Intrinsic value of Virtus Investment Partners - VRTS

Previous Close

$126.00

  Intrinsic Value

$1,678

stock screener

  Rating & Target

str. buy

+999%

Previous close

$126.00

 
Intrinsic value

$1,678

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of VRTS 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, %
  -15.45
  51.20
  46.58
  42.42
  38.68
  35.31
  32.28
  29.55
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.70
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
Revenue, $m
  323
  488
  716
  1,020
  1,414
  1,913
  2,531
  3,279
  4,167
  5,204
  6,396
  7,746
  9,256
  10,927
  12,756
  14,743
  16,882
  19,171
  21,607
  24,186
  26,904
  29,761
  32,753
  35,881
  39,144
  42,544
  46,082
  49,762
  53,587
  57,562
  61,693
Variable operating expenses, $m
 
  248
  363
  516
  716
  968
  1,281
  1,659
  2,109
  2,633
  3,236
  3,918
  4,682
  5,527
  6,453
  7,457
  8,539
  9,697
  10,930
  12,234
  13,609
  15,054
  16,568
  18,150
  19,800
  21,520
  23,310
  25,171
  27,106
  29,117
  31,206
Fixed operating expenses, $m
 
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
  222
  227
  233
Total operating expenses, $m
  272
  362
  480
  636
  839
  1,094
  1,410
  1,791
  2,244
  2,772
  3,378
  4,064
  4,831
  5,680
  6,610
  7,618
  8,704
  9,866
  11,103
  12,411
  13,791
  15,240
  16,759
  18,346
  20,001
  21,726
  23,521
  25,387
  27,328
  29,344
  31,439
Operating income, $m
  51
  127
  236
  384
  575
  819
  1,121
  1,488
  1,923
  2,432
  3,018
  3,682
  4,425
  5,247
  6,147
  7,125
  8,178
  9,305
  10,504
  11,774
  13,113
  14,520
  15,994
  17,535
  19,143
  20,818
  22,561
  24,375
  26,259
  28,218
  30,254
EBITDA, $m
  57
  135
  248
  400
  598
  850
  1,161
  1,540
  1,989
  2,515
  3,119
  3,803
  4,570
  5,418
  6,347
  7,355
  8,442
  9,605
  10,842
  12,153
  13,534
  14,986
  16,507
  18,097
  19,755
  21,484
  23,282
  25,153
  27,097
  29,118
  31,219
Interest expense (income), $m
  0
  13
  22
  35
  51
  73
  100
  133
  174
  222
  279
  344
  417
  499
  590
  690
  798
  914
  1,039
  1,172
  1,312
  1,460
  1,615
  1,778
  1,948
  2,126
  2,311
  2,504
  2,704
  2,912
  3,128
Earnings before tax, $m
  70
  114
  214
  349
  524
  747
  1,022
  1,354
  1,749
  2,210
  2,739
  3,339
  4,008
  4,747
  5,557
  6,435
  7,380
  8,391
  9,465
  10,603
  11,801
  13,060
  14,379
  15,757
  17,195
  18,692
  20,250
  21,871
  23,555
  25,306
  27,125
Tax expense, $m
  21
  31
  58
  94
  142
  202
  276
  366
  472
  597
  740
  901
  1,082
  1,282
  1,500
  1,737
  1,993
  2,265
  2,556
  2,863
  3,186
  3,526
  3,882
  4,254
  4,643
  5,047
  5,468
  5,905
  6,360
  6,833
  7,324
Net income, $m
  49
  83
  156
  255
  383
  545
  746
  989
  1,277
  1,613
  2,000
  2,437
  2,926
  3,466
  4,056
  4,697
  5,387
  6,125
  6,910
  7,740
  8,615
  9,534
  10,497
  11,503
  12,552
  13,645
  14,783
  15,966
  17,195
  18,473
  19,801

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  824
  1,120
  1,642
  2,338
  3,243
  4,388
  5,805
  7,520
  9,558
  11,936
  14,669
  17,766
  21,230
  25,062
  29,258
  33,813
  38,720
  43,971
  49,557
  55,472
  61,707
  68,259
  75,122
  82,296
  89,781
  97,578
  105,694
  114,133
  122,906
  132,023
  141,497
Adjusted assets (=assets-cash), $m
  740
  1,120
  1,642
  2,338
  3,243
  4,388
  5,805
  7,520
  9,558
  11,936
  14,669
  17,766
  21,230
  25,062
  29,258
  33,813
  38,720
  43,971
  49,557
  55,472
  61,707
  68,259
  75,122
  82,296
  89,781
  97,578
  105,694
  114,133
  122,906
  132,023
  141,497
Revenue / Adjusted assets
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
Average production assets, $m
  40
  60
  87
  124
  172
  233
  309
  400
  508
  635
  780
  945
  1,129
  1,333
  1,556
  1,799
  2,060
  2,339
  2,636
  2,951
  3,282
  3,631
  3,996
  4,377
  4,776
  5,190
  5,622
  6,071
  6,538
  7,023
  7,527
Working capital, $m
  43
  -62
  -91
  -129
  -180
  -243
  -321
  -416
  -529
  -661
  -812
  -984
  -1,176
  -1,388
  -1,620
  -1,872
  -2,144
  -2,435
  -2,744
  -3,072
  -3,417
  -3,780
  -4,160
  -4,557
  -4,971
  -5,403
  -5,852
  -6,320
  -6,806
  -7,310
  -7,835
Total debt, $m
  375
  632
  986
  1,458
  2,072
  2,848
  3,808
  4,971
  6,353
  7,966
  9,819
  11,918
  14,267
  16,865
  19,710
  22,798
  26,125
  29,685
  33,473
  37,483
  41,711
  46,152
  50,806
  55,670
  60,744
  66,031
  71,533
  77,255
  83,203
  89,385
  95,808
Total liabilities, $m
  503
  759
  1,113
  1,585
  2,199
  2,975
  3,935
  5,098
  6,480
  8,093
  9,946
  12,045
  14,394
  16,992
  19,837
  22,925
  26,252
  29,812
  33,600
  37,610
  41,838
  46,279
  50,933
  55,797
  60,871
  66,158
  71,660
  77,382
  83,330
  89,512
  95,935
Total equity, $m
  322
  361
  529
  753
  1,044
  1,413
  1,869
  2,421
  3,078
  3,843
  4,724
  5,721
  6,836
  8,070
  9,421
  10,888
  12,468
  14,159
  15,957
  17,862
  19,870
  21,979
  24,189
  26,499
  28,909
  31,420
  34,033
  36,751
  39,576
  42,511
  45,562
Total liabilities and equity, $m
  825
  1,120
  1,642
  2,338
  3,243
  4,388
  5,804
  7,519
  9,558
  11,936
  14,670
  17,766
  21,230
  25,062
  29,258
  33,813
  38,720
  43,971
  49,557
  55,472
  61,708
  68,258
  75,122
  82,296
  89,780
  97,578
  105,693
  114,133
  122,906
  132,023
  141,497
Debt-to-equity ratio
  1.165
  1.750
  1.870
  1.940
  1.980
  2.020
  2.040
  2.050
  2.060
  2.070
  2.080
  2.080
  2.090
  2.090
  2.090
  2.090
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
  2.100
Adjusted equity ratio
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  83
  156
  255
  383
  545
  746
  989
  1,277
  1,613
  2,000
  2,437
  2,926
  3,466
  4,056
  4,697
  5,387
  6,125
  6,910
  7,740
  8,615
  9,534
  10,497
  11,503
  12,552
  13,645
  14,783
  15,966
  17,195
  18,473
  19,801
Depreciation, amort., depletion, $m
  6
  8
  12
  17
  23
  31
  40
  52
  66
  82
  101
  121
  145
  171
  200
  231
  264
  300
  338
  378
  421
  465
  512
  561
  612
  665
  721
  778
  838
  900
  965
Funds from operations, $m
  40
  91
  168
  271
  406
  576
  786
  1,041
  1,343
  1,695
  2,100
  2,558
  3,070
  3,636
  4,256
  4,928
  5,651
  6,425
  7,248
  8,118
  9,036
  10,000
  11,009
  12,064
  13,164
  14,311
  15,504
  16,744
  18,034
  19,374
  20,766
Change in working capital, $m
  9
  -21
  -29
  -39
  -50
  -63
  -78
  -95
  -113
  -132
  -151
  -171
  -192
  -212
  -232
  -252
  -272
  -291
  -309
  -327
  -345
  -363
  -380
  -397
  -414
  -432
  -449
  -467
  -486
  -505
  -525
Cash from operations, $m
  31
  112
  197
  310
  456
  639
  864
  1,136
  1,456
  1,827
  2,252
  2,730
  3,262
  3,849
  4,488
  5,180
  5,923
  6,716
  7,557
  8,446
  9,381
  10,362
  11,389
  12,461
  13,579
  14,742
  15,953
  17,211
  18,519
  19,879
  21,291
Maintenance CAPEX, $m
  0
  -5
  -8
  -11
  -16
  -22
  -30
  -40
  -51
  -65
  -81
  -100
  -121
  -145
  -171
  -200
  -231
  -264
  -300
  -338
  -378
  -421
  -465
  -512
  -561
  -612
  -665
  -721
  -778
  -838
  -900
New CAPEX, $m
  -2
  -20
  -28
  -37
  -48
  -61
  -75
  -91
  -108
  -127
  -145
  -165
  -184
  -204
  -223
  -242
  -261
  -279
  -297
  -315
  -332
  -348
  -365
  -382
  -398
  -415
  -432
  -449
  -467
  -485
  -504
Cash from investing activities, $m
  3
  -25
  -36
  -48
  -64
  -83
  -105
  -131
  -159
  -192
  -226
  -265
  -305
  -349
  -394
  -442
  -492
  -543
  -597
  -653
  -710
  -769
  -830
  -894
  -959
  -1,027
  -1,097
  -1,170
  -1,245
  -1,323
  -1,404
Free cash flow, $m
  34
  87
  162
  262
  392
  556
  759
  1,005
  1,296
  1,635
  2,025
  2,465
  2,957
  3,500
  4,094
  4,738
  5,431
  6,172
  6,960
  7,793
  8,671
  9,593
  10,559
  11,567
  12,619
  13,715
  14,856
  16,042
  17,274
  18,555
  19,887
Issuance/(repayment) of debt, $m
  -126
  257
  354
  472
  613
  776
  960
  1,163
  1,382
  1,613
  1,853
  2,099
  2,349
  2,598
  2,845
  3,088
  3,327
  3,560
  3,788
  4,010
  4,228
  4,442
  4,653
  4,864
  5,075
  5,287
  5,502
  5,722
  5,948
  6,181
  6,423
Issuance/(repurchase) of shares, $m
  83
  40
  12
  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  
  -34
  297
  366
  472
  613
  776
  960
  1,163
  1,382
  1,613
  1,853
  2,099
  2,349
  2,598
  2,845
  3,088
  3,327
  3,560
  3,788
  4,010
  4,228
  4,442
  4,653
  4,864
  5,075
  5,287
  5,502
  5,722
  5,948
  6,181
  6,423
Total cash flow (excl. dividends), $m
  -1
  384
  527
  734
  1,005
  1,332
  1,720
  2,168
  2,678
  3,248
  3,878
  4,564
  5,305
  6,098
  6,939
  7,827
  8,758
  9,732
  10,748
  11,803
  12,899
  14,035
  15,212
  16,431
  17,694
  19,002
  20,358
  21,764
  23,222
  24,737
  26,310
Retained Cash Flow (-), $m
  188
  -123
  -168
  -224
  -291
  -369
  -456
  -552
  -656
  -766
  -880
  -997
  -1,115
  -1,234
  -1,351
  -1,467
  -1,580
  -1,691
  -1,799
  -1,904
  -2,008
  -2,110
  -2,210
  -2,310
  -2,410
  -2,511
  -2,613
  -2,718
  -2,825
  -2,936
  -3,051
Prev. year cash balance distribution, $m
 
  84
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
 
  346
  359
  510
  714
  964
  1,263
  1,615
  2,021
  2,482
  2,998
  3,567
  4,190
  4,864
  5,588
  6,360
  7,178
  8,042
  8,949
  9,899
  10,891
  11,925
  13,002
  14,121
  15,284
  16,491
  17,745
  19,046
  20,398
  21,801
  23,259
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  319
  304
  392
  494
  596
  691
  772
  835
  876
  893
  884
  852
  799
  730
  649
  562
  474
  389
  311
  242
  182
  134
  95
  66
  44
  28
  18
  11
  6
  3
Current shareholders' claim on cash, %
  100
  94.3
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2
  93.2

Virtus Investment Partners, Inc. (Virtus) is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts. Its open-end mutual funds are distributed through intermediaries. Its closed-end funds trade on the New York Stock Exchange. Its variable insurance funds are available as investment options in variable annuities and life insurance products distributed by life insurance companies. Separately managed accounts consists of intermediary programs, sponsored and distributed by unaffiliated brokerage firms, and private client accounts, which are offered to the high net-worth clients of its affiliated managers.

FINANCIAL RATIOS  of  Virtus Investment Partners (VRTS)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 2.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate -15.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 116.5%
Total Debt to Equity 116.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 15.8%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 23.2%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 28.6%

VRTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRTS stock intrinsic value calculation we used $323 million for the last fiscal year's total revenue generated by Virtus Investment Partners. The default revenue input number comes from 2016 income statement of Virtus Investment Partners. 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 VRTS stock valuation model: a) initial revenue growth rate of 51.2% 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 8.3%, whose default value for VRTS is calculated based on our internal credit rating of Virtus Investment Partners, 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 Virtus Investment Partners.
    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 VRTS stock the variable cost ratio is equal to 50.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $111 million in the base year in the intrinsic value calculation for VRTS 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 Virtus Investment Partners.

Corporate tax rate of 27% is the nominal tax rate for Virtus Investment Partners. 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 VRTS 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 VRTS are equal to 12.2%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Virtus Investment Partners 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 VRTS is equal to -12.7%. 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 - $322 million for Virtus Investment Partners - 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 7.031 million for Virtus Investment Partners 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 Virtus Investment Partners at the current share price and the inputted number of shares is $0.9 billion.

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WHG Westwood Holdi 57.60 61.29  hold
PZN Pzena Investme 10.16 95.68  str.buy
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COMPANY NEWS

▶ Virtus ETF Advisers Announces Restated NAV for AMZA   [Feb-06-18 12:35PM  PR Newswire]
▶ Virtus beats 4Q profit forecasts   [Feb-02-18 08:47AM  Associated Press]
▶ What Analysts Recommend for Invesco   [10:30AM  Market Realist]
▶ Why Invesco Has Higher Valuations   [09:01AM  Market Realist]
▶ DTF Tax-Free Income Inc. Announces Special Distribution   [Dec-14-17 05:03PM  PR Newswire]
▶ New Strong Sell Stocks for November 30th   [Nov-30-17 07:01AM  Zacks]
▶ Virtus Launches a Smart Beta Emerging Markets ETF   [Nov-09-17 12:45PM  ETF Trends]
▶ Recovering from Digital Transformation   [Nov-06-17 10:31AM  Forbes]
▶ Virtus misses 3Q profit forecasts   [07:40AM  Associated Press]
▶ New Strong Buy Stocks for October 3rd   [Oct-03-17 09:34AM  Zacks]
▶ Duff & Phelps Closed-End Funds Announce Dividends   [Sep-19-17 05:01PM  PR Newswire]
▶ Virtus reports 2Q loss   [Jul-28-17 10:50PM  Associated Press]
▶ Virtus ETF Solutions Launches Alternative ETF   [Jun-28-17 10:30AM  PR Newswire]
▶ Duff & Phelps Closed-End Funds Announce Dividends   [Jun-15-17 05:00PM  PR Newswire]
▶ Duff & Phelps Select Income Fund Marks 30th Anniversary   [May-08-17 12:18PM  PR Newswire]
Financial statements of VRTS
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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