Intrinsic value of Waddell&Reed Financial - WDR

Previous Close

$18.78

  Intrinsic Value

$40.15

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  Rating & Target

str. buy

+114%

Previous close

$18.78

 
Intrinsic value

$40.15

 
Up/down potential

+114%

 
Rating

str. buy

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

We calculate the intrinsic value of WDR 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 1.5

 

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, %
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  1,192
  1,230
  1,272
  1,317
  1,365
  1,417
  1,473
  1,533
  1,596
  1,664
  1,735
  1,811
  1,891
  1,976
  2,066
  2,161
  2,261
  2,366
  2,478
  2,595
  2,718
  2,848
  2,985
  3,129
  3,280
  3,440
  3,607
  3,783
  3,969
  4,163
Variable operating expenses, $m
  949
  979
  1,012
  1,047
  1,085
  1,126
  1,170
  1,217
  1,267
  1,319
  1,361
  1,420
  1,483
  1,550
  1,620
  1,695
  1,773
  1,856
  1,943
  2,035
  2,132
  2,234
  2,341
  2,454
  2,573
  2,698
  2,829
  2,967
  3,113
  3,265
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
  949
  979
  1,012
  1,047
  1,085
  1,126
  1,170
  1,217
  1,267
  1,319
  1,361
  1,420
  1,483
  1,550
  1,620
  1,695
  1,773
  1,856
  1,943
  2,035
  2,132
  2,234
  2,341
  2,454
  2,573
  2,698
  2,829
  2,967
  3,113
  3,265
Operating income, $m
  242
  251
  260
  269
  280
  291
  303
  316
  330
  344
  374
  391
  408
  426
  446
  466
  488
  510
  534
  560
  586
  614
  644
  675
  708
  742
  778
  816
  856
  898
EBITDA, $m
  276
  284
  294
  304
  316
  328
  341
  354
  369
  385
  401
  419
  437
  457
  478
  500
  523
  547
  573
  600
  629
  659
  690
  724
  759
  795
  834
  875
  918
  963
Interest expense (income), $m
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  71
Earnings before tax, $m
  231
  239
  247
  256
  265
  275
  286
  298
  310
  324
  352
  367
  383
  399
  417
  436
  455
  476
  498
  520
  545
  570
  597
  625
  655
  686
  718
  753
  789
  827
Tax expense, $m
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  95
  99
  103
  108
  113
  118
  123
  128
  134
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
Net income, $m
  169
  174
  180
  187
  194
  201
  209
  218
  227
  236
  257
  268
  279
  292
  304
  318
  332
  347
  363
  380
  398
  416
  436
  456
  478
  501
  524
  550
  576
  604

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
  736
  760
  785
  813
  843
  875
  910
  947
  986
  1,028
  1,072
  1,119
  1,168
  1,221
  1,276
  1,335
  1,396
  1,462
  1,530
  1,603
  1,679
  1,759
  1,844
  1,933
  2,026
  2,125
  2,228
  2,337
  2,451
  2,571
Adjusted assets (=assets-cash), $m
  736
  760
  785
  813
  843
  875
  910
  947
  986
  1,028
  1,072
  1,119
  1,168
  1,221
  1,276
  1,335
  1,396
  1,462
  1,530
  1,603
  1,679
  1,759
  1,844
  1,933
  2,026
  2,125
  2,228
  2,337
  2,451
  2,571
Revenue / Adjusted assets
  1.620
  1.618
  1.620
  1.620
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.618
  1.618
  1.619
  1.618
  1.619
  1.619
  1.620
  1.618
  1.620
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
  1.619
Average production assets, $m
  174
  180
  186
  192
  199
  207
  215
  224
  233
  243
  253
  264
  276
  289
  302
  315
  330
  345
  362
  379
  397
  416
  436
  457
  479
  502
  527
  552
  579
  608
Working capital, $m
  -87
  -90
  -93
  -96
  -100
  -103
  -108
  -112
  -117
  -121
  -127
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
  -276
  -290
  -304
Total debt, $m
  202
  216
  231
  247
  265
  284
  304
  325
  348
  372
  398
  425
  454
  485
  517
  551
  587
  625
  665
  708
  752
  799
  848
  900
  955
  1,012
  1,072
  1,136
  1,202
  1,272
Total liabilities, $m
  429
  443
  458
  474
  492
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  778
  814
  852
  892
  934
  979
  1,026
  1,075
  1,127
  1,181
  1,239
  1,299
  1,362
  1,429
  1,499
Total equity, $m
  307
  317
  328
  339
  352
  365
  379
  395
  411
  428
  447
  466
  487
  509
  532
  557
  582
  609
  638
  668
  700
  734
  769
  806
  845
  886
  929
  974
  1,022
  1,072
Total liabilities and equity, $m
  736
  760
  786
  813
  844
  875
  909
  947
  986
  1,027
  1,072
  1,118
  1,168
  1,221
  1,276
  1,335
  1,396
  1,461
  1,530
  1,602
  1,679
  1,760
  1,844
  1,933
  2,026
  2,125
  2,228
  2,336
  2,451
  2,571
Debt-to-equity ratio
  0.660
  0.680
  0.710
  0.730
  0.750
  0.780
  0.800
  0.820
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.010
  1.030
  1.040
  1.060
  1.070
  1.090
  1.100
  1.120
  1.130
  1.140
  1.150
  1.170
  1.180
  1.190
Adjusted equity ratio
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  169
  174
  180
  187
  194
  201
  209
  218
  227
  236
  257
  268
  279
  292
  304
  318
  332
  347
  363
  380
  398
  416
  436
  456
  478
  501
  524
  550
  576
  604
Depreciation, amort., depletion, $m
  33
  34
  34
  35
  36
  37
  38
  39
  39
  41
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
Funds from operations, $m
  202
  208
  215
  222
  229
  238
  247
  256
  266
  277
  284
  296
  309
  322
  337
  352
  367
  384
  402
  420
  440
  460
  482
  505
  529
  554
  580
  608
  638
  668
Change in working capital, $m
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  205
  211
  218
  225
  233
  242
  251
  260
  271
  282
  289
  302
  315
  329
  343
  358
  375
  392
  410
  429
  449
  470
  492
  515
  540
  566
  593
  621
  651
  683
Maintenance CAPEX, $m
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
New CAPEX, $m
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from investing activities, $m
  -23
  -25
  -25
  -27
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -44
  -46
  -49
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -82
  -86
  -90
Free cash flow, $m
  182
  187
  193
  199
  205
  213
  221
  229
  238
  247
  253
  264
  275
  287
  299
  313
  327
  341
  357
  373
  390
  409
  428
  448
  469
  491
  515
  539
  565
  593
Issuance/(repayment) of debt, $m
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  63
  67
  70
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  
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  63
  67
  70
Total cash flow (excl. dividends), $m
  194
  200
  207
  215
  223
  232
  241
  250
  260
  271
  279
  291
  304
  317
  332
  347
  363
  379
  397
  415
  435
  455
  477
  500
  524
  549
  575
  603
  632
  663
Retained Cash Flow (-), $m
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Prev. year cash balance distribution, $m
  575
  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
  760
  191
  197
  203
  210
  218
  226
  235
  244
  254
  260
  271
  283
  295
  308
  322
  337
  352
  368
  385
  403
  422
  442
  463
  485
  508
  532
  558
  584
  613
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
  729
  175
  171
  167
  163
  158
  153
  147
  140
  133
  124
  116
  108
  99
  91
  82
  73
  65
  57
  49
  42
  35
  29
  24
  19
  15
  11
  9
  6
  5
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

Waddell & Reed Financial, Inc., incorporated on December 24, 1981, is a holding company. The Company is a mutual fund and asset management company. The Company provides investment management, investment advisory, investment product underwriting, and distribution and shareholder services administration to Waddell & Reed Advisors group of mutual funds (the Advisors Funds), Ivy Funds, Ivy Funds Variable Insurance Portfolios (Ivy Funds VIP), InvestEd Portfolios and 529 college savings plan (collectively, the Funds), and the Ivy Global Investors Fund SICAV (the SICAV) and its Ivy Global Investors sub-funds (the IGI Funds), and institutional and separately managed accounts. The Company operates its business through a distribution network. Its retail products are distributed through third parties, such as other broker-dealers, registered investment advisors and various retirement platforms or through associated independent contractor financial advisors.

FINANCIAL RATIOS  of  Waddell&Reed Financial (WDR)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 1.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 14.5
Growth Rates
Sales Growth Rate -18.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.7%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 22.5%
Total Debt to Equity 22.5%
Interest Coverage 24
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 24.2%
Return On Equity 17.4%
Return On Equity - 3 Yr. Avg. 30%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 45%
Gross Margin - 3 Yr. Avg. 48%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 26.9%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 25.6%
Pre-Tax Margin 18.2%
Pre-Tax Margin - 3 Yr. Avg. 25.1%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 15.9%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 104.1%

WDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WDR stock intrinsic value calculation we used $1157.144 million for the last fiscal year's total revenue generated by Waddell&Reed Financial. The default revenue input number comes from 0001 income statement of Waddell&Reed Financial. 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 WDR stock valuation model: a) initial revenue growth rate of 3% 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 WDR is calculated based on our internal credit rating of Waddell&Reed Financial, 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 Waddell&Reed Financial.
    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 WDR stock the variable cost ratio is equal to 79.7%.

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 WDR 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 5.9% for Waddell&Reed Financial.

Corporate tax rate of 27% is the nominal tax rate for Waddell&Reed Financial. 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 WDR 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 WDR are equal to 14.6%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Waddell&Reed Financial 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 WDR is equal to -7.3%. 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 - $872.884 million for Waddell&Reed Financial - 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 79.759 million for Waddell&Reed Financial 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 Waddell&Reed Financial at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Waddell & Reed: 3Q Earnings Snapshot   [07:43AM  Associated Press]
▶ Reassessing Asset Managers' Moats   [Sep-14-18 07:00AM  Morningstar]
▶ Ivy Expands Distribution Leadership Team   [Aug-29-18 06:45AM  Business Wire]
▶ Waddell & Reed Loses a Top Team   [Aug-23-18 03:37PM  Barrons.com]
▶ Waddell & Reed Appoints Buyle as General Counsel   [Aug-16-18 05:05PM  Business Wire]
▶ Scottrade exec joins Waddell as new chief technology officer   [01:03PM  American City Business Journals]
▶ Waddell & Reed: 2Q Earnings Snapshot   [06:55AM  Associated Press]
▶ This is how much a typical worker makes at Sprint, 9 other big KC public companies   [Jun-27-18 09:43AM  American City Business Journals]
▶ Best Dividend Stocks This Month   [09:02AM  Simply Wall St.]
▶ Why Waddell & Reed Financial Inc (NYSE:WDR) Could Be A Buy   [Jun-22-18 03:57PM  Simply Wall St.]
▶ Familiar KC face hires longtime Waddell & Reed exec for new gig   [Jun-21-18 01:21PM  American City Business Journals]
▶ New Strong Sell Stocks for June 18th   [Jun-18-18 08:29AM  Zacks]
▶ A 5-Star Fund With a Negative Analyst Rating   [Jun-14-18 06:03AM  Morningstar]
▶ Dividend Stocks Investors Love   [May-25-18 09:02AM  Simply Wall St.]
▶ Ailing Waddell & Reed Races the Clock   [01:11PM  Barrons.com]
▶ Waddell & Reed Loses Execs, Assets   [May-17-18 11:26AM  Barrons.com]
▶ Top Picks For Cheap Dividend Rockstars   [May-07-18 04:05PM  Simply Wall St.]
▶ Sales jump 30 percent, but Waddell & Reed still loses assets   [May-01-18 02:19PM  American City Business Journals]
▶ Waddell & Reed: 1Q Earnings Snapshot   [07:00AM  Associated Press]
▶ 7 Dividend Stocks That May Be Hurting Your Retirement   [Apr-25-18 12:23PM  InvestorPlace]
▶ April Best Dividend Paying Stocks   [Apr-24-18 09:02AM  Simply Wall St.]
▶ Scupham Named President of Ivy Distributors, Inc.   [Apr-18-18 04:46PM  Business Wire]
▶ Top Rated NYSE Dividend Stocks   [Mar-24-18 09:02AM  Simply Wall St.]
▶ Waddell & Reed Presenting at Citi Conference   [Feb-22-18 06:45AM  Business Wire]
▶ Best Rated NYSE Dividend Stocks   [Feb-15-18 08:02AM  Simply Wall St.]
▶ Waddell & Reed beats 4Q profit forecasts   [07:01AM  Associated Press]

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