Intrinsic value of Legg Mason - LM

Previous Close

$27.99

  Intrinsic Value

$108.52

stock screener

  Rating & Target

str. buy

+288%

Previous close

$27.99

 
Intrinsic value

$108.52

 
Up/down potential

+288%

 
Rating

str. 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 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 2.4

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,203
  3,277
  3,361
  3,456
  3,560
  3,675
  3,800
  3,936
  4,082
  4,239
  4,406
  4,585
  4,775
  4,978
  5,192
  5,420
  5,661
  5,916
  6,185
  6,469
  6,769
  7,085
  7,418
  7,769
  8,139
  8,529
  8,939
  9,370
  9,824
  10,301
Variable operating expenses, $m
  2,769
  2,819
  2,877
  2,942
  3,014
  3,093
  3,178
  3,271
  3,371
  3,479
  3,021
  3,143
  3,274
  3,412
  3,560
  3,716
  3,881
  4,055
  4,240
  4,435
  4,640
  4,857
  5,085
  5,326
  5,580
  5,847
  6,128
  6,423
  6,735
  7,062
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
  2,769
  2,819
  2,877
  2,942
  3,014
  3,093
  3,178
  3,271
  3,371
  3,479
  3,021
  3,143
  3,274
  3,412
  3,560
  3,716
  3,881
  4,055
  4,240
  4,435
  4,640
  4,857
  5,085
  5,326
  5,580
  5,847
  6,128
  6,423
  6,735
  7,062
Operating income, $m
  434
  457
  484
  514
  547
  583
  622
  665
  711
  760
  1,386
  1,442
  1,502
  1,565
  1,633
  1,704
  1,780
  1,860
  1,945
  2,034
  2,129
  2,228
  2,333
  2,443
  2,560
  2,682
  2,811
  2,947
  3,089
  3,239
EBITDA, $m
  1,112
  1,137
  1,167
  1,200
  1,236
  1,276
  1,319
  1,366
  1,417
  1,471
  1,530
  1,592
  1,658
  1,728
  1,802
  1,881
  1,965
  2,053
  2,147
  2,246
  2,350
  2,459
  2,575
  2,697
  2,825
  2,961
  3,103
  3,253
  3,410
  3,576
Interest expense (income), $m
  105
  127
  131
  137
  143
  150
  157
  165
  174
  184
  195
  206
  218
  231
  245
  260
  275
  291
  309
  327
  347
  367
  389
  412
  436
  461
  488
  516
  546
  577
  610
Earnings before tax, $m
  308
  326
  347
  371
  397
  426
  457
  490
  526
  565
  1,179
  1,224
  1,271
  1,320
  1,373
  1,429
  1,489
  1,551
  1,618
  1,687
  1,761
  1,839
  1,921
  2,007
  2,098
  2,194
  2,295
  2,401
  2,512
  2,630
Tax expense, $m
  83
  88
  94
  100
  107
  115
  123
  132
  142
  153
  318
  330
  343
  357
  371
  386
  402
  419
  437
  456
  476
  497
  519
  542
  567
  592
  620
  648
  678
  710
Net income, $m
  224
  238
  254
  271
  290
  311
  333
  358
  384
  413
  861
  893
  927
  964
  1,003
  1,043
  1,087
  1,132
  1,181
  1,232
  1,286
  1,342
  1,402
  1,465
  1,532
  1,602
  1,675
  1,753
  1,834
  1,920

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
  7,851
  8,031
  8,238
  8,470
  8,726
  9,008
  9,315
  9,647
  10,005
  10,389
  10,799
  11,238
  11,704
  12,200
  12,727
  13,284
  13,875
  14,499
  15,159
  15,855
  16,590
  17,365
  18,182
  19,043
  19,949
  20,904
  21,909
  22,966
  24,078
  25,248
Adjusted assets (=assets-cash), $m
  7,851
  8,031
  8,238
  8,470
  8,726
  9,008
  9,315
  9,647
  10,005
  10,389
  10,799
  11,238
  11,704
  12,200
  12,727
  13,284
  13,875
  14,499
  15,159
  15,855
  16,590
  17,365
  18,182
  19,043
  19,949
  20,904
  21,909
  22,966
  24,078
  25,248
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
Average production assets, $m
  3,139
  3,211
  3,294
  3,386
  3,489
  3,602
  3,724
  3,857
  4,000
  4,154
  4,318
  4,493
  4,680
  4,878
  5,089
  5,312
  5,548
  5,797
  6,061
  6,340
  6,633
  6,943
  7,270
  7,614
  7,977
  8,358
  8,760
  9,183
  9,627
  10,095
Working capital, $m
  -240
  -246
  -252
  -259
  -267
  -276
  -285
  -295
  -306
  -318
  -330
  -344
  -358
  -373
  -389
  -406
  -425
  -444
  -464
  -485
  -508
  -531
  -556
  -583
  -610
  -640
  -670
  -703
  -737
  -773
Total debt, $m
  2,431
  2,530
  2,643
  2,769
  2,909
  3,063
  3,231
  3,412
  3,607
  3,817
  4,041
  4,280
  4,535
  4,806
  5,093
  5,398
  5,720
  6,061
  6,421
  6,802
  7,203
  7,626
  8,072
  8,542
  9,037
  9,558
  10,107
  10,684
  11,291
  11,930
Total liabilities, $m
  4,287
  4,385
  4,498
  4,624
  4,765
  4,918
  5,086
  5,267
  5,463
  5,672
  5,896
  6,136
  6,391
  6,661
  6,949
  7,253
  7,576
  7,916
  8,277
  8,657
  9,058
  9,481
  9,927
  10,397
  10,892
  11,414
  11,962
  12,539
  13,147
  13,785
Total equity, $m
  3,564
  3,646
  3,740
  3,845
  3,962
  4,090
  4,229
  4,380
  4,542
  4,716
  4,903
  5,102
  5,314
  5,539
  5,778
  6,031
  6,299
  6,583
  6,882
  7,198
  7,532
  7,884
  8,255
  8,645
  9,057
  9,490
  9,946
  10,426
  10,931
  11,463
Total liabilities and equity, $m
  7,851
  8,031
  8,238
  8,469
  8,727
  9,008
  9,315
  9,647
  10,005
  10,388
  10,799
  11,238
  11,705
  12,200
  12,727
  13,284
  13,875
  14,499
  15,159
  15,855
  16,590
  17,365
  18,182
  19,042
  19,949
  20,904
  21,908
  22,965
  24,078
  25,248
Debt-to-equity ratio
  0.680
  0.690
  0.710
  0.720
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.020
  1.030
  1.040
Adjusted equity ratio
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  224
  238
  254
  271
  290
  311
  333
  358
  384
  413
  861
  893
  927
  964
  1,003
  1,043
  1,087
  1,132
  1,181
  1,232
  1,286
  1,342
  1,402
  1,465
  1,532
  1,602
  1,675
  1,753
  1,834
  1,920
Depreciation, amort., depletion, $m
  678
  680
  683
  686
  689
  693
  697
  702
  706
  711
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  279
  292
  306
  321
  337
Funds from operations, $m
  902
  918
  936
  957
  979
  1,004
  1,031
  1,059
  1,091
  1,124
  1,005
  1,043
  1,083
  1,127
  1,172
  1,220
  1,272
  1,326
  1,383
  1,443
  1,507
  1,574
  1,645
  1,719
  1,798
  1,880
  1,967
  2,059
  2,155
  2,256
Change in working capital, $m
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
Cash from operations, $m
  907
  924
  943
  964
  987
  1,012
  1,040
  1,070
  1,102
  1,136
  1,018
  1,056
  1,098
  1,142
  1,188
  1,238
  1,290
  1,345
  1,403
  1,465
  1,529
  1,598
  1,670
  1,745
  1,825
  1,909
  1,998
  2,091
  2,189
  2,292
Maintenance CAPEX, $m
  -103
  -105
  -107
  -110
  -113
  -116
  -120
  -124
  -129
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -292
  -306
  -321
New CAPEX, $m
  -63
  -72
  -83
  -93
  -103
  -113
  -123
  -133
  -143
  -154
  -164
  -175
  -187
  -198
  -210
  -223
  -236
  -250
  -264
  -278
  -294
  -310
  -327
  -344
  -362
  -382
  -402
  -423
  -445
  -468
Cash from investing activities, $m
  -166
  -177
  -190
  -203
  -216
  -229
  -243
  -257
  -272
  -287
  -302
  -319
  -337
  -354
  -373
  -393
  -413
  -435
  -457
  -480
  -505
  -531
  -558
  -586
  -616
  -648
  -681
  -715
  -751
  -789
Free cash flow, $m
  742
  747
  753
  761
  771
  783
  797
  813
  830
  849
  715
  737
  761
  787
  815
  845
  877
  910
  946
  984
  1,024
  1,067
  1,112
  1,159
  1,209
  1,262
  1,318
  1,376
  1,438
  1,503
Issuance/(repayment) of debt, $m
  84
  99
  113
  127
  140
  154
  168
  181
  195
  210
  224
  239
  255
  271
  287
  305
  322
  341
  360
  380
  401
  423
  446
  470
  495
  521
  549
  577
  607
  639
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  
  84
  99
  113
  127
  140
  154
  168
  181
  195
  210
  224
  239
  255
  271
  287
  305
  322
  341
  360
  380
  401
  423
  446
  470
  495
  521
  549
  577
  607
  639
Total cash flow (excl. dividends), $m
  825
  845
  866
  888
  912
  937
  965
  994
  1,025
  1,058
  939
  977
  1,016
  1,058
  1,103
  1,149
  1,199
  1,251
  1,306
  1,364
  1,425
  1,490
  1,558
  1,629
  1,704
  1,783
  1,866
  1,954
  2,045
  2,142
Retained Cash Flow (-), $m
  -67
  -82
  -94
  -105
  -117
  -128
  -139
  -151
  -162
  -174
  -186
  -199
  -212
  -225
  -239
  -253
  -268
  -283
  -299
  -316
  -334
  -352
  -371
  -391
  -412
  -433
  -456
  -480
  -505
  -531
Prev. year cash balance distribution, $m
  327
  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
  1,086
  763
  772
  783
  795
  809
  825
  843
  863
  884
  753
  778
  804
  833
  864
  896
  931
  968
  1,007
  1,048
  1,092
  1,138
  1,187
  1,238
  1,292
  1,350
  1,410
  1,474
  1,540
  1,611
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
  1,041
  699
  672
  644
  616
  587
  558
  527
  496
  464
  357
  332
  306
  280
  254
  228
  203
  178
  155
  133
  113
  94
  78
  63
  50
  39
  30
  23
  17
  12
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

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 11.8
Price to Sales 0.9
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 5.4
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 $3140.322 million for the last fiscal year's total revenue generated by Legg Mason. The default revenue input number comes from 0001 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 2% 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 86.8%.

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 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 5.4% 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 98%.

Life of production assets of 82.2 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 -7.5%. 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 - $3824.405 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 85.451 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 $2.4 billion.

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COMPANY NEWS

▶ T. Rowe Price, Legg Mason see assets decline amid stock market's tumble in October   [Nov-12-18 02:34PM  American City Business Journals]
▶ Legg Mason Announces Quarterly Dividend   [Oct-29-18 04:15PM  PR Newswire]
▶ Legg Mason (LM) Lags Q2 Earnings Estimates   [Oct-24-18 06:45PM  Zacks]
▶ Legg Mason: Fiscal 2Q Earnings Snapshot   [05:40PM  Associated Press]
▶ Legg Mason profit falls 4 percent in second quarter   [05:16PM  American City Business Journals]
▶ 6 Stocks With Low Price-Sales Ratios   [05:30PM  GuruFocus.com]
▶ 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]

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