Intrinsic value of Franklin Resources - BEN

Previous Close

$44.89

  Intrinsic Value

$67.90

stock screener

  Rating & Target

str. buy

+51%

Previous close

$44.89

 
Intrinsic value

$67.90

 
Up/down potential

+51%

 
Rating

str. buy

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

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

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

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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.41
  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
  6,392
  6,520
  6,670
  6,841
  7,034
  7,247
  7,481
  7,736
  8,011
  8,309
  8,627
  8,969
  9,333
  9,720
  10,132
  10,569
  11,032
  11,522
  12,041
  12,589
  13,167
  13,778
  14,421
  15,100
  15,814
  16,567
  17,360
  18,194
  19,072
  19,996
  20,968
Variable operating expenses, $m
 
  3,863
  3,948
  4,045
  4,154
  4,275
  4,407
  4,552
  4,708
  4,876
  5,057
  5,082
  5,288
  5,507
  5,741
  5,988
  6,251
  6,529
  6,822
  7,133
  7,461
  7,806
  8,171
  8,556
  8,961
  9,387
  9,836
  10,309
  10,807
  11,330
  11,880
Fixed operating expenses, $m
 
  356
  365
  374
  383
  393
  402
  412
  423
  433
  444
  455
  467
  478
  490
  503
  515
  528
  541
  555
  569
  583
  597
  612
  628
  643
  659
  676
  693
  710
  728
Total operating expenses, $m
  4,129
  4,219
  4,313
  4,419
  4,537
  4,668
  4,809
  4,964
  5,131
  5,309
  5,501
  5,537
  5,755
  5,985
  6,231
  6,491
  6,766
  7,057
  7,363
  7,688
  8,030
  8,389
  8,768
  9,168
  9,589
  10,030
  10,495
  10,985
  11,500
  12,040
  12,608
Operating income, $m
  2,264
  2,301
  2,357
  2,423
  2,497
  2,579
  2,671
  2,771
  2,881
  2,999
  3,126
  3,432
  3,578
  3,734
  3,901
  4,078
  4,266
  4,466
  4,677
  4,901
  5,138
  5,388
  5,653
  5,932
  6,226
  6,537
  6,864
  7,209
  7,573
  7,956
  8,359
EBITDA, $m
  2,344
  2,506
  2,563
  2,629
  2,704
  2,788
  2,881
  2,983
  3,094
  3,214
  3,343
  3,482
  3,630
  3,788
  3,957
  4,137
  4,328
  4,530
  4,744
  4,971
  5,211
  5,465
  5,733
  6,016
  6,314
  6,629
  6,961
  7,311
  7,679
  8,067
  8,476
Interest expense (income), $m
  42
  38
  42
  46
  50
  55
  61
  67
  74
  82
  90
  98
  107
  117
  128
  139
  150
  163
  176
  190
  205
  220
  237
  254
  272
  291
  312
  333
  355
  379
  404
Earnings before tax, $m
  2,549
  2,263
  2,316
  2,377
  2,446
  2,524
  2,610
  2,704
  2,806
  2,917
  3,036
  3,333
  3,470
  3,617
  3,773
  3,939
  4,116
  4,303
  4,501
  4,711
  4,933
  5,168
  5,416
  5,678
  5,954
  6,245
  6,553
  6,876
  7,218
  7,577
  7,955
Tax expense, $m
  759
  611
  625
  642
  661
  681
  705
  730
  758
  788
  820
  900
  937
  977
  1,019
  1,064
  1,111
  1,162
  1,215
  1,272
  1,332
  1,395
  1,462
  1,533
  1,608
  1,686
  1,769
  1,857
  1,949
  2,046
  2,148
Net income, $m
  1,697
  1,652
  1,690
  1,735
  1,786
  1,843
  1,905
  1,974
  2,049
  2,129
  2,217
  2,433
  2,533
  2,640
  2,754
  2,876
  3,004
  3,141
  3,286
  3,439
  3,601
  3,773
  3,954
  4,145
  4,346
  4,559
  4,783
  5,020
  5,269
  5,531
  5,808

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8,750
  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
  17,534
  8,956
  9,162
  9,397
  9,662
  9,955
  10,276
  10,626
  11,005
  11,413
  11,851
  12,319
  12,819
  13,352
  13,918
  14,518
  15,154
  15,828
  16,540
  17,292
  18,087
  18,925
  19,809
  20,741
  21,723
  22,757
  23,846
  24,992
  26,198
  27,467
  28,802
Adjusted assets (=assets-cash), $m
  8,784
  8,956
  9,162
  9,397
  9,662
  9,955
  10,276
  10,626
  11,005
  11,413
  11,851
  12,319
  12,819
  13,352
  13,918
  14,518
  15,154
  15,828
  16,540
  17,292
  18,087
  18,925
  19,809
  20,741
  21,723
  22,757
  23,846
  24,992
  26,198
  27,467
  28,802
Revenue / Adjusted assets
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
Average production assets, $m
  1,066
  1,089
  1,114
  1,142
  1,175
  1,210
  1,249
  1,292
  1,338
  1,388
  1,441
  1,498
  1,559
  1,623
  1,692
  1,765
  1,842
  1,924
  2,011
  2,102
  2,199
  2,301
  2,408
  2,522
  2,641
  2,767
  2,899
  3,038
  3,185
  3,339
  3,502
Working capital, $m
  0
  -8,926
  -9,131
  -9,366
  -9,629
  -9,921
  -10,241
  -10,590
  -10,968
  -11,374
  -11,811
  -12,278
  -12,776
  -13,307
  -13,871
  -14,469
  -15,103
  -15,774
  -16,484
  -17,234
  -18,026
  -18,861
  -19,743
  -20,671
  -21,650
  -22,681
  -23,766
  -24,908
  -26,110
  -27,375
  -28,705
Total debt, $m
  1,098
  1,190
  1,305
  1,437
  1,585
  1,749
  1,928
  2,124
  2,336
  2,564
  2,809
  3,071
  3,350
  3,648
  3,964
  4,299
  4,655
  5,032
  5,430
  5,850
  6,295
  6,763
  7,257
  7,778
  8,327
  8,905
  9,514
  10,155
  10,829
  11,538
  12,284
Total liabilities, $m
  4,914
  5,006
  5,121
  5,253
  5,401
  5,565
  5,744
  5,940
  6,152
  6,380
  6,625
  6,887
  7,166
  7,464
  7,780
  8,115
  8,471
  8,848
  9,246
  9,666
  10,111
  10,579
  11,073
  11,594
  12,143
  12,721
  13,330
  13,971
  14,645
  15,354
  16,100
Total equity, $m
  12,620
  3,950
  4,040
  4,144
  4,261
  4,390
  4,532
  4,686
  4,853
  5,033
  5,226
  5,433
  5,653
  5,888
  6,138
  6,402
  6,683
  6,980
  7,294
  7,626
  7,976
  8,346
  8,736
  9,147
  9,580
  10,036
  10,516
  11,022
  11,553
  12,113
  12,701
Total liabilities and equity, $m
  17,534
  8,956
  9,161
  9,397
  9,662
  9,955
  10,276
  10,626
  11,005
  11,413
  11,851
  12,320
  12,819
  13,352
  13,918
  14,517
  15,154
  15,828
  16,540
  17,292
  18,087
  18,925
  19,809
  20,741
  21,723
  22,757
  23,846
  24,993
  26,198
  27,467
  28,801
Debt-to-equity ratio
  0.087
  0.300
  0.320
  0.350
  0.370
  0.400
  0.430
  0.450
  0.480
  0.510
  0.540
  0.570
  0.590
  0.620
  0.650
  0.670
  0.700
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.900
  0.920
  0.940
  0.950
  0.970
Adjusted equity ratio
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,697
  1,652
  1,690
  1,735
  1,786
  1,843
  1,905
  1,974
  2,049
  2,129
  2,217
  2,433
  2,533
  2,640
  2,754
  2,876
  3,004
  3,141
  3,286
  3,439
  3,601
  3,773
  3,954
  4,145
  4,346
  4,559
  4,783
  5,020
  5,269
  5,531
  5,808
Depreciation, amort., depletion, $m
  80
  205
  206
  207
  208
  209
  210
  212
  213
  215
  217
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
Funds from operations, $m
  374
  1,857
  1,896
  1,942
  1,994
  2,052
  2,116
  2,186
  2,262
  2,344
  2,433
  2,483
  2,585
  2,695
  2,811
  2,934
  3,066
  3,205
  3,353
  3,509
  3,675
  3,849
  4,034
  4,229
  4,434
  4,651
  4,880
  5,121
  5,375
  5,643
  5,924
Change in working capital, $m
  -761
  -175
  -205
  -235
  -263
  -292
  -320
  -349
  -378
  -407
  -437
  -467
  -498
  -531
  -564
  -598
  -634
  -671
  -710
  -750
  -792
  -836
  -881
  -929
  -979
  -1,031
  -1,085
  -1,142
  -1,202
  -1,265
  -1,330
Cash from operations, $m
  1,135
  2,032
  2,102
  2,177
  2,257
  2,343
  2,436
  2,534
  2,639
  2,751
  2,870
  2,950
  3,084
  3,225
  3,375
  3,533
  3,700
  3,876
  4,063
  4,259
  4,466
  4,685
  4,915
  5,158
  5,413
  5,682
  5,965
  6,263
  6,577
  6,907
  7,254
Maintenance CAPEX, $m
  0
  -36
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
New CAPEX, $m
  -124
  -23
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -91
  -97
  -102
  -107
  -113
  -119
  -126
  -132
  -139
  -147
  -154
  -162
Cash from investing activities, $m
  52
  -59
  -61
  -66
  -70
  -75
  -79
  -85
  -89
  -95
  -99
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -214
  -224
  -236
  -248
  -260
  -273
Free cash flow, $m
  1,187
  1,973
  2,040
  2,111
  2,187
  2,269
  2,356
  2,450
  2,550
  2,657
  2,770
  2,845
  2,973
  3,108
  3,252
  3,403
  3,564
  3,733
  3,912
  4,101
  4,300
  4,510
  4,731
  4,964
  5,210
  5,468
  5,741
  6,027
  6,329
  6,647
  6,981
Issuance/(repayment) of debt, $m
  -642
  92
  115
  132
  148
  164
  180
  196
  212
  228
  245
  262
  279
  298
  316
  336
  356
  376
  398
  421
  444
  469
  494
  521
  549
  578
  609
  641
  674
  709
  746
Issuance/(repurchase) of shares, $m
  -740
  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  
  -515
  92
  115
  132
  148
  164
  180
  196
  212
  228
  245
  262
  279
  298
  316
  336
  356
  376
  398
  421
  444
  469
  494
  521
  549
  578
  609
  641
  674
  709
  746
Total cash flow (excl. dividends), $m
  707
  2,065
  2,155
  2,242
  2,335
  2,432
  2,536
  2,646
  2,762
  2,885
  3,015
  3,107
  3,252
  3,406
  3,568
  3,739
  3,919
  4,110
  4,310
  4,521
  4,744
  4,978
  5,225
  5,485
  5,759
  6,046
  6,349
  6,668
  7,003
  7,356
  7,727
Retained Cash Flow (-), $m
  -684
  -80
  -91
  -104
  -117
  -129
  -142
  -154
  -167
  -180
  -193
  -207
  -220
  -235
  -250
  -265
  -281
  -297
  -314
  -332
  -350
  -370
  -390
  -411
  -433
  -456
  -480
  -505
  -532
  -560
  -589
Prev. year cash balance distribution, $m
 
  8,750
  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
 
  10,736
  2,065
  2,139
  2,218
  2,303
  2,394
  2,492
  2,595
  2,705
  2,822
  2,901
  3,032
  3,171
  3,319
  3,474
  3,639
  3,813
  3,996
  4,189
  4,393
  4,609
  4,835
  5,074
  5,325
  5,590
  5,869
  6,163
  6,471
  6,796
  7,138
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
 
  10,293
  1,890
  1,861
  1,826
  1,785
  1,738
  1,683
  1,622
  1,554
  1,479
  1,377
  1,294
  1,206
  1,114
  1,020
  925
  830
  736
  645
  558
  477
  401
  333
  271
  217
  171
  132
  100
  74
  54
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

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 14.7
Price to Sales 3.9
Price to Book 2
Price to Tangible Book
Price to Cash Flow 21.9
Price to Free Cash Flow 24.6
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 million for the last fiscal year's total revenue generated by Franklin Resources. The default revenue input number comes from 2017 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 59.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $347 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 3.5% 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 16.7%.

Life of production assets of 34.2 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 -136.9%. 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 556.427 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 $25.0 billion.

RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 3.90 0.36  str.sell
PUK Prudential ADR 55.05 2,017.85  str.buy
SEIC SEI Investment 77.23 34.36  str.sell
BLK BlackRock 590.26 2,354.18  str.buy
LM Legg Mason 44.70 26.43  sell
VOYA Voya Financial 54.43 111.00  str.buy
WDR Waddell&Reed F 22.97 42.68  str.buy
EV Eaton Vance 60.69 138.72  str.buy

COMPANY NEWS

▶ Franklin Universal Trust Declares Monthly Distribution   [Jan-17-18 04:05PM  GlobeNewswire]
▶ T Rowe Price Equity Income Fund Establishes 4 New Positions   [Jan-16-18 01:31PM  GuruFocus.com]
▶ [$$] Emerging-Market Pioneer Mark Mobius to Retire   [Jan-05-18 11:00PM  The Wall Street Journal]
▶ How Analysts View Apollo Global Management   [09:00AM  Market Realist]
▶ [$$] Franklin Resources: 4 Stocks It's Selling, 1 Buy   [Dec-22-17 07:53AM  Barrons.com]
▶ Franklin Universal Trust Declares Monthly Distribution   [Dec-15-17 04:05PM  GlobeNewswire]
▶ Franklin Resources, Inc. Announces Quarterly Dividend   [Dec-12-17 04:45PM  GlobeNewswire]
▶ [$$] Community Health Systems in Talks to Extend Nearly $2 Billion in Debt   [Nov-18-17 01:56PM  The Wall Street Journal]
▶ 2 Dividend Aristocrats To Buy, And 2 To Sell Now   [Nov-11-17 08:11AM  Forbes]
▶ The Quiet Dividend Aristocrats: 2 Winners, 2 Losers   [Nov-10-17 03:56AM  Harvest Exchange]
▶ [$$] Franklin Templeton's New ETF Strategy   [Nov-04-17 12:01AM  Barrons.com]
▶ [$$] Fund managers join rush to launch ETF products   [Nov-03-17 01:00AM  Financial Times]
▶ Templeton Global Income Fund (GIM) Announces Distribution   [Nov-01-17 07:24AM  GlobeNewswire]
▶ [$$] IHeartMedia Discloses Wide Gulf in Talks With Creditors   [Oct-26-17 05:25PM  The Wall Street Journal]
▶ Franklin Resources beats 4Q profit forecasts   [08:41AM  Associated Press]
▶ [$$] Bond Funds Dump Puerto Rico   [Oct-25-17 11:53PM  The Wall Street Journal]
▶ [$$] Bond Funds Dump Puerto Rico   [07:03AM  The Wall Street Journal]
▶ Franklin Universal Trust Declares Monthly Distribution   [Oct-19-17 04:05PM  GlobeNewswire]
Financial statements of BEN
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.