Intrinsic value of BGC Partners Cl A - BGCP

Previous Close

$14.88

  Intrinsic Value

$11.44

stock screener

  Rating & Target

sell

-23%

Previous close

$14.88

 
Intrinsic value

$11.44

 
Up/down potential

-23%

 
Rating

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

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, %
  1.28
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  2,613
  3,055
  3,534
  4,052
  4,606
  5,196
  5,821
  6,480
  7,173
  7,899
  8,658
  9,450
  10,275
  11,135
  12,028
  12,957
  13,922
  14,925
  15,968
  17,052
  18,178
  19,350
  20,570
  21,839
  23,161
  24,539
  25,976
  27,474
  29,038
  30,671
  32,376
Variable operating expenses, $m
 
  3,126
  3,603
  4,118
  4,669
  5,256
  5,878
  6,534
  7,223
  7,945
  8,700
  9,402
  10,223
  11,078
  11,967
  12,891
  13,852
  14,850
  15,887
  16,965
  18,086
  19,252
  20,465
  21,728
  23,044
  24,415
  25,844
  27,335
  28,891
  30,516
  32,212
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
  3,126
  3,603
  4,118
  4,669
  5,256
  5,878
  6,534
  7,223
  7,945
  8,700
  9,402
  10,223
  11,078
  11,967
  12,891
  13,852
  14,850
  15,887
  16,965
  18,086
  19,252
  20,465
  21,728
  23,044
  24,415
  25,844
  27,335
  28,891
  30,516
  32,212
Operating income, $m
  138
  -71
  -68
  -66
  -63
  -60
  -57
  -54
  -50
  -46
  -43
  48
  52
  56
  61
  66
  71
  76
  81
  86
  92
  98
  104
  111
  117
  124
  132
  139
  147
  155
  164
EBITDA, $m
  214
  44
  51
  59
  67
  75
  84
  94
  104
  114
  125
  137
  149
  161
  174
  187
  201
  216
  231
  246
  263
  280
  297
  316
  335
  355
  375
  397
  420
  443
  468
Interest expense (income), $m
  64
  76
  104
  134
  167
  202
  240
  279
  321
  365
  411
  459
  509
  562
  616
  673
  732
  793
  857
  923
  991
  1,063
  1,137
  1,214
  1,295
  1,379
  1,466
  1,557
  1,652
  1,751
  1,855
Earnings before tax, $m
  188
  -147
  -172
  -200
  -230
  -262
  -297
  -333
  -371
  -411
  -454
  -411
  -457
  -505
  -555
  -607
  -661
  -717
  -776
  -836
  -899
  -965
  -1,033
  -1,104
  -1,178
  -1,254
  -1,334
  -1,418
  -1,505
  -1,596
  -1,691
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
  -147
  -172
  -200
  -230
  -262
  -297
  -333
  -371
  -411
  -454
  -411
  -457
  -505
  -555
  -607
  -661
  -717
  -776
  -836
  -899
  -965
  -1,033
  -1,104
  -1,178
  -1,254
  -1,334
  -1,418
  -1,505
  -1,596
  -1,691

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  593
  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
  5,048
  5,204
  6,021
  6,903
  7,847
  8,852
  9,916
  11,039
  12,219
  13,456
  14,749
  16,099
  17,505
  18,969
  20,491
  22,073
  23,718
  25,427
  27,203
  29,049
  30,968
  32,964
  35,042
  37,205
  39,457
  41,805
  44,252
  46,805
  49,469
  52,250
  55,156
Adjusted assets (=assets-cash), $m
  4,455
  5,204
  6,021
  6,903
  7,847
  8,852
  9,916
  11,039
  12,219
  13,456
  14,749
  16,099
  17,505
  18,969
  20,491
  22,073
  23,718
  25,427
  27,203
  29,049
  30,968
  32,964
  35,042
  37,205
  39,457
  41,805
  44,252
  46,805
  49,469
  52,250
  55,156
Revenue / Adjusted assets
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
Average production assets, $m
  401
  467
  541
  620
  705
  795
  891
  991
  1,097
  1,209
  1,325
  1,446
  1,572
  1,704
  1,840
  1,982
  2,130
  2,284
  2,443
  2,609
  2,781
  2,961
  3,147
  3,341
  3,544
  3,755
  3,974
  4,204
  4,443
  4,693
  4,954
Working capital, $m
  0
  -391
  -452
  -519
  -590
  -665
  -745
  -829
  -918
  -1,011
  -1,108
  -1,210
  -1,315
  -1,425
  -1,540
  -1,658
  -1,782
  -1,910
  -2,044
  -2,183
  -2,327
  -2,477
  -2,633
  -2,795
  -2,965
  -3,141
  -3,325
  -3,517
  -3,717
  -3,926
  -4,144
Total debt, $m
  1,914
  2,260
  2,921
  3,634
  4,398
  5,211
  6,072
  6,981
  7,935
  8,936
  9,982
  11,074
  12,212
  13,396
  14,627
  15,907
  17,238
  18,620
  20,057
  21,550
  23,103
  24,718
  26,399
  28,149
  29,971
  31,870
  33,850
  35,915
  38,070
  40,321
  42,671
Total liabilities, $m
  3,864
  4,210
  4,871
  5,584
  6,348
  7,161
  8,022
  8,931
  9,885
  10,886
  11,932
  13,024
  14,162
  15,346
  16,577
  17,857
  19,188
  20,570
  22,007
  23,500
  25,053
  26,668
  28,349
  30,099
  31,921
  33,820
  35,800
  37,865
  40,020
  42,271
  44,621
Total equity, $m
  1,184
  994
  1,150
  1,318
  1,499
  1,691
  1,894
  2,108
  2,334
  2,570
  2,817
  3,075
  3,343
  3,623
  3,914
  4,216
  4,530
  4,856
  5,196
  5,548
  5,915
  6,296
  6,693
  7,106
  7,536
  7,985
  8,452
  8,940
  9,449
  9,980
  10,535
Total liabilities and equity, $m
  5,048
  5,204
  6,021
  6,902
  7,847
  8,852
  9,916
  11,039
  12,219
  13,456
  14,749
  16,099
  17,505
  18,969
  20,491
  22,073
  23,718
  25,426
  27,203
  29,048
  30,968
  32,964
  35,042
  37,205
  39,457
  41,805
  44,252
  46,805
  49,469
  52,251
  55,156
Debt-to-equity ratio
  1.617
  2.270
  2.540
  2.760
  2.930
  3.080
  3.210
  3.310
  3.400
  3.480
  3.540
  3.600
  3.650
  3.700
  3.740
  3.770
  3.810
  3.830
  3.860
  3.880
  3.910
  3.930
  3.940
  3.960
  3.980
  3.990
  4.000
  4.020
  4.030
  4.040
  4.050
Adjusted equity ratio
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -147
  -172
  -200
  -230
  -262
  -297
  -333
  -371
  -411
  -454
  -411
  -457
  -505
  -555
  -607
  -661
  -717
  -776
  -836
  -899
  -965
  -1,033
  -1,104
  -1,178
  -1,254
  -1,334
  -1,418
  -1,505
  -1,596
  -1,691
Depreciation, amort., depletion, $m
  76
  115
  120
  124
  130
  135
  141
  147
  154
  161
  168
  89
  96
  105
  113
  122
  131
  140
  150
  160
  171
  182
  193
  205
  217
  230
  244
  258
  273
  288
  304
Funds from operations, $m
  -401
  -32
  -53
  -76
  -101
  -127
  -156
  -186
  -217
  -251
  -286
  -323
  -361
  -401
  -442
  -486
  -531
  -577
  -626
  -676
  -729
  -783
  -840
  -899
  -960
  -1,024
  -1,091
  -1,160
  -1,232
  -1,308
  -1,387
Change in working capital, $m
  -377
  -57
  -61
  -66
  -71
  -76
  -80
  -84
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -119
  -124
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -218
Cash from operations, $m
  -24
  24
  9
  -10
  -30
  -52
  -76
  -101
  -129
  -158
  -189
  -221
  -255
  -291
  -328
  -367
  -407
  -449
  -492
  -537
  -584
  -633
  -684
  -736
  -791
  -848
  -907
  -968
  -1,032
  -1,099
  -1,169
Maintenance CAPEX, $m
  0
  -25
  -29
  -33
  -38
  -43
  -49
  -55
  -61
  -67
  -74
  -81
  -89
  -96
  -105
  -113
  -122
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -217
  -230
  -244
  -258
  -273
  -288
New CAPEX, $m
  -78
  -67
  -73
  -79
  -85
  -90
  -96
  -101
  -106
  -111
  -116
  -121
  -126
  -131
  -137
  -142
  -148
  -153
  -159
  -166
  -172
  -179
  -187
  -194
  -202
  -211
  -220
  -229
  -239
  -250
  -261
Cash from investing activities, $m
  334
  -92
  -102
  -112
  -123
  -133
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -227
  -242
  -255
  -270
  -284
  -299
  -316
  -332
  -350
  -369
  -387
  -407
  -428
  -450
  -473
  -497
  -523
  -549
Free cash flow, $m
  310
  -67
  -94
  -122
  -152
  -185
  -220
  -257
  -296
  -336
  -379
  -424
  -470
  -519
  -569
  -622
  -676
  -733
  -792
  -853
  -917
  -983
  -1,052
  -1,124
  -1,198
  -1,276
  -1,357
  -1,441
  -1,529
  -1,621
  -1,717
Issuance/(repayment) of debt, $m
  -164
  604
  661
  713
  764
  813
  861
  908
  955
  1,001
  1,046
  1,092
  1,138
  1,184
  1,231
  1,280
  1,330
  1,382
  1,437
  1,493
  1,553
  1,615
  1,681
  1,750
  1,822
  1,899
  1,980
  2,065
  2,155
  2,250
  2,350
Issuance/(repurchase) of shares, $m
  -80
  292
  329
  369
  411
  454
  500
  547
  597
  648
  701
  669
  726
  785
  846
  909
  975
  1,044
  1,115
  1,189
  1,266
  1,346
  1,430
  1,517
  1,608
  1,703
  1,802
  1,906
  2,014
  2,127
  2,246
Cash from financing (excl. dividends), $m  
  -99
  896
  990
  1,082
  1,175
  1,267
  1,361
  1,455
  1,552
  1,649
  1,747
  1,761
  1,864
  1,969
  2,077
  2,189
  2,305
  2,426
  2,552
  2,682
  2,819
  2,961
  3,111
  3,267
  3,430
  3,602
  3,782
  3,971
  4,169
  4,377
  4,596
Total cash flow (excl. dividends), $m
  211
  829
  896
  960
  1,022
  1,082
  1,141
  1,199
  1,256
  1,312
  1,368
  1,337
  1,393
  1,450
  1,508
  1,568
  1,629
  1,693
  1,760
  1,829
  1,902
  1,978
  2,058
  2,143
  2,232
  2,326
  2,425
  2,529
  2,640
  2,756
  2,879
Retained Cash Flow (-), $m
  -550
  -292
  -329
  -369
  -411
  -454
  -500
  -547
  -597
  -648
  -701
  -669
  -726
  -785
  -846
  -909
  -975
  -1,044
  -1,115
  -1,189
  -1,266
  -1,346
  -1,430
  -1,517
  -1,608
  -1,703
  -1,802
  -1,906
  -2,014
  -2,127
  -2,246
Prev. year cash balance distribution, $m
 
  335
  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
 
  872
  568
  591
  611
  628
  641
  652
  659
  664
  667
  668
  667
  665
  662
  658
  654
  649
  645
  640
  636
  632
  629
  626
  624
  623
  623
  624
  626
  629
  633
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  816
  494
  474
  449
  420
  386
  351
  314
  277
  241
  207
  175
  146
  119
  96
  77
  60
  46
  35
  26
  19
  13
  9
  6
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  91.4
  83.8
  77.0
  71.0
  65.5
  60.6
  56.2
  52.1
  48.5
  45.1
  42.3
  39.8
  37.4
  35.1
  33.0
  31.1
  29.2
  27.5
  25.9
  24.3
  22.9
  21.6
  20.3
  19.1
  18.0
  17.0
  16.0
  15.0
  14.2
  13.4

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 40.8
Price to Sales 1.6
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow -173.4
Price to Free Cash Flow -40.8
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 2
Current Ratio NaN
LT Debt to Equity 139.9%
Total Debt to Equity 161.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.6
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 16.9% 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 6.9%, 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 4.6% 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 15.3%.

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 -12.8%. 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 - $1184 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 290.536 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 $4.3 billion.

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COMPANY NEWS

▶ BGC Partners Sees RS Rating Climb To 71   [03:00AM  Investor's Business Daily]
▶ [$$] Howard Lutnicks Real-Estate IPO Flops as Newmark Misses the Mark   [Jan-10-18 12:48AM  The Wall Street Journal]
▶ [$$] Howard Lutnick's Real-Estate IPO Flops   [Jan-09-18 04:30PM  The Wall Street Journal]
▶ 4 Stocks For Year-End Portfolio Housekeeping: Investing Action Plan   [Dec-28-17 04:11PM  Investor's Business Daily]
▶ NFL Hall of Famer Emmitt Smith is back on the commercial real estate scene   [Dec-19-17 05:14PM  American City Business Journals]
▶ Former NFL star Emmitt Smith back on the commercial real estate scene   [10:14AM  American City Business Journals]
▶ Newmark Shares Up Slightly in IPO Debut   [01:33PM  The Wall Street Journal]
▶ BGC Partners posts 3Q profit   [08:40AM  Associated Press]
▶ 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]
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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