Intrinsic value of SEI Investments - SEIC

Previous Close

$70.96

  Intrinsic Value

$33.56

stock screener

  Rating & Target

str. sell

-53%

Previous close

$70.96

 
Intrinsic value

$33.56

 
Up/down potential

-53%

 
Rating

str. sell

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

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

We calculate the intrinsic value of SEIC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.10
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  1,402
  1,516
  1,634
  1,756
  1,884
  2,016
  2,154
  2,297
  2,446
  2,601
  2,762
  2,930
  3,105
  3,288
  3,478
  3,677
  3,884
  4,101
  4,327
  4,563
  4,811
  5,069
  5,340
  5,623
  5,920
  6,230
  6,556
  6,897
  7,254
  7,628
  8,021
Variable operating expenses, $m
 
  1,106
  1,193
  1,282
  1,375
  1,472
  1,572
  1,677
  1,786
  1,899
  2,017
  2,139
  2,267
  2,400
  2,539
  2,684
  2,835
  2,993
  3,159
  3,331
  3,512
  3,701
  3,898
  4,105
  4,321
  4,548
  4,786
  5,035
  5,295
  5,569
  5,855
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
  1,023
  1,106
  1,193
  1,282
  1,375
  1,472
  1,572
  1,677
  1,786
  1,899
  2,017
  2,139
  2,267
  2,400
  2,539
  2,684
  2,835
  2,993
  3,159
  3,331
  3,512
  3,701
  3,898
  4,105
  4,321
  4,548
  4,786
  5,035
  5,295
  5,569
  5,855
Operating income, $m
  378
  409
  441
  474
  509
  544
  582
  620
  660
  702
  746
  791
  838
  888
  939
  993
  1,049
  1,107
  1,168
  1,232
  1,299
  1,369
  1,442
  1,518
  1,598
  1,682
  1,770
  1,862
  1,959
  2,060
  2,166
EBITDA, $m
  449
  486
  524
  563
  604
  646
  690
  736
  784
  834
  885
  939
  995
  1,054
  1,115
  1,178
  1,245
  1,314
  1,387
  1,462
  1,542
  1,625
  1,711
  1,802
  1,897
  1,997
  2,101
  2,210
  2,325
  2,445
  2,571
Interest expense (income), $m
  1
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  31
  33
  35
  38
  40
  43
  46
  49
  52
Earnings before tax, $m
  508
  409
  440
  472
  506
  540
  576
  614
  653
  694
  736
  780
  826
  874
  923
  975
  1,030
  1,086
  1,146
  1,208
  1,273
  1,340
  1,411
  1,485
  1,563
  1,645
  1,730
  1,819
  1,913
  2,011
  2,114
Tax expense, $m
  174
  110
  119
  128
  137
  146
  156
  166
  176
  187
  199
  211
  223
  236
  249
  263
  278
  293
  309
  326
  344
  362
  381
  401
  422
  444
  467
  491
  516
  543
  571
Net income, $m
  334
  299
  321
  345
  369
  394
  421
  448
  477
  506
  537
  569
  603
  638
  674
  712
  752
  793
  836
  882
  929
  978
  1,030
  1,084
  1,141
  1,201
  1,263
  1,328
  1,396
  1,468
  1,543

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  717
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,637
  994
  1,072
  1,152
  1,236
  1,323
  1,413
  1,507
  1,605
  1,707
  1,813
  1,923
  2,038
  2,157
  2,282
  2,413
  2,549
  2,691
  2,839
  2,994
  3,157
  3,326
  3,504
  3,690
  3,884
  4,088
  4,302
  4,525
  4,760
  5,006
  5,263
Adjusted assets (=assets-cash), $m
  920
  994
  1,072
  1,152
  1,236
  1,323
  1,413
  1,507
  1,605
  1,707
  1,813
  1,923
  2,038
  2,157
  2,282
  2,413
  2,549
  2,691
  2,839
  2,994
  3,157
  3,326
  3,504
  3,690
  3,884
  4,088
  4,302
  4,525
  4,760
  5,006
  5,263
Revenue / Adjusted assets
  1.524
  1.525
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.523
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
  1.524
Average production assets, $m
  439
  474
  511
  550
  590
  631
  674
  719
  766
  814
  865
  917
  972
  1,029
  1,089
  1,151
  1,216
  1,283
  1,354
  1,428
  1,506
  1,587
  1,671
  1,760
  1,853
  1,950
  2,052
  2,159
  2,271
  2,388
  2,511
Working capital, $m
  789
  77
  83
  90
  96
  103
  110
  117
  125
  133
  141
  149
  158
  168
  177
  188
  198
  209
  221
  233
  245
  259
  272
  287
  302
  318
  334
  352
  370
  389
  409
Total debt, $m
  0
  27
  55
  84
  115
  146
  179
  213
  249
  286
  324
  364
  406
  449
  494
  542
  591
  643
  697
  753
  812
  873
  938
  1,005
  1,076
  1,150
  1,228
  1,309
  1,394
  1,483
  1,577
Total liabilities, $m
  334
  361
  389
  418
  449
  480
  513
  547
  583
  620
  658
  698
  740
  783
  828
  876
  925
  977
  1,031
  1,087
  1,146
  1,207
  1,272
  1,339
  1,410
  1,484
  1,562
  1,643
  1,728
  1,817
  1,911
Total equity, $m
  1,303
  633
  683
  734
  787
  843
  900
  960
  1,022
  1,087
  1,155
  1,225
  1,298
  1,374
  1,454
  1,537
  1,623
  1,714
  1,809
  1,907
  2,011
  2,119
  2,232
  2,350
  2,474
  2,604
  2,740
  2,883
  3,032
  3,189
  3,353
Total liabilities and equity, $m
  1,637
  994
  1,072
  1,152
  1,236
  1,323
  1,413
  1,507
  1,605
  1,707
  1,813
  1,923
  2,038
  2,157
  2,282
  2,413
  2,548
  2,691
  2,840
  2,994
  3,157
  3,326
  3,504
  3,689
  3,884
  4,088
  4,302
  4,526
  4,760
  5,006
  5,264
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.110
  0.150
  0.170
  0.200
  0.220
  0.240
  0.260
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.360
  0.370
  0.390
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.470
Adjusted equity ratio
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  334
  299
  321
  345
  369
  394
  421
  448
  477
  506
  537
  569
  603
  638
  674
  712
  752
  793
  836
  882
  929
  978
  1,030
  1,084
  1,141
  1,201
  1,263
  1,328
  1,396
  1,468
  1,543
Depreciation, amort., depletion, $m
  71
  77
  82
  89
  95
  102
  109
  116
  123
  131
  139
  148
  157
  166
  176
  186
  196
  207
  218
  230
  243
  256
  270
  284
  299
  315
  331
  348
  366
  385
  405
Funds from operations, $m
  553
  375
  404
  433
  464
  496
  530
  564
  600
  638
  677
  717
  760
  804
  850
  898
  948
  1,000
  1,055
  1,112
  1,172
  1,234
  1,300
  1,368
  1,440
  1,515
  1,594
  1,676
  1,763
  1,853
  1,948
Change in working capital, $m
  128
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  425
  369
  398
  427
  458
  490
  523
  557
  593
  630
  668
  709
  751
  794
  840
  888
  937
  989
  1,043
  1,100
  1,159
  1,221
  1,286
  1,354
  1,425
  1,499
  1,577
  1,659
  1,744
  1,834
  1,928
Maintenance CAPEX, $m
  0
  -71
  -77
  -82
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -196
  -207
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -348
  -366
  -385
New CAPEX, $m
  -82
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
Cash from investing activities, $m
  -80
  -107
  -114
  -120
  -129
  -136
  -145
  -154
  -163
  -172
  -181
  -192
  -203
  -214
  -226
  -238
  -251
  -264
  -278
  -292
  -307
  -324
  -341
  -359
  -377
  -396
  -417
  -438
  -460
  -483
  -508
Free cash flow, $m
  345
  263
  284
  306
  329
  353
  378
  403
  430
  458
  487
  517
  548
  580
  614
  650
  687
  725
  765
  807
  851
  897
  945
  996
  1,048
  1,103
  1,161
  1,221
  1,284
  1,351
  1,420
Issuance/(repayment) of debt, $m
  0
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
  94
Issuance/(repurchase) of shares, $m
  -235
  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  
  -235
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
  94
Total cash flow (excl. dividends), $m
  101
  290
  312
  336
  360
  385
  410
  437
  465
  495
  525
  557
  590
  624
  660
  697
  736
  777
  819
  864
  910
  959
  1,010
  1,063
  1,119
  1,177
  1,238
  1,302
  1,369
  1,440
  1,513
Retained Cash Flow (-), $m
  -13
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -90
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -157
  -164
Prev. year cash balance distribution, $m
 
  717
  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
 
  959
  263
  284
  306
  329
  353
  378
  403
  430
  458
  486
  516
  548
  580
  614
  649
  686
  725
  765
  807
  851
  897
  945
  995
  1,047
  1,102
  1,160
  1,220
  1,283
  1,349
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
 
  920
  241
  247
  252
  255
  256
  255
  252
  247
  240
  231
  220
  208
  195
  180
  165
  149
  133
  118
  103
  88
  74
  62
  51
  41
  32
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

SEI Investments Company provides investment processing, investment management and investment operations solutions. The Company provides its solutions to financial institutions, financial advisors, institutional investors, investment managers and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations around the world. The Company's segments are Private Banks, Investment Advisors, Institutional Investors, Investment Managers and Investments in New Businesses. The Company's investment management business solutions include investment processing outsourcing solutions for providers of institutional and private-client wealth management services, including banks, trust companies, independent wealth advisors and other financial services firms, and investment management solutions for institutional investors, including retirement plan sponsors, not-for-profit organizations and individual investors.

FINANCIAL RATIOS  of  SEI Investments (SEIC)

Valuation Ratios
P/E Ratio 33.8
Price to Sales 8
Price to Book 8.7
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow 32.9
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 509
Management Effectiveness
Return On Assets 20.7%
Ret/ On Assets - 3 Yr. Avg. 21.1%
Return On Total Capital 25.8%
Ret/ On T. Cap. - 3 Yr. Avg. 26.2%
Return On Equity 25.8%
Return On Equity - 3 Yr. Avg. 26.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 79.2%
Gross Margin - 3 Yr. Avg. 78.6%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 42.5%
Operating Margin 27%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 36.2%
Pre-Tax Margin - 3 Yr. Avg. 37.5%
Net Profit Margin 23.8%
Net Profit Margin - 3 Yr. Avg. 24.6%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 25.4%

SEIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEIC stock intrinsic value calculation we used $1402 million for the last fiscal year's total revenue generated by SEI Investments. The default revenue input number comes from 2016 income statement of SEI Investments. 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 SEIC stock valuation model: a) initial revenue growth rate of 8.1% 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 SEIC is calculated based on our internal credit rating of SEI Investments, 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 SEI Investments.
    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 SEIC stock the variable cost ratio is equal to 73%.

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 SEIC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for SEI Investments.

Corporate tax rate of 27% is the nominal tax rate for SEI Investments. 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 SEIC 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 SEIC are equal to 31.3%.

Life of production assets of 6.2 years is the average useful life of capital assets used in SEI Investments 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 SEIC is equal to 5.1%. 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 - $1303 million for SEI Investments - 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 158.085 million for SEI Investments 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 SEI Investments at the current share price and the inputted number of shares is $11.2 billion.

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COMPANY NEWS

▶ SEI Declares Dividend of $0.30 Per Share   [Dec-12-17 04:48PM  PR Newswire]
▶ SEI To Hold Investor Conference   [Nov-09-17 03:00PM  PR Newswire]
▶ Regions Bank Goes Live on SEI Wealth Platform   [Oct-26-17 09:00AM  PR Newswire]
▶ SEI beats Street 3Q forecasts   [Oct-25-17 05:17PM  Associated Press]
▶ SEI Names David Hintz US Equity Portfolio Manager   [Oct-05-17 04:11PM  PR Newswire]
▶ How Wall Street Analysts View State Street   [Sep-28-17 10:39AM  Market Realist]
▶ What Is SEI Investments Cos (SEIC) Share Price Doing?   [Sep-13-17 03:07PM  Simply Wall St.]
▶ SEI Wealth Platform UK Records Strong First Half of 2017   [Aug-24-17 09:38AM  PR Newswire]
▶ SEI Adds $2 Billion in New Defined Contribution Assets   [Aug-02-17 09:00AM  GlobeNewswire]
▶ SEI beats Street 2Q forecasts   [Jul-26-17 11:23PM  Associated Press]
▶ SEI buys Midwest fintech company for $80M   [Jul-14-17 04:30PM  American City Business Journals]
▶ Tilney Group Extends Relationship with SEI Wealth Platform   [Jun-13-17 09:00AM  GlobeNewswire]
▶ SEI Survey Exposes Gaps in Wealthys Investment Knowledge   [Jun-05-17 09:00AM  GlobeNewswire]
▶ SEI Board of Directors Declares Dividend   [May-24-17 04:10PM  GlobeNewswire]
▶ TIAA-CREF Trust Company, FSB Adopts SEI Wealth Platform(SM)   [May-10-17 09:00AM  GlobeNewswire]
▶ SEI tops 1Q profit forecasts   [Apr-19-17 04:40PM  Associated Press]
▶ SEI Funds Receive Global Recognition in 2017   [Apr-11-17 12:06PM  GlobeNewswire]
Financial statements of SEIC
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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