Intrinsic value of INVESCO - IVZ

Previous Close

$18.52

  Intrinsic Value

$64.84

stock screener

  Rating & Target

str. buy

+250%

Previous close

$18.52

 
Intrinsic value

$64.84

 
Up/down potential

+250%

 
Rating

str. buy

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

We calculate the intrinsic value of IVZ 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 7.6

 

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, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  5,599
  6,055
  6,530
  7,023
  7,535
  8,068
  8,621
  9,196
  9,795
  10,417
  11,065
  11,740
  12,443
  13,176
  13,940
  14,738
  15,570
  16,440
  17,348
  18,298
  19,290
  20,329
  21,415
  22,552
  23,743
  24,990
  26,296
  27,664
  29,098
  30,601
Variable operating expenses, $m
  4,141
  4,412
  4,694
  4,987
  5,291
  5,608
  5,937
  6,278
  6,634
  7,004
  6,574
  6,975
  7,392
  7,828
  8,282
  8,755
  9,250
  9,766
  10,306
  10,870
  11,460
  12,077
  12,722
  13,398
  14,105
  14,846
  15,622
  16,435
  17,286
  18,179
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
  4,141
  4,412
  4,694
  4,987
  5,291
  5,608
  5,937
  6,278
  6,634
  7,004
  6,574
  6,975
  7,392
  7,828
  8,282
  8,755
  9,250
  9,766
  10,306
  10,870
  11,460
  12,077
  12,722
  13,398
  14,105
  14,846
  15,622
  16,435
  17,286
  18,179
Operating income, $m
  1,458
  1,643
  1,836
  2,036
  2,244
  2,460
  2,685
  2,918
  3,161
  3,414
  4,492
  4,766
  5,051
  5,349
  5,659
  5,982
  6,320
  6,673
  7,042
  7,427
  7,830
  8,252
  8,693
  9,155
  9,638
  10,144
  10,674
  11,230
  11,812
  12,422
EBITDA, $m
  2,432
  2,630
  2,836
  3,050
  3,273
  3,504
  3,744
  3,994
  4,254
  4,525
  4,806
  5,099
  5,404
  5,723
  6,055
  6,401
  6,763
  7,140
  7,535
  7,947
  8,378
  8,829
  9,301
  9,795
  10,312
  10,854
  11,421
  12,015
  12,638
  13,291
Interest expense (income), $m
  81
  371
  476
  585
  699
  818
  941
  1,068
  1,201
  1,340
  1,483
  1,633
  1,788
  1,951
  2,119
  2,295
  2,479
  2,671
  2,871
  3,079
  3,298
  3,526
  3,764
  4,013
  4,274
  4,547
  4,833
  5,133
  5,447
  5,775
  6,120
Earnings before tax, $m
  1,087
  1,168
  1,250
  1,337
  1,426
  1,519
  1,616
  1,717
  1,821
  1,930
  2,859
  2,977
  3,100
  3,229
  3,363
  3,503
  3,650
  3,803
  3,963
  4,130
  4,305
  4,488
  4,680
  4,880
  5,090
  5,311
  5,541
  5,783
  6,036
  6,302
Tax expense, $m
  293
  315
  338
  361
  385
  410
  436
  464
  492
  521
  772
  804
  837
  872
  908
  946
  985
  1,027
  1,070
  1,115
  1,162
  1,212
  1,263
  1,318
  1,374
  1,434
  1,496
  1,561
  1,630
  1,702
Net income, $m
  793
  852
  913
  976
  1,041
  1,109
  1,180
  1,253
  1,330
  1,409
  2,087
  2,173
  2,263
  2,357
  2,455
  2,558
  2,664
  2,776
  2,893
  3,015
  3,143
  3,276
  3,416
  3,563
  3,716
  3,877
  4,045
  4,222
  4,407
  4,600

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
  34,349
  37,149
  40,059
  43,084
  46,228
  49,495
  52,890
  56,420
  60,091
  63,910
  67,886
  72,026
  76,339
  80,835
  85,524
  90,417
  95,524
  100,858
  106,430
  112,255
  118,346
  124,716
  131,382
  138,358
  145,663
  153,312
  161,324
  169,719
  178,515
  187,735
Adjusted assets (=assets-cash), $m
  34,349
  37,149
  40,059
  43,084
  46,228
  49,495
  52,890
  56,420
  60,091
  63,910
  67,886
  72,026
  76,339
  80,835
  85,524
  90,417
  95,524
  100,858
  106,430
  112,255
  118,346
  124,716
  131,382
  138,358
  145,663
  153,312
  161,324
  169,719
  178,515
  187,735
Revenue / Adjusted assets
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
Average production assets, $m
  4,770
  5,159
  5,563
  5,983
  6,420
  6,874
  7,345
  7,835
  8,345
  8,876
  9,428
  10,003
  10,602
  11,226
  11,877
  12,557
  13,266
  14,007
  14,781
  15,590
  16,435
  17,320
  18,246
  19,215
  20,229
  21,291
  22,404
  23,570
  24,791
  26,072
Working capital, $m
  -319
  -345
  -372
  -400
  -430
  -460
  -491
  -524
  -558
  -594
  -631
  -669
  -709
  -751
  -795
  -840
  -888
  -937
  -989
  -1,043
  -1,100
  -1,159
  -1,221
  -1,285
  -1,353
  -1,424
  -1,499
  -1,577
  -1,659
  -1,744
Total debt, $m
  8,806
  10,836
  12,946
  15,139
  17,418
  19,787
  22,248
  24,807
  27,469
  30,238
  33,120
  36,122
  39,249
  42,508
  45,908
  49,455
  53,158
  57,025
  61,065
  65,288
  69,703
  74,322
  79,155
  84,213
  89,508
  95,054
  100,863
  106,949
  113,327
  120,011
Total liabilities, $m
  24,903
  26,933
  29,043
  31,236
  33,515
  35,884
  38,345
  40,905
  43,566
  46,335
  49,217
  52,219
  55,346
  58,606
  62,005
  65,552
  69,255
  73,122
  77,162
  81,385
  85,801
  90,419
  95,252
  100,310
  105,605
  111,151
  116,960
  123,046
  129,424
  136,108
Total equity, $m
  9,446
  10,216
  11,016
  11,848
  12,713
  13,611
  14,545
  15,516
  16,525
  17,575
  18,669
  19,807
  20,993
  22,230
  23,519
  24,865
  26,269
  27,736
  29,268
  30,870
  32,545
  34,297
  36,130
  38,049
  40,057
  42,161
  44,364
  46,673
  49,092
  51,627
Total liabilities and equity, $m
  34,349
  37,149
  40,059
  43,084
  46,228
  49,495
  52,890
  56,421
  60,091
  63,910
  67,886
  72,026
  76,339
  80,836
  85,524
  90,417
  95,524
  100,858
  106,430
  112,255
  118,346
  124,716
  131,382
  138,359
  145,662
  153,312
  161,324
  169,719
  178,516
  187,735
Debt-to-equity ratio
  0.930
  1.060
  1.180
  1.280
  1.370
  1.450
  1.530
  1.600
  1.660
  1.720
  1.770
  1.820
  1.870
  1.910
  1.950
  1.990
  2.020
  2.060
  2.090
  2.110
  2.140
  2.170
  2.190
  2.210
  2.230
  2.250
  2.270
  2.290
  2.310
  2.320
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  793
  852
  913
  976
  1,041
  1,109
  1,180
  1,253
  1,330
  1,409
  2,087
  2,173
  2,263
  2,357
  2,455
  2,558
  2,664
  2,776
  2,893
  3,015
  3,143
  3,276
  3,416
  3,563
  3,716
  3,877
  4,045
  4,222
  4,407
  4,600
Depreciation, amort., depletion, $m
  974
  987
  1,000
  1,014
  1,029
  1,044
  1,060
  1,076
  1,093
  1,111
  314
  333
  353
  374
  396
  419
  442
  467
  493
  520
  548
  577
  608
  640
  674
  710
  747
  786
  826
  869
Funds from operations, $m
  1,767
  1,839
  1,913
  1,990
  2,070
  2,153
  2,240
  2,329
  2,423
  2,520
  2,401
  2,507
  2,617
  2,731
  2,851
  2,976
  3,107
  3,243
  3,385
  3,535
  3,690
  3,854
  4,024
  4,203
  4,390
  4,586
  4,792
  5,007
  5,233
  5,470
Change in working capital, $m
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
Cash from operations, $m
  1,792
  1,865
  1,940
  2,018
  2,099
  2,184
  2,271
  2,362
  2,457
  2,555
  2,438
  2,545
  2,657
  2,773
  2,895
  3,022
  3,154
  3,292
  3,437
  3,589
  3,747
  3,913
  4,086
  4,268
  4,458
  4,657
  4,866
  5,085
  5,315
  5,555
Maintenance CAPEX, $m
  -147
  -159
  -172
  -185
  -199
  -214
  -229
  -245
  -261
  -278
  -296
  -314
  -333
  -353
  -374
  -396
  -419
  -442
  -467
  -493
  -520
  -548
  -577
  -608
  -640
  -674
  -710
  -747
  -786
  -826
New CAPEX, $m
  -373
  -389
  -404
  -420
  -437
  -454
  -472
  -490
  -510
  -530
  -552
  -575
  -599
  -624
  -651
  -679
  -709
  -741
  -774
  -809
  -846
  -885
  -926
  -969
  -1,014
  -1,062
  -1,113
  -1,166
  -1,222
  -1,280
Cash from investing activities, $m
  -520
  -548
  -576
  -605
  -636
  -668
  -701
  -735
  -771
  -808
  -848
  -889
  -932
  -977
  -1,025
  -1,075
  -1,128
  -1,183
  -1,241
  -1,302
  -1,366
  -1,433
  -1,503
  -1,577
  -1,654
  -1,736
  -1,823
  -1,913
  -2,008
  -2,106
Free cash flow, $m
  1,272
  1,317
  1,364
  1,413
  1,463
  1,516
  1,570
  1,627
  1,686
  1,747
  1,590
  1,656
  1,724
  1,795
  1,869
  1,946
  2,026
  2,110
  2,196
  2,287
  2,382
  2,480
  2,583
  2,691
  2,803
  2,921
  3,044
  3,173
  3,307
  3,448
Issuance/(repayment) of debt, $m
  1,930
  2,030
  2,110
  2,193
  2,279
  2,368
  2,462
  2,559
  2,662
  2,769
  2,882
  3,001
  3,127
  3,260
  3,400
  3,547
  3,703
  3,867
  4,040
  4,223
  4,416
  4,619
  4,833
  5,058
  5,296
  5,546
  5,809
  6,086
  6,378
  6,685
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  
  1,930
  2,030
  2,110
  2,193
  2,279
  2,368
  2,462
  2,559
  2,662
  2,769
  2,882
  3,001
  3,127
  3,260
  3,400
  3,547
  3,703
  3,867
  4,040
  4,223
  4,416
  4,619
  4,833
  5,058
  5,296
  5,546
  5,809
  6,086
  6,378
  6,685
Total cash flow (excl. dividends), $m
  3,203
  3,347
  3,474
  3,606
  3,742
  3,884
  4,032
  4,186
  4,347
  4,516
  4,472
  4,657
  4,851
  5,055
  5,269
  5,493
  5,729
  5,977
  6,237
  6,510
  6,797
  7,099
  7,416
  7,749
  8,099
  8,467
  8,853
  9,259
  9,685
  10,133
Retained Cash Flow (-), $m
  -750
  -770
  -800
  -832
  -864
  -898
  -934
  -971
  -1,010
  -1,050
  -1,093
  -1,138
  -1,186
  -1,236
  -1,289
  -1,345
  -1,404
  -1,467
  -1,532
  -1,602
  -1,675
  -1,752
  -1,833
  -1,919
  -2,009
  -2,104
  -2,203
  -2,308
  -2,419
  -2,536
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
  2,453
  2,577
  2,674
  2,774
  2,878
  2,986
  3,098
  3,216
  3,338
  3,466
  3,379
  3,519
  3,665
  3,819
  3,979
  4,148
  4,324
  4,510
  4,704
  4,908
  5,122
  5,347
  5,583
  5,830
  6,090
  6,363
  6,649
  6,950
  7,266
  7,597
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  2,310
  2,272
  2,193
  2,102
  2,001
  1,891
  1,772
  1,647
  1,517
  1,383
  1,173
  1,050
  929
  812
  701
  596
  500
  413
  335
  267
  209
  161
  121
  89
  64
  45
  31
  20
  13
  8
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

Invesco Ltd. (Invesco) is an independent investment management company. The Company provides a range of investment capabilities and outcomes, which are delivered through a set of investment vehicles, to help clients achieve their investment objectives. It has a presence in the retail and institutional markets within the investment management industry in North America; Europe, Middle East and Africa (EMEA), and Asia-Pacific. Its Jemstep solution provides wealth management home offices and their advisors with a suite of technology solutions that are customizable and are integrated into existing systems. The solution offers advisors an open architecture platform that includes Invesco's fundamental and factor-based investment strategies. It offers retail products within various asset classes. It offers a suite of domestic and global strategies, including traditional and quantitative equities, fixed income and absolute return strategies.

FINANCIAL RATIOS  of  INVESCO (IVZ)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 1.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 58
Price to Free Cash Flow -393.6
Growth Rates
Sales Growth Rate -7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.4%
Cap. Spend. - 3 Yr. Gr. Rate 11%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 86.7%
Total Debt to Equity 86.7%
Interest Coverage 16
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 70.3%
Gross Margin - 3 Yr. Avg. 69.4%
EBITDA Margin 29.3%
EBITDA Margin - 3 Yr. Avg. 29.6%
Operating Margin 25%
Oper. Margin - 3 Yr. Avg. 25.5%
Pre-Tax Margin 25.4%
Pre-Tax Margin - 3 Yr. Avg. 26.3%
Net Profit Margin 18%
Net Profit Margin - 3 Yr. Avg. 18.6%
Effective Tax Rate 28.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 53.9%

IVZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IVZ stock intrinsic value calculation we used $5160.3 million for the last fiscal year's total revenue generated by INVESCO. The default revenue input number comes from 0001 income statement of INVESCO. 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 IVZ stock valuation model: a) initial revenue growth rate of 8.5% 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 6.2%, whose default value for IVZ is calculated based on our internal credit rating of INVESCO, 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 INVESCO.
    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 IVZ stock the variable cost ratio is equal to 75.2%.

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 IVZ 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 INVESCO.

Corporate tax rate of 27% is the nominal tax rate for INVESCO. 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 IVZ 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 IVZ are equal to 85.2%.

Life of production assets of 71.2 years is the average useful life of capital assets used in INVESCO 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 IVZ is equal to -5.7%. 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 - $8696.1 million for INVESCO - 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 410.8 million for INVESCO 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 INVESCO at the current share price and the inputted number of shares is $7.6 billion.

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COMPANY NEWS

▶ Invesco Adds to Smart Beta Bond Lineup   [Dec-11-18 10:45AM  ETF Trends]
▶ [$$] Mergers of the middle propel fund industry M&A past $21bn   [Dec-09-18 12:00AM  Financial Times]
▶ Invesco Closed-End Funds Declare Dividends   [Dec-03-18 01:23PM  PR Newswire]
▶ [$$] Movers and shakers, December 4   [Dec-02-18 10:00PM  Financial Times]
▶ Invesco Closed-End Fund Pays Dividends   [Nov-30-18 12:05PM  PR Newswire]
▶ Atlanta investment giant Invesco announces big executive moves   [Nov-27-18 06:55AM  American City Business Journals]
▶ Stocks That Fell to 3-Year Lows in the Week of Nov. 16   [Nov-17-18 02:18PM  GuruFocus.com]
▶ 40 Under Forty: Invesco's John Coleman   [03:48PM  American City Business Journals]
▶ Beat the Market with Pure Style ETFs   [Nov-09-18 05:48PM  Zacks]
▶ [$$] Investment sector heads downhill in worst year since 2008   [Nov-03-18 07:00AM  Financial Times]
▶ Invesco Closed-End Funds Declare Dividends   [Nov-01-18 02:02PM  PR Newswire]
▶ ETF Areas That Spooked Investors in October   [Oct-31-18 02:30PM  Zacks]
▶ Invesco Closed-End Fund Pays Dividends   [12:24PM  PR Newswire]
▶ ETF investing and volatility   [08:36AM  CNBC Videos]
▶ Britain's Hottest Stock Falls Back to Earth   [Oct-30-18 05:00AM  Bloomberg]
▶ [$$] Movers and shakers, October 29   [Oct-28-18 10:00PM  Financial Times]
▶ [$$] Asset Managers Have Led Market Decline, a Bad Sign for Stocks   [Oct-25-18 07:51PM  The Wall Street Journal]
▶ Kristina Hooper on her long term outlook   [06:46AM  CNBC Videos]
▶ Invesco Buys OppenheimerFunds   [05:15PM  ETF.com]
▶ [$$] Invesco to Buy OppenheimerFunds From MassMutual   [Oct-18-18 07:46PM  The Wall Street Journal]
▶ Invesco to Buy OppenheimerFunds   [03:30PM  Morningstar]
▶ MassMutual to sell asset management unit to Invesco for $5.7B   [01:40PM  American City Business Journals]
▶ Invesco: 3Q Earnings Snapshot   [07:07AM  Associated Press]
▶ 7 Stocks That Should Rally With Fresh Blood   [Oct-15-18 03:18PM  InvestorPlace]
▶ The 7 Best Bank ETFs for American Bulls   [Oct-12-18 01:52PM  Kiplinger]
▶ Invesco Ltd. To Announce Third Quarter 2018 Results   [Oct-11-18 04:15PM  PR Newswire]
▶ BlackRock Our Top Pick in a Tough Year   [Oct-10-18 07:00AM  Morningstar]
▶ Invesco Closed-End Funds Declare Dividends   [Oct-01-18 02:29PM  PR Newswire]
▶ Invesco Closed-End Fund Pays Dividends   [Sep-28-18 07:32PM  PR Newswire]

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