Intrinsic value of WisdomTree Investments - WETF

Previous Close

$9.09

  Intrinsic Value

$6.50

stock screener

  Rating & Target

sell

-29%

Previous close

$9.09

 
Intrinsic value

$6.50

 
Up/down potential

-29%

 
Rating

sell

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

We calculate the intrinsic value of WETF 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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  256
  277
  298
  319
  342
  366
  390
  416
  442
  470
  499
  528
  560
  592
  626
  662
  699
  737
  778
  820
  864
  910
  959
  1,009
  1,062
  1,118
  1,176
  1,237
  1,301
  1,368
Variable operating expenses, $m
  191
  206
  222
  238
  255
  272
  290
  309
  329
  349
  369
  391
  414
  438
  463
  490
  517
  546
  576
  607
  640
  674
  710
  747
  786
  827
  870
  916
  963
  1,013
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
  191
  206
  222
  238
  255
  272
  290
  309
  329
  349
  369
  391
  414
  438
  463
  490
  517
  546
  576
  607
  640
  674
  710
  747
  786
  827
  870
  916
  963
  1,013
Operating income, $m
  65
  71
  76
  82
  88
  94
  100
  107
  114
  121
  130
  137
  145
  154
  163
  172
  182
  192
  202
  213
  225
  237
  249
  262
  276
  291
  306
  322
  338
  356
EBITDA, $m
  69
  75
  80
  86
  92
  99
  105
  112
  119
  127
  135
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  246
  259
  273
  287
  302
  318
  334
  351
  369
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
Earnings before tax, $m
  65
  70
  75
  81
  86
  92
  98
  105
  111
  118
  126
  134
  141
  149
  158
  167
  176
  185
  195
  206
  216
  228
  240
  252
  265
  279
  293
  309
  324
  341
Tax expense, $m
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  58
  62
  65
  68
  72
  75
  79
  83
  88
  92
Net income, $m
  48
  51
  55
  59
  63
  67
  72
  76
  81
  86
  92
  98
  103
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  225
  237
  249

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
  206
  222
  239
  257
  275
  294
  314
  334
  355
  378
  401
  425
  450
  476
  503
  532
  562
  593
  625
  659
  695
  732
  771
  811
  854
  899
  945
  995
  1,046
  1,100
Adjusted assets (=assets-cash), $m
  206
  222
  239
  257
  275
  294
  314
  334
  355
  378
  401
  425
  450
  476
  503
  532
  562
  593
  625
  659
  695
  732
  771
  811
  854
  899
  945
  995
  1,046
  1,100
Revenue / Adjusted assets
  1.243
  1.248
  1.247
  1.241
  1.244
  1.245
  1.242
  1.246
  1.245
  1.243
  1.244
  1.242
  1.244
  1.244
  1.245
  1.244
  1.244
  1.243
  1.245
  1.244
  1.243
  1.243
  1.244
  1.244
  1.244
  1.244
  1.244
  1.243
  1.244
  1.244
Average production assets, $m
  26
  28
  30
  32
  35
  37
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  74
  79
  83
  87
  92
  97
  102
  107
  113
  119
  125
  131
  138
Working capital, $m
  -36
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -172
  -181
  -190
Total debt, $m
  5
  10
  16
  21
  27
  33
  39
  46
  53
  60
  67
  75
  83
  91
  100
  109
  119
  129
  139
  150
  161
  173
  186
  199
  212
  227
  242
  257
  274
  291
Total liabilities, $m
  66
  71
  77
  82
  88
  94
  100
  107
  114
  121
  128
  136
  144
  152
  161
  170
  180
  190
  200
  211
  222
  234
  247
  260
  273
  288
  303
  318
  335
  352
Total equity, $m
  140
  151
  163
  175
  187
  200
  213
  227
  242
  257
  273
  289
  306
  324
  342
  362
  382
  403
  425
  448
  472
  498
  524
  552
  581
  611
  643
  676
  711
  748
Total liabilities and equity, $m
  206
  222
  240
  257
  275
  294
  313
  334
  356
  378
  401
  425
  450
  476
  503
  532
  562
  593
  625
  659
  694
  732
  771
  812
  854
  899
  946
  994
  1,046
  1,100
Debt-to-equity ratio
  0.040
  0.070
  0.100
  0.120
  0.140
  0.170
  0.180
  0.200
  0.220
  0.230
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.380
  0.390
Adjusted equity ratio
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  48
  51
  55
  59
  63
  67
  72
  76
  81
  86
  92
  98
  103
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  225
  237
  249
Depreciation, amort., depletion, $m
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Funds from operations, $m
  52
  55
  59
  64
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  122
  128
  135
  143
  150
  158
  167
  176
  185
  194
  204
  215
  226
  238
  250
  263
Change in working capital, $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  54
  58
  62
  67
  71
  76
  80
  85
  91
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
  212
  223
  234
  246
  259
  272
Maintenance CAPEX, $m
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
New CAPEX, $m
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -11
  -12
  -12
  -14
  -14
  -15
  -15
  -17
  -17
  -18
  -18
  -20
Free cash flow, $m
  50
  54
  57
  61
  66
  70
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  169
  177
  187
  196
  206
  217
  228
  240
  252
Issuance/(repayment) of debt, $m
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
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  
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
Total cash flow (excl. dividends), $m
  55
  59
  63
  67
  71
  76
  81
  85
  91
  96
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
  172
  180
  190
  200
  210
  221
  232
  244
  256
  269
Retained Cash Flow (-), $m
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
Prev. year cash balance distribution, $m
  63
  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
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
  81
Cash available for distribution, $m
  108
  48
  51
  55
  59
  63
  67
  72
  76
  81
  85
  90
  96
  101
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
  233
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
  103
  44
  45
  45
  46
  46
  45
  45
  44
  42
  41
  39
  36
  34
  31
  29
  26
  23
  20
  18
  15
  13
  11
  9
  7
  6
  4
  3
  2
  2
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

WisdomTree Investments, Inc. is an asset management company that focuses on exchange-traded funds (ETFs). The Company's family of ETFs includes funds that track its own indexes, funds that track third party indexes and actively managed funds. It operates as an exchange traded products sponsor and asset manager providing investment advisory services in the United States, Europe, Canada and Japan. These activities are reported in its U.S. Business segment that comprises its the United States business and Japan sales office, which primarily engages in selling its United States listed ETFs to Japanese institutions, and International Business segment, that comprises its European business and Canadian business. Its United States listed products include International Hedged Equity ETFs, Equity ETFs, Fixed Income ETFs, Currency ETFs, Alternative Strategy ETFs and Commodity ETFs. Its portfolio of Non-the United States listed products include WisdomTree UCITS ETFs, Boost ETPs and Canadian ETFs.

FINANCIAL RATIOS  of  WisdomTree Investments (WETF)

Valuation Ratios
P/E Ratio 47.7
Price to Sales 5.7
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow 23
Growth Rates
Sales Growth Rate -26.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -30.1%
Financial Strength
Quick Ratio NaN
Current Ratio 1.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 24.8%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.6%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 30.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 37.6%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 37.1%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. 37.2%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 23.9%
Effective Tax Rate 53.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 169.2%

WETF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WETF stock intrinsic value calculation we used $237 million for the last fiscal year's total revenue generated by WisdomTree Investments. The default revenue input number comes from 2017 income statement of WisdomTree 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 WETF stock valuation model: a) initial revenue growth rate of 8.2% 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 WETF is calculated based on our internal credit rating of WisdomTree 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 WisdomTree 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 WETF stock the variable cost ratio is equal to 74.6%.

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 WETF 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 WisdomTree Investments.

Corporate tax rate of 27% is the nominal tax rate for WisdomTree 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 WETF stock is equal to 6.2%.

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 WETF are equal to 10.1%.

Life of production assets of 10 years is the average useful life of capital assets used in WisdomTree 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 WETF is equal to -13.9%. 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 - $193 million for WisdomTree 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 135 million for WisdomTree 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 WisdomTree Investments at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ How WisdomTree ETFs Are Shaking Up Fixed Income   [Jul-11-18 07:31PM  Bloomberg Video]
▶ WisdomTree Expands Offering on Schwab ETF OneSource   [Jul-10-18 03:55PM  GlobeNewswire]
▶ [$$] Cocos and the evolution of an asset class   [Jun-27-18 05:45AM  Financial Times]
▶ WisdomTree ETFs Declare Distributions   [Jun-25-18 08:30AM  GlobeNewswire]
▶ WisdomTree ETFs Declare Distributions   [May-22-18 08:30AM  GlobeNewswire]
▶ A Play On The Growing ETF Industry   [May-02-18 12:29PM  Benzinga]
▶ [$$] In Case You Missed It: Inflation   [Apr-12-18 08:17AM  Financial Times]
▶ [$$] Movers & shakers: April 2   [Apr-01-18 10:30PM  Financial Times]
▶ WisdomTree ETFs Declare Distributions   [Mar-20-18 08:30AM  GlobeNewswire]
▶ [$$] Land scandal sours Shinzo Abes pitch to investors   [Mar-13-18 05:00AM  Financial Times]
▶ A Europe ETF Right For The Times   [Feb-26-18 01:27PM  Benzinga]
▶ WisdomTree ETFs Declare Distributions   [Feb-20-18 08:30AM  GlobeNewswire]
▶ WisdomTree Announces Changes to ETF Family   [Feb-16-18 04:30PM  GlobeNewswire]
▶ Mirae to buy Global X, sponsor of popular robotics ETF   [Feb-14-18 12:32PM  MarketWatch]
▶ WisdomTree Keeps Seeing Bottom-Line Struggles   [Feb-02-18 09:50AM  Motley Fool]
▶ WisdomTree ETFs Declare Distributions   [Jan-23-18 08:46AM  GlobeNewswire]
▶ WisdomTree Expands Offering on Schwab ETF OneSource   [Jan-03-18 10:15AM  GlobeNewswire]
▶ WisdomTree ETFs Declare Distributions   [Dec-26-17 08:30AM  GlobeNewswire]
▶ WisdomTree Introduces New China, Income ETFs   [Dec-24-17 09:15AM  Benzinga]
▶ 9 Small-Cap Stocks to Buy for 2018   [Dec-19-17 03:03PM  InvestorPlace]
▶ How to Hedge ETF Currency Risk   [Dec-05-17 12:03PM  Bloomberg]
▶ PEP: Proper European Positioning For 2018   [Nov-30-17 09:48AM  Benzinga]
▶ WisdomTree ETFs Declare Distributions   [Nov-21-17 08:30AM  GlobeNewswire]
▶ WisdomTree: Stop Trying So Hard!   [Nov-14-17 11:54AM  Barrons.com]
▶ UPDATE: WisdomTree: You're a Seller, Not a Buyer!   [Nov-13-17 03:58PM  Barrons.com]
▶ ETFs Haven't Won Just Yet   [10:57AM  Barrons.com]
▶ WisdomTree Investments Shows Market Leadership With Jump To 83 RS Rating   [Nov-02-17 03:00AM  Investor's Business Daily]
▶ WisdomTree Investments Meets 80-Plus Relative Strength Rating Benchmark   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ WisdomTree Branching Out?   [Oct-27-17 10:19AM  Barrons.com]
▶ Solid Markets Lift WisdomTree's Revenue   [10:00AM  Motley Fool]
▶ WisdomTree to Split Four Smart Beta ETFs   [Oct-26-17 11:12AM  ETF Trends]
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