Intrinsic value of Legg Mason - LM

Previous Close

$31.57

  Intrinsic Value

$38.80

stock screener

  Rating & Target

buy

+23%

Previous close

$31.57

 
Intrinsic value

$38.80

 
Up/down potential

+23%

 
Rating

buy

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

We calculate the intrinsic value of LM 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 2017), $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 3.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  3,132
  3,388
  3,653
  3,929
  4,216
  4,514
  4,823
  5,145
  5,480
  5,828
  6,191
  6,568
  6,962
  7,372
  7,799
  8,245
  8,711
  9,197
  9,706
  10,237
  10,792
  11,373
  11,981
  12,617
  13,283
  13,981
  14,712
  15,477
  16,279
  17,120
Variable operating expenses, $m
  3,022
  3,220
  3,426
  3,639
  3,861
  4,092
  4,332
  4,581
  4,841
  5,110
  4,795
  5,088
  5,392
  5,710
  6,041
  6,387
  6,748
  7,124
  7,518
  7,929
  8,360
  8,810
  9,280
  9,773
  10,289
  10,829
  11,395
  11,988
  12,610
  13,261
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
  3,022
  3,220
  3,426
  3,639
  3,861
  4,092
  4,332
  4,581
  4,841
  5,110
  4,795
  5,088
  5,392
  5,710
  6,041
  6,387
  6,748
  7,124
  7,518
  7,929
  8,360
  8,810
  9,280
  9,773
  10,289
  10,829
  11,395
  11,988
  12,610
  13,261
Operating income, $m
  110
  168
  228
  290
  354
  421
  491
  564
  639
  718
  1,395
  1,481
  1,569
  1,662
  1,758
  1,859
  1,964
  2,073
  2,188
  2,307
  2,433
  2,564
  2,701
  2,844
  2,994
  3,151
  3,316
  3,489
  3,669
  3,859
EBITDA, $m
  1,298
  1,404
  1,514
  1,628
  1,747
  1,870
  1,998
  2,132
  2,270
  2,415
  2,565
  2,721
  2,884
  3,054
  3,231
  3,416
  3,609
  3,811
  4,021
  4,241
  4,471
  4,712
  4,964
  5,227
  5,503
  5,792
  6,095
  6,412
  6,745
  7,093
Interest expense (income), $m
  105
  127
  147
  169
  191
  215
  239
  265
  291
  318
  347
  376
  407
  439
  473
  507
  544
  582
  621
  663
  706
  751
  798
  847
  899
  953
  1,010
  1,069
  1,131
  1,196
  1,264
Earnings before tax, $m
  -16
  20
  59
  98
  139
  182
  227
  273
  321
  371
  1,019
  1,073
  1,130
  1,189
  1,251
  1,315
  1,382
  1,452
  1,525
  1,602
  1,682
  1,766
  1,853
  1,945
  2,041
  2,142
  2,247
  2,358
  2,473
  2,595
Tax expense, $m
  0
  6
  16
  27
  38
  49
  61
  74
  87
  100
  275
  290
  305
  321
  338
  355
  373
  392
  412
  432
  454
  477
  500
  525
  551
  578
  607
  637
  668
  701
Net income, $m
  -16
  15
  43
  72
  102
  133
  165
  199
  234
  271
  744
  784
  825
  868
  913
  960
  1,009
  1,060
  1,113
  1,169
  1,228
  1,289
  1,353
  1,420
  1,490
  1,563
  1,640
  1,721
  1,806
  1,894

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
  8,535
  9,231
  9,954
  10,706
  11,487
  12,299
  13,142
  14,019
  14,931
  15,881
  16,868
  17,897
  18,969
  20,086
  21,251
  22,467
  23,736
  25,061
  26,446
  27,893
  29,407
  30,990
  32,646
  34,379
  36,194
  38,095
  40,086
  42,172
  44,358
  46,649
Adjusted assets (=assets-cash), $m
  8,535
  9,231
  9,954
  10,706
  11,487
  12,299
  13,142
  14,019
  14,931
  15,881
  16,868
  17,897
  18,969
  20,086
  21,251
  22,467
  23,736
  25,061
  26,446
  27,893
  29,407
  30,990
  32,646
  34,379
  36,194
  38,095
  40,086
  42,172
  44,358
  46,649
Revenue / Adjusted assets
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  5,917
  6,399
  6,901
  7,422
  7,963
  8,526
  9,111
  9,719
  10,351
  11,009
  11,694
  12,407
  13,150
  13,925
  14,733
  15,575
  16,455
  17,374
  18,334
  19,337
  20,387
  21,484
  22,632
  23,834
  25,092
  26,410
  27,790
  29,236
  30,752
  32,340
Working capital, $m
  -197
  -213
  -230
  -248
  -266
  -284
  -304
  -324
  -345
  -367
  -390
  -414
  -439
  -464
  -491
  -519
  -549
  -579
  -611
  -645
  -680
  -717
  -755
  -795
  -837
  -881
  -927
  -975
  -1,026
  -1,079
Total debt, $m
  2,583
  2,964
  3,359
  3,770
  4,198
  4,642
  5,103
  5,583
  6,082
  6,601
  7,141
  7,704
  8,290
  8,902
  9,539
  10,204
  10,898
  11,623
  12,380
  13,172
  14,000
  14,866
  15,772
  16,720
  17,713
  18,752
  19,841
  20,982
  22,178
  23,431
Total liabilities, $m
  4,669
  5,049
  5,445
  5,856
  6,283
  6,727
  7,189
  7,669
  8,168
  8,687
  9,227
  9,790
  10,376
  10,987
  11,624
  12,289
  12,984
  13,708
  14,466
  15,258
  16,085
  16,951
  17,857
  18,806
  19,798
  20,838
  21,927
  23,068
  24,264
  25,517
Total equity, $m
  3,866
  4,182
  4,509
  4,850
  5,204
  5,571
  5,953
  6,351
  6,764
  7,194
  7,641
  8,107
  8,593
  9,099
  9,627
  10,177
  10,752
  11,353
  11,980
  12,636
  13,321
  14,038
  14,789
  15,574
  16,396
  17,257
  18,159
  19,104
  20,094
  21,132
Total liabilities and equity, $m
  8,535
  9,231
  9,954
  10,706
  11,487
  12,298
  13,142
  14,020
  14,932
  15,881
  16,868
  17,897
  18,969
  20,086
  21,251
  22,466
  23,736
  25,061
  26,446
  27,894
  29,406
  30,989
  32,646
  34,380
  36,194
  38,095
  40,086
  42,172
  44,358
  46,649
Debt-to-equity ratio
  0.670
  0.710
  0.740
  0.780
  0.810
  0.830
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.100
  1.100
  1.110
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  15
  43
  72
  102
  133
  165
  199
  234
  271
  744
  784
  825
  868
  913
  960
  1,009
  1,060
  1,113
  1,169
  1,228
  1,289
  1,353
  1,420
  1,490
  1,563
  1,640
  1,721
  1,806
  1,894
Depreciation, amort., depletion, $m
  1,188
  1,236
  1,286
  1,338
  1,392
  1,449
  1,507
  1,568
  1,631
  1,697
  1,169
  1,241
  1,315
  1,392
  1,473
  1,558
  1,646
  1,737
  1,833
  1,934
  2,039
  2,148
  2,263
  2,383
  2,509
  2,641
  2,779
  2,924
  3,075
  3,234
Funds from operations, $m
  1,171
  1,251
  1,329
  1,410
  1,494
  1,582
  1,672
  1,767
  1,865
  1,968
  1,913
  2,024
  2,140
  2,261
  2,386
  2,517
  2,654
  2,797
  2,947
  3,103
  3,266
  3,437
  3,616
  3,803
  3,999
  4,204
  4,419
  4,645
  4,881
  5,128
Change in working capital, $m
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
Cash from operations, $m
  1,187
  1,267
  1,345
  1,427
  1,512
  1,600
  1,692
  1,787
  1,887
  1,990
  1,936
  2,048
  2,165
  2,286
  2,413
  2,545
  2,684
  2,828
  2,979
  3,137
  3,301
  3,474
  3,654
  3,843
  4,041
  4,248
  4,466
  4,693
  4,931
  5,181
Maintenance CAPEX, $m
  -545
  -592
  -640
  -690
  -742
  -796
  -853
  -911
  -972
  -1,035
  -1,101
  -1,169
  -1,241
  -1,315
  -1,392
  -1,473
  -1,558
  -1,646
  -1,737
  -1,833
  -1,934
  -2,039
  -2,148
  -2,263
  -2,383
  -2,509
  -2,641
  -2,779
  -2,924
  -3,075
New CAPEX, $m
  -463
  -482
  -501
  -521
  -542
  -563
  -585
  -608
  -632
  -658
  -685
  -713
  -743
  -775
  -808
  -843
  -880
  -919
  -960
  -1,003
  -1,049
  -1,097
  -1,148
  -1,202
  -1,258
  -1,318
  -1,380
  -1,446
  -1,515
  -1,588
Cash from investing activities, $m
  -1,008
  -1,074
  -1,141
  -1,211
  -1,284
  -1,359
  -1,438
  -1,519
  -1,604
  -1,693
  -1,786
  -1,882
  -1,984
  -2,090
  -2,200
  -2,316
  -2,438
  -2,565
  -2,697
  -2,836
  -2,983
  -3,136
  -3,296
  -3,465
  -3,641
  -3,827
  -4,021
  -4,225
  -4,439
  -4,663
Free cash flow, $m
  178
  193
  204
  216
  228
  241
  254
  268
  282
  297
  150
  166
  181
  197
  213
  229
  246
  264
  281
  300
  319
  338
  358
  378
  400
  422
  444
  468
  492
  518
Issuance/(repayment) of debt, $m
  361
  381
  396
  411
  427
  444
  461
  480
  499
  519
  540
  563
  586
  611
  637
  665
  694
  725
  757
  792
  828
  866
  906
  948
  993
  1,040
  1,089
  1,141
  1,196
  1,253
Issuance/(repurchase) of shares, $m
  314
  300
  285
  269
  252
  235
  217
  198
  179
  159
  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  
  675
  681
  681
  680
  679
  679
  678
  678
  678
  678
  540
  563
  586
  611
  637
  665
  694
  725
  757
  792
  828
  866
  906
  948
  993
  1,040
  1,089
  1,141
  1,196
  1,253
Total cash flow (excl. dividends), $m
  853
  874
  885
  896
  908
  920
  933
  946
  960
  975
  691
  728
  767
  808
  850
  894
  941
  989
  1,039
  1,091
  1,146
  1,204
  1,264
  1,327
  1,392
  1,461
  1,533
  1,609
  1,688
  1,771
Retained Cash Flow (-), $m
  -314
  -315
  -328
  -341
  -354
  -368
  -382
  -397
  -413
  -430
  -447
  -466
  -486
  -506
  -528
  -551
  -575
  -600
  -627
  -656
  -686
  -717
  -750
  -785
  -822
  -861
  -902
  -945
  -990
  -1,038
Prev. year cash balance distribution, $m
  415
  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
  92
  100
  108
  117
  126
  135
  144
  154
  165
  175
  187
  198
  210
  223
  236
  250
  264
  279
  294
  311
  328
  345
  364
  383
  404
  425
  447
  471
  495
  521
Cash available for distribution, $m
  954
  558
  557
  555
  554
  552
  550
  549
  547
  545
  243
  262
  282
  302
  322
  344
  366
  388
  412
  436
  461
  487
  513
  541
  570
  600
  631
  664
  698
  733
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
  915
  511
  485
  457
  429
  401
  372
  343
  314
  286
  116
  112
  107
  101
  95
  87
  80
  72
  63
  55
  48
  40
  34
  28
  22
  18
  14
  10
  8
  6
Current shareholders' claim on cash, %
  89.7
  81.5
  74.9
  69.5
  65.1
  61.5
  58.5
  56.1
  54.1
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5
  52.5

Legg Mason, Inc. is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, Company-sponsored investment funds and retail separately managed account programs. It offers its products and services directly and through various financial intermediaries. It has operations principally in the United States and the United Kingdom and also has offices in Australia, Bahamas, Brazil, Canada, Chile, China, Dubai, France, Germany, Italy, Japan, Luxembourg, Poland, Singapore, Spain, Switzerland and Taiwan.

FINANCIAL RATIOS  of  Legg Mason (LM)

Valuation Ratios
P/E Ratio 13.3
Price to Sales 1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 6
Growth Rates
Sales Growth Rate 8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 55.8%
Total Debt to Equity 55.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 5.5%
Return On Equity - 3 Yr. Avg. 3.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 82.7%
Gross Margin - 3 Yr. Avg. 80.4%
EBITDA Margin 19.3%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 22.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 38.8%

LM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LM stock intrinsic value calculation we used $2887 million for the last fiscal year's total revenue generated by Legg Mason. The default revenue input number comes from 2017 income statement of Legg Mason. 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 LM 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 4.3%, whose default value for LM is calculated based on our internal credit rating of Legg Mason, 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 Legg Mason.
    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 LM stock the variable cost ratio is equal to 98.1%.

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 LM 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 5.7% for Legg Mason.

Corporate tax rate of 27% is the nominal tax rate for Legg Mason. 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 LM stock is equal to 3.2%.

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 LM are equal to 188.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Legg Mason 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 LM is equal to -6.3%. 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 - $3983 million for Legg Mason - 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 97 million for Legg Mason 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 Legg Mason at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Legg Mason emphasizes social responsibility, diversity at annual meeting   [Aug-02-18 08:53AM  American City Business Journals]
▶ Legg Mason Announces Quarterly Dividend   [Jul-31-18 04:15PM  PR Newswire]
▶ Legg Mason Inc.'s profit falls short of Wall Street estimates in first quarter   [Jul-25-18 05:05PM  American City Business Journals]
▶ Legg Mason: Fiscal 1Q Earnings Snapshot   [04:49PM  Associated Press]
▶ [$$] Money Managers Look Like Bargains   [Jul-23-18 07:24AM  The Wall Street Journal]
▶ Veteran PM Buzz Zaino to Step Down on October 1st, 2018   [Jun-28-18 07:57AM  PR Newswire]
▶ Legg Mason CEO Sullivan's pay rises to $9.7 million   [01:13PM  American City Business Journals]
▶ Firm settles with Justice Department in Libyan bribery probe   [Jun-05-18 05:43PM  Associated Press]
▶ Baltimore-area companies fall short of Fortune 500 list   [May-29-18 02:11PM  American City Business Journals]
▶ Legg Mason 4Q profit of $76.3 million beats Wall Street estimates   [Apr-25-18 05:15PM  American City Business Journals]
▶ Legg Mason: Fiscal 4Q Earnings Snapshot   [05:14PM  Associated Press]
▶ Is This Consolidation Normal?   [Mar-23-18 11:58AM  InvestorPlace]
▶ 4 Investment Ideas Amongst the Sell Off   [Feb-09-18 01:20PM  Zacks]
▶ Legg Mason Announces Quarterly Dividend   [Jan-31-18 04:30PM  PR Newswire]
▶ Legg Mason's third-quarter earnings blow past Wall Street estimates   [Jan-24-18 05:50PM  American City Business Journals]
▶ Legg Mason tops Street 3Q forecasts   [04:37PM  Associated Press]
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