Intrinsic value of T. Rowe Price Group - TROW

Previous Close

$116.38

  Intrinsic Value

$134.95

stock screener

  Rating & Target

hold

+16%

Previous close

$116.38

 
Intrinsic value

$134.95

 
Up/down potential

+16%

 
Rating

hold

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

We calculate the intrinsic value of TROW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  0.52
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  4,223
  4,721
  5,246
  5,798
  6,375
  6,978
  7,607
  8,262
  8,944
  9,653
  10,390
  11,156
  11,952
  12,779
  13,639
  14,533
  15,463
  16,431
  17,439
  18,489
  19,583
  20,724
  21,915
  23,157
  24,455
  25,810
  27,227
  28,708
  30,257
  31,877
  33,573
Variable operating expenses, $m
 
  2,579
  2,859
  3,152
  3,460
  3,781
  4,115
  4,464
  4,827
  5,204
  5,597
  5,938
  6,361
  6,801
  7,259
  7,735
  8,230
  8,745
  9,282
  9,840
  10,423
  11,030
  11,664
  12,325
  13,016
  13,737
  14,491
  15,279
  16,103
  16,966
  17,869
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
  2,490
  2,579
  2,859
  3,152
  3,460
  3,781
  4,115
  4,464
  4,827
  5,204
  5,597
  5,938
  6,361
  6,801
  7,259
  7,735
  8,230
  8,745
  9,282
  9,840
  10,423
  11,030
  11,664
  12,325
  13,016
  13,737
  14,491
  15,279
  16,103
  16,966
  17,869
Operating income, $m
  1,733
  2,142
  2,387
  2,645
  2,915
  3,198
  3,492
  3,798
  4,117
  4,449
  4,794
  5,219
  5,591
  5,978
  6,380
  6,798
  7,233
  7,686
  8,158
  8,649
  9,161
  9,694
  10,251
  10,832
  11,439
  12,073
  12,736
  13,429
  14,153
  14,911
  15,704
EBITDA, $m
  1,866
  2,280
  2,533
  2,800
  3,078
  3,370
  3,673
  3,990
  4,319
  4,661
  5,017
  5,387
  5,771
  6,171
  6,586
  7,018
  7,467
  7,934
  8,421
  8,928
  9,456
  10,007
  10,582
  11,182
  11,809
  12,463
  13,147
  13,862
  14,610
  15,393
  16,212
Interest expense (income), $m
  0
  0
  5
  10
  16
  22
  28
  34
  41
  48
  55
  62
  70
  78
  86
  95
  104
  113
  123
  133
  144
  155
  166
  178
  191
  204
  217
  232
  247
  262
  278
Earnings before tax, $m
  1,961
  2,142
  2,382
  2,635
  2,900
  3,176
  3,464
  3,764
  4,077
  4,401
  4,739
  5,156
  5,521
  5,900
  6,294
  6,703
  7,129
  7,573
  8,035
  8,516
  9,017
  9,540
  10,085
  10,654
  11,249
  11,870
  12,518
  13,197
  13,907
  14,649
  15,426
Tax expense, $m
  707
  578
  643
  711
  783
  857
  935
  1,016
  1,101
  1,188
  1,280
  1,392
  1,491
  1,593
  1,699
  1,810
  1,925
  2,045
  2,169
  2,299
  2,435
  2,576
  2,723
  2,877
  3,037
  3,205
  3,380
  3,563
  3,755
  3,955
  4,165
Net income, $m
  1,215
  1,564
  1,739
  1,924
  2,117
  2,318
  2,529
  2,748
  2,976
  3,213
  3,459
  3,764
  4,030
  4,307
  4,594
  4,893
  5,204
  5,528
  5,865
  6,216
  6,582
  6,964
  7,362
  7,778
  8,211
  8,665
  9,138
  9,634
  10,152
  10,694
  11,261

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,205
  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
  6,225
  5,614
  6,238
  6,894
  7,580
  8,297
  9,045
  9,824
  10,635
  11,478
  12,355
  13,265
  14,212
  15,195
  16,218
  17,281
  18,387
  19,538
  20,736
  21,985
  23,286
  24,643
  26,058
  27,535
  29,078
  30,690
  32,374
  34,135
  35,977
  37,904
  39,920
Adjusted assets (=assets-cash), $m
  5,020
  5,614
  6,238
  6,894
  7,580
  8,297
  9,045
  9,824
  10,635
  11,478
  12,355
  13,265
  14,212
  15,195
  16,218
  17,281
  18,387
  19,538
  20,736
  21,985
  23,286
  24,643
  26,058
  27,535
  29,078
  30,690
  32,374
  34,135
  35,977
  37,904
  39,920
Revenue / Adjusted assets
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
Average production assets, $m
  612
  685
  761
  841
  924
  1,012
  1,103
  1,198
  1,297
  1,400
  1,507
  1,618
  1,733
  1,853
  1,978
  2,107
  2,242
  2,383
  2,529
  2,681
  2,840
  3,005
  3,178
  3,358
  3,546
  3,742
  3,948
  4,163
  4,387
  4,622
  4,868
Working capital, $m
  0
  -1,346
  -1,495
  -1,652
  -1,817
  -1,989
  -2,168
  -2,355
  -2,549
  -2,751
  -2,961
  -3,179
  -3,406
  -3,642
  -3,887
  -4,142
  -4,407
  -4,683
  -4,970
  -5,269
  -5,581
  -5,906
  -6,246
  -6,600
  -6,970
  -7,356
  -7,760
  -8,182
  -8,623
  -9,085
  -9,568
Total debt, $m
  0
  143
  294
  452
  618
  792
  973
  1,162
  1,358
  1,562
  1,774
  1,994
  2,223
  2,461
  2,709
  2,966
  3,234
  3,512
  3,802
  4,104
  4,419
  4,748
  5,090
  5,448
  5,821
  6,211
  6,619
  7,045
  7,490
  7,957
  8,445
Total liabilities, $m
  1,216
  1,359
  1,510
  1,668
  1,834
  2,008
  2,189
  2,378
  2,574
  2,778
  2,990
  3,210
  3,439
  3,677
  3,925
  4,182
  4,450
  4,728
  5,018
  5,320
  5,635
  5,964
  6,306
  6,664
  7,037
  7,427
  7,835
  8,261
  8,706
  9,173
  9,661
Total equity, $m
  5,009
  4,255
  4,729
  5,225
  5,746
  6,289
  6,856
  7,447
  8,062
  8,701
  9,365
  10,055
  10,772
  11,518
  12,293
  13,099
  13,937
  14,810
  15,718
  16,664
  17,651
  18,679
  19,752
  20,872
  22,041
  23,263
  24,540
  25,874
  27,270
  28,731
  30,260
Total liabilities and equity, $m
  6,225
  5,614
  6,239
  6,893
  7,580
  8,297
  9,045
  9,825
  10,636
  11,479
  12,355
  13,265
  14,211
  15,195
  16,218
  17,281
  18,387
  19,538
  20,736
  21,984
  23,286
  24,643
  26,058
  27,536
  29,078
  30,690
  32,375
  34,135
  35,976
  37,904
  39,921
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.130
  0.140
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
Adjusted equity ratio
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,215
  1,564
  1,739
  1,924
  2,117
  2,318
  2,529
  2,748
  2,976
  3,213
  3,459
  3,764
  4,030
  4,307
  4,594
  4,893
  5,204
  5,528
  5,865
  6,216
  6,582
  6,964
  7,362
  7,778
  8,211
  8,665
  9,138
  9,634
  10,152
  10,694
  11,261
Depreciation, amort., depletion, $m
  133
  138
  146
  154
  163
  172
  181
  191
  202
  212
  224
  169
  181
  193
  206
  220
  234
  248
  263
  279
  296
  313
  331
  350
  369
  390
  411
  434
  457
  481
  507
Funds from operations, $m
  174
  1,701
  1,885
  2,078
  2,280
  2,490
  2,710
  2,939
  3,178
  3,425
  3,683
  3,933
  4,211
  4,500
  4,800
  5,113
  5,438
  5,776
  6,129
  6,496
  6,878
  7,277
  7,693
  8,127
  8,581
  9,055
  9,550
  10,067
  10,609
  11,175
  11,768
Change in working capital, $m
  3
  -142
  -150
  -157
  -165
  -172
  -179
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -312
  -325
  -339
  -354
  -370
  -386
  -404
  -422
  -441
  -462
  -483
Cash from operations, $m
  171
  1,844
  2,035
  2,235
  2,444
  2,662
  2,890
  3,126
  3,372
  3,628
  3,893
  4,151
  4,438
  4,736
  5,046
  5,368
  5,703
  6,052
  6,416
  6,795
  7,190
  7,602
  8,032
  8,481
  8,951
  9,441
  9,953
  10,489
  11,050
  11,637
  12,251
Maintenance CAPEX, $m
  0
  -64
  -71
  -79
  -88
  -96
  -105
  -115
  -125
  -135
  -146
  -157
  -169
  -181
  -193
  -206
  -220
  -234
  -248
  -263
  -279
  -296
  -313
  -331
  -350
  -369
  -390
  -411
  -434
  -457
  -481
New CAPEX, $m
  -148
  -73
  -76
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
  -165
  -173
  -180
  -188
  -197
  -205
  -215
  -225
  -235
  -246
Cash from investing activities, $m
  106
  -137
  -147
  -159
  -172
  -183
  -196
  -210
  -224
  -238
  -253
  -268
  -284
  -301
  -318
  -336
  -355
  -374
  -394
  -415
  -438
  -461
  -486
  -511
  -538
  -566
  -595
  -626
  -659
  -692
  -727
Free cash flow, $m
  277
  1,707
  1,887
  2,076
  2,273
  2,479
  2,693
  2,916
  3,148
  3,390
  3,640
  3,883
  4,154
  4,435
  4,728
  5,032
  5,349
  5,678
  6,022
  6,379
  6,752
  7,141
  7,547
  7,970
  8,413
  8,875
  9,358
  9,863
  10,392
  10,945
  11,524
Issuance/(repayment) of debt, $m
  0
  143
  151
  159
  166
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  302
  315
  328
  343
  358
  373
  390
  408
  426
  446
  466
  488
Issuance/(repurchase) of shares, $m
  -551
  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  
  365
  143
  151
  159
  166
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  302
  315
  328
  343
  358
  373
  390
  408
  426
  446
  466
  488
Total cash flow (excl. dividends), $m
  639
  1,850
  2,038
  2,234
  2,439
  2,652
  2,874
  3,105
  3,344
  3,594
  3,852
  4,103
  4,383
  4,673
  4,975
  5,289
  5,616
  5,957
  6,312
  6,681
  7,067
  7,469
  7,889
  8,328
  8,786
  9,265
  9,766
  10,290
  10,838
  11,411
  12,012
Retained Cash Flow (-), $m
  -247
  -451
  -473
  -497
  -520
  -544
  -567
  -591
  -615
  -639
  -664
  -690
  -717
  -746
  -775
  -806
  -838
  -872
  -908
  -946
  -986
  -1,028
  -1,073
  -1,120
  -1,169
  -1,222
  -1,277
  -1,335
  -1,396
  -1,461
  -1,529
Prev. year cash balance distribution, $m
 
  1,205
  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
 
  2,603
  1,565
  1,737
  1,919
  2,108
  2,307
  2,514
  2,730
  2,955
  3,188
  3,413
  3,665
  3,928
  4,200
  4,484
  4,778
  5,084
  5,403
  5,735
  6,081
  6,441
  6,816
  7,208
  7,617
  8,043
  8,489
  8,955
  9,442
  9,951
  10,483
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
 
  2,496
  1,433
  1,512
  1,580
  1,634
  1,674
  1,698
  1,706
  1,697
  1,671
  1,621
  1,564
  1,493
  1,410
  1,316
  1,214
  1,106
  995
  883
  773
  666
  566
  472
  388
  313
  248
  192
  146
  109
  79
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

T. Rowe Price Group, Inc. is a financial services holding company. The Company provides global investment management services through its subsidiaries to investors across the world. The Company provides an array of Company sponsored the United States mutual funds, other sponsored pooled investment vehicles, sub advisory services, separate account management, recordkeeping, and related services to individuals, advisors, institutions, financial intermediaries and retirement plan sponsors. The Company distributes its products in countries located within three geographical regions: North America, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC). It also offers specialized advisory services, including management of stable value investment contracts and a distribution management service for the disposition of equity securities its clients receive from third-party venture capital investment pools. As of December 31, 2016, it serviced clients in 45 countries across the world.

FINANCIAL RATIOS  of  T. Rowe Price Group (TROW)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 6.7
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 166.6
Price to Free Cash Flow 1238.6
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 21.4%
Ret/ On Assets - 3 Yr. Avg. 22.4%
Return On Total Capital 24.9%
Ret/ On T. Cap. - 3 Yr. Avg. 24.3%
Return On Equity 24.9%
Return On Equity - 3 Yr. Avg. 24.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 49.6%
EBITDA Margin - 3 Yr. Avg. 51.1%
Operating Margin 41%
Oper. Margin - 3 Yr. Avg. 44.6%
Pre-Tax Margin 46.4%
Pre-Tax Margin - 3 Yr. Avg. 48.1%
Net Profit Margin 28.8%
Net Profit Margin - 3 Yr. Avg. 29.6%
Effective Tax Rate 36.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 44.5%

TROW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TROW stock intrinsic value calculation we used $4223 million for the last fiscal year's total revenue generated by T. Rowe Price Group. The default revenue input number comes from 2016 income statement of T. Rowe Price Group. 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 TROW stock valuation model: a) initial revenue growth rate of 11.8% 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 TROW is calculated based on our internal credit rating of T. Rowe Price Group, 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 T. Rowe Price Group.
    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 TROW stock the variable cost ratio is equal to 54.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TROW 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 T. Rowe Price Group.

Corporate tax rate of 27% is the nominal tax rate for T. Rowe Price Group. 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 TROW 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 TROW are equal to 14.5%.

Life of production assets of 9.6 years is the average useful life of capital assets used in T. Rowe Price Group 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 TROW is equal to -28.5%. 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 - $5009 million for T. Rowe Price Group - 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 243.21 million for T. Rowe Price Group 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 T. Rowe Price Group at the current share price and the inputted number of shares is $28.3 billion.

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COMPANY NEWS

▶ T Rowe Price Equity Income Fund Establishes 4 New Positions   [Jan-16-18 01:31PM  GuruFocus.com]
▶ T. Rowe Price Upgraded on Tax Reform   [Jan-09-18 11:33AM  Barrons.com]
▶ Bank of America: buy T. Rowe Price   [Jan-08-18 01:36PM  CNBC Videos]
▶ [$$] Zinsli's Take: Holiday Rally's Biggest Gift Doesn't Go to VCs   [Jan-03-18 07:30AM  The Wall Street Journal]
▶ 5 Companies Growing in Profitability   [Dec-22-17 03:41PM  GuruFocus.com]
▶ How Safe Is T. Rowe Price (TROW) Dividend?   [Dec-15-17 06:00AM  Motley Fool]
▶ Bank stocks are getting pushed around by bond traders   [Dec-14-17 01:36PM  Yahoo Finance Video]
▶ JPMorgan Chase to offer discounts like Amazon   [Dec-08-17 11:08AM  Yahoo Finance Video]
▶ Large-Cap Growth Funds Dominate in 2017, Up Almost 29%   [12:27AM  The Wall Street Journal]
▶ Nasdaq to launch bitcoin futures, plus: the biggest names in crypto   [Nov-30-17 10:47AM  Yahoo Finance Video]
▶ BTIG not impressed with Square's bitcoin test   [Nov-28-17 02:19PM  Yahoo Finance Video]
▶ Bitcoin continues onward and upward   [11:09AM  Yahoo Finance Video]
▶ What Analysts Recommend for T. Rowe Price Group   [Nov-22-17 10:32AM  Market Realist]
▶ Whats T. Rowes Valuation?   [09:02AM  Market Realist]
▶ T. Rowes Total Operating Expenses Rose in 3Q17   [Nov-21-17 12:10PM  Market Realist]
▶ How T. Rowe Managed to Increase Net Revenues   [10:40AM  Market Realist]
▶ Apple's 'Secular' Problem, Per T Rowe Price   [Nov-14-17 12:57PM  Barrons.com]
▶ Asset Strong: Legg Mason and T. Rowe Kick It Up a Notch   [Nov-10-17 03:29PM  Barrons.com]
▶ NYSE Top Financial Dividend Paying Stocks   [Nov-09-17 12:02PM  Simply Wall St.]
▶ T. Rowe Price profit rises 19 percent on stock market gains   [Oct-26-17 10:40AM  American City Business Journals]
▶ T. Rowe beats 3Q profit forecasts   [08:01AM  Associated Press]
▶ T. Rowe Price Group Declares Quarterly Dividend   [Oct-25-17 11:18AM  PR Newswire]
▶ 6 things to watch as Greater Baltimore companies report earnings   [Oct-24-17 03:15PM  American City Business Journals]
▶ T. Rowe Price Is Managing Change Well   [Oct-19-17 07:00AM  Morningstar]
▶ [$$] Junk Bond Boom Reaches Far Corners of the World   [12:18AM  The Wall Street Journal]
▶ [$$] Junk Bond Boom Reaches Far Corners of the World   [Oct-11-17 08:19PM  The Wall Street Journal]
Financial statements of TROW
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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