Intrinsic value of BGC Partners Cl A - BGCP

Previous Close

$15.89

  Intrinsic Value

$6.89

stock screener

  Rating & Target

str. sell

-57%

Previous close

$15.89

 
Intrinsic value

$6.89

 
Up/down potential

-57%

 
Rating

str. sell

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

We calculate the intrinsic value of BGCP 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 2016), $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 4.6

 

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, %
  1.28
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  2,613
  2,947
  3,302
  3,675
  4,068
  4,480
  4,910
  5,359
  5,827
  6,314
  6,821
  7,347
  7,894
  8,463
  9,054
  9,668
  10,307
  10,971
  11,662
  12,382
  13,132
  13,913
  14,727
  15,577
  16,463
  17,389
  18,355
  19,366
  20,422
  21,526
  22,682
Variable operating expenses, $m
 
  3,019
  3,371
  3,743
  4,134
  4,544
  4,972
  5,418
  5,884
  6,368
  6,872
  7,310
  7,854
  8,420
  9,008
  9,619
  10,255
  10,916
  11,603
  12,319
  13,065
  13,842
  14,652
  15,498
  16,380
  17,301
  18,262
  19,268
  20,318
  21,417
  22,567
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
  2,475
  3,019
  3,371
  3,743
  4,134
  4,544
  4,972
  5,418
  5,884
  6,368
  6,872
  7,310
  7,854
  8,420
  9,008
  9,619
  10,255
  10,916
  11,603
  12,319
  13,065
  13,842
  14,652
  15,498
  16,380
  17,301
  18,262
  19,268
  20,318
  21,417
  22,567
Operating income, $m
  138
  -71
  -70
  -68
  -66
  -64
  -62
  -59
  -57
  -54
  -52
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  70
  75
  79
  83
  88
  93
  98
  103
  109
  115
EBITDA, $m
  214
  42
  48
  53
  59
  64
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  200
  212
  224
  237
  250
  264
  279
  294
  310
  326
Interest expense (income), $m
  64
  69
  93
  119
  146
  174
  204
  235
  268
  302
  337
  374
  412
  451
  493
  535
  580
  626
  674
  724
  777
  831
  888
  947
  1,008
  1,072
  1,139
  1,209
  1,283
  1,359
  1,439
Earnings before tax, $m
  188
  -140
  -163
  -186
  -211
  -238
  -265
  -294
  -325
  -356
  -389
  -336
  -372
  -409
  -447
  -486
  -528
  -571
  -615
  -662
  -710
  -760
  -813
  -868
  -925
  -984
  -1,046
  -1,111
  -1,179
  -1,250
  -1,324
Tax expense, $m
  60
  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
Net income, $m
  102
  -140
  -163
  -186
  -211
  -238
  -265
  -294
  -325
  -356
  -389
  -336
  -372
  -409
  -447
  -486
  -528
  -571
  -615
  -662
  -710
  -760
  -813
  -868
  -925
  -984
  -1,046
  -1,111
  -1,179
  -1,250
  -1,324

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  509
  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
  3,508
  3,384
  3,791
  4,220
  4,671
  5,143
  5,637
  6,153
  6,690
  7,249
  7,831
  8,435
  9,063
  9,716
  10,395
  11,100
  11,833
  12,596
  13,390
  14,216
  15,076
  15,973
  16,908
  17,884
  18,901
  19,964
  21,074
  22,234
  23,446
  24,714
  26,041
Adjusted assets (=assets-cash), $m
  2,999
  3,384
  3,791
  4,220
  4,671
  5,143
  5,637
  6,153
  6,690
  7,249
  7,831
  8,435
  9,063
  9,716
  10,395
  11,100
  11,833
  12,596
  13,390
  14,216
  15,076
  15,973
  16,908
  17,884
  18,901
  19,964
  21,074
  22,234
  23,446
  24,714
  26,041
Revenue / Adjusted assets
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
  0.871
Average production assets, $m
  398
  448
  502
  559
  618
  681
  746
  815
  886
  960
  1,037
  1,117
  1,200
  1,286
  1,376
  1,470
  1,567
  1,668
  1,773
  1,882
  1,996
  2,115
  2,239
  2,368
  2,502
  2,643
  2,790
  2,944
  3,104
  3,272
  3,448
Working capital, $m
  0
  -575
  -644
  -717
  -793
  -874
  -957
  -1,045
  -1,136
  -1,231
  -1,330
  -1,433
  -1,539
  -1,650
  -1,766
  -1,885
  -2,010
  -2,139
  -2,274
  -2,414
  -2,561
  -2,713
  -2,872
  -3,037
  -3,210
  -3,391
  -3,579
  -3,776
  -3,982
  -4,198
  -4,423
Total debt, $m
  966
  1,308
  1,670
  2,051
  2,452
  2,872
  3,312
  3,770
  4,247
  4,745
  5,262
  5,799
  6,357
  6,938
  7,541
  8,168
  8,820
  9,498
  10,203
  10,938
  11,703
  12,500
  13,331
  14,198
  15,103
  16,048
  17,035
  18,066
  19,144
  20,271
  21,450
Total liabilities, $m
  2,667
  3,008
  3,370
  3,751
  4,152
  4,572
  5,012
  5,470
  5,947
  6,445
  6,962
  7,499
  8,057
  8,638
  9,241
  9,868
  10,520
  11,198
  11,903
  12,638
  13,403
  14,200
  15,031
  15,898
  16,803
  17,748
  18,735
  19,766
  20,844
  21,971
  23,150
Total equity, $m
  842
  376
  421
  468
  518
  571
  626
  683
  743
  805
  869
  936
  1,006
  1,079
  1,154
  1,232
  1,313
  1,398
  1,486
  1,578
  1,673
  1,773
  1,877
  1,985
  2,098
  2,216
  2,339
  2,468
  2,603
  2,743
  2,891
Total liabilities and equity, $m
  3,509
  3,384
  3,791
  4,219
  4,670
  5,143
  5,638
  6,153
  6,690
  7,250
  7,831
  8,435
  9,063
  9,717
  10,395
  11,100
  11,833
  12,596
  13,389
  14,216
  15,076
  15,973
  16,908
  17,883
  18,901
  19,964
  21,074
  22,234
  23,447
  24,714
  26,041
Debt-to-equity ratio
  1.147
  3.480
  3.970
  4.380
  4.730
  5.030
  5.290
  5.520
  5.720
  5.900
  6.050
  6.190
  6.320
  6.430
  6.540
  6.630
  6.710
  6.790
  6.870
  6.930
  6.990
  7.050
  7.100
  7.150
  7.200
  7.240
  7.280
  7.320
  7.360
  7.390
  7.420
Adjusted equity ratio
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -140
  -163
  -186
  -211
  -238
  -265
  -294
  -325
  -356
  -389
  -336
  -372
  -409
  -447
  -486
  -528
  -571
  -615
  -662
  -710
  -760
  -813
  -868
  -925
  -984
  -1,046
  -1,111
  -1,179
  -1,250
  -1,324
Depreciation, amort., depletion, $m
  76
  114
  117
  121
  124
  128
  132
  136
  141
  145
  150
  69
  74
  79
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  154
  162
  171
  181
  190
  201
  212
Funds from operations, $m
  -401
  -26
  -45
  -66
  -87
  -110
  -133
  -158
  -184
  -211
  -239
  -268
  -298
  -330
  -362
  -396
  -432
  -468
  -507
  -546
  -588
  -631
  -676
  -722
  -771
  -822
  -875
  -931
  -989
  -1,049
  -1,113
Change in working capital, $m
  -377
  -65
  -69
  -73
  -77
  -80
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
  -166
  -173
  -180
  -189
  -197
  -206
  -215
  -225
Cash from operations, $m
  -24
  39
  24
  7
  -11
  -29
  -49
  -70
  -93
  -116
  -140
  -165
  -191
  -219
  -247
  -277
  -307
  -339
  -372
  -406
  -441
  -478
  -517
  -557
  -598
  -642
  -687
  -734
  -783
  -834
  -888
Maintenance CAPEX, $m
  0
  -24
  -27
  -31
  -34
  -38
  -42
  -46
  -50
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -90
  -96
  -102
  -109
  -115
  -122
  -130
  -137
  -145
  -154
  -162
  -171
  -181
  -190
  -201
New CAPEX, $m
  -78
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
Cash from investing activities, $m
  334
  -75
  -81
  -88
  -94
  -101
  -107
  -114
  -121
  -128
  -136
  -144
  -152
  -160
  -169
  -177
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -266
  -280
  -295
  -309
  -325
  -342
  -358
  -377
Free cash flow, $m
  310
  -36
  -58
  -80
  -104
  -130
  -157
  -184
  -214
  -244
  -276
  -309
  -343
  -379
  -416
  -454
  -494
  -536
  -579
  -624
  -671
  -720
  -770
  -823
  -878
  -936
  -996
  -1,059
  -1,124
  -1,192
  -1,264
Issuance/(repayment) of debt, $m
  -164
  342
  362
  381
  401
  420
  439
  458
  478
  497
  517
  537
  559
  580
  603
  627
  652
  678
  706
  735
  765
  797
  831
  867
  905
  945
  987
  1,031
  1,078
  1,127
  1,179
Issuance/(repurchase) of shares, $m
  -80
  183
  208
  234
  261
  290
  320
  352
  384
  418
  453
  403
  441
  481
  522
  565
  609
  655
  703
  753
  806
  860
  917
  976
  1,038
  1,102
  1,170
  1,240
  1,314
  1,391
  1,472
Cash from financing (excl. dividends), $m  
  -99
  525
  570
  615
  662
  710
  759
  810
  862
  915
  970
  940
  1,000
  1,061
  1,125
  1,192
  1,261
  1,333
  1,409
  1,488
  1,571
  1,657
  1,748
  1,843
  1,943
  2,047
  2,157
  2,271
  2,392
  2,518
  2,651
Total cash flow (excl. dividends), $m
  211
  489
  512
  535
  558
  581
  603
  625
  648
  671
  694
  632
  657
  683
  709
  737
  767
  797
  830
  864
  900
  938
  978
  1,020
  1,064
  1,111
  1,161
  1,213
  1,268
  1,326
  1,387
Retained Cash Flow (-), $m
  -208
  -183
  -208
  -234
  -261
  -290
  -320
  -352
  -384
  -418
  -453
  -403
  -441
  -481
  -522
  -565
  -609
  -655
  -703
  -753
  -806
  -860
  -917
  -976
  -1,038
  -1,102
  -1,170
  -1,240
  -1,314
  -1,391
  -1,472
Prev. year cash balance distribution, $m
 
  509
  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
 
  816
  304
  301
  296
  290
  283
  274
  264
  253
  241
  229
  215
  202
  187
  173
  158
  142
  126
  110
  94
  78
  61
  44
  27
  9
  -9
  -27
  -46
  -65
  -85
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
 
  782
  278
  262
  244
  225
  205
  185
  165
  145
  126
  109
  92
  77
  63
  51
  40
  31
  23
  17
  12
  8
  5
  3
  1
  0
  0
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  90.8
  82.4
  74.7
  67.7
  61.3
  55.6
  50.3
  45.6
  41.3
  37.4
  34.4
  31.7
  29.1
  26.7
  24.5
  22.4
  20.5
  18.8
  17.2
  15.7
  14.3
  13.1
  11.9
  10.9
  9.9
  9.0
  8.2
  7.5
  6.8
  6.2

BGC Partners, Inc. (BGC) is a global brokerage company servicing the financial and real estate markets. The Company operates through two segments: Financial Services and Real Estate Services. It provides a range of services, including trade execution, broker-dealer services clearing, trade compression, post trade, information, and other back-office services to a range of financial and non-financial institutions. Its integrated platform is designed to provide flexibility to customers with regard to price discovery, execution and processing of transactions, and enables them to use voice, hybrid, or in various markets, electronic brokerage services in connection with transactions executed either over-the-counter or through an exchange. Through the Company's FENICS, Lucera, BGC Trader, BGC Market Data and Capitalab brands, it offers electronic brokerage, financial technology solutions, market data, post-trade services, and analytics related to select financial instruments and markets.

FINANCIAL RATIOS  of  BGC Partners Cl A (BGCP)

Valuation Ratios
P/E Ratio 43.6
Price to Sales 1.7
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow -185.2
Price to Free Cash Flow -43.6
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.5%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 114.7%
Total Debt to Equity 114.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 99.1%
Gross Margin - 3 Yr. Avg. 99.2%
EBITDA Margin 12.6%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 0.5%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 21.2%
Payout Ratio 167.6%

BGCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BGCP stock intrinsic value calculation we used $2613 million for the last fiscal year's total revenue generated by BGC Partners Cl A. The default revenue input number comes from 2016 income statement of BGC Partners Cl A. 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 BGCP stock valuation model: a) initial revenue growth rate of 12.8% 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 BGCP is calculated based on our internal credit rating of BGC Partners Cl A, 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 BGC Partners Cl A.
    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 BGCP stock the variable cost ratio is equal to 102.8%.

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 BGCP 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 7.1% for BGC Partners Cl A.

Corporate tax rate of 27% is the nominal tax rate for BGC Partners Cl A. 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 BGCP 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 BGCP are equal to 15.2%.

Life of production assets of 16.3 years is the average useful life of capital assets used in BGC Partners Cl A 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 BGCP is equal to -19.5%. 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 - $842 million for BGC Partners Cl A - 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 286.344 million for BGC Partners Cl A 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 BGC Partners Cl A at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ BGC's Ingram Sees Fed Shifting Dots in 2018   [Sep-19-17 09:16AM  Bloomberg Video]
▶ New Strong Sell Stocks for July 31st   [Jul-31-17 10:04AM  Zacks]
▶ BGC Partners posts 2Q profit   [Jul-26-17 09:54PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for July 14th   [Jul-14-17 09:03AM  Zacks]
▶ ETFs with exposure to BGC Partners, Inc. : July 13, 2017   [Jul-13-17 03:37PM  Capital Cube]
▶ BGC's Ingram Says U.K Data Points to Stagflation   [Jun-20-17 07:48AM  Bloomberg Video]
▶ ETFs with exposure to BGC Partners, Inc. : June 12, 2017   [Jun-12-17 01:51PM  Capital Cube]
▶ BGC plans year-end IPO for real estate unit   [Jun-07-17 03:18PM  CNBC Videos]
▶ ETFs with exposure to BGC Partners, Inc. : June 1, 2017   [Jun-01-17 01:39PM  Capital Cube]
▶ BGC Partners posts 1Q profit   [May-04-17 09:24AM  Associated Press]
▶ Time to Buy or Sell Stocks and Real Estate?   [Apr-18-17 04:51PM  Zacks]
▶ New Strong Buy Stocks for April 17th   [Apr-17-17 10:51AM  Zacks]
▶ New Strong Buy Stocks for April 13th   [Apr-13-17 10:52AM  Zacks]
▶ New Strong Buy Stocks for April 12th   [Apr-12-17 10:09AM  Zacks]
▶ EBay Backs Flipkart With $500M to Battle Amazon in India   [Apr-10-17 06:36PM  Bloomberg Video]
▶ New Strong Buy Stocks for April 3rd   [Apr-03-17 09:26AM  Zacks]
▶ How illegal immigration hurts the U.S.   [Mar-09-17 07:20PM  Fox Business Videos]
Financial statements of BGCP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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