Intrinsic value of WisdomTree Investments - WETF

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$10.37

  Intrinsic Value

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  Value-price divergence*

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$10.37

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

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

We calculate the intrinsic value of WETF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

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, %
  -26.76
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  219
  223
  229
  234
  241
  248
  256
  265
  274
  285
  296
  307
  320
  333
  347
  362
  378
  395
  413
  431
  451
  472
  494
  517
  542
  568
  595
  623
  653
  685
  718
Variable operating expenses, $m
 
  121
  124
  127
  131
  135
  139
  144
  149
  155
  160
  167
  173
  181
  188
  196
  205
  214
  224
  234
  245
  256
  268
  280
  294
  308
  322
  338
  354
  371
  389
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
  164
  121
  124
  127
  131
  135
  139
  144
  149
  155
  160
  167
  173
  181
  188
  196
  205
  214
  224
  234
  245
  256
  268
  280
  294
  308
  322
  338
  354
  371
  389
Operating income, $m
  56
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  141
  146
  152
  159
  166
  173
  181
  189
  198
  207
  216
  226
  237
  248
  260
  272
  285
  299
  314
  329
EBITDA, $m
  57
  103
  106
  108
  111
  115
  118
  122
  127
  131
  136
  142
  148
  154
  160
  167
  175
  182
  190
  199
  208
  218
  228
  239
  250
  262
  275
  288
  302
  316
  332
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
Earnings before tax, $m
  56
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  214
  224
  235
  246
  257
  270
  282
  296
  310
  325
Tax expense, $m
  30
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  51
  53
  55
  58
  61
  63
  66
  69
  73
  76
  80
  84
  88
Net income, $m
  26
  75
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  197
  206
  216
  226
  237

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  93
  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
  250
  160
  164
  168
  173
  178
  184
  190
  197
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  309
  323
  338
  354
  371
  388
  407
  426
  447
  468
  491
  515
Adjusted assets (=assets-cash), $m
  157
  160
  164
  168
  173
  178
  184
  190
  197
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  309
  323
  338
  354
  371
  388
  407
  426
  447
  468
  491
  515
Revenue / Adjusted assets
  1.395
  1.394
  1.396
  1.393
  1.393
  1.393
  1.391
  1.395
  1.391
  1.397
  1.396
  1.395
  1.397
  1.393
  1.394
  1.392
  1.395
  1.396
  1.395
  1.395
  1.396
  1.396
  1.395
  1.394
  1.397
  1.396
  1.397
  1.394
  1.395
  1.395
  1.394
Average production assets, $m
  17
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
Working capital, $m
  133
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
Total debt, $m
  0
  1
  2
  3
  5
  7
  8
  10
  13
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  53
  58
  63
  68
  74
  79
  86
  92
  99
  106
  114
Total liabilities, $m
  48
  51
  52
  53
  55
  57
  58
  60
  63
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  113
  118
  124
  129
  136
  142
  149
  156
  164
Total equity, $m
  201
  109
  112
  115
  118
  121
  125
  130
  134
  139
  145
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  319
  335
  351
Total liabilities and equity, $m
  249
  160
  164
  168
  173
  178
  183
  190
  197
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  309
  324
  339
  355
  371
  389
  407
  427
  447
  468
  491
  515
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.040
  0.050
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.320
  0.320
Adjusted equity ratio
  0.688
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  26
  75
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  197
  206
  216
  226
  237
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Funds from operations, $m
  54
  76
  77
  79
  81
  84
  87
  89
  93
  96
  100
  103
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  166
  173
  181
  190
  199
  209
  219
  229
  240
Change in working capital, $m
  -1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Cash from operations, $m
  55
  74
  76
  78
  80
  83
  85
  88
  91
  94
  98
  101
  105
  110
  114
  119
  124
  130
  135
  141
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
Cash from investing activities, $m
  -89
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -5
  -5
Free cash flow, $m
  -34
  73
  75
  77
  79
  81
  84
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Issuance/(repurchase) of shares, $m
  -39
  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  
  -39
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Total cash flow (excl. dividends), $m
  -73
  74
  76
  78
  81
  83
  86
  88
  92
  95
  99
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  157
  164
  171
  179
  188
  197
  206
  216
  227
  238
Retained Cash Flow (-), $m
  34
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Prev. year cash balance distribution, $m
 
  93
  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
 
  165
  74
  76
  77
  79
  82
  84
  87
  90
  93
  97
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
  168
  175
  184
  192
  201
  211
  221
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
 
  158
  68
  66
  64
  62
  59
  57
  54
  52
  49
  46
  43
  40
  36
  33
  30
  27
  24
  21
  18
  15
  13
  10
  9
  7
  5
  4
  3
  2
  2
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
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WisdomTree Investments, Inc., through its subsidiaries, operates as an exchange-traded funds (ETFs) sponsor and asset manager. It offers ETFs in equities, currency, fixed income, and alternatives asset classes. The company also licenses its indexes to third parties for proprietary products, as well as offers a platform to promote the use of WisdomTree ETFs in 401(k) plans. It develops index using its fundamentally weighted index methodology. In addition, the company provides investment advisory services. The company was founded in 1985 and is based in New York, New York.

FINANCIAL RATIOS  of  WisdomTree Investments (WETF)

Valuation Ratios
P/E Ratio 54.4
Price to Sales 6.5
Price to Book 7
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate -26.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -30.1%
Financial Strength
Quick Ratio NaN
Current Ratio 1.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 24.8%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.6%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 30.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 37.6%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 37.1%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. 37.2%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 23.9%
Effective Tax Rate 53.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 169.2%

WETF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WETF stock intrinsic value calculation we used $219 million for the last fiscal year's total revenue generated by WisdomTree Investments. The default revenue input number comes from 2016 income statement of WisdomTree 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 WETF stock valuation model: a) initial revenue growth rate of 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 WETF is calculated based on our internal credit rating of WisdomTree 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 WisdomTree 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 WETF stock the variable cost ratio is equal to 54.3%.

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 WETF 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 WisdomTree Investments.

Corporate tax rate of 27% is the nominal tax rate for WisdomTree 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 WETF 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 WETF are equal to 5%.

Life of production assets of 13 years is the average useful life of capital assets used in WisdomTree 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 WETF is equal to 17.8%. 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 - $200 million for WisdomTree 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 133.825 million for WisdomTree 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 WisdomTree Investments at the current share price and the inputted number of shares is $1.4 billion.


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COMPANY NEWS

▶ WisdomTree ETFs Declare Distributions   [Jun-26-17 08:30AM  GlobeNewswire]
▶ WisdomTree Announces Changes to ETF Family   [Jun-23-17 04:10PM  GlobeNewswire]
▶ WisdomTree's Abner Says ETF Growth on Record Pace   [Jun-20-17 12:52PM  Bloomberg Video]
▶ WisdomTree Cross-Lists New ETF on Bolsa Mexicana de Valores   [Jun-08-17 09:00AM  GlobeNewswire]
▶ WisdomTree: New Tech Developments Could Lift Shares   [Jun-06-17 09:04AM  Barrons.com]
  [May-25-17 09:11PM  Bloomberg Video]
▶ WisdomTree ETFs Declare Distributions   [May-22-17 08:30AM  GlobeNewswire]
▶ WisdomTree: Takeout Potential   [12:25PM  Barrons.com]
▶ These Stocks Show Change of Direction   [May-15-17 01:00PM  TheStreet.com]
▶ WisdomTree's Koll Sees Japanese Stocks Rising on Earnings   [May-12-17 04:19PM  Bloomberg Video]
▶ The ETF of the ETF Business   [May-08-17 12:37AM  The Wall Street Journal]
▶ The ETF of the ETF Business   [May-07-17 10:32PM  The Wall Street Journal]
▶ 24 Years In, Which ETF Providers Are At The Top?   [May-05-17 03:06PM  Investor's Business Daily]
▶ WisdomTree Cross-Lists 7 UCITS ETFs in Mexico   [May-03-17 09:00AM  GlobeNewswire]
▶ WisdomTree Seeks New Ways to Grow   [Apr-28-17 09:39AM  Motley Fool]
▶ WisdomTree ETFs Declare Distributions   [Apr-24-17 08:30AM  GlobeNewswire]
▶ Play the ETF Boom: There's an ETF for That   [Apr-21-17 11:00AM  Investopedia]
▶ WisdomTree ETFs Declare Distributions   [Mar-27-17 08:30AM  GlobeNewswire]
▶ Weekly CEO Buys Highlights   [Mar-20-17 01:43PM  GuruFocus.com]
▶ 5 Stocks With Promising, Amazon-like Growth Potential   [Mar-09-17 06:31PM  Motley Fool]
▶ WisdomTree Announces Changes to ETF Family   [09:00AM  GlobeNewswire]
▶ WisdomTree ETFs Declare Distributions   [Feb-17-17 08:30AM  GlobeNewswire]
▶ WisdomTree: Citigroup Upgrades on More Balanced Risk/Reward   [Feb-06-17 11:07AM  at Barrons.com]
▶ Why Shares of WisdomTree Investments Are Down 10% Today   [Feb-03-17 03:28PM  at Motley Fool]
▶ WisdomTree ETFs Declare Distributions   [Jan-23-17 08:30AM  GlobeNewswire]
▶ WisdomTree Announces ETF Share Splits   [Jan-18-17 09:00AM  GlobeNewswire]
▶ Protect Yourself From Ugly Currencies   [Jan-11-17 06:00AM  at Forbes]
▶ WisdomTree Expands Offering on Schwab ETF OneSource   [Jan-04-17 09:30AM  GlobeNewswire]
▶ [$$] How ETFs Won the Year   [Dec-31-16 12:01AM  at Barrons.com]
▶ WisdomTree's Q4 Trends Look Better Than Expected   [Dec-27-16 10:35AM  at Barrons.com]
▶ WisdomTree ETFs Declare Distributions   [08:30AM  GlobeNewswire]
▶ Is WisdomTree Investments, Inc. (WETF) A Good Stock to Buy?   [Dec-15-16 12:01AM  at Insider Monkey]
▶ WisdomTree ETFs Declare Final Capital Gains Distributions   [Dec-05-16 08:30AM  GlobeNewswire]
▶ WisdomTree Working to Balance Its Growth   [Dec-01-16 06:00AM  at Morningstar]
▶ 5 Top Stocks Under $10   [Nov-22-16 03:58PM  at Motley Fool]
▶ WisdomTree Goes Robo for Advisors   [11:48AM  at Barrons.com]
▶ WisdomTree ETFs Declare Distributions   [08:30AM  GlobeNewswire]
Stock chart of WETF Financial statements of WETF Annual reports of WETF
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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