Intrinsic value of Broadridge Financial Solutions - BR

Previous Close

$134.79

  Intrinsic Value

$72.08

stock screener

  Rating & Target

sell

-47%

Previous close

$134.79

 
Intrinsic value

$72.08

 
Up/down potential

-47%

 
Rating

sell

We calculate the intrinsic value of BR 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 15.7

 

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
  4,416
  4,518
  4,634
  4,765
  4,909
  5,067
  5,240
  5,427
  5,628
  5,844
  6,075
  6,322
  6,584
  6,863
  7,159
  7,473
  7,805
  8,156
  8,528
  8,919
  9,333
  9,769
  10,228
  10,713
  11,223
  11,760
  12,325
  12,919
  13,545
  14,203
Variable operating expenses, $m
  2,920
  2,983
  3,056
  3,137
  3,226
  3,325
  3,432
  3,548
  3,673
  3,808
  3,776
  3,930
  4,093
  4,266
  4,450
  4,645
  4,852
  5,070
  5,301
  5,544
  5,801
  6,072
  6,358
  6,659
  6,976
  7,310
  7,661
  8,031
  8,420
  8,829
Fixed operating expenses, $m
  909
  929
  949
  970
  991
  1,013
  1,035
  1,058
  1,081
  1,105
  1,129
  1,154
  1,180
  1,206
  1,232
  1,259
  1,287
  1,315
  1,344
  1,374
  1,404
  1,435
  1,466
  1,499
  1,532
  1,565
  1,600
  1,635
  1,671
  1,708
Total operating expenses, $m
  3,829
  3,912
  4,005
  4,107
  4,217
  4,338
  4,467
  4,606
  4,754
  4,913
  4,905
  5,084
  5,273
  5,472
  5,682
  5,904
  6,139
  6,385
  6,645
  6,918
  7,205
  7,507
  7,824
  8,158
  8,508
  8,875
  9,261
  9,666
  10,091
  10,537
Operating income, $m
  588
  606
  630
  658
  691
  730
  773
  821
  873
  931
  1,169
  1,238
  1,312
  1,391
  1,477
  1,569
  1,666
  1,771
  1,883
  2,001
  2,127
  2,262
  2,404
  2,555
  2,715
  2,884
  3,064
  3,254
  3,454
  3,667
EBITDA, $m
  836
  856
  882
  913
  948
  989
  1,035
  1,086
  1,142
  1,204
  1,271
  1,343
  1,422
  1,506
  1,596
  1,693
  1,797
  1,907
  2,025
  2,150
  2,283
  2,425
  2,575
  2,734
  2,902
  3,081
  3,269
  3,469
  3,680
  3,904
Interest expense (income), $m
  43
  57
  59
  62
  65
  69
  73
  77
  82
  87
  93
  99
  105
  112
  119
  127
  135
  144
  153
  162
  173
  183
  195
  207
  220
  233
  247
  262
  277
  294
  311
Earnings before tax, $m
  531
  547
  568
  593
  623
  657
  695
  739
  786
  839
  1,071
  1,133
  1,200
  1,272
  1,350
  1,434
  1,523
  1,618
  1,720
  1,829
  1,944
  2,067
  2,197
  2,335
  2,482
  2,637
  2,802
  2,976
  3,161
  3,356
Tax expense, $m
  143
  148
  153
  160
  168
  177
  188
  199
  212
  226
  289
  306
  324
  344
  365
  387
  411
  437
  464
  494
  525
  558
  593
  631
  670
  712
  757
  804
  853
  906
Net income, $m
  388
  399
  414
  433
  454
  479
  508
  539
  574
  612
  782
  827
  876
  929
  986
  1,047
  1,112
  1,181
  1,256
  1,335
  1,419
  1,509
  1,604
  1,705
  1,812
  1,925
  2,045
  2,173
  2,307
  2,450

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
  3,371
  3,449
  3,538
  3,637
  3,747
  3,868
  4,000
  4,143
  4,296
  4,461
  4,638
  4,826
  5,026
  5,239
  5,465
  5,705
  5,958
  6,226
  6,510
  6,809
  7,124
  7,457
  7,808
  8,178
  8,567
  8,977
  9,408
  9,862
  10,340
  10,842
Adjusted assets (=assets-cash), $m
  3,371
  3,449
  3,538
  3,637
  3,747
  3,868
  4,000
  4,143
  4,296
  4,461
  4,638
  4,826
  5,026
  5,239
  5,465
  5,705
  5,958
  6,226
  6,510
  6,809
  7,124
  7,457
  7,808
  8,178
  8,567
  8,977
  9,408
  9,862
  10,340
  10,842
Revenue / Adjusted assets
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
Average production assets, $m
  1,069
  1,093
  1,121
  1,153
  1,188
  1,226
  1,268
  1,313
  1,362
  1,414
  1,470
  1,530
  1,593
  1,661
  1,733
  1,808
  1,889
  1,974
  2,064
  2,158
  2,259
  2,364
  2,475
  2,592
  2,716
  2,846
  2,983
  3,127
  3,278
  3,437
Working capital, $m
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -170
Total debt, $m
  1,098
  1,150
  1,210
  1,276
  1,350
  1,431
  1,519
  1,614
  1,717
  1,828
  1,946
  2,071
  2,206
  2,348
  2,499
  2,659
  2,829
  3,008
  3,198
  3,398
  3,609
  3,832
  4,067
  4,314
  4,574
  4,848
  5,137
  5,441
  5,760
  6,096
Total liabilities, $m
  2,255
  2,307
  2,367
  2,433
  2,507
  2,588
  2,676
  2,771
  2,874
  2,985
  3,103
  3,228
  3,363
  3,505
  3,656
  3,816
  3,986
  4,165
  4,355
  4,555
  4,766
  4,989
  5,224
  5,471
  5,731
  6,005
  6,294
  6,598
  6,917
  7,253
Total equity, $m
  1,116
  1,142
  1,171
  1,204
  1,240
  1,280
  1,324
  1,371
  1,422
  1,477
  1,535
  1,597
  1,664
  1,734
  1,809
  1,888
  1,972
  2,061
  2,155
  2,254
  2,358
  2,468
  2,584
  2,707
  2,836
  2,971
  3,114
  3,264
  3,422
  3,589
Total liabilities and equity, $m
  3,371
  3,449
  3,538
  3,637
  3,747
  3,868
  4,000
  4,142
  4,296
  4,462
  4,638
  4,825
  5,027
  5,239
  5,465
  5,704
  5,958
  6,226
  6,510
  6,809
  7,124
  7,457
  7,808
  8,178
  8,567
  8,976
  9,408
  9,862
  10,339
  10,842
Debt-to-equity ratio
  0.980
  1.010
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.410
  1.430
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
Adjusted equity ratio
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  388
  399
  414
  433
  454
  479
  508
  539
  574
  612
  782
  827
  876
  929
  986
  1,047
  1,112
  1,181
  1,256
  1,335
  1,419
  1,509
  1,604
  1,705
  1,812
  1,925
  2,045
  2,173
  2,307
  2,450
Depreciation, amort., depletion, $m
  249
  250
  252
  254
  257
  259
  262
  265
  269
  272
  101
  106
  110
  115
  119
  125
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
Funds from operations, $m
  636
  650
  667
  687
  711
  739
  770
  805
  843
  885
  883
  932
  986
  1,043
  1,105
  1,171
  1,242
  1,317
  1,398
  1,484
  1,575
  1,672
  1,774
  1,884
  1,999
  2,122
  2,251
  2,388
  2,533
  2,687
Change in working capital, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
Cash from operations, $m
  637
  651
  668
  689
  713
  741
  772
  807
  845
  887
  886
  935
  989
  1,047
  1,109
  1,175
  1,246
  1,322
  1,402
  1,488
  1,580
  1,677
  1,780
  1,889
  2,005
  2,128
  2,258
  2,395
  2,541
  2,695
Maintenance CAPEX, $m
  -72
  -74
  -75
  -77
  -80
  -82
  -85
  -87
  -91
  -94
  -98
  -101
  -106
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -226
New CAPEX, $m
  -19
  -25
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
Cash from investing activities, $m
  -91
  -99
  -103
  -109
  -115
  -120
  -127
  -132
  -140
  -146
  -154
  -161
  -170
  -178
  -187
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -274
  -288
  -302
  -317
  -333
  -350
  -367
  -385
Free cash flow, $m
  546
  552
  564
  580
  599
  620
  646
  674
  706
  741
  732
  774
  820
  869
  922
  980
  1,041
  1,106
  1,177
  1,251
  1,331
  1,416
  1,506
  1,601
  1,703
  1,811
  1,925
  2,046
  2,174
  2,309
Issuance/(repayment) of debt, $m
  45
  52
  59
  67
  74
  81
  88
  95
  103
  110
  118
  126
  134
  142
  151
  160
  170
  179
  190
  200
  211
  223
  235
  247
  260
  274
  289
  304
  320
  336
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  
  45
  52
  59
  67
  74
  81
  88
  95
  103
  110
  118
  126
  134
  142
  151
  160
  170
  179
  190
  200
  211
  223
  235
  247
  260
  274
  289
  304
  320
  336
Total cash flow (excl. dividends), $m
  591
  604
  624
  646
  672
  701
  734
  770
  809
  851
  850
  900
  954
  1,012
  1,074
  1,140
  1,210
  1,286
  1,366
  1,451
  1,542
  1,638
  1,740
  1,849
  1,963
  2,085
  2,213
  2,349
  2,493
  2,645
Retained Cash Flow (-), $m
  -22
  -26
  -29
  -33
  -36
  -40
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
Prev. year cash balance distribution, $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 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
  569
  579
  594
  613
  636
  661
  690
  722
  758
  797
  792
  838
  888
  941
  999
  1,061
  1,127
  1,197
  1,272
  1,352
  1,438
  1,528
  1,624
  1,726
  1,835
  1,949
  2,071
  2,199
  2,335
  2,479
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
  546
  530
  517
  505
  493
  480
  466
  451
  435
  418
  376
  358
  338
  316
  293
  270
  245
  220
  196
  172
  149
  127
  106
  88
  71
  57
  44
  34
  25
  19
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

Broadridge Financial Solutions, Inc. (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company's segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment. The Company offers a middle- and back-office securities processing platform for North American and global broker-dealers. Its services include investor and customer communications, securities processing, and data and analytics solutions. The Company delivers a range of solutions that helps its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade, and post-trade processing functionality.

FINANCIAL RATIOS  of  Broadridge Financial Solutions (BR)

Valuation Ratios
P/E Ratio 48
Price to Sales 3.8
Price to Book 15.6
Price to Tangible Book
Price to Cash Flow 30.4
Price to Free Cash Flow 50.3
Growth Rates
Sales Growth Rate 43%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 168.4%
Cap. Spend. - 3 Yr. Gr. Rate 30.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 109.8%
Total Debt to Equity 109.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 11.8%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 17%
Return On Equity 31.9%
Return On Equity - 3 Yr. Avg. 31.2%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 24.9%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 17%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 14.8%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 46.5%

BR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BR stock intrinsic value calculation we used $4329.9 million for the last fiscal year's total revenue generated by Broadridge Financial Solutions. The default revenue input number comes from 0001 income statement of Broadridge Financial Solutions. 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 BR 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 BR is calculated based on our internal credit rating of Broadridge Financial Solutions, 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 Broadridge Financial Solutions.
    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 BR stock the variable cost ratio is equal to 66.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $889 million in the base year in the intrinsic value calculation for BR 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 Broadridge Financial Solutions.

Corporate tax rate of 27% is the nominal tax rate for Broadridge Financial Solutions. 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 BR 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 BR are equal to 24.2%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Broadridge Financial Solutions 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 BR is equal to -1.2%. 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 - $1094.3 million for Broadridge Financial Solutions - 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 116.325 million for Broadridge Financial Solutions 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 Broadridge Financial Solutions at the current share price and the inputted number of shares is $15.7 billion.

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COMPANY NEWS

▶ How to Fix a Broken Proxy Voting System   [Sep-13-18 03:51PM  Barrons.com]
▶ Top 3 Growth Stocks for 2018   [Sep-06-18 07:18PM  Investopedia]
▶ Broadridge Stock Is Signaling More Upside   [Aug-08-18 09:08AM  Investopedia]
▶ [$$] Blockchain Could Help Fix Proxy Voting Problems   [Jul-06-18 08:12PM  Barrons.com]
▶ How to Play Blockchain Without Getting Burned   [May-30-18 01:19PM  InvestorPlace]
▶ Broadridge to Participate at Upcoming Investor Conferences   [May-23-18 04:45PM  GlobeNewswire]
▶ Jim Cramer: Broadridge Helps the Individual Investor   [May-09-18 11:33AM  TheStreet.com]
▶ Broadridge Declares Quarterly Dividend of $0.365 Per Share   [May-03-18 03:50PM  GlobeNewswire]
▶ Edited Transcript of BR presentation 6-Mar-17 1:05pm GMT   [Apr-10-18 02:37PM  Thomson Reuters StreetEvents]

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