
  1,076
  1,140
  1,207
  1,277
  1,349
  1,425
  1,505
  1,587
  1,674
  1,764
  1,859
  1,958
  2,062
  2,170
  2,284
Total equity, $m
  1,303
  645
  707
  772
  839
  909
  982
  1,057
  1,136
  1,218
  1,303
  1,391
  1,483
  1,578
  1,678
  1,781
  1,889
  2,001
  2,118
  2,241
  2,368
  2,501
  2,640
  2,785
  2,937
  3,096
  3,262
  3,436
  3,618
  3,809
  4,008
Total liabilities and equity, $m
  1,637
  1,013
  1,110
  1,212
  1,317
  1,427
  1,541
  1,660
  1,783
  1,912
  2,045
  2,184
  2,328
  2,477
  2,634
  2,796
  2,965
  3,141
  3,325
  3,518
  3,717
  3,926
  4,145
  4,372
  4,611
  4,860
  5,121
  5,394
  5,680
  5,979
  6,292
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.170
  0.200
  0.230
  0.250
  0.280
  0.300
  0.310
  0.330
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
Adjusted equity ratio
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  334
  304
  333
  362
  393
  425
  458
  493
  529
  566
  605
  646
  688
  731
  777
  824
  873
  925
  978
  1,034
  1,093
  1,153
  1,217
  1,284
  1,353
  1,426
  1,502
  1,581
  1,665
  1,752
  1,843
Depreciation, amort., depletion, $m
  71
  78
  85
  93
  101
  110
  119
  128
  137
  147
  157
  168
  179
  191
  203
  215
  228
  242
  256
  271
  286
  302
  319
  336
  355
  374
  394
  415
  437
  460
  484
Funds from operations, $m
  553
  382
  418
  455
  494
  535
  577
  621
  666
  713
  762
  814
  867
  922
  979
  1,039
  1,102
  1,166
  1,234
  1,305
  1,379
  1,456
  1,536
  1,620
  1,708
  1,800
  1,896
  1,996
  2,102
  2,212
  2,327
Change in working capital, $m
  128
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  425
  379
  410
  447
  486
  526
  568
  611
  656
  703
  752
  803
  855
  910
  967
  1,027
  1,088
  1,153
  1,220
  1,290
  1,363
  1,439
  1,519
  1,602
  1,689
  1,780
  1,876
  1,975
  2,079
  2,189
  2,303
Maintenance CAPEX, $m
  0
  -71
  -78
  -85
  -93
  -101
  -110
  -119
  -128
  -137
  -147
  -157
  -168
  -179
  -191
  -203
  -215
  -228
  -242
  -256
  -271
  -286
  -302
  -319
  -336
  -355
  -374
  -394
  -415
  -437
  -460
New CAPEX, $m
  -82
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
Cash from investing activities, $m
  -80
  -116
  -124
  -133
  -143
  -153
  -165
  -176
  -187
  -198
  -211
  -223
  -237
  -251
  -265
  -280
  -296
  -312
  -330
  -347
  -366
  -386
  -406
  -428
  -450
  -474
  -498
  -524
  -551
  -580
  -609
Free cash flow, $m
  345
  264
  286
  314
  342
  372
  404
  436
  470
  505
  541
  579
  619
  660
  702
  746
  793
  841
  891
  943
  997
  1,054
  1,113
  1,175
  1,239
  1,307
  1,377
  1,451
  1,528
  1,609
  1,693
Issuance/(repayment) of debt, $m
  0
  34
  35
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
Issuance/(repurchase) of shares, $m
  -235
  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  
  -235
  34
  35
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
Total cash flow (excl. dividends), $m
  101
  298
  321
  350
  381
  412
  445
  479
  515
  552
  590
  630
  671
  714
  759
  805
  854
  905
  957
  1,012
  1,070
  1,129
  1,192
  1,257
  1,326
  1,397
  1,472
  1,550
  1,632
  1,717
  1,807
Retained Cash Flow (-), $m
  -13
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
Prev. year cash balance distribution, $m
 
  717
  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
 
  956
  260
  286
  313
  342
  372
  404
  436
  470
  505
  541
  579
  619
  659
  702
  746
  792
  840
  890
  942
  996
  1,053
  1,112
  1,174
  1,238
  1,306
  1,376
  1,450
  1,527
  1,608
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
 
  916
  238
  249
  258
  265
  270
  273
  273
  270
  265
  257
  247
  235
  221
  206
  190
  172
  155
  137
  120
  103
  87
  73
  60
  48
  38
  30
  22
  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

SEI Investments Co. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients. It provides its services to private banks, independent financial advisers, institutional investors, investment managers, investment advisors, wealth management organizations, corporations, retirement scheme sponsors, not-for-profit organizations, hedge fund managers, registered investment advisers, independent broker-dealers, financial planners, life insurance agents, defined-benefit schemes, defined-contribution schemes, endowments, foundations, and board-designated fund, through its subsidiaries. Through its subsidiaries, the firm manages separate client-focused portfolios. It also launches and manages equity, fixed income, and balanced mutual funds, through its subsidiaries. Through its subsidiaries, the firm invests in public equity and fixed income markets. It employs fundamental and quantitative analysis with a focus on top-down and bottom-up analysis to make its investments, through its subsidiaries. SEI Investments Co. was founded in 1968 and is based in Oaks, Pennsylvania.

FINANCIAL RATIOS  of  SEI Investments (SEIC)

Valuation Ratios
P/E Ratio 24.1
Price to Sales 5.8
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 509
Management Effectiveness
Return On Assets 20.7%
Ret/ On Assets - 3 Yr. Avg. 21.1%
Return On Total Capital 25.8%
Ret/ On T. Cap. - 3 Yr. Avg. 26.2%
Return On Equity 25.8%
Return On Equity - 3 Yr. Avg. 26.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 81.3%
Gross Margin - 3 Yr. Avg. 81%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 42.5%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 36.2%
Pre-Tax Margin - 3 Yr. Avg. 37.5%
Net Profit Margin 23.8%
Net Profit Margin - 3 Yr. Avg. 24.6%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 25.4%

SEIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEIC stock intrinsic value calculation we used $1402 million for the last fiscal year's total revenue generated by SEI Investments. The default revenue input number comes from 2016 income statement of SEI Investments. 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 SEIC stock valuation model: a) initial revenue growth rate of 10.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SEIC is calculated based on our internal credit rating of SEI Investments, 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 SEI Investments.
    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 SEIC stock the variable cost ratio is equal to 73%.

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 SEIC 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 SEI Investments.

Corporate tax rate of 27% is the nominal tax rate for SEI Investments. 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 SEIC 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 SEIC are equal to 31.3%.

Life of production assets of 6.2 years is the average useful life of capital assets used in SEI Investments 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 SEIC is equal to 5.1%. 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 - $1303 million for SEI Investments - 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 159.596 million for SEI Investments 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 SEI Investments at the current share price and the inputted number of shares is $8.1 billion.


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COMPANY NEWS

▶ SEI tops 1Q profit forecasts   [Apr-19-17 04:40PM  Associated Press]
▶ SEI Funds Receive Global Recognition in 2017   [Apr-11-17 12:06PM  GlobeNewswire]
▶ SEI Named Gold Award Recipient by Military Friendly┬«   [Jan-31-17 10:00AM  GlobeNewswire]
▶ SEI Partners with Area Universities to Fuel Innovation   [Dec-12-16 01:00PM  GlobeNewswire]
▶ Is SEI Investments Company (SEIC) A Good Stock To Buy?   [Dec-02-16 08:35AM  at Insider Monkey]
▶ SEI Womens Network Hosts Girls with Goals Initiative   [Nov-21-16 10:00AM  GlobeNewswire]
▶ SEIs Advisors Inner Circle Funds┬« Celebrates 25 Years   [Nov-16-16 09:00AM  GlobeNewswire]
▶ PAFA Announces New Partnership with SEI   [Aug-29-16 02:18PM  GlobeNewswire]
▶ SEI Appoints Allfunds To Sub-Custodian List For UK Business   [Aug-25-16 09:00AM  GlobeNewswire]
▶ Hamilton Lane Appoints Deputy General Counsel   [Aug-22-16 08:30AM  PR Newswire]
Stock chart of SEIC Financial statements of SEIC
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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