Intrinsic value of Legg Mason - LM

Previous Close

$38.22

  Intrinsic Value

$26.80

stock screener

  Rating & Target

sell

-30%

  Value-price divergence*

-77%

Previous close

$38.22

 
Intrinsic value

$26.80

 
Up/down potential

-30%

 
Rating

sell

 
Value-price divergence*

-77%

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

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

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 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  8.49
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  2,887
  3,274
  3,685
  4,120
  4,578
  5,060
  5,564
  6,090
  6,639
  7,211
  7,807
  8,425
  9,069
  9,737
  10,432
  11,154
  11,905
  12,685
  13,497
  14,343
  15,222
  16,139
  17,094
  18,090
  19,130
  20,214
  21,347
  22,530
  23,767
  25,059
  26,411
Variable operating expenses, $m
 
  3,186
  3,562
  3,960
  4,379
  4,819
  5,279
  5,761
  6,263
  6,786
  7,330
  7,704
  8,292
  8,903
  9,538
  10,199
  10,885
  11,599
  12,341
  13,114
  13,918
  14,756
  15,630
  16,540
  17,491
  18,482
  19,518
  20,600
  21,730
  22,912
  24,149
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
  2,465
  3,186
  3,562
  3,960
  4,379
  4,819
  5,279
  5,761
  6,263
  6,786
  7,330
  7,704
  8,292
  8,903
  9,538
  10,199
  10,885
  11,599
  12,341
  13,114
  13,918
  14,756
  15,630
  16,540
  17,491
  18,482
  19,518
  20,600
  21,730
  22,912
  24,149
Operating income, $m
  422
  88
  123
  160
  200
  241
  284
  329
  376
  425
  476
  722
  777
  834
  894
  956
  1,020
  1,087
  1,156
  1,229
  1,304
  1,383
  1,465
  1,550
  1,639
  1,732
  1,829
  1,930
  2,036
  2,147
  2,263
EBITDA, $m
  502
  422
  475
  531
  591
  653
  718
  785
  856
  930
  1,007
  1,087
  1,170
  1,256
  1,346
  1,439
  1,535
  1,636
  1,741
  1,850
  1,963
  2,082
  2,205
  2,333
  2,467
  2,607
  2,753
  2,906
  3,065
  3,232
  3,407
Interest expense (income), $m
  105
  116
  145
  177
  211
  246
  284
  323
  363
  406
  450
  497
  544
  594
  646
  700
  756
  814
  875
  938
  1,003
  1,071
  1,142
  1,216
  1,293
  1,374
  1,458
  1,546
  1,637
  1,733
  1,833
Earnings before tax, $m
  371
  -28
  -22
  -17
  -11
  -5
  1
  7
  13
  19
  26
  225
  233
  240
  248
  256
  264
  273
  282
  291
  301
  312
  322
  334
  346
  358
  371
  385
  399
  414
  429
Tax expense, $m
  84
  0
  0
  0
  0
  0
  0
  2
  3
  5
  7
  61
  63
  65
  67
  69
  71
  74
  76
  79
  81
  84
  87
  90
  93
  97
  100
  104
  108
  112
  116
Net income, $m
  227
  -28
  -22
  -17
  -11
  -5
  0
  5
  9
  14
  19
  165
  170
  175
  181
  187
  193
  199
  206
  213
  220
  227
  235
  244
  252
  261
  271
  281
  291
  302
  314

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,208
  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
  8,290
  8,024
  9,032
  10,098
  11,221
  12,401
  13,636
  14,927
  16,273
  17,675
  19,134
  20,651
  22,228
  23,866
  25,569
  27,339
  29,179
  31,092
  33,082
  35,153
  37,310
  39,556
  41,898
  44,339
  46,886
  49,545
  52,321
  55,221
  58,251
  61,420
  64,734
Adjusted assets (=assets-cash), $m
  7,082
  8,024
  9,032
  10,098
  11,221
  12,401
  13,636
  14,927
  16,273
  17,675
  19,134
  20,651
  22,228
  23,866
  25,569
  27,339
  29,179
  31,092
  33,082
  35,153
  37,310
  39,556
  41,898
  44,339
  46,886
  49,545
  52,321
  55,221
  58,251
  61,420
  64,734
Revenue / Adjusted assets
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
Average production assets, $m
  3,752
  4,253
  4,787
  5,352
  5,947
  6,572
  7,227
  7,911
  8,624
  9,367
  10,141
  10,945
  11,780
  12,649
  13,551
  14,489
  15,465
  16,478
  17,533
  18,631
  19,774
  20,965
  22,205
  23,499
  24,849
  26,258
  27,730
  29,266
  30,873
  32,552
  34,309
Working capital, $m
  993
  -242
  -273
  -305
  -339
  -374
  -412
  -451
  -491
  -534
  -578
  -623
  -671
  -721
  -772
  -825
  -881
  -939
  -999
  -1,061
  -1,126
  -1,194
  -1,265
  -1,339
  -1,416
  -1,496
  -1,580
  -1,667
  -1,759
  -1,854
  -1,954
Total debt, $m
  2,222
  2,794
  3,406
  4,055
  4,738
  5,455
  6,206
  6,990
  7,809
  8,661
  9,548
  10,471
  11,429
  12,426
  13,461
  14,537
  15,656
  16,819
  18,029
  19,288
  20,599
  21,965
  23,389
  24,873
  26,422
  28,038
  29,726
  31,489
  33,332
  35,258
  37,273
Total liabilities, $m
  4,307
  4,879
  5,491
  6,140
  6,823
  7,540
  8,291
  9,075
  9,894
  10,746
  11,633
  12,556
  13,514
  14,511
  15,546
  16,622
  17,741
  18,904
  20,114
  21,373
  22,684
  24,050
  25,474
  26,958
  28,507
  30,123
  31,811
  33,574
  35,417
  37,343
  39,358
Total equity, $m
  3,983
  3,145
  3,541
  3,958
  4,399
  4,861
  5,345
  5,851
  6,379
  6,928
  7,500
  8,095
  8,713
  9,356
  10,023
  10,717
  11,438
  12,188
  12,968
  13,780
  14,625
  15,506
  16,424
  17,381
  18,379
  19,422
  20,510
  21,646
  22,835
  24,077
  25,376
Total liabilities and equity, $m
  8,290
  8,024
  9,032
  10,098
  11,222
  12,401
  13,636
  14,926
  16,273
  17,674
  19,133
  20,651
  22,227
  23,867
  25,569
  27,339
  29,179
  31,092
  33,082
  35,153
  37,309
  39,556
  41,898
  44,339
  46,886
  49,545
  52,321
  55,220
  58,252
  61,420
  64,734
Debt-to-equity ratio
  0.558
  0.890
  0.960
  1.020
  1.080
  1.120
  1.160
  1.190
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.440
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
Adjusted equity ratio
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  227
  -28
  -22
  -17
  -11
  -5
  0
  5
  9
  14
  19
  165
  170
  175
  181
  187
  193
  199
  206
  213
  220
  227
  235
  244
  252
  261
  271
  281
  291
  302
  314
Depreciation, amort., depletion, $m
  80
  334
  352
  371
  391
  412
  433
  456
  480
  505
  531
  365
  393
  422
  452
  483
  515
  549
  584
  621
  659
  699
  740
  783
  828
  875
  924
  976
  1,029
  1,085
  1,144
Funds from operations, $m
  615
  307
  330
  354
  380
  406
  434
  461
  489
  519
  549
  529
  562
  597
  633
  670
  708
  748
  790
  834
  879
  926
  976
  1,027
  1,081
  1,137
  1,195
  1,256
  1,320
  1,387
  1,457
Change in working capital, $m
  75
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
Cash from operations, $m
  540
  335
  360
  386
  414
  442
  471
  500
  530
  561
  594
  575
  610
  646
  684
  723
  764
  806
  850
  896
  944
  994
  1,046
  1,101
  1,157
  1,217
  1,279
  1,344
  1,412
  1,483
  1,557
Maintenance CAPEX, $m
  0
  -125
  -142
  -160
  -178
  -198
  -219
  -241
  -264
  -287
  -312
  -338
  -365
  -393
  -422
  -452
  -483
  -515
  -549
  -584
  -621
  -659
  -699
  -740
  -783
  -828
  -875
  -924
  -976
  -1,029
  -1,085
New CAPEX, $m
  -40
  -501
  -534
  -565
  -595
  -625
  -655
  -684
  -713
  -743
  -773
  -804
  -836
  -869
  -903
  -938
  -975
  -1,014
  -1,055
  -1,098
  -1,143
  -1,191
  -1,241
  -1,294
  -1,350
  -1,409
  -1,471
  -1,537
  -1,606
  -1,679
  -1,756
Cash from investing activities, $m
  -1,020
  -626
  -676
  -725
  -773
  -823
  -874
  -925
  -977
  -1,030
  -1,085
  -1,142
  -1,201
  -1,262
  -1,325
  -1,390
  -1,458
  -1,529
  -1,604
  -1,682
  -1,764
  -1,850
  -1,940
  -2,034
  -2,133
  -2,237
  -2,346
  -2,461
  -2,582
  -2,708
  -2,841
Free cash flow, $m
  -480
  -291
  -315
  -338
  -360
  -382
  -403
  -425
  -447
  -469
  -492
  -567
  -591
  -615
  -640
  -667
  -694
  -723
  -754
  -786
  -820
  -856
  -893
  -933
  -976
  -1,020
  -1,068
  -1,117
  -1,170
  -1,226
  -1,284
Issuance/(repayment) of debt, $m
  460
  572
  613
  648
  683
  717
  751
  785
  818
  852
  887
  922
  959
  996
  1,035
  1,076
  1,119
  1,163
  1,210
  1,259
  1,311
  1,366
  1,424
  1,484
  1,549
  1,616
  1,688
  1,763
  1,843
  1,927
  2,015
Issuance/(repurchase) of shares, $m
  -372
  398
  417
  435
  451
  468
  484
  501
  518
  536
  553
  430
  448
  467
  487
  507
  528
  551
  574
  599
  625
  653
  682
  713
  746
  781
  817
  856
  897
  940
  986
Cash from financing (excl. dividends), $m  
  -29
  970
  1,030
  1,083
  1,134
  1,185
  1,235
  1,286
  1,336
  1,388
  1,440
  1,352
  1,407
  1,463
  1,522
  1,583
  1,647
  1,714
  1,784
  1,858
  1,936
  2,019
  2,106
  2,197
  2,295
  2,397
  2,505
  2,619
  2,740
  2,867
  3,001
Total cash flow (excl. dividends), $m
  -507
  679
  714
  745
  774
  803
  832
  861
  890
  919
  948
  786
  817
  849
  882
  917
  953
  991
  1,031
  1,073
  1,117
  1,163
  1,213
  1,264
  1,319
  1,377
  1,438
  1,502
  1,570
  1,641
  1,716
Retained Cash Flow (-), $m
  231
  -398
  -417
  -435
  -451
  -468
  -484
  -506
  -528
  -550
  -572
  -595
  -618
  -642
  -668
  -694
  -721
  -750
  -780
  -812
  -845
  -881
  -918
  -957
  -998
  -1,042
  -1,088
  -1,137
  -1,188
  -1,242
  -1,299
Prev. year cash balance distribution, $m
 
  1,208
  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
 
  1,489
  297
  310
  323
  336
  348
  355
  362
  369
  376
  191
  198
  206
  214
  223
  232
  241
  250
  261
  271
  283
  295
  307
  321
  335
  349
  365
  381
  399
  417
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  1,425
  271
  268
  263
  257
  249
  236
  221
  207
  192
  88
  82
  75
  69
  62
  55
  49
  43
  37
  31
  26
  22
  18
  14
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  86.2
  75.1
  66.1
  58.7
  52.5
  47.2
  42.8
  38.9
  35.6
  32.7
  30.7
  29.0
  27.3
  25.8
  24.4
  23.2
  22.0
  20.9
  19.9
  18.9
  18.0
  17.2
  16.4
  15.6
  14.9
  14.3
  13.6
  13.0
  12.5
  11.9

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 16.1
Price to Sales 1.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 7.3
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 13.4% 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 4.5%, 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 5.2% 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 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 LM are equal to 129.9%.

Life of production assets of 68.2 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 -7.4%. 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 93.633 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 $3.6 billion.

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COMPANY NEWS

▶ 3 Overlooked and Underappreciated Asset Managers   [Oct-17-17 12:22PM  Barrons.com]
▶ Stocks With Rising Relative Strength: Legg Mason   [03:00AM  Investor's Business Daily]
▶ Expected Dividends of Alternative Asset Managers   [Sep-20-17 10:36AM  Market Realist]
▶ 3 Growth Stocks for Retirees   [Aug-22-17 08:10AM  Motley Fool]
▶ Legg Mason and T. Rowe: It's Never too Late to Change   [Aug-17-17 02:28PM  Barrons.com]
▶ As Legg Mason Stock Falls One Analyst Sees 22% Upside   [Jul-27-17 11:59AM  TheStreet.com]
▶ Legg Mason beats Street 1Q forecasts   [Jul-26-17 10:51PM  Associated Press]
▶ Legg Mason profit rises more than 50 percent in 1Q   [05:35PM  American City Business Journals]
▶ No Summertime Blues for This Dividend ETF   [12:00PM  Investopedia]
▶ Like John Harbaugh, Legg Mason CEO wants the firm to 'stack our wins'   [Jul-25-17 02:55PM  American City Business Journals]
▶ New Thinking In A Small-Cap ETF   [Jul-17-17 11:01AM  Benzinga]
▶ [$$] NestlĂ© Unmoved by Demands From Activist Investor Third Point   [Jun-27-17 12:42AM  The Wall Street Journal]
▶ [$$] NestlĂ© Unmoved by Demands From Activist Investor Third Point   [Jun-26-17 03:45PM  The Wall Street Journal]
▶ Legg Mason Still Has Room to Run   [Jun-23-17 10:10AM  Barrons.com]
▶ [$$] Legg Mason: A Survivor in the Active-Manager Massacre   [Jun-19-17 12:00AM  The Wall Street Journal]
▶ [$$] Legg Mason: A Survivor in the Active-Manager Massacre   [Jun-18-17 04:20PM  The Wall Street Journal]
▶ Legg Mason CEO Sullivan's compensation declines 12 percent   [Jun-14-17 03:56PM  American City Business Journals]
▶ Rowing Upstream For Alpha   [09:45AM  Forbes]
▶ Why Can't Trump Move This Trump Trade?   [Jun-05-17 04:26PM  Barrons.com]
▶ ETFs with exposure to Legg Mason, Inc. : June 2, 2017   [Jun-02-17 02:16PM  Capital Cube]
▶ Legg Mason launches two new exchange-traded funds   [May-23-17 02:35PM  American City Business Journals]
▶ Legg Mason to Ring The Nasdaq Stock Market Opening Bell   [May-22-17 11:29AM  GlobeNewswire]
▶ Legg Mason pledges $1 million to Living Classrooms center in East Baltimore   [May-18-17 12:00AM  American City Business Journals]
▶ Legg Mason Announces Appointments to Executive Committee   [May-05-17 09:00AM  PR Newswire]
▶ Legg Mason: "Positive But Volatile"   [Apr-27-17 12:39PM  Barrons.com]
▶ Legg Mason tops Street 4Q forecasts   [Apr-26-17 05:14PM  Associated Press]
▶ Legg Mason swings to $75.9 million profit in fourth quarter   [05:12PM  American City Business Journals]
Financial statements of LM
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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