Intrinsic value of Franklin Resources - BEN

Previous Close

$29.16

  Intrinsic Value

$56.94

stock screener

  Rating & Target

str. buy

+95%

Previous close

$29.16

 
Intrinsic value

$56.94

 
Up/down potential

+95%

 
Rating

str. buy

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

We calculate the intrinsic value of BEN 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 0001), $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 15.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  6,520
  6,670
  6,841
  7,034
  7,247
  7,481
  7,736
  8,012
  8,309
  8,628
  8,969
  9,333
  9,720
  10,132
  10,569
  11,033
  11,523
  12,041
  12,589
  13,168
  13,778
  14,422
  15,100
  15,815
  16,568
  17,361
  18,195
  19,073
  19,997
  20,968
Variable operating expenses, $m
  3,582
  3,659
  3,747
  3,846
  3,956
  4,077
  4,208
  4,350
  4,503
  4,667
  4,620
  4,808
  5,007
  5,220
  5,445
  5,683
  5,936
  6,203
  6,485
  6,783
  7,098
  7,429
  7,779
  8,147
  8,535
  8,943
  9,373
  9,825
  10,301
  10,802
Fixed operating expenses, $m
  636
  650
  664
  679
  693
  709
  724
  740
  757
  773
  790
  808
  825
  844
  862
  881
  900
  920
  940
  961
  982
  1,004
  1,026
  1,049
  1,072
  1,095
  1,119
  1,144
  1,169
  1,195
Total operating expenses, $m
  4,218
  4,309
  4,411
  4,525
  4,649
  4,786
  4,932
  5,090
  5,260
  5,440
  5,410
  5,616
  5,832
  6,064
  6,307
  6,564
  6,836
  7,123
  7,425
  7,744
  8,080
  8,433
  8,805
  9,196
  9,607
  10,038
  10,492
  10,969
  11,470
  11,997
Operating income, $m
  2,303
  2,362
  2,430
  2,509
  2,598
  2,696
  2,804
  2,921
  3,049
  3,187
  3,558
  3,717
  3,888
  4,069
  4,262
  4,468
  4,686
  4,918
  5,163
  5,423
  5,698
  5,988
  6,295
  6,619
  6,961
  7,322
  7,702
  8,104
  8,526
  8,972
EBITDA, $m
  2,618
  2,679
  2,750
  2,831
  2,923
  3,024
  3,136
  3,258
  3,390
  3,532
  3,685
  3,850
  4,025
  4,213
  4,412
  4,624
  4,850
  5,089
  5,342
  5,610
  5,893
  6,193
  6,509
  6,843
  7,196
  7,568
  7,960
  8,374
  8,810
  9,269
Interest expense (income), $m
  42
  59
  65
  71
  78
  86
  94
  104
  114
  126
  138
  151
  165
  179
  195
  212
  230
  249
  269
  290
  312
  336
  361
  387
  415
  444
  475
  507
  541
  577
  615
Earnings before tax, $m
  2,244
  2,297
  2,360
  2,431
  2,512
  2,601
  2,700
  2,807
  2,924
  3,049
  3,408
  3,553
  3,708
  3,874
  4,050
  4,238
  4,438
  4,649
  4,873
  5,111
  5,362
  5,627
  5,908
  6,204
  6,517
  6,847
  7,195
  7,562
  7,949
  8,357
Tax expense, $m
  606
  620
  637
  656
  678
  702
  729
  758
  789
  823
  920
  959
  1,001
  1,046
  1,094
  1,144
  1,198
  1,255
  1,316
  1,380
  1,448
  1,519
  1,595
  1,675
  1,760
  1,849
  1,943
  2,042
  2,146
  2,256
Net income, $m
  1,638
  1,677
  1,723
  1,775
  1,834
  1,899
  1,971
  2,049
  2,134
  2,226
  2,488
  2,594
  2,707
  2,828
  2,957
  3,094
  3,239
  3,394
  3,558
  3,731
  3,914
  4,108
  4,313
  4,529
  4,758
  4,998
  5,253
  5,521
  5,803
  6,100

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  11,876
  12,149
  12,462
  12,812
  13,201
  13,627
  14,091
  14,593
  15,134
  15,715
  16,337
  17,000
  17,706
  18,456
  19,252
  20,096
  20,989
  21,933
  22,931
  23,985
  25,096
  26,269
  27,505
  28,807
  30,178
  31,622
  33,142
  34,741
  36,424
  38,193
Adjusted assets (=assets-cash), $m
  11,876
  12,149
  12,462
  12,812
  13,201
  13,627
  14,091
  14,593
  15,134
  15,715
  16,337
  17,000
  17,706
  18,456
  19,252
  20,096
  20,989
  21,933
  22,931
  23,985
  25,096
  26,269
  27,505
  28,807
  30,178
  31,622
  33,142
  34,741
  36,424
  38,193
Revenue / Adjusted assets
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
Average production assets, $m
  1,663
  1,701
  1,745
  1,794
  1,848
  1,908
  1,973
  2,043
  2,119
  2,200
  2,287
  2,380
  2,479
  2,584
  2,695
  2,813
  2,938
  3,071
  3,210
  3,358
  3,513
  3,678
  3,851
  4,033
  4,225
  4,427
  4,640
  4,864
  5,099
  5,347
Working capital, $m
  -737
  -754
  -773
  -795
  -819
  -845
  -874
  -905
  -939
  -975
  -1,013
  -1,055
  -1,098
  -1,145
  -1,194
  -1,247
  -1,302
  -1,361
  -1,423
  -1,488
  -1,557
  -1,630
  -1,706
  -1,787
  -1,872
  -1,962
  -2,056
  -2,155
  -2,260
  -2,369
Total debt, $m
  1,197
  1,310
  1,440
  1,585
  1,746
  1,923
  2,116
  2,324
  2,549
  2,790
  3,048
  3,323
  3,616
  3,927
  4,258
  4,608
  4,978
  5,370
  5,784
  6,222
  6,683
  7,170
  7,683
  8,223
  8,792
  9,391
  10,022
  10,686
  11,384
  12,118
Total liabilities, $m
  4,929
  5,042
  5,172
  5,317
  5,478
  5,655
  5,848
  6,056
  6,281
  6,522
  6,780
  7,055
  7,348
  7,659
  7,990
  8,340
  8,710
  9,102
  9,516
  9,954
  10,415
  10,902
  11,414
  11,955
  12,524
  13,123
  13,754
  14,418
  15,116
  15,850
Total equity, $m
  6,948
  7,107
  7,290
  7,495
  7,722
  7,972
  8,243
  8,537
  8,854
  9,193
  9,557
  9,945
  10,358
  10,797
  11,262
  11,756
  12,278
  12,831
  13,415
  14,031
  14,681
  15,367
  16,090
  16,852
  17,654
  18,499
  19,388
  20,324
  21,308
  22,343
Total liabilities and equity, $m
  11,877
  12,149
  12,462
  12,812
  13,200
  13,627
  14,091
  14,593
  15,135
  15,715
  16,337
  17,000
  17,706
  18,456
  19,252
  20,096
  20,988
  21,933
  22,931
  23,985
  25,096
  26,269
  27,504
  28,807
  30,178
  31,622
  33,142
  34,742
  36,424
  38,193
Debt-to-equity ratio
  0.170
  0.180
  0.200
  0.210
  0.230
  0.240
  0.260
  0.270
  0.290
  0.300
  0.320
  0.330
  0.350
  0.360
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,638
  1,677
  1,723
  1,775
  1,834
  1,899
  1,971
  2,049
  2,134
  2,226
  2,488
  2,594
  2,707
  2,828
  2,957
  3,094
  3,239
  3,394
  3,558
  3,731
  3,914
  4,108
  4,313
  4,529
  4,758
  4,998
  5,253
  5,521
  5,803
  6,100
Depreciation, amort., depletion, $m
  315
  317
  320
  322
  325
  329
  332
  336
  340
  345
  127
  132
  138
  144
  150
  156
  163
  171
  178
  187
  195
  204
  214
  224
  235
  246
  258
  270
  283
  297
Funds from operations, $m
  1,953
  1,994
  2,042
  2,097
  2,159
  2,228
  2,303
  2,385
  2,475
  2,571
  2,615
  2,726
  2,845
  2,971
  3,107
  3,250
  3,403
  3,564
  3,736
  3,917
  4,109
  4,312
  4,527
  4,753
  4,992
  5,244
  5,510
  5,791
  6,086
  6,398
Change in working capital, $m
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
Cash from operations, $m
  1,967
  2,011
  2,062
  2,119
  2,183
  2,254
  2,332
  2,417
  2,508
  2,607
  2,653
  2,767
  2,888
  3,018
  3,156
  3,302
  3,458
  3,623
  3,798
  3,983
  4,178
  4,385
  4,603
  4,834
  5,077
  5,334
  5,605
  5,890
  6,191
  6,507
Maintenance CAPEX, $m
  -91
  -92
  -94
  -97
  -100
  -103
  -106
  -110
  -113
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -156
  -163
  -171
  -178
  -187
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
  -283
New CAPEX, $m
  -33
  -38
  -44
  -49
  -54
  -60
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
Cash from investing activities, $m
  -124
  -130
  -138
  -146
  -154
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -311
  -326
  -343
  -359
  -377
  -396
  -416
  -437
  -459
  -482
  -506
  -531
Free cash flow, $m
  1,844
  1,880
  1,923
  1,973
  2,029
  2,092
  2,161
  2,237
  2,319
  2,408
  2,444
  2,547
  2,657
  2,775
  2,901
  3,035
  3,177
  3,328
  3,488
  3,657
  3,836
  4,026
  4,226
  4,438
  4,661
  4,897
  5,146
  5,408
  5,685
  5,976
Issuance/(repayment) of debt, $m
  99
  113
  130
  145
  161
  177
  193
  208
  225
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  461
  487
  513
  540
  569
  599
  631
  664
  698
  734
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  99
  113
  130
  145
  161
  177
  193
  208
  225
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  461
  487
  513
  540
  569
  599
  631
  664
  698
  734
Total cash flow (excl. dividends), $m
  1,943
  1,994
  2,053
  2,118
  2,190
  2,269
  2,354
  2,445
  2,544
  2,649
  2,702
  2,822
  2,950
  3,087
  3,231
  3,385
  3,547
  3,720
  3,902
  4,094
  4,298
  4,512
  4,739
  4,978
  5,230
  5,496
  5,777
  6,072
  6,383
  6,711
Retained Cash Flow (-), $m
  -128
  -160
  -183
  -205
  -227
  -249
  -271
  -294
  -317
  -340
  -364
  -388
  -413
  -439
  -466
  -494
  -522
  -552
  -584
  -616
  -650
  -686
  -723
  -762
  -802
  -845
  -889
  -936
  -984
  -1,035
Prev. year cash balance distribution, $m
  5,800
  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
  7,616
  1,834
  1,870
  1,913
  1,963
  2,019
  2,082
  2,151
  2,227
  2,309
  2,338
  2,434
  2,537
  2,648
  2,766
  2,891
  3,025
  3,167
  3,318
  3,478
  3,647
  3,826
  4,016
  4,216
  4,428
  4,652
  4,888
  5,136
  5,399
  5,675
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
  7,302
  1,679
  1,628
  1,576
  1,522
  1,466
  1,407
  1,345
  1,279
  1,211
  1,110
  1,039
  965
  889
  812
  735
  658
  583
  511
  442
  377
  317
  263
  215
  172
  136
  105
  79
  59
  43
Current shareholders' claim on cash, %
  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

Franklin Resources, Inc. is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world. The Company offers its investment products and services under the Franklin, Templeton, Franklin Mutual Series, Franklin Bissett, Fiduciary Trust, Darby, Balanced Equity Management, K2 and LibertyShares brand names. Its products include investment funds and institutional, high net-worth and separately managed accounts (collectively, sponsored investment products (SIPs)). It offers various types of SIPs, such as the United States funds, cross-border funds, local/regional funds, and other managed accounts, alternative investment products and trusts. Its investment funds include the United States-registered funds, non-United States-registered funds and unregistered funds.

FINANCIAL RATIOS  of  Franklin Resources (BEN)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 2.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.5%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 8.7%
Total Debt to Equity 8.7%
Interest Coverage 62
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.8%
EBITDA Margin - 3 Yr. Avg. 40.5%
Operating Margin 35.4%
Oper. Margin - 3 Yr. Avg. 36.3%
Pre-Tax Margin 39.9%
Pre-Tax Margin - 3 Yr. Avg. 38.6%
Net Profit Margin 26.5%
Net Profit Margin - 3 Yr. Avg. 26.1%
Effective Tax Rate 29.8%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 26%

BEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEN stock intrinsic value calculation we used $6392.2 million for the last fiscal year's total revenue generated by Franklin Resources. The default revenue input number comes from 0001 income statement of Franklin Resources. 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 BEN 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 BEN is calculated based on our internal credit rating of Franklin Resources, 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 Franklin Resources.
    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 BEN stock the variable cost ratio is equal to 55%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $622 million in the base year in the intrinsic value calculation for BEN 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 5.4% for Franklin Resources.

Corporate tax rate of 27% is the nominal tax rate for Franklin Resources. 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 BEN 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 BEN are equal to 25.5%.

Life of production assets of 18 years is the average useful life of capital assets used in Franklin Resources 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 BEN is equal to -11.3%. 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 - $12620 million for Franklin Resources - 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 527.058 million for Franklin Resources 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 Franklin Resources at the current share price and the inputted number of shares is $15.4 billion.

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COMPANY NEWS

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▶ Franklin Universal Trust Declares Monthly Distribution   [Sep-18-18 04:05PM  GlobeNewswire]
▶ Reassessing Asset Managers' Moats   [Sep-14-18 07:00AM  Morningstar]
▶ Stocks That Fell to 3-Year Lows in the Week of Aug. 31   [Sep-02-18 12:09PM  GuruFocus.com]
▶ Franklin Universal Trust Refinances Senior Fixed Rate Notes   [Aug-28-18 07:23PM  GlobeNewswire]
▶ Here are the Bay Areas highest-paid CEOs in finance   [05:48PM  American City Business Journals]
▶ Templeton Dragon Fund, Inc. (TDF) Announces Distribution   [Aug-24-18 12:40PM  GlobeNewswire]
▶ Franklin Universal Trust Declares Monthly Distribution   [Aug-13-18 04:05PM  GlobeNewswire]
▶ After the Bell: Oops, Tech Did It Again   [Jul-30-18 05:21PM  Barrons.com]
▶ Earnings Preview For Franklin Resources   [Jul-26-18 02:17PM  Benzinga]
▶ [$$] Money Managers Look Like Bargains   [07:24AM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [Jul-19-18 04:05PM  GlobeNewswire]
▶ [$$] Community Health Systems Completes Debt Swap   [Jun-20-18 03:59PM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [Jun-15-18 04:05PM  GlobeNewswire]
▶ Franklin Resources, Inc. Announces Quarterly Dividend   [Jun-12-18 04:40PM  GlobeNewswire]
▶ Franklin's Downgrade Is a Warning to All Bond Titans   [Jun-06-18 07:30AM  Bloomberg]
▶ Templeton Global Income Fund (GIM) Announces Distribution   [Jun-01-18 07:55AM  GlobeNewswire]
▶ [$$] Community Health Extends Deadline for Debt Swap   [May-23-18 01:20PM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [May-18-18 04:05PM  GlobeNewswire]

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