Intrinsic value of T. Rowe Price Group - TROW

Previous Close

$95.98

  Intrinsic Value

$139.24

stock screener

  Rating & Target

buy

+45%

Previous close

$95.98

 
Intrinsic value

$139.24

 
Up/down potential

+45%

 
Rating

buy

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

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 23.1

 

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, %
  0.52
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  4,223
  4,738
  5,282
  5,854
  6,454
  7,082
  7,737
  8,420
  9,131
  9,871
  10,639
  11,438
  12,269
  13,132
  14,029
  14,961
  15,931
  16,940
  17,991
  19,084
  20,224
  21,413
  22,652
  23,945
  25,295
  26,705
  28,178
  29,718
  31,329
  33,013
  34,776
Variable operating expenses, $m
 
  2,588
  2,878
  3,182
  3,502
  3,836
  4,185
  4,548
  4,926
  5,320
  5,729
  6,088
  6,530
  6,989
  7,466
  7,963
  8,479
  9,016
  9,575
  10,157
  10,764
  11,396
  12,056
  12,744
  13,463
  14,213
  14,997
  15,817
  16,674
  17,571
  18,509
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
  2,588
  2,878
  3,182
  3,502
  3,836
  4,185
  4,548
  4,926
  5,320
  5,729
  6,088
  6,530
  6,989
  7,466
  7,963
  8,479
  9,016
  9,575
  10,157
  10,764
  11,396
  12,056
  12,744
  13,463
  14,213
  14,997
  15,817
  16,674
  17,571
  18,509
Operating income, $m
  1,733
  2,150
  2,404
  2,672
  2,953
  3,246
  3,553
  3,872
  4,205
  4,551
  4,910
  5,351
  5,739
  6,143
  6,562
  6,998
  7,452
  7,924
  8,415
  8,927
  9,460
  10,016
  10,596
  11,201
  11,832
  12,492
  13,181
  13,901
  14,655
  15,443
  16,267
EBITDA, $m
  1,866
  2,288
  2,551
  2,827
  3,117
  3,420
  3,736
  4,066
  4,409
  4,766
  5,137
  5,523
  5,924
  6,341
  6,774
  7,224
  7,693
  8,180
  8,687
  9,215
  9,766
  10,340
  10,938
  11,562
  12,214
  12,895
  13,607
  14,350
  15,128
  15,941
  16,792
Interest expense (income), $m
  0
  0
  5
  11
  16
  22
  29
  35
  42
  49
  57
  65
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  199
  212
  226
  241
  257
  273
  290
Earnings before tax, $m
  1,961
  2,150
  2,399
  2,661
  2,936
  3,224
  3,524
  3,837
  4,162
  4,501
  4,853
  5,286
  5,666
  6,062
  6,473
  6,900
  7,344
  7,806
  8,287
  8,789
  9,311
  9,855
  10,423
  11,015
  11,634
  12,280
  12,955
  13,660
  14,398
  15,170
  15,977
Tax expense, $m
  707
  580
  648
  719
  793
  870
  951
  1,036
  1,124
  1,215
  1,310
  1,427
  1,530
  1,637
  1,748
  1,863
  1,983
  2,108
  2,238
  2,373
  2,514
  2,661
  2,814
  2,974
  3,141
  3,316
  3,498
  3,688
  3,887
  4,096
  4,314
Net income, $m
  1,215
  1,569
  1,751
  1,943
  2,143
  2,353
  2,572
  2,801
  3,039
  3,286
  3,543
  3,859
  4,136
  4,425
  4,725
  5,037
  5,361
  5,699
  6,050
  6,416
  6,797
  7,194
  7,609
  8,041
  8,493
  8,964
  9,457
  9,972
  10,511
  11,074
  11,663

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
  5,634
  6,281
  6,961
  7,675
  8,421
  9,200
  10,012
  10,857
  11,737
  12,651
  13,601
  14,588
  15,614
  16,681
  17,790
  18,943
  20,143
  21,392
  22,693
  24,048
  25,461
  26,934
  28,472
  30,077
  31,754
  33,506
  35,337
  37,252
  39,255
  41,351
Adjusted assets (=assets-cash), $m
  5,020
  5,634
  6,281
  6,961
  7,675
  8,421
  9,200
  10,012
  10,857
  11,737
  12,651
  13,601
  14,588
  15,614
  16,681
  17,790
  18,943
  20,143
  21,392
  22,693
  24,048
  25,461
  26,934
  28,472
  30,077
  31,754
  33,506
  35,337
  37,252
  39,255
  41,351
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
  687
  766
  849
  936
  1,027
  1,122
  1,221
  1,324
  1,431
  1,543
  1,659
  1,779
  1,904
  2,034
  2,169
  2,310
  2,456
  2,609
  2,767
  2,933
  3,105
  3,285
  3,472
  3,668
  3,872
  4,086
  4,309
  4,543
  4,787
  5,043
Working capital, $m
  0
  -1,350
  -1,505
  -1,668
  -1,839
  -2,018
  -2,205
  -2,400
  -2,602
  -2,813
  -3,032
  -3,260
  -3,497
  -3,743
  -3,998
  -4,264
  -4,540
  -4,828
  -5,127
  -5,439
  -5,764
  -6,103
  -6,456
  -6,824
  -7,209
  -7,611
  -8,031
  -8,470
  -8,929
  -9,409
  -9,911
Total debt, $m
  0
  147
  304
  469
  641
  822
  1,010
  1,207
  1,411
  1,624
  1,846
  2,075
  2,314
  2,563
  2,821
  3,089
  3,368
  3,659
  3,961
  4,276
  4,604
  4,946
  5,302
  5,674
  6,063
  6,468
  6,892
  7,336
  7,799
  8,284
  8,791
Total liabilities, $m
  1,216
  1,363
  1,520
  1,685
  1,857
  2,038
  2,226
  2,423
  2,627
  2,840
  3,062
  3,291
  3,530
  3,779
  4,037
  4,305
  4,584
  4,875
  5,177
  5,492
  5,820
  6,162
  6,518
  6,890
  7,279
  7,684
  8,108
  8,552
  9,015
  9,500
  10,007
Total equity, $m
  5,009
  4,271
  4,761
  5,277
  5,817
  6,383
  6,974
  7,589
  8,230
  8,896
  9,589
  10,310
  11,058
  11,836
  12,644
  13,485
  14,359
  15,268
  16,215
  17,201
  18,228
  19,299
  20,416
  21,582
  22,799
  24,070
  25,397
  26,786
  28,237
  29,755
  31,344
Total liabilities and equity, $m
  6,225
  5,634
  6,281
  6,962
  7,674
  8,421
  9,200
  10,012
  10,857
  11,736
  12,651
  13,601
  14,588
  15,615
  16,681
  17,790
  18,943
  20,143
  21,392
  22,693
  24,048
  25,461
  26,934
  28,472
  30,078
  31,754
  33,505
  35,338
  37,252
  39,255
  41,351
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
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.280
  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
  1,569
  1,751
  1,943
  2,143
  2,353
  2,572
  2,801
  3,039
  3,286
  3,543
  3,859
  4,136
  4,425
  4,725
  5,037
  5,361
  5,699
  6,050
  6,416
  6,797
  7,194
  7,609
  8,041
  8,493
  8,964
  9,457
  9,972
  10,511
  11,074
  11,663
Depreciation, amort., depletion, $m
  133
  138
  146
  155
  164
  174
  183
  194
  205
  216
  227
  173
  185
  198
  212
  226
  241
  256
  272
  288
  305
  323
  342
  362
  382
  403
  426
  449
  473
  499
  525
Funds from operations, $m
  174
  1,708
  1,898
  2,098
  2,307
  2,527
  2,756
  2,995
  3,243
  3,502
  3,770
  4,032
  4,322
  4,623
  4,937
  5,263
  5,602
  5,954
  6,322
  6,704
  7,102
  7,518
  7,951
  8,403
  8,875
  9,368
  9,883
  10,421
  10,984
  11,573
  12,189
Change in working capital, $m
  3
  -147
  -155
  -163
  -171
  -179
  -187
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -276
  -288
  -299
  -312
  -325
  -339
  -353
  -369
  -385
  -402
  -420
  -439
  -459
  -480
  -502
Cash from operations, $m
  171
  1,854
  2,053
  2,261
  2,478
  2,706
  2,943
  3,189
  3,446
  3,712
  3,989
  4,259
  4,558
  4,869
  5,192
  5,529
  5,878
  6,242
  6,621
  7,016
  7,427
  7,856
  8,304
  8,771
  9,259
  9,769
  10,302
  10,860
  11,443
  12,053
  12,691
Maintenance CAPEX, $m
  0
  -64
  -72
  -80
  -88
  -97
  -107
  -117
  -127
  -138
  -149
  -161
  -173
  -185
  -198
  -212
  -226
  -241
  -256
  -272
  -288
  -305
  -323
  -342
  -362
  -382
  -403
  -426
  -449
  -473
  -499
New CAPEX, $m
  -148
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -159
  -165
  -172
  -180
  -188
  -196
  -204
  -214
  -223
  -234
  -244
  -256
Cash from investing activities, $m
  106
  -139
  -151
  -163
  -175
  -188
  -202
  -216
  -230
  -245
  -260
  -277
  -293
  -310
  -328
  -347
  -367
  -387
  -408
  -431
  -453
  -477
  -503
  -530
  -558
  -586
  -617
  -649
  -683
  -717
  -755
Free cash flow, $m
  277
  1,716
  1,902
  2,098
  2,303
  2,517
  2,741
  2,973
  3,215
  3,467
  3,729
  3,983
  4,265
  4,559
  4,864
  5,181
  5,512
  5,855
  6,213
  6,585
  6,974
  7,378
  7,801
  8,242
  8,702
  9,183
  9,685
  10,211
  10,760
  11,335
  11,937
Issuance/(repayment) of debt, $m
  0
  147
  157
  165
  173
  181
  189
  197
  205
  213
  221
  230
  239
  248
  258
  268
  279
  290
  302
  315
  328
  342
  357
  372
  388
  406
  424
  443
  463
  485
  507
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
  147
  157
  165
  173
  181
  189
  197
  205
  213
  221
  230
  239
  248
  258
  268
  279
  290
  302
  315
  328
  342
  357
  372
  388
  406
  424
  443
  463
  485
  507
Total cash flow (excl. dividends), $m
  639
  1,863
  2,059
  2,263
  2,476
  2,698
  2,929
  3,170
  3,420
  3,680
  3,950
  4,213
  4,504
  4,807
  5,122
  5,450
  5,791
  6,145
  6,515
  6,900
  7,302
  7,720
  8,157
  8,614
  9,091
  9,589
  10,109
  10,654
  11,224
  11,820
  12,444
Retained Cash Flow (-), $m
  -247
  -467
  -490
  -516
  -541
  -566
  -591
  -616
  -641
  -667
  -693
  -720
  -748
  -778
  -808
  -840
  -874
  -910
  -947
  -986
  -1,027
  -1,071
  -1,117
  -1,166
  -1,217
  -1,271
  -1,328
  -1,388
  -1,451
  -1,518
  -1,589
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
 
  2,601
  1,569
  1,747
  1,935
  2,132
  2,339
  2,554
  2,779
  3,013
  3,257
  3,492
  3,756
  4,029
  4,314
  4,609
  4,916
  5,236
  5,568
  5,914
  6,274
  6,649
  7,040
  7,448
  7,874
  8,318
  8,781
  9,266
  9,772
  10,302
  10,855
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
 
  2,494
  1,436
  1,520
  1,593
  1,653
  1,697
  1,726
  1,737
  1,731
  1,708
  1,659
  1,603
  1,532
  1,448
  1,353
  1,249
  1,139
  1,025
  911
  797
  688
  584
  488
  401
  324
  256
  199
  151
  112
  82
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 19.3
Price to Sales 5.6
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 137.4
Price to Free Cash Flow 1021.5
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 12.2% 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 240.347 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 $23.1 billion.

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COMPANY NEWS

▶ 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]
▶ Heres how Oranjs 'un-robo-advisor' saves you money   [Oct-10-17 01:21PM  Yahoo Finance Video]
▶ Deregulation is driving bank stocks highernot the Fed: NYSE trader   [Oct-09-17 01:05PM  Yahoo Finance Video]
▶ New Target-Date Funds Are Geared for Withdrawal Time   [12:33AM  The Wall Street Journal]
▶ New Target-Date Funds Are Geared for Withdrawal Time   [Oct-08-17 10:12PM  The Wall Street Journal]
▶ [$$] Sustainability Ratings Tell Half the Story   [Oct-07-17 12:20AM  Barrons.com]
▶ Strong T. Rowe Price Is Still Headed Higher   [09:18AM  TheStreet.com]
▶ T. Rowe Price leads $385 million funding round for British tech company   [Sep-26-17 03:15PM  American City Business Journals]
▶ [$$] Asset managers must beef up cyber security defences   [Sep-22-17 12:07AM  Financial Times]
▶ LPL Financial: Will They Stay or Will They Go   [Sep-06-17 01:36PM  Barrons.com]
▶ [$$] Movers & shakers: September 4   [Sep-03-17 12:00AM  Financial Times]
▶ What Analysts Recommend for T. Rowe Price Group   [Aug-28-17 09:06AM  Market Realist]
▶ David Dreman Exits Total, Reduces Bank of America, Apple   [Aug-25-17 01:23PM  GuruFocus.com]
▶ How T. Rowes Cash Flows Trended in 2Q17   [10:37AM  Market Realist]
▶ How T. Rowes Net Revenues Trended in 2Q17   [07:37AM  Market Realist]
▶ Inside T. Rowes Occupancy and Other Operating Expenses   [Aug-24-17 12:36PM  Market Realist]
▶ T. Rowe Price Beat Analysts Estimates in 2Q17   [09:05AM  Market Realist]
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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