Intrinsic value of Virtus Investment Partners - VRTS

Previous Close

$102.78

  Intrinsic Value

$496.05

stock screener

  Rating & Target

str. buy

+383%

Previous close

$102.78

 
Intrinsic value

$496.05

 
Up/down potential

+383%

 
Rating

str. buy

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

We calculate the intrinsic value of VRTS 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 0.7

 

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, %
  41.20
  37.58
  34.32
  31.39
  28.75
  26.38
  24.24
  22.31
  20.58
  19.02
  17.62
  16.36
  15.22
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.11
  6.89
  6.71
Revenue, $m
  601
  827
  1,111
  1,459
  1,879
  2,374
  2,950
  3,608
  4,351
  5,178
  6,091
  7,087
  8,166
  9,326
  10,564
  11,880
  13,271
  14,736
  16,273
  17,882
  19,564
  21,317
  23,142
  25,042
  27,017
  29,070
  31,204
  33,421
  35,725
  38,120
Variable operating expenses, $m
  487
  652
  860
  1,115
  1,423
  1,785
  2,207
  2,688
  3,232
  3,838
  4,459
  5,188
  5,978
  6,827
  7,734
  8,697
  9,715
  10,788
  11,913
  13,091
  14,322
  15,605
  16,942
  18,333
  19,779
  21,282
  22,843
  24,466
  26,153
  27,907
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
  487
  652
  860
  1,115
  1,423
  1,785
  2,207
  2,688
  3,232
  3,838
  4,459
  5,188
  5,978
  6,827
  7,734
  8,697
  9,715
  10,788
  11,913
  13,091
  14,322
  15,605
  16,942
  18,333
  19,779
  21,282
  22,843
  24,466
  26,153
  27,907
Operating income, $m
  114
  174
  250
  344
  456
  589
  743
  919
  1,118
  1,340
  1,632
  1,899
  2,188
  2,499
  2,830
  3,183
  3,556
  3,948
  4,360
  4,791
  5,242
  5,711
  6,200
  6,709
  7,239
  7,789
  8,360
  8,954
  9,572
  10,213
EBITDA, $m
  174
  240
  322
  423
  545
  689
  856
  1,047
  1,262
  1,503
  1,767
  2,057
  2,370
  2,706
  3,066
  3,447
  3,851
  4,276
  4,722
  5,189
  5,677
  6,186
  6,716
  7,267
  7,840
  8,436
  9,055
  9,698
  10,367
  11,062
Interest expense (income), $m
  0
  92
  137
  194
  266
  355
  462
  588
  734
  901
  1,090
  1,301
  1,533
  1,786
  2,060
  2,355
  2,670
  3,004
  3,358
  3,731
  4,121
  4,531
  4,958
  5,404
  5,868
  6,351
  6,853
  7,375
  7,917
  8,481
  9,067
Earnings before tax, $m
  22
  38
  56
  77
  101
  127
  155
  185
  217
  250
  331
  366
  402
  438
  475
  513
  551
  590
  629
  670
  711
  753
  797
  841
  888
  936
  985
  1,037
  1,090
  1,146
Tax expense, $m
  6
  10
  15
  21
  27
  34
  42
  50
  59
  68
  89
  99
  109
  118
  128
  139
  149
  159
  170
  181
  192
  203
  215
  227
  240
  253
  266
  280
  294
  310
Net income, $m
  16
  27
  41
  56
  74
  93
  113
  135
  158
  183
  242
  267
  293
  320
  347
  374
  402
  431
  459
  489
  519
  550
  582
  614
  648
  683
  719
  757
  796
  837

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
  3,577
  4,921
  6,611
  8,686
  11,183
  14,132
  17,558
  21,476
  25,896
  30,822
  36,254
  42,185
  48,607
  55,510
  62,883
  70,714
  78,993
  87,712
  96,863
  106,443
  116,450
  126,885
  137,752
  149,059
  160,816
  173,037
  185,736
  198,932
  212,648
  226,906
Adjusted assets (=assets-cash), $m
  3,577
  4,921
  6,611
  8,686
  11,183
  14,132
  17,558
  21,476
  25,896
  30,822
  36,254
  42,185
  48,607
  55,510
  62,883
  70,714
  78,993
  87,712
  96,863
  106,443
  116,450
  126,885
  137,752
  149,059
  160,816
  173,037
  185,736
  198,932
  212,648
  226,906
Revenue / Adjusted assets
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
Average production assets, $m
  195
  269
  361
  474
  611
  772
  959
  1,173
  1,414
  1,683
  1,979
  2,303
  2,654
  3,031
  3,433
  3,861
  4,313
  4,789
  5,289
  5,812
  6,358
  6,928
  7,521
  8,139
  8,781
  9,448
  10,141
  10,862
  11,611
  12,389
Working capital, $m
  -27
  -37
  -50
  -66
  -85
  -107
  -133
  -162
  -196
  -233
  -274
  -319
  -367
  -420
  -475
  -535
  -597
  -663
  -732
  -805
  -880
  -959
  -1,041
  -1,127
  -1,216
  -1,308
  -1,404
  -1,504
  -1,608
  -1,715
Total debt, $m
  2,533
  3,596
  4,932
  6,574
  8,549
  10,882
  13,592
  16,691
  20,187
  24,084
  28,380
  33,072
  38,152
  43,612
  49,444
  55,638
  62,187
  69,083
  76,322
  83,900
  91,815
  100,069
  108,665
  117,609
  126,909
  136,575
  146,620
  157,059
  167,908
  179,186
Total liabilities, $m
  2,830
  3,893
  5,229
  6,870
  8,846
  11,179
  13,888
  16,987
  20,484
  24,381
  28,677
  33,368
  38,448
  43,909
  49,740
  55,935
  62,484
  69,380
  76,619
  84,196
  92,112
  100,366
  108,962
  117,906
  127,206
  136,872
  146,917
  157,355
  168,204
  179,482
Total equity, $m
  748
  1,029
  1,382
  1,815
  2,337
  2,954
  3,670
  4,488
  5,412
  6,442
  7,577
  8,817
  10,159
  11,602
  13,143
  14,779
  16,510
  18,332
  20,244
  22,247
  24,338
  26,519
  28,790
  31,153
  33,611
  36,165
  38,819
  41,577
  44,443
  47,423
Total liabilities and equity, $m
  3,578
  4,922
  6,611
  8,685
  11,183
  14,133
  17,558
  21,475
  25,896
  30,823
  36,254
  42,185
  48,607
  55,511
  62,883
  70,714
  78,994
  87,712
  96,863
  106,443
  116,450
  126,885
  137,752
  149,059
  160,817
  173,037
  185,736
  198,932
  212,647
  226,905
Debt-to-equity ratio
  3.390
  3.500
  3.570
  3.620
  3.660
  3.680
  3.700
  3.720
  3.730
  3.740
  3.750
  3.750
  3.760
  3.760
  3.760
  3.760
  3.770
  3.770
  3.770
  3.770
  3.770
  3.770
  3.770
  3.780
  3.780
  3.780
  3.780
  3.780
  3.780
  3.780
Adjusted equity ratio
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  27
  41
  56
  74
  93
  113
  135
  158
  183
  242
  267
  293
  320
  347
  374
  402
  431
  459
  489
  519
  550
  582
  614
  648
  683
  719
  757
  796
  837
Depreciation, amort., depletion, $m
  61
  66
  72
  80
  89
  100
  113
  128
  144
  162
  136
  158
  182
  208
  235
  264
  295
  328
  362
  398
  435
  475
  515
  557
  601
  647
  695
  744
  795
  849
Funds from operations, $m
  76
  93
  113
  136
  163
  193
  226
  263
  303
  345
  377
  425
  475
  528
  582
  639
  698
  759
  822
  887
  955
  1,024
  1,097
  1,172
  1,249
  1,330
  1,414
  1,501
  1,591
  1,685
Change in working capital, $m
  -8
  -10
  -13
  -16
  -19
  -22
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -52
  -56
  -59
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
Cash from operations, $m
  84
  103
  126
  152
  182
  215
  252
  293
  336
  382
  418
  470
  524
  580
  638
  698
  760
  825
  891
  959
  1,030
  1,103
  1,179
  1,257
  1,338
  1,422
  1,510
  1,601
  1,695
  1,793
Maintenance CAPEX, $m
  -9
  -13
  -18
  -25
  -32
  -42
  -53
  -66
  -80
  -97
  -115
  -136
  -158
  -182
  -208
  -235
  -264
  -295
  -328
  -362
  -398
  -435
  -475
  -515
  -557
  -601
  -647
  -695
  -744
  -795
New CAPEX, $m
  -57
  -73
  -92
  -113
  -136
  -161
  -187
  -214
  -241
  -269
  -297
  -324
  -351
  -377
  -403
  -428
  -452
  -476
  -500
  -523
  -546
  -570
  -593
  -617
  -642
  -667
  -693
  -721
  -749
  -778
Cash from investing activities, $m
  -66
  -86
  -110
  -138
  -168
  -203
  -240
  -280
  -321
  -366
  -412
  -460
  -509
  -559
  -611
  -663
  -716
  -771
  -828
  -885
  -944
  -1,005
  -1,068
  -1,132
  -1,199
  -1,268
  -1,340
  -1,416
  -1,493
  -1,573
Free cash flow, $m
  18
  16
  15
  14
  13
  12
  12
  13
  14
  16
  7
  11
  15
  21
  28
  35
  44
  53
  63
  74
  86
  98
  111
  125
  139
  154
  169
  185
  202
  219
Issuance/(repayment) of debt, $m
  827
  1,063
  1,336
  1,641
  1,975
  2,333
  2,709
  3,099
  3,496
  3,897
  4,296
  4,692
  5,080
  5,460
  5,832
  6,194
  6,549
  6,896
  7,239
  7,578
  7,915
  8,254
  8,596
  8,944
  9,300
  9,666
  10,045
  10,438
  10,849
  11,278
Issuance/(repurchase) of shares, $m
  203
  254
  312
  377
  448
  524
  602
  683
  765
  847
  893
  972
  1,049
  1,123
  1,194
  1,262
  1,328
  1,392
  1,453
  1,513
  1,572
  1,631
  1,690
  1,749
  1,809
  1,871
  1,935
  2,001
  2,071
  2,143
Cash from financing (excl. dividends), $m  
  1,030
  1,317
  1,648
  2,018
  2,423
  2,857
  3,311
  3,782
  4,261
  4,744
  5,189
  5,664
  6,129
  6,583
  7,026
  7,456
  7,877
  8,288
  8,692
  9,091
  9,487
  9,885
  10,286
  10,693
  11,109
  11,537
  11,980
  12,439
  12,920
  13,421
Total cash flow (excl. dividends), $m
  1,048
  1,333
  1,663
  2,032
  2,436
  2,869
  3,324
  3,795
  4,276
  4,760
  5,196
  5,674
  6,144
  6,604
  7,053
  7,492
  7,921
  8,341
  8,755
  9,165
  9,573
  9,983
  10,397
  10,818
  11,248
  11,691
  12,149
  12,625
  13,122
  13,641
Retained Cash Flow (-), $m
  -218
  -281
  -353
  -434
  -522
  -616
  -716
  -819
  -924
  -1,030
  -1,135
  -1,240
  -1,342
  -1,443
  -1,541
  -1,637
  -1,730
  -1,822
  -1,913
  -2,002
  -2,091
  -2,181
  -2,271
  -2,363
  -2,457
  -2,554
  -2,654
  -2,758
  -2,867
  -2,980
Prev. year cash balance distribution, $m
  59
  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
  889
  1,052
  1,310
  1,599
  1,914
  2,253
  2,608
  2,977
  3,352
  3,731
  4,061
  4,435
  4,802
  5,161
  5,512
  5,855
  6,190
  6,519
  6,842
  7,163
  7,482
  7,802
  8,126
  8,454
  8,791
  9,137
  9,495
  9,867
  10,255
  10,661
Discount rate, %
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
  796
  836
  913
  966
  990
  984
  949
  888
  807
  713
  605
  505
  410
  324
  248
  185
  133
  94
  64
  42
  27
  16
  10
  6
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  76.6
  60.3
  48.5
  39.8
  33.3
  28.2
  24.3
  21.1
  18.6
  16.5
  14.9
  13.5
  12.3
  11.3
  10.5
  9.7
  9.1
  8.5
  8.0
  7.5
  7.1
  6.8
  6.4
  6.1
  5.9
  5.6
  5.4
  5.2
  5.0
  4.8

Virtus Investment Partners, Inc. (Virtus) is a provider of investment management and related services to individuals and institutions. The Company provides its products in various forms and through multiple distribution channels. Its retail products include open-end mutual funds, closed-end funds, exchange traded funds, variable insurance funds, undertakings for collective investments in transferable securities (UCITS) and separately managed accounts. Its open-end mutual funds are distributed through intermediaries. Its closed-end funds trade on the New York Stock Exchange. Its variable insurance funds are available as investment options in variable annuities and life insurance products distributed by life insurance companies. Separately managed accounts consists of intermediary programs, sponsored and distributed by unaffiliated brokerage firms, and private client accounts, which are offered to the high net-worth clients of its affiliated managers.

FINANCIAL RATIOS  of  Virtus Investment Partners (VRTS)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 1.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 20.9
Growth Rates
Sales Growth Rate -15.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 116.5%
Total Debt to Equity 116.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 15.8%
Oper. Margin - 3 Yr. Avg. 21.9%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 23.2%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 28.6%

VRTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRTS stock intrinsic value calculation we used $425.607 million for the last fiscal year's total revenue generated by Virtus Investment Partners. The default revenue input number comes from 0001 income statement of Virtus Investment Partners. 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 VRTS stock valuation model: a) initial revenue growth rate of 41.2% 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 11.6%, whose default value for VRTS is calculated based on our internal credit rating of Virtus Investment Partners, 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 Virtus Investment Partners.
    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 VRTS stock the variable cost ratio is equal to 84.3%.

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 VRTS 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 Virtus Investment Partners.

Corporate tax rate of 27% is the nominal tax rate for Virtus Investment Partners. 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 VRTS 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 VRTS are equal to 32.5%.

Life of production assets of 14.6 years is the average useful life of capital assets used in Virtus Investment Partners 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 VRTS is equal to -4.5%. 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 - $588.557 million for Virtus Investment Partners - 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 7.166 million for Virtus Investment Partners 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 Virtus Investment Partners at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Virtus: 3Q Earnings Snapshot   [Oct-26-18 07:39AM  Associated Press]
▶ DTF Tax-Free Income Inc. Announces Dividends   [Sep-13-18 05:02PM  PR Newswire]
▶ Netflix upgraded to 'buy', analyst explains   [Jul-17-18 12:40PM  CNBC Videos]
▶ Corrections & Amplifications   [Jul-09-18 07:43PM  The Wall Street Journal]
▶ Duff & Phelps Closed-End Funds Announce Dividends   [Jun-14-18 05:02PM  PR Newswire]
▶ There is a lot of opportunity in energy: Joe Terranova   [May-30-18 12:04PM  CNBC Videos]
▶ Virtus: 1Q Earnings Snapshot   [07:52AM  Associated Press]
▶ Duff & Phelps Closed-End Funds Announce Dividends   [Mar-13-18 05:01PM  PR Newswire]
▶ Virtus ETF Advisers Announces Restated NAV for AMZA   [Feb-06-18 12:35PM  PR Newswire]
▶ Virtus beats 4Q profit forecasts   [Feb-02-18 08:47AM  Associated Press]
▶ What Analysts Recommend for Invesco   [10:30AM  Market Realist]
▶ Why Invesco Has Higher Valuations   [09:01AM  Market Realist]
▶ DTF Tax-Free Income Inc. Announces Special Distribution   [Dec-14-17 05:03PM  PR Newswire]

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