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LM - Legg Mason: Valuation Will Attract Value Investors
Legg Mason Inc.
We continue to research the asset management space. As outlined in previous commentary, we have been long Franklin Resources (BEN) for quite some time now. Franklin's strong cash flows which supports sustained dividend growth is the key reason we continue to remain long there. Another stock in this space which we have been following is Legg Mason, Inc. (LM). This stock from a valuation perspective is much cheaper than Franklin. Moreover the stated dividend yield is now approaching 5% per year.
What looks particularly attractive at present is the firm's