Intrinsic value of Eaton Vance - EV

Previous Close

$36.80

  Intrinsic Value

$59.54

stock screener

  Rating & Target

str. buy

+62%

Previous close

$36.80

 
Intrinsic value

$59.54

 
Up/down potential

+62%

 
Rating

str. buy

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

We calculate the intrinsic value of EV 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 4.4

 

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, %
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  1,691
  1,861
  2,038
  2,223
  2,416
  2,617
  2,826
  3,043
  3,268
  3,503
  3,746
  3,999
  4,262
  4,536
  4,821
  5,118
  5,427
  5,749
  6,085
  6,435
  6,800
  7,182
  7,581
  7,997
  8,433
  8,889
  9,365
  9,864
  10,386
  10,933
Variable operating expenses, $m
  1,065
  1,168
  1,277
  1,389
  1,507
  1,629
  1,756
  1,888
  2,026
  2,169
  2,282
  2,436
  2,596
  2,763
  2,937
  3,117
  3,306
  3,502
  3,706
  3,920
  4,142
  4,375
  4,618
  4,872
  5,137
  5,414
  5,705
  6,009
  6,327
  6,660
Fixed operating expenses, $m
  84
  86
  88
  89
  91
  93
  95
  98
  100
  102
  104
  106
  109
  111
  114
  116
  119
  121
  124
  127
  130
  132
  135
  138
  141
  144
  148
  151
  154
  158
Total operating expenses, $m
  1,149
  1,254
  1,365
  1,478
  1,598
  1,722
  1,851
  1,986
  2,126
  2,271
  2,386
  2,542
  2,705
  2,874
  3,051
  3,233
  3,425
  3,623
  3,830
  4,047
  4,272
  4,507
  4,753
  5,010
  5,278
  5,558
  5,853
  6,160
  6,481
  6,818
Operating income, $m
  542
  607
  674
  745
  818
  895
  974
  1,057
  1,143
  1,232
  1,360
  1,457
  1,557
  1,662
  1,771
  1,884
  2,002
  2,126
  2,254
  2,388
  2,528
  2,675
  2,828
  2,988
  3,155
  3,330
  3,513
  3,705
  3,905
  4,116
EBITDA, $m
  599
  666
  736
  809
  885
  964
  1,046
  1,131
  1,220
  1,313
  1,409
  1,509
  1,613
  1,721
  1,834
  1,951
  2,073
  2,201
  2,334
  2,473
  2,617
  2,769
  2,927
  3,092
  3,265
  3,446
  3,635
  3,834
  4,041
  4,259
Interest expense (income), $m
  26
  34
  42
  50
  58
  66
  75
  85
  95
  105
  115
  126
  137
  149
  162
  174
  188
  201
  216
  231
  246
  263
  280
  298
  316
  336
  356
  377
  399
  423
  447
Earnings before tax, $m
  508
  565
  625
  687
  752
  819
  889
  962
  1,038
  1,117
  1,234
  1,319
  1,408
  1,500
  1,596
  1,697
  1,801
  1,910
  2,023
  2,142
  2,266
  2,395
  2,530
  2,671
  2,819
  2,974
  3,136
  3,305
  3,483
  3,669
Tax expense, $m
  137
  153
  169
  185
  203
  221
  240
  260
  280
  302
  333
  356
  380
  405
  431
  458
  486
  516
  546
  578
  612
  647
  683
  721
  761
  803
  847
  892
  940
  991
Net income, $m
  371
  413
  456
  501
  549
  598
  649
  702
  758
  815
  901
  963
  1,028
  1,095
  1,165
  1,239
  1,315
  1,394
  1,477
  1,564
  1,654
  1,748
  1,847
  1,950
  2,058
  2,171
  2,289
  2,413
  2,542
  2,678

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
  2,516
  2,769
  3,033
  3,309
  3,596
  3,894
  4,205
  4,528
  4,863
  5,212
  5,575
  5,951
  6,343
  6,750
  7,174
  7,616
  8,076
  8,555
  9,054
  9,576
  10,120
  10,688
  11,281
  11,901
  12,549
  13,227
  13,936
  14,678
  15,455
  16,269
Adjusted assets (=assets-cash), $m
  2,516
  2,769
  3,033
  3,309
  3,596
  3,894
  4,205
  4,528
  4,863
  5,212
  5,575
  5,951
  6,343
  6,750
  7,174
  7,616
  8,076
  8,555
  9,054
  9,576
  10,120
  10,688
  11,281
  11,901
  12,549
  13,227
  13,936
  14,678
  15,455
  16,269
Revenue / Adjusted assets
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
Average production assets, $m
  230
  253
  277
  302
  329
  356
  384
  414
  444
  476
  509
  544
  580
  617
  656
  696
  738
  782
  827
  875
  925
  977
  1,031
  1,088
  1,147
  1,209
  1,274
  1,341
  1,412
  1,487
Working capital, $m
  -79
  -87
  -96
  -105
  -114
  -123
  -133
  -143
  -154
  -165
  -176
  -188
  -200
  -213
  -227
  -241
  -255
  -270
  -286
  -302
  -320
  -338
  -356
  -376
  -396
  -418
  -440
  -464
  -488
  -514
Total debt, $m
  772
  918
  1,071
  1,231
  1,397
  1,571
  1,751
  1,938
  2,133
  2,335
  2,545
  2,764
  2,991
  3,227
  3,473
  3,729
  3,996
  4,274
  4,563
  4,866
  5,181
  5,511
  5,855
  6,214
  6,590
  6,984
  7,395
  7,825
  8,276
  8,748
Total liabilities, $m
  1,460
  1,606
  1,759
  1,919
  2,086
  2,259
  2,439
  2,626
  2,821
  3,023
  3,233
  3,452
  3,679
  3,915
  4,161
  4,417
  4,684
  4,962
  5,252
  5,554
  5,869
  6,199
  6,543
  6,903
  7,278
  7,672
  8,083
  8,513
  8,964
  9,436
Total equity, $m
  1,057
  1,163
  1,274
  1,390
  1,510
  1,636
  1,766
  1,902
  2,043
  2,189
  2,341
  2,500
  2,664
  2,835
  3,013
  3,199
  3,392
  3,593
  3,803
  4,022
  4,250
  4,489
  4,738
  4,998
  5,271
  5,555
  5,853
  6,165
  6,491
  6,833
Total liabilities and equity, $m
  2,517
  2,769
  3,033
  3,309
  3,596
  3,895
  4,205
  4,528
  4,864
  5,212
  5,574
  5,952
  6,343
  6,750
  7,174
  7,616
  8,076
  8,555
  9,055
  9,576
  10,119
  10,688
  11,281
  11,901
  12,549
  13,227
  13,936
  14,678
  15,455
  16,269
Debt-to-equity ratio
  0.730
  0.790
  0.840
  0.890
  0.930
  0.960
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.120
  1.140
  1.150
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
Adjusted equity ratio
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  371
  413
  456
  501
  549
  598
  649
  702
  758
  815
  901
  963
  1,028
  1,095
  1,165
  1,239
  1,315
  1,394
  1,477
  1,564
  1,654
  1,748
  1,847
  1,950
  2,058
  2,171
  2,289
  2,413
  2,542
  2,678
Depreciation, amort., depletion, $m
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  49
  52
  56
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
Funds from operations, $m
  428
  472
  518
  565
  615
  667
  721
  777
  835
  896
  950
  1,015
  1,084
  1,155
  1,228
  1,305
  1,386
  1,469
  1,557
  1,648
  1,743
  1,842
  1,946
  2,055
  2,168
  2,287
  2,412
  2,542
  2,678
  2,821
Change in working capital, $m
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
Cash from operations, $m
  436
  480
  526
  574
  624
  677
  731
  787
  846
  907
  961
  1,027
  1,096
  1,167
  1,242
  1,319
  1,400
  1,485
  1,572
  1,664
  1,760
  1,860
  1,965
  2,074
  2,189
  2,309
  2,434
  2,565
  2,703
  2,847
Maintenance CAPEX, $m
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -136
New CAPEX, $m
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
Cash from investing activities, $m
  -42
  -45
  -48
  -52
  -55
  -59
  -62
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
Free cash flow, $m
  393
  435
  477
  522
  569
  618
  668
  721
  776
  833
  882
  944
  1,008
  1,074
  1,144
  1,216
  1,291
  1,370
  1,452
  1,537
  1,626
  1,719
  1,817
  1,919
  2,025
  2,136
  2,253
  2,375
  2,503
  2,637
Issuance/(repayment) of debt, $m
  140
  147
  153
  160
  166
  173
  180
  187
  195
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  302
  316
  329
  344
  360
  376
  393
  411
  430
  451
  472
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  
  140
  147
  153
  160
  166
  173
  180
  187
  195
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  302
  316
  329
  344
  360
  376
  393
  411
  430
  451
  472
Total cash flow (excl. dividends), $m
  533
  581
  631
  682
  735
  791
  848
  908
  970
  1,035
  1,092
  1,162
  1,235
  1,311
  1,390
  1,472
  1,558
  1,648
  1,741
  1,839
  1,942
  2,049
  2,161
  2,278
  2,401
  2,530
  2,664
  2,805
  2,953
  3,108
Retained Cash Flow (-), $m
  -100
  -106
  -111
  -116
  -121
  -125
  -130
  -136
  -141
  -146
  -152
  -158
  -165
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -228
  -239
  -249
  -260
  -272
  -285
  -298
  -312
  -326
  -342
Prev. year cash balance distribution, $m
  55
  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
  488
  475
  520
  566
  615
  665
  718
  773
  829
  888
  940
  1,004
  1,070
  1,140
  1,212
  1,287
  1,365
  1,446
  1,532
  1,620
  1,713
  1,810
  1,912
  2,018
  2,129
  2,245
  2,366
  2,494
  2,627
  2,767
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  463
  425
  436
  442
  445
  443
  436
  426
  411
  392
  366
  341
  315
  286
  257
  228
  199
  171
  144
  120
  98
  79
  62
  48
  36
  26
  19
  13
  9
  6
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

Eaton Vance Corp. is engaged in the business of managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company operates as an investment advisor to funds and separate accounts. The Company, through its subsidiaries and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds. Through its subsidiary, the Company also manages a range of engineered alpha strategies, including systematic equity, systematic alternatives and managed options strategies. The Company's open-end fund lineup includes tax-managed equity funds, and non-tax-managed equity and multi-asset funds. The Company's family of closed-end funds includes municipal bond, domestic and global equity, and bank loan.

FINANCIAL RATIOS  of  Eaton Vance (EV)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 2.9
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 67.1
Price to Free Cash Flow 83.9
Growth Rates
Sales Growth Rate 13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.2%
Cap. Spend. - 3 Yr. Gr. Rate 10.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 62.4%
Total Debt to Equity 62.4%
Interest Coverage 19
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 13.5%
Return On Total Capital 19.3%
Ret/ On T. Cap. - 3 Yr. Avg. 17.2%
Return On Equity 32.9%
Return On Equity - 3 Yr. Avg. 35.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 84%
Gross Margin - 3 Yr. Avg. 82%
EBITDA Margin 33.6%
EBITDA Margin - 3 Yr. Avg. 32.5%
Operating Margin 31.2%
Oper. Margin - 3 Yr. Avg. 30.2%
Pre-Tax Margin 30.7%
Pre-Tax Margin - 3 Yr. Avg. 29.1%
Net Profit Margin 18.4%
Net Profit Margin - 3 Yr. Avg. 17.6%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 44.7%

EV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EV stock intrinsic value calculation we used $1529.01 million for the last fiscal year's total revenue generated by Eaton Vance. The default revenue input number comes from 0001 income statement of Eaton Vance. 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 EV stock valuation model: a) initial revenue growth rate of 10.6% 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 5.5%, whose default value for EV is calculated based on our internal credit rating of Eaton Vance, 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 Eaton Vance.
    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 EV stock the variable cost ratio is equal to 63.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $82 million in the base year in the intrinsic value calculation for EV 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 Eaton Vance.

Corporate tax rate of 27% is the nominal tax rate for Eaton Vance. 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 EV 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 EV are equal to 13.6%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Eaton Vance 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 EV is equal to -4.7%. 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 - $1011.396 million for Eaton Vance - 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 120.071 million for Eaton Vance 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 Eaton Vance at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ In blow to Eaton Vance, Gabelli dumps new NextShares strategy   [06:45AM  American City Business Journals]
▶ Eaton Vance: Fiscal 4Q Earnings Snapshot   [Nov-27-18 09:20AM  Associated Press]
▶ [$$] Oil Teeters on Brink of a Bear Market   [Nov-06-18 07:38PM  The Wall Street Journal]
▶ Advisors see increased interest in Responsible Investing   [Oct-22-18 12:37PM  PR Newswire]
▶ Eaton Vance Corp. Increases Quarterly Dividend   [Oct-11-18 03:28PM  PR Newswire]
▶ Reassessing Asset Managers' Moats   [07:00AM  Morningstar]
▶ Eaton Vance CEO questions future of firms groundbreaking fund   [Aug-30-18 02:45PM  American City Business Journals]
▶ Eaton Vance Corp. to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ Eaton Vance: Fiscal 3Q Earnings Snapshot   [08:54AM  Associated Press]
▶ Eaton Vance's Gaffney Says Turkey Is Running Out of Options   [Aug-10-18 06:48PM  Bloomberg Video]
▶ What Message the BOJ Is Sending to Markets   [Jul-24-18 11:19AM  Bloomberg]
▶ 3 Eaton Vance Mutual Funds for Great Returns   [Jul-23-18 11:28AM  InvestorPlace]
▶ Is EEIAX a Strong Bond Fund Right Now?   [Jul-12-18 07:32AM  Zacks]
▶ Is EEIAX a Strong Bond Fund Right Now?   [Jul-03-18 07:16AM  Zacks]
▶ Municipal Bond Market Preps for Reinvestment Season   [May-30-18 11:21AM  Bloomberg Video]

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