Intrinsic value of Federated Investors - FII

Previous Close

$34.77

  Intrinsic Value

$147.34

stock screener

  Rating & Target

str. buy

+324%

Previous close

$34.77

 
Intrinsic value

$147.34

 
Up/down potential

+324%

 
Rating

str. buy

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

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

We calculate the intrinsic value of FII 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 3.5

 

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, %
  23.30
  23.30
  21.47
  19.82
  18.34
  17.01
  15.81
  14.73
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
Revenue, $m
  1,143
  1,409
  1,712
  2,051
  2,427
  2,840
  3,289
  3,774
  4,293
  4,845
  5,431
  6,049
  6,699
  7,380
  8,093
  8,836
  9,611
  10,417
  11,256
  12,128
  13,034
  13,976
  14,954
  15,972
  17,029
  18,129
  19,274
  20,466
  21,707
  23,000
  24,348
Variable operating expenses, $m
 
  968
  1,162
  1,379
  1,620
  1,885
  2,172
  2,482
  2,815
  3,169
  3,544
  3,874
  4,290
  4,726
  5,182
  5,658
  6,154
  6,671
  7,208
  7,766
  8,346
  8,949
  9,576
  10,227
  10,905
  11,609
  12,342
  13,105
  13,900
  14,728
  15,591
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
  808
  968
  1,162
  1,379
  1,620
  1,885
  2,172
  2,482
  2,815
  3,169
  3,544
  3,874
  4,290
  4,726
  5,182
  5,658
  6,154
  6,671
  7,208
  7,766
  8,346
  8,949
  9,576
  10,227
  10,905
  11,609
  12,342
  13,105
  13,900
  14,728
  15,591
Operating income, $m
  336
  441
  550
  672
  807
  956
  1,117
  1,291
  1,478
  1,677
  1,887
  2,176
  2,409
  2,654
  2,911
  3,178
  3,457
  3,747
  4,048
  4,362
  4,688
  5,026
  5,378
  5,744
  6,125
  6,520
  6,932
  7,361
  7,807
  8,272
  8,757
EBITDA, $m
  346
  511
  621
  744
  881
  1,031
  1,194
  1,370
  1,558
  1,758
  1,971
  2,195
  2,431
  2,678
  2,937
  3,207
  3,488
  3,781
  4,085
  4,401
  4,730
  5,072
  5,427
  5,796
  6,180
  6,580
  6,995
  7,427
  7,878
  8,347
  8,836
Interest expense (income), $m
  3
  6
  10
  15
  21
  27
  34
  41
  49
  57
  66
  76
  86
  97
  108
  119
  132
  144
  157
  171
  185
  200
  216
  232
  248
  265
  283
  302
  322
  342
  363
Earnings before tax, $m
  341
  435
  540
  657
  787
  929
  1,084
  1,250
  1,429
  1,619
  1,821
  2,100
  2,323
  2,558
  2,803
  3,059
  3,325
  3,602
  3,891
  4,191
  4,502
  4,826
  5,163
  5,513
  5,876
  6,255
  6,649
  7,058
  7,485
  7,930
  8,394
Tax expense, $m
  119
  118
  146
  177
  212
  251
  293
  338
  386
  437
  492
  567
  627
  691
  757
  826
  898
  973
  1,051
  1,132
  1,216
  1,303
  1,394
  1,488
  1,587
  1,689
  1,795
  1,906
  2,021
  2,141
  2,266
Net income, $m
  209
  318
  394
  479
  574
  678
  791
  913
  1,043
  1,182
  1,329
  1,533
  1,696
  1,867
  2,046
  2,233
  2,427
  2,630
  2,840
  3,059
  3,287
  3,523
  3,769
  4,024
  4,290
  4,566
  4,853
  5,153
  5,464
  5,789
  6,127

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  301
  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
  1,155
  1,053
  1,279
  1,533
  1,814
  2,123
  2,458
  2,820
  3,208
  3,621
  4,059
  4,521
  5,007
  5,516
  6,048
  6,604
  7,183
  7,786
  8,413
  9,064
  9,742
  10,445
  11,177
  11,937
  12,727
  13,550
  14,405
  15,296
  16,223
  17,190
  18,197
Adjusted assets (=assets-cash), $m
  854
  1,053
  1,279
  1,533
  1,814
  2,123
  2,458
  2,820
  3,208
  3,621
  4,059
  4,521
  5,007
  5,516
  6,048
  6,604
  7,183
  7,786
  8,413
  9,064
  9,742
  10,445
  11,177
  11,937
  12,727
  13,550
  14,405
  15,296
  16,223
  17,190
  18,197
Revenue / Adjusted assets
  1.338
  1.338
  1.339
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
Average production assets, $m
  112
  138
  168
  201
  238
  278
  322
  370
  421
  475
  532
  593
  657
  723
  793
  866
  942
  1,021
  1,103
  1,189
  1,277
  1,370
  1,466
  1,565
  1,669
  1,777
  1,889
  2,006
  2,127
  2,254
  2,386
Working capital, $m
  197
  -96
  -116
  -139
  -165
  -193
  -224
  -257
  -292
  -329
  -369
  -411
  -456
  -502
  -550
  -601
  -654
  -708
  -765
  -825
  -886
  -950
  -1,017
  -1,086
  -1,158
  -1,233
  -1,311
  -1,392
  -1,476
  -1,564
  -1,656
Total debt, $m
  191
  289
  431
  589
  765
  958
  1,167
  1,394
  1,636
  1,894
  2,168
  2,457
  2,760
  3,078
  3,411
  3,758
  4,120
  4,497
  4,889
  5,296
  5,719
  6,159
  6,616
  7,092
  7,586
  8,100
  8,634
  9,191
  9,771
  10,375
  11,004
Total liabilities, $m
  560
  658
  800
  958
  1,134
  1,327
  1,536
  1,763
  2,005
  2,263
  2,537
  2,826
  3,129
  3,447
  3,780
  4,127
  4,489
  4,866
  5,258
  5,665
  6,088
  6,528
  6,985
  7,461
  7,955
  8,469
  9,003
  9,560
  10,140
  10,744
  11,373
Total equity, $m
  595
  395
  480
  575
  680
  796
  922
  1,058
  1,203
  1,358
  1,522
  1,695
  1,878
  2,068
  2,268
  2,476
  2,694
  2,920
  3,155
  3,399
  3,653
  3,917
  4,191
  4,476
  4,773
  5,081
  5,402
  5,736
  6,084
  6,446
  6,824
Total liabilities and equity, $m
  1,155
  1,053
  1,280
  1,533
  1,814
  2,123
  2,458
  2,821
  3,208
  3,621
  4,059
  4,521
  5,007
  5,515
  6,048
  6,603
  7,183
  7,786
  8,413
  9,064
  9,741
  10,445
  11,176
  11,937
  12,728
  13,550
  14,405
  15,296
  16,224
  17,190
  18,197
Debt-to-equity ratio
  0.321
  0.730
  0.900
  1.020
  1.120
  1.200
  1.270
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.610
Adjusted equity ratio
  0.344
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  209
  318
  394
  479
  574
  678
  791
  913
  1,043
  1,182
  1,329
  1,533
  1,696
  1,867
  2,046
  2,233
  2,427
  2,630
  2,840
  3,059
  3,287
  3,523
  3,769
  4,024
  4,290
  4,566
  4,853
  5,153
  5,464
  5,789
  6,127
Depreciation, amort., depletion, $m
  10
  71
  71
  73
  74
  75
  77
  78
  80
  82
  84
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  80
Funds from operations, $m
  232
  388
  465
  552
  648
  753
  868
  991
  1,123
  1,264
  1,413
  1,553
  1,718
  1,891
  2,072
  2,262
  2,459
  2,664
  2,877
  3,099
  3,329
  3,569
  3,818
  4,076
  4,345
  4,625
  4,916
  5,219
  5,535
  5,864
  6,207
Change in working capital, $m
  -21
  -18
  -21
  -23
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
Cash from operations, $m
  253
  406
  486
  575
  674
  781
  898
  1,024
  1,158
  1,302
  1,453
  1,595
  1,762
  1,938
  2,121
  2,312
  2,511
  2,719
  2,934
  3,158
  3,391
  3,633
  3,884
  4,146
  4,417
  4,700
  4,994
  5,300
  5,620
  5,952
  6,299
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
New CAPEX, $m
  -13
  -26
  -30
  -33
  -37
  -40
  -44
  -47
  -51
  -54
  -57
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
Cash from investing activities, $m
  -8
  -30
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -149
  -156
  -164
  -171
  -180
  -189
  -198
  -207
Free cash flow, $m
  245
  376
  452
  536
  630
  733
  845
  966
  1,095
  1,233
  1,380
  1,516
  1,679
  1,849
  2,027
  2,213
  2,407
  2,608
  2,818
  3,036
  3,263
  3,498
  3,743
  3,997
  4,262
  4,537
  4,823
  5,121
  5,431
  5,754
  6,091
Issuance/(repayment) of debt, $m
  -26
  124
  141
  159
  176
  193
  210
  226
  242
  258
  274
  289
  304
  318
  333
  347
  362
  377
  392
  407
  423
  440
  457
  475
  494
  514
  535
  557
  580
  604
  630
Issuance/(repurchase) of shares, $m
  -82
  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  
  -107
  124
  141
  159
  176
  193
  210
  226
  242
  258
  274
  289
  304
  318
  333
  347
  362
  377
  392
  407
  423
  440
  457
  475
  494
  514
  535
  557
  580
  604
  630
Total cash flow (excl. dividends), $m
  137
  501
  593
  695
  806
  926
  1,055
  1,192
  1,338
  1,492
  1,653
  1,805
  1,982
  2,167
  2,360
  2,560
  2,768
  2,985
  3,210
  3,443
  3,686
  3,938
  4,200
  4,472
  4,756
  5,050
  5,357
  5,677
  6,011
  6,358
  6,721
Retained Cash Flow (-), $m
  53
  -75
  -85
  -95
  -105
  -116
  -126
  -136
  -145
  -155
  -164
  -173
  -182
  -191
  -200
  -208
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -321
  -334
  -348
  -362
  -378
Prev. year cash balance distribution, $m
 
  275
  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
 
  701
  508
  600
  700
  810
  929
  1,056
  1,192
  1,337
  1,489
  1,632
  1,800
  1,976
  2,160
  2,352
  2,551
  2,759
  2,975
  3,199
  3,432
  3,674
  3,926
  4,187
  4,459
  4,742
  5,037
  5,343
  5,663
  5,996
  6,343
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
 
  672
  465
  522
  577
  628
  674
  714
  745
  768
  781
  775
  768
  751
  725
  690
  648
  600
  548
  493
  436
  380
  326
  274
  227
  184
  147
  115
  88
  65
  48
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

Federated Investors, Inc. (Federated) is a provider of investment management products and related financial services. Federated operates through investment management business segment. It is engaged in sponsoring, marketing and providing investment-related services to various investment products, including mutual funds and Separate Accounts, which include separately managed accounts, institutional accounts, sub-advised funds and other managed products. It operates in one segment, the investment management business. As of December 31, 2016, Federated provided investment advisory services to 124 sponsored investment companies and other funds (Federated Funds). It markets these funds to banks, brokers and dealers and other financial intermediaries using them to meet the needs of their customers and clients, including retail investors, corporations and retirement plans. The Company offers a range of products and strategies, including money market, equity and fixed-income investments.

FINANCIAL RATIOS  of  Federated Investors (FII)

Valuation Ratios
P/E Ratio 17
Price to Sales 3.1
Price to Book 6
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 116.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 27.7%
Total Debt to Equity 32.1%
Interest Coverage 115
Management Effectiveness
Return On Assets 18%
Ret/ On Assets - 3 Yr. Avg. 15.5%
Return On Total Capital 25.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 33.6%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 97.6%
Gross Margin - 3 Yr. Avg. 97%
EBITDA Margin 31%
EBITDA Margin - 3 Yr. Avg. 30.8%
Operating Margin 29.3%
Oper. Margin - 3 Yr. Avg. 29.1%
Pre-Tax Margin 29.8%
Pre-Tax Margin - 3 Yr. Avg. 29.1%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 18%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 98.1%

FII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FII stock intrinsic value calculation we used $1143 million for the last fiscal year's total revenue generated by Federated Investors. The default revenue input number comes from 2016 income statement of Federated Investors. 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 FII stock valuation model: a) initial revenue growth rate of 23.3% 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 FII is calculated based on our internal credit rating of Federated Investors, 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 Federated Investors.
    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 FII stock the variable cost ratio is equal to 69.8%.

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 FII 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 Federated Investors.

Corporate tax rate of 27% is the nominal tax rate for Federated Investors. 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 FII 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 FII are equal to 9.8%.

Life of production assets of 77.1 years is the average useful life of capital assets used in Federated Investors 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 FII is equal to -6.8%. 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 - $595 million for Federated Investors - 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 101.362 million for Federated Investors 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 Federated Investors at the current share price and the inputted number of shares is $3.5 billion.

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TROW T. Rowe Price 101.90 139.24  buy
BEN Franklin Resou 43.69 68.49  str.buy
WDR Waddell&Reed F 21.16 43.00  str.buy
EV Eaton Vance 56.40 100.11  str.buy
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COMPANY NEWS

▶ Federated may make a run for British investment firm Hermes, reports say   [Dec-12-17 02:45PM  American City Business Journals]
▶ Why Federated Investors Inc (FII) Could Be A Buy   [Dec-11-17 02:48PM  Simply Wall St.]
▶ Market Determining Tax Winners, Losers, Says Golub   [Dec-05-17 10:55AM  Bloomberg Video]
▶ Federated Investors Shows Rising Price Performance With Jump To 83 RS Rating   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Whats T. Rowes Valuation?   [Nov-22-17 09:02AM  Market Realist]
▶ Countdown to the Fed decision   [06:17AM  CNBC Videos]
▶ Federated Investors beats 3Q profit forecasts   [Oct-26-17 04:57PM  Associated Press]
▶ [$$] Rethinking Junk Bonds   [Oct-13-17 11:35PM  Barrons.com]
▶ Is Federated Investors Inc (FII) A Buy At Its Current Price?   [Oct-06-17 12:19PM  Simply Wall St.]
▶ Federated's Auth Outlines Focus For New Fed Chair   [Oct-04-17 10:50AM  Bloomberg Video]
▶ How Wall Street Analysts View State Street   [Sep-28-17 10:39AM  Market Realist]
▶ Is It Too Late To Buy Federated Investors Inc (FII)?   [Sep-15-17 02:49PM  Simply Wall St.]
▶ Boivin, Auth on Coming Inflation Data and the Fed   [Aug-10-17 10:22AM  Bloomberg Video]
▶ Federated Investors beats 2Q profit forecasts   [Jul-27-17 10:16PM  Associated Press]
▶ Federated's Auth Warns of a Market Correction   [Jul-26-17 11:09AM  Bloomberg Video]
▶ [$$] A Key Borrowing Spigot Opens for Ford   [Jul-11-17 12:28AM  The Wall Street Journal]
▶ Ford Might Have Just Broken a Curse   [Jul-10-17 04:23PM  TheStreet.com]
▶ [$$] A Key Borrowing Spigot Opens for Ford   [08:00AM  The Wall Street Journal]
▶ [$$] Federated Investors Co-Founder John F. Donahue Dies at 92   [May-12-17 03:30PM  The Wall Street Journal]
▶ Federated Investors founder dies at 92   [02:30PM  American City Business Journals]
Financial statements of FII
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.

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