Intrinsic value of WisdomTree Investments - WETF

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$13.23

  Intrinsic Value

$11.97

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  Rating & Target

hold

-10%

Previous close

$13.23

 
Intrinsic value

$11.97

 
Up/down potential

-10%

 
Rating

hold

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

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -26.76
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  219
  244
  271
  298
  328
  358
  390
  422
  457
  492
  529
  568
  608
  649
  692
  737
  784
  833
  883
  936
  991
  1,049
  1,109
  1,171
  1,236
  1,305
  1,376
  1,451
  1,529
  1,610
  1,696
Variable operating expenses, $m
 
  133
  147
  162
  178
  194
  211
  229
  248
  267
  287
  308
  329
  352
  375
  400
  425
  451
  479
  508
  537
  568
  601
  635
  670
  707
  746
  786
  829
  873
  919
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
  164
  133
  147
  162
  178
  194
  211
  229
  248
  267
  287
  308
  329
  352
  375
  400
  425
  451
  479
  508
  537
  568
  601
  635
  670
  707
  746
  786
  829
  873
  919
Operating income, $m
  56
  112
  124
  136
  150
  164
  178
  193
  209
  225
  242
  260
  278
  297
  317
  338
  359
  381
  405
  429
  454
  480
  508
  536
  566
  597
  630
  664
  700
  737
  776
EBITDA, $m
  57
  113
  125
  138
  151
  165
  180
  195
  211
  227
  245
  262
  281
  300
  320
  341
  362
  385
  408
  433
  458
  485
  512
  541
  571
  603
  636
  670
  706
  744
  783
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
Earnings before tax, $m
  56
  112
  124
  136
  149
  163
  177
  192
  207
  223
  240
  258
  276
  294
  314
  334
  355
  377
  400
  424
  448
  474
  501
  529
  559
  589
  622
  655
  690
  727
  766
Tax expense, $m
  30
  30
  33
  37
  40
  44
  48
  52
  56
  60
  65
  70
  74
  79
  85
  90
  96
  102
  108
  114
  121
  128
  135
  143
  151
  159
  168
  177
  186
  196
  207
Net income, $m
  26
  81
  90
  99
  109
  119
  129
  140
  151
  163
  175
  188
  201
  215
  229
  244
  259
  275
  292
  309
  327
  346
  366
  386
  408
  430
  454
  478
  504
  531
  559

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  93
  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
  250
  175
  194
  214
  235
  257
  279
  303
  327
  353
  379
  407
  436
  465
  496
  529
  562
  597
  633
  671
  711
  752
  795
  840
  886
  935
  986
  1,040
  1,096
  1,154
  1,215
Adjusted assets (=assets-cash), $m
  157
  175
  194
  214
  235
  257
  279
  303
  327
  353
  379
  407
  436
  465
  496
  529
  562
  597
  633
  671
  711
  752
  795
  840
  886
  935
  986
  1,040
  1,096
  1,154
  1,215
Revenue / Adjusted assets
  1.395
  1.394
  1.397
  1.393
  1.396
  1.393
  1.398
  1.393
  1.398
  1.394
  1.396
  1.396
  1.394
  1.396
  1.395
  1.393
  1.395
  1.395
  1.395
  1.395
  1.394
  1.395
  1.395
  1.394
  1.395
  1.396
  1.396
  1.395
  1.395
  1.395
  1.396
Average production assets, $m
  17
  19
  21
  23
  26
  28
  30
  33
  36
  38
  41
  44
  47
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  113
  119
  126
  132
Working capital, $m
  133
  45
  50
  55
  60
  65
  71
  77
  84
  90
  97
  104
  111
  119
  127
  135
  143
  152
  162
  171
  181
  192
  203
  214
  226
  239
  252
  265
  280
  295
  310
Total debt, $m
  0
  6
  12
  18
  24
  31
  38
  45
  53
  61
  69
  78
  87
  96
  106
  116
  126
  137
  149
  160
  173
  186
  199
  213
  228
  243
  259
  275
  293
  311
  330
Total liabilities, $m
  48
  55
  61
  67
  73
  80
  87
  94
  102
  110
  118
  127
  136
  145
  155
  165
  175
  186
  198
  209
  222
  235
  248
  262
  277
  292
  308
  324
  342
  360
  379
Total equity, $m
  201
  120
  133
  147
  162
  177
  192
  208
  225
  243
  261
  280
  300
  320
  342
  364
  387
  411
  436
  462
  489
  517
  547
  578
  610
  643
  679
  715
  754
  794
  836
Total liabilities and equity, $m
  249
  175
  194
  214
  235
  257
  279
  302
  327
  353
  379
  407
  436
  465
  497
  529
  562
  597
  634
  671
  711
  752
  795
  840
  887
  935
  987
  1,039
  1,096
  1,154
  1,215
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.120
  0.150
  0.180
  0.200
  0.220
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  26
  81
  90
  99
  109
  119
  129
  140
  151
  163
  175
  188
  201
  215
  229
  244
  259
  275
  292
  309
  327
  346
  366
  386
  408
  430
  454
  478
  504
  531
  559
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Funds from operations, $m
  53
  83
  92
  101
  110
  121
  131
  142
  153
  165
  178
  190
  204
  217
  232
  247
  262
  279
  295
  313
  331
  350
  370
  391
  413
  436
  459
  484
  510
  537
  566
Change in working capital, $m
  -2
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  55
  78
  87
  96
  105
  115
  125
  136
  147
  159
  171
  183
  196
  210
  224
  239
  254
  270
  286
  303
  321
  340
  359
  380
  401
  423
  446
  471
  496
  522
  550
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
New CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -89
  -3
  -3
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -12
  -14
Free cash flow, $m
  -34
  75
  84
  92
  102
  111
  121
  132
  143
  154
  166
  178
  191
  204
  218
  232
  247
  263
  279
  296
  313
  331
  350
  370
  391
  413
  435
  459
  484
  510
  537
Issuance/(repayment) of debt, $m
  0
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
Issuance/(repurchase) of shares, $m
  -39
  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  
  -39
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
Total cash flow (excl. dividends), $m
  -73
  81
  90
  99
  108
  118
  128
  139
  150
  162
  174
  187
  200
  213
  228
  242
  258
  274
  290
  307
  325
  344
  364
  384
  406
  428
  451
  476
  501
  528
  556
Retained Cash Flow (-), $m
  34
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
Prev. year cash balance distribution, $m
 
  93
  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
 
  161
  76
  85
  94
  103
  113
  123
  134
  145
  156
  168
  180
  193
  206
  220
  235
  250
  265
  281
  298
  316
  334
  353
  373
  394
  416
  439
  463
  488
  514
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
 
  155
  70
  74
  77
  80
  82
  83
  83
  83
  82
  80
  77
  73
  69
  65
  60
  54
  49
  43
  38
  33
  28
  23
  19
  15
  12
  9
  7
  5
  4
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

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 69.4
Price to Sales 8.2
Price to Book 9
Price to Tangible Book
Price to Cash Flow 32.8
Price to Free Cash Flow 33.4
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 $219 million for the last fiscal year's total revenue generated by WisdomTree Investments. The default revenue input number comes from 2016 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 11.5% 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 54.3%.

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 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 3.5% 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 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 WETF are equal to 7.8%.

Life of production assets of 19 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 18.3%. 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 - $201 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 137.052 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 $1.8 billion.

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ETFC E*TRADE Financ 53.94 108.69  str.buy
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COMPANY NEWS

▶ 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]
▶ WisdomTree Announces ETF Share Splits   [Oct-25-17 08:30AM  GlobeNewswire]
▶ WisdomTree ETFs Declare Distributions   [Oct-24-17 08:30AM  GlobeNewswire]
▶ What Does ETF Innovator See As Next Big Emerging-Market Trend?   [Oct-23-17 07:52AM  Investor's Business Daily]
▶ Making Money In Stocks: Use IBD's Stock Checkup To Quick-Study Charts   [Sep-28-17 09:05AM  Investor's Business Daily]
▶ WisdomTree ETFs Declare Distributions   [08:30AM  GlobeNewswire]
▶ WisdomTree: A Potential Takeout Target?   [Sep-22-17 11:43AM  Barrons.com]
▶ U.S. Asset Management: It's not That Bad   [Sep-18-17 10:57AM  Barrons.com]
▶ Asset Manager Headwinds Finally Starting To Slow?   [Sep-15-17 10:35AM  Barrons.com]
▶ Shots Fired in the ETF Fee War   [Sep-14-17 01:25PM  The Wall Street Journal]
▶ Another Smart Beta ETF   [Sep-01-17 11:02AM  Barrons.com]
▶ WisdomTree ETFs Declare Distributions   [Aug-21-17 08:30AM  GlobeNewswire]
▶ Flow Show: Asset Manager Roundup   [Aug-11-17 11:06AM  Barrons.com]
▶ WisdomTree Adds A-Shares To 2 China ETFs   [Aug-09-17 08:46AM  Benzinga]
▶ WisdomTree: Net Flows Drying Up   [Aug-08-17 10:05AM  Barrons.com]
▶ WisdomTree Cross-Lists 3 Additional UCITS ETFs in Mexico   [Aug-03-17 09:00AM  GlobeNewswire]
▶ WisdomTree Falls Short Despite Attracting More Assets   [Jul-28-17 11:52AM  Motley Fool]
▶ WisdomTree Enters Into Strategic Agreements With Questrade   [Jul-27-17 04:05PM  GlobeNewswire]
Financial statements of WETF
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