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#	AUTHOR DATE SUBJECT
10	member 3/17/08 1:50PM Follow up though
Obviously been a bad call on several fronts. First and foremost, I wonder if buying into the Western Asset 5-star Morningstar story was like buying a positive-carry hedge fund with 5-years of good performance – it... login to read the rest view available tags
9	member 10/22/07 11:17AM compass
Thanks for the cordial response. While not well stated, part of my reason for liking LM is that Bill Miller and crew are not in what’s hot, and I think that could reverse soon, helping revenue... login to read the rest view available tags
8	member 10/21/07 9:46PM i appreciate your response. m
i appreciate your response. my point was if margins dont expand due to limited op leverage then to grow earnings like their peers (who have op leverage) and therefore achieve a more peer like... login to read the rest view available tags
7	member 10/21/07 8:53PM Compass
Compass, Right, EV/AUM isn’t very relevant, which is why I used P/E ratio for valuation purposes. The P/E takes into account different yields from the assets. I probably could have never referenced EV/AUM... login to read the rest view available tags
6	member 10/21/07 7:23PM given different revenue yields
given different revenue yields and margins im not sure ev/AUM is too relevant. this company does not seem to have the operating leverage typical of the asset management business, i believe due to the... login to read the rest view available tags
5	member 10/18/07 1:59PM canuck
Thanks! 1) Next-year Capex – don’t know why estimate is higher – let me get back with you (I’ll wait to see if any other questions arise where I also need to call the company). I don’t... login to read the rest view available tags
4	member 10/18/07 12:08PM Thanks for the high quality id
Thanks for the high quality idea. Cap X look much higher this year. Any insight on that? Also, do you see them continuing to use excess cash flow to grow by acquisition, or has management made... login to read the rest view available tags
3	member 10/17/07 7:22PM ad188- multiples for Western/E
2.00% AUM is close to 20x for both. Below, I calculate it for an 18x multiple, which is 1.85% MC/AUM. Method: Backed into Western earnings multiple by taking the total company’s target multiple (18x),... login to read the rest view available tags
2	member 10/17/07 2:37PM Western
At 2% of AUM, what is the implied multiple of earnings for Western? Equity Division? Thanks view available tags
1	member 10/17/07 2:26PM New Writeup
Description: Legg Mason, a hodgepodge of investment managers in equity (Legg Mason, Private Capital, Royce, Batterymarch, Clearbridge), fixed income (Western Asset) and a hedge fund of funds, trades at 12.7x Cash PE for CY 2008... login to read the rest view available tags

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			2017	2018
Price:	16.90	EPS	1.5	1.6
Shares Out. (in M):	65,760	P/E	11.2	10.4
Market Cap (in $M):	1,111K	P/FCF	11.2	10.4
Net Debt (in $M):	547,000	EBIT	129,052	135,000
TEV (in $M):	1,833K	TEV/EBIT	14	13.5

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