Intrinsic value of BGC Partners Cl A - BGCP

Previous Close

$12.51

  Intrinsic Value

$4.96

stock screener

  Rating & Target

str. sell

-60%

  Value-price divergence*

+430%

Previous close

$12.51

 
Intrinsic value

$4.96

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence*

+430%

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

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

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 3.4

 

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
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,613
  2,882
  3,164
  3,458
  3,764
  4,083
  4,415
  4,760
  5,119
  5,492
  5,879
  6,282
  6,700
  7,136
  7,589
  8,060
  8,551
  9,063
  9,596
  10,152
  10,732
  11,338
  11,971
  12,632
  13,322
  14,045
  14,801
  15,591
  16,419
  17,285
  18,193
Variable operating expenses, $m
 
  2,954
  3,234
  3,527
  3,832
  4,149
  4,479
  4,823
  5,180
  5,550
  5,936
  6,250
  6,666
  7,100
  7,550
  8,019
  8,508
  9,017
  9,547
  10,100
  10,678
  11,280
  11,910
  12,568
  13,255
  13,974
  14,726
  15,512
  16,336
  17,198
  18,101
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
  2,954
  3,234
  3,527
  3,832
  4,149
  4,479
  4,823
  5,180
  5,550
  5,936
  6,250
  6,666
  7,100
  7,550
  8,019
  8,508
  9,017
  9,547
  10,100
  10,678
  11,280
  11,910
  12,568
  13,255
  13,974
  14,726
  15,512
  16,336
  17,198
  18,101
Operating income, $m
  138
  -72
  -70
  -69
  -67
  -66
  -64
  -62
  -60
  -59
  -57
  32
  34
  36
  38
  41
  43
  46
  49
  51
  54
  57
  61
  64
  67
  71
  75
  79
  83
  88
  92
EBITDA, $m
  214
  41
  46
  50
  54
  59
  64
  69
  74
  79
  85
  90
  96
  103
  109
  116
  123
  130
  138
  146
  154
  163
  172
  182
  192
  202
  213
  224
  236
  249
  262
Interest expense (income), $m
  64
  64
  82
  101
  121
  141
  163
  185
  208
  233
  258
  284
  311
  339
  369
  399
  431
  464
  498
  534
  572
  611
  652
  694
  739
  785
  834
  885
  938
  994
  1,052
Earnings before tax, $m
  188
  -136
  -152
  -170
  -188
  -207
  -227
  -248
  -269
  -291
  -314
  -252
  -277
  -303
  -330
  -358
  -387
  -418
  -450
  -483
  -517
  -553
  -591
  -630
  -671
  -714
  -759
  -806
  -855
  -906
  -960
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
  -136
  -152
  -170
  -188
  -207
  -227
  -248
  -269
  -291
  -314
  -252
  -277
  -303
  -330
  -358
  -387
  -418
  -450
  -483
  -517
  -553
  -591
  -630
  -671
  -714
  -759
  -806
  -855
  -906
  -960

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  502
  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
  3,317
  3,641
  3,979
  4,332
  4,699
  5,081
  5,478
  5,891
  6,320
  6,765
  7,229
  7,710
  8,211
  8,733
  9,275
  9,840
  10,429
  11,042
  11,682
  12,350
  13,047
  13,775
  14,536
  15,331
  16,162
  17,032
  17,942
  18,894
  19,891
  20,935
Adjusted assets (=assets-cash), $m
  3,006
  3,317
  3,641
  3,979
  4,332
  4,699
  5,081
  5,478
  5,891
  6,320
  6,765
  7,229
  7,710
  8,211
  8,733
  9,275
  9,840
  10,429
  11,042
  11,682
  12,350
  13,047
  13,775
  14,536
  15,331
  16,162
  17,032
  17,942
  18,894
  19,891
  20,935
Revenue / Adjusted assets
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
Average production assets, $m
  398
  438
  481
  526
  572
  621
  671
  724
  778
  835
  894
  955
  1,018
  1,085
  1,153
  1,225
  1,300
  1,378
  1,459
  1,543
  1,631
  1,723
  1,820
  1,920
  2,025
  2,135
  2,250
  2,370
  2,496
  2,627
  2,765
Working capital, $m
  0
  -288
  -316
  -346
  -376
  -408
  -442
  -476
  -512
  -549
  -588
  -628
  -670
  -714
  -759
  -806
  -855
  -906
  -960
  -1,015
  -1,073
  -1,134
  -1,197
  -1,263
  -1,332
  -1,404
  -1,480
  -1,559
  -1,642
  -1,729
  -1,819
Total debt, $m
  966
  1,242
  1,529
  1,829
  2,142
  2,468
  2,807
  3,159
  3,525
  3,906
  4,301
  4,712
  5,139
  5,583
  6,046
  6,527
  7,028
  7,550
  8,095
  8,662
  9,254
  9,873
  10,519
  11,193
  11,898
  12,636
  13,407
  14,214
  15,059
  15,943
  16,870
Total liabilities, $m
  2,667
  2,942
  3,229
  3,529
  3,842
  4,168
  4,507
  4,859
  5,225
  5,606
  6,001
  6,412
  6,839
  7,283
  7,746
  8,227
  8,728
  9,250
  9,795
  10,362
  10,954
  11,573
  12,219
  12,893
  13,598
  14,336
  15,107
  15,914
  16,759
  17,643
  18,570
Total equity, $m
  842
  375
  411
  450
  489
  531
  574
  619
  666
  714
  764
  817
  871
  928
  987
  1,048
  1,112
  1,178
  1,248
  1,320
  1,396
  1,474
  1,557
  1,643
  1,732
  1,826
  1,925
  2,027
  2,135
  2,248
  2,366
Total liabilities and equity, $m
  3,509
  3,317
  3,640
  3,979
  4,331
  4,699
  5,081
  5,478
  5,891
  6,320
  6,765
  7,229
  7,710
  8,211
  8,733
  9,275
  9,840
  10,428
  11,043
  11,682
  12,350
  13,047
  13,776
  14,536
  15,330
  16,162
  17,032
  17,941
  18,894
  19,891
  20,936
Debt-to-equity ratio
  1.147
  3.310
  3.720
  4.070
  4.380
  4.650
  4.890
  5.100
  5.300
  5.470
  5.630
  5.770
  5.900
  6.020
  6.130
  6.230
  6.320
  6.410
  6.490
  6.560
  6.630
  6.700
  6.760
  6.810
  6.870
  6.920
  6.970
  7.010
  7.050
  7.090
  7.130
Adjusted equity ratio
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113
  0.113

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -136
  -152
  -170
  -188
  -207
  -227
  -248
  -269
  -291
  -314
  -252
  -277
  -303
  -330
  -358
  -387
  -418
  -450
  -483
  -517
  -553
  -591
  -630
  -671
  -714
  -759
  -806
  -855
  -906
  -960
Depreciation, amort., depletion, $m
  76
  113
  116
  119
  122
  124
  128
  131
  134
  138
  141
  59
  62
  67
  71
  75
  80
  85
  89
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
  161
  170
Funds from operations, $m
  -401
  -22
  -36
  -51
  -67
  -83
  -99
  -117
  -135
  -154
  -173
  -193
  -215
  -236
  -259
  -283
  -308
  -333
  -360
  -388
  -417
  -448
  -479
  -512
  -547
  -583
  -621
  -661
  -702
  -745
  -790
Change in working capital, $m
  -377
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
Cash from operations, $m
  -24
  5
  -8
  -22
  -36
  -51
  -66
  -82
  -99
  -116
  -134
  -153
  -173
  -193
  -214
  -236
  -259
  -282
  -307
  -333
  -359
  -387
  -416
  -446
  -478
  -511
  -545
  -581
  -619
  -659
  -700
Maintenance CAPEX, $m
  0
  -24
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -62
  -67
  -71
  -75
  -80
  -85
  -89
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
New CAPEX, $m
  -78
  -41
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
Cash from investing activities, $m
  334
  -65
  -70
  -75
  -79
  -84
  -88
  -93
  -99
  -105
  -110
  -116
  -123
  -128
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -258
  -271
  -285
  -299
Free cash flow, $m
  310
  -60
  -78
  -96
  -115
  -134
  -155
  -176
  -198
  -221
  -245
  -269
  -295
  -322
  -349
  -378
  -408
  -440
  -472
  -507
  -542
  -579
  -618
  -658
  -701
  -745
  -791
  -840
  -890
  -943
  -999
Issuance/(repayment) of debt, $m
  -164
  276
  287
  300
  313
  326
  339
  352
  366
  380
  395
  411
  427
  444
  462
  481
  501
  522
  544
  568
  592
  618
  646
  675
  705
  737
  771
  807
  845
  884
  926
Issuance/(repurchase) of shares, $m
  -80
  170
  189
  208
  228
  249
  270
  292
  316
  340
  365
  304
  331
  360
  389
  419
  451
  484
  519
  555
  593
  632
  673
  716
  761
  808
  857
  909
  963
  1,019
  1,078
Cash from financing (excl. dividends), $m  
  -99
  446
  476
  508
  541
  575
  609
  644
  682
  720
  760
  715
  758
  804
  851
  900
  952
  1,006
  1,063
  1,123
  1,185
  1,250
  1,319
  1,391
  1,466
  1,545
  1,628
  1,716
  1,808
  1,903
  2,004
Total cash flow (excl. dividends), $m
  211
  386
  398
  412
  426
  440
  454
  469
  484
  499
  516
  446
  464
  482
  502
  522
  544
  567
  591
  616
  643
  671
  701
  732
  766
  801
  837
  876
  917
  960
  1,005
Retained Cash Flow (-), $m
  -208
  -170
  -189
  -208
  -228
  -249
  -270
  -292
  -316
  -340
  -365
  -304
  -331
  -360
  -389
  -419
  -451
  -484
  -519
  -555
  -593
  -632
  -673
  -716
  -761
  -808
  -857
  -909
  -963
  -1,019
  -1,078
Prev. year cash balance distribution, $m
 
  502
  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
 
  718
  209
  204
  198
  191
  184
  176
  168
  160
  151
  142
  132
  123
  113
  103
  93
  82
  72
  61
  50
  39
  28
  16
  4
  -8
  -20
  -33
  -46
  -59
  -73
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
 
  688
  192
  178
  163
  148
  134
  119
  105
  92
  79
  67
  56
  47
  38
  30
  24
  18
  13
  9
  6
  4
  2
  1
  0
  0
  -1
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  89.0
  79.2
  70.5
  62.7
  55.7
  49.5
  44.0
  39.1
  34.8
  30.9
  28.1
  25.6
  23.2
  21.1
  19.1
  17.2
  15.6
  14.1
  12.7
  11.4
  10.3
  9.2
  8.3
  7.4
  6.7
  6.0
  5.4
  4.8
  4.3
  3.9

BGC Partners, Inc. operates as a brokerage company servicing the financial and real estate markets worldwide. It operates in two segments, Financial Services and Real Estate Services. The Financial Services segment provides brokerage services for fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. This segment also offers trade execution, broker-dealer, clearing, processing, information, and other back-office services to a range of financial and non-financial institutions; and electronic marketplaces comprising government bond markets, interest rate derivatives, spot foreign exchange, foreign exchange derivatives, corporate bonds, and credit derivatives. In addition, it provides screen-based market solutions, which enable its clients to develop a marketplace, trade with their customers, issue debt, trade odd lots, access program trading interfaces, and access its network and intellectual property; software and technology infrastructure for the transactional and technology related elements; and certain technology services. Further, this segment offers financial technology solutions, market data, post-trade, and analytics related to select financial instruments and markets through FENICS, BGC Trader, Capitalab, and BGC Market Data brands. The Real Estate Services segment offers leasing and corporate advisory, investment sales and financial services, consulting, project management, and property and facilities management services. The company primarily serves banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms, as well as institutional clients. BGC Partners, Inc. was founded in 1945 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  BGC Partners Cl A (BGCP)

Valuation Ratios
P/E Ratio 34.3
Price to Sales 1.3
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow -145.8
Price to Free Cash Flow -34.3
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%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
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 10.3% 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 6.6% 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 -10%. 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 273.984 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 $3.4 billion.

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COMPANY NEWS

▶ 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]
▶ Newmark Grubb Knight Frank going public   [Feb-10-17 07:41PM  at bizjournals.com]
▶ 10 High-Yield Dividend Stocks That Are Still Bargains   [Jan-25-17 02:20PM  at Kiplinger]
▶ BGC Partners completes acquisition of Sunrise Brokers   [Dec-20-16 12:37PM  PR Newswire]
Stock chart of BGCP 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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