Intrinsic value of Eaton Vance - EV

Previous Close

$56.61

  Intrinsic Value

$100.11

stock screener

  Rating & Target

str. buy

+77%

Previous close

$56.61

 
Intrinsic value

$100.11

 
Up/down potential

+77%

 
Rating

str. buy

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

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

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 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 6.6

 

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, %
  -4.34
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  1,343
  1,551
  1,775
  2,015
  2,270
  2,540
  2,824
  3,123
  3,436
  3,763
  4,105
  4,460
  4,830
  5,215
  5,615
  6,030
  6,462
  6,911
  7,378
  7,863
  8,368
  8,893
  9,440
  10,009
  10,603
  11,222
  11,867
  12,541
  13,245
  13,980
  14,748
Variable operating expenses, $m
 
  1,104
  1,260
  1,426
  1,604
  1,791
  1,989
  2,197
  2,415
  2,642
  2,880
  3,102
  3,360
  3,627
  3,905
  4,194
  4,495
  4,807
  5,131
  5,469
  5,820
  6,185
  6,566
  6,962
  7,375
  7,805
  8,254
  8,723
  9,212
  9,724
  10,258
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
  929
  1,104
  1,260
  1,426
  1,604
  1,791
  1,989
  2,197
  2,415
  2,642
  2,880
  3,102
  3,360
  3,627
  3,905
  4,194
  4,495
  4,807
  5,131
  5,469
  5,820
  6,185
  6,566
  6,962
  7,375
  7,805
  8,254
  8,723
  9,212
  9,724
  10,258
Operating income, $m
  414
  447
  516
  589
  666
  749
  835
  926
  1,021
  1,121
  1,225
  1,358
  1,471
  1,588
  1,710
  1,836
  1,968
  2,104
  2,246
  2,394
  2,548
  2,708
  2,874
  3,047
  3,228
  3,417
  3,613
  3,818
  4,033
  4,256
  4,490
EBITDA, $m
  435
  478
  547
  621
  699
  783
  870
  962
  1,059
  1,160
  1,265
  1,374
  1,488
  1,607
  1,730
  1,858
  1,991
  2,129
  2,273
  2,423
  2,578
  2,740
  2,908
  3,084
  3,267
  3,458
  3,656
  3,864
  4,081
  4,307
  4,544
Interest expense (income), $m
  28
  21
  26
  33
  39
  46
  54
  61
  70
  78
  87
  97
  106
  117
  127
  138
  150
  162
  174
  187
  200
  214
  228
  243
  259
  276
  293
  310
  329
  348
  368
Earnings before tax, $m
  408
  427
  489
  556
  627
  702
  782
  865
  952
  1,043
  1,138
  1,261
  1,364
  1,471
  1,582
  1,698
  1,818
  1,943
  2,072
  2,207
  2,348
  2,494
  2,646
  2,804
  2,969
  3,141
  3,321
  3,508
  3,704
  3,908
  4,122
Tax expense, $m
  154
  115
  132
  150
  169
  190
  211
  233
  257
  282
  307
  341
  368
  397
  427
  458
  491
  525
  560
  596
  634
  673
  714
  757
  802
  848
  897
  947
  1,000
  1,055
  1,113
Net income, $m
  241
  312
  357
  406
  458
  513
  571
  631
  695
  761
  831
  921
  996
  1,074
  1,155
  1,239
  1,327
  1,418
  1,513
  1,611
  1,714
  1,820
  1,931
  2,047
  2,167
  2,293
  2,424
  2,561
  2,704
  2,853
  3,009

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  424
  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
  1,730
  1,509
  1,727
  1,960
  2,208
  2,471
  2,747
  3,038
  3,343
  3,661
  3,993
  4,339
  4,699
  5,073
  5,462
  5,866
  6,286
  6,723
  7,177
  7,649
  8,140
  8,651
  9,182
  9,737
  10,314
  10,916
  11,544
  12,200
  12,884
  13,599
  14,346
Adjusted assets (=assets-cash), $m
  1,306
  1,509
  1,727
  1,960
  2,208
  2,471
  2,747
  3,038
  3,343
  3,661
  3,993
  4,339
  4,699
  5,073
  5,462
  5,866
  6,286
  6,723
  7,177
  7,649
  8,140
  8,651
  9,182
  9,737
  10,314
  10,916
  11,544
  12,200
  12,884
  13,599
  14,346
Revenue / Adjusted assets
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
Average production assets, $m
  74
  85
  98
  111
  125
  140
  155
  172
  189
  207
  226
  245
  266
  287
  309
  332
  355
  380
  406
  432
  460
  489
  519
  551
  583
  617
  653
  690
  728
  769
  811
Working capital, $m
  0
  -490
  -561
  -637
  -717
  -803
  -893
  -987
  -1,086
  -1,189
  -1,297
  -1,409
  -1,526
  -1,648
  -1,774
  -1,906
  -2,042
  -2,184
  -2,331
  -2,485
  -2,644
  -2,810
  -2,983
  -3,163
  -3,350
  -3,546
  -3,750
  -3,963
  -4,185
  -4,418
  -4,660
Total debt, $m
  572
  732
  903
  1,087
  1,282
  1,488
  1,706
  1,934
  2,173
  2,423
  2,684
  2,956
  3,239
  3,533
  3,839
  4,157
  4,487
  4,830
  5,187
  5,558
  5,944
  6,345
  6,763
  7,199
  7,653
  8,126
  8,620
  9,135
  9,673
  10,235
  10,822
Total liabilities, $m
  1,027
  1,186
  1,357
  1,541
  1,736
  1,942
  2,160
  2,388
  2,627
  2,877
  3,138
  3,410
  3,693
  3,987
  4,293
  4,611
  4,941
  5,284
  5,641
  6,012
  6,398
  6,799
  7,217
  7,653
  8,107
  8,580
  9,074
  9,589
  10,127
  10,689
  11,276
Total equity, $m
  704
  323
  370
  419
  473
  529
  588
  650
  715
  783
  854
  928
  1,005
  1,086
  1,169
  1,255
  1,345
  1,439
  1,536
  1,637
  1,742
  1,851
  1,965
  2,084
  2,207
  2,336
  2,470
  2,611
  2,757
  2,910
  3,070
Total liabilities and equity, $m
  1,731
  1,509
  1,727
  1,960
  2,209
  2,471
  2,748
  3,038
  3,342
  3,660
  3,992
  4,338
  4,698
  5,073
  5,462
  5,866
  6,286
  6,723
  7,177
  7,649
  8,140
  8,650
  9,182
  9,737
  10,314
  10,916
  11,544
  12,200
  12,884
  13,599
  14,346
Debt-to-equity ratio
  0.813
  2.270
  2.440
  2.590
  2.710
  2.810
  2.900
  2.970
  3.040
  3.090
  3.140
  3.180
  3.220
  3.250
  3.280
  3.310
  3.340
  3.360
  3.380
  3.400
  3.410
  3.430
  3.440
  3.460
  3.470
  3.480
  3.490
  3.500
  3.510
  3.520
  3.530
Adjusted equity ratio
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  241
  312
  357
  406
  458
  513
  571
  631
  695
  761
  831
  921
  996
  1,074
  1,155
  1,239
  1,327
  1,418
  1,513
  1,611
  1,714
  1,820
  1,931
  2,047
  2,167
  2,293
  2,424
  2,561
  2,704
  2,853
  3,009
Depreciation, amort., depletion, $m
  21
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  16
  18
  19
  20
  22
  24
  25
  27
  29
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
Funds from operations, $m
  293
  342
  389
  438
  491
  547
  606
  667
  732
  800
  870
  937
  1,013
  1,093
  1,176
  1,261
  1,351
  1,443
  1,540
  1,640
  1,744
  1,853
  1,966
  2,083
  2,206
  2,334
  2,467
  2,607
  2,752
  2,904
  3,063
Change in working capital, $m
  -48
  -66
  -71
  -76
  -81
  -85
  -90
  -94
  -99
  -103
  -108
  -112
  -117
  -122
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -243
Cash from operations, $m
  341
  408
  459
  514
  572
  632
  696
  762
  831
  903
  978
  1,049
  1,130
  1,215
  1,302
  1,393
  1,487
  1,585
  1,687
  1,793
  1,904
  2,019
  2,138
  2,263
  2,394
  2,529
  2,671
  2,820
  2,974
  3,136
  3,305
Maintenance CAPEX, $m
  0
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
New CAPEX, $m
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
Cash from investing activities, $m
  -108
  -17
  -18
  -19
  -21
  -23
  -25
  -26
  -28
  -31
  -33
  -35
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -73
  -77
  -80
  -85
  -88
  -93
Free cash flow, $m
  233
  391
  441
  494
  550
  609
  671
  735
  802
  873
  946
  1,015
  1,094
  1,176
  1,261
  1,349
  1,441
  1,537
  1,636
  1,740
  1,847
  1,959
  2,076
  2,198
  2,324
  2,457
  2,595
  2,739
  2,890
  3,048
  3,212
Issuance/(repayment) of debt, $m
  0
  160
  171
  183
  195
  206
  218
  228
  239
  250
  261
  272
  283
  294
  306
  318
  330
  343
  357
  371
  386
  402
  418
  436
  454
  473
  494
  515
  538
  562
  587
Issuance/(repurchase) of shares, $m
  -142
  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  
  -151
  160
  171
  183
  195
  206
  218
  228
  239
  250
  261
  272
  283
  294
  306
  318
  330
  343
  357
  371
  386
  402
  418
  436
  454
  473
  494
  515
  538
  562
  587
Total cash flow (excl. dividends), $m
  78
  551
  613
  678
  745
  815
  888
  964
  1,042
  1,123
  1,207
  1,287
  1,377
  1,470
  1,567
  1,667
  1,772
  1,880
  1,993
  2,111
  2,233
  2,361
  2,494
  2,633
  2,778
  2,930
  3,089
  3,254
  3,428
  3,609
  3,800
Retained Cash Flow (-), $m
  -84
  -43
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -160
Prev. year cash balance distribution, $m
 
  424
  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
 
  932
  566
  628
  692
  759
  829
  901
  977
  1,055
  1,136
  1,213
  1,300
  1,390
  1,483
  1,581
  1,682
  1,787
  1,896
  2,010
  2,128
  2,252
  2,380
  2,515
  2,655
  2,801
  2,954
  3,114
  3,281
  3,456
  3,640
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
 
  894
  518
  546
  570
  588
  602
  609
  610
  606
  595
  576
  555
  528
  498
  464
  427
  389
  349
  309
  270
  233
  197
  165
  135
  109
  86
  67
  51
  38
  27
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

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 26.8
Price to Sales 4.8
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 19.6
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 9.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 81.3%
Total Debt to Equity 81.3%
Interest Coverage 16
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 16.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity 36.4%
Return On Equity - 3 Yr. Avg. 39.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 81.4%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 33.7%
Operating Margin 30.8%
Oper. Margin - 3 Yr. Avg. 31.7%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 17.9%
Net Profit Margin - 3 Yr. Avg. 18.4%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 49.4%

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 $1343 million for the last fiscal year's total revenue generated by Eaton Vance. The default revenue input number comes from 2016 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 15.5% 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 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 71.4%.

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 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 3.6% 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 5.5%.

Life of production assets of 15.1 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 -31.6%. 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 - $704 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 116.57 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 $6.6 billion.

RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 4.95 0.40  str.sell
BLK BlackRock 517.73 2,347.68  str.buy
LM Legg Mason 40.37 27.00  sell
BEN Franklin Resou 44.15 68.49  str.buy
WDR Waddell&Reed F 21.06 43.00  str.buy
DHIL Diamond Hill I 208.74 358.36  str.buy
APAM Artisan Partne 39.60 35.94  hold
TROW T. Rowe Price 102.64 139.24  buy

COMPANY NEWS

▶ Eaton Vance Corp. to Host Earnings Call   [06:40AM  ACCESSWIRE]
▶ [$$] The New Tax Hidden in Senate Bill Now Only Hits Individuals   [Nov-18-17 08:06AM  The Wall Street Journal]
▶ Fund Flows at Low Tide   [Oct-13-17 03:36PM  Barrons.com]
▶ [$$] The Problem With ESG ETFs, and the Opportunities   [Oct-07-17 12:19AM  Barrons.com]
▶ U.K. Firm Impax to Buy Pax World Management   [Sep-18-17 10:02AM  Barrons.com]
▶ Eaton Vance misses Street 3Q forecasts   [10:03PM  Associated Press]
▶ Stocks Bounce After Extended Selloff, Led by Tech Sector   [12:57AM  The Wall Street Journal]
▶ Stocks Bounce After Extended Selloff, Led by Tech Sector   [Aug-22-17 04:09PM  The Wall Street Journal]
▶ Ex-Eaton Vance trader sentenced to 18 months in prison   [Aug-17-17 02:00PM  American City Business Journals]
▶ [$$] GSO Capital Cool to New iHeartCommunications Restructuring Deal   [Jul-26-17 09:20AM  The Wall Street Journal]
▶ [$$] iHeart's Battle With Bondholders Reaches Pivotal Point   [Jul-19-17 07:29PM  The Wall Street Journal]
▶ Aussie Dollar Bulls Target 80 U.S. Cents   [Jul-18-17 01:18AM  Bloomberg]
▶ [$$] "A Great Time" to Invest in the Health-Care Sector   [Jul-15-17 12:01AM  Barrons.com]
▶ Eaton Vance Corp. Declares Quarterly Dividend   [Jul-12-17 02:00PM  PR Newswire]
▶ [$$] J.Crew Nears Completion of Bond Swap As Lenders Appeal to Stop Deal   [Jul-11-17 06:24PM  The Wall Street Journal]
▶ [$$] Big U.S. Funds Arent Buying the European Recovery Story   [Jul-02-17 11:34PM  The Wall Street Journal]
Financial statements of EV
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.