Intrinsic value of INTL FCStone - INTL

Previous Close

$36.21

  Intrinsic Value

$167.18

stock screener

  Rating & Target

str. buy

+362%

  Value-price divergence*

-2%

Previous close

$36.21

 
Intrinsic value

$167.18

 
Up/down potential

+362%

 
Rating

str. buy

 
Value-price divergence*

-2%

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

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

We calculate the intrinsic value of INTL 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 0.7

 

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, %
  -57.47
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  14,755
  16,688
  18,739
  20,905
  23,185
  25,576
  28,078
  30,691
  33,415
  36,250
  39,201
  42,268
  45,456
  48,768
  52,211
  55,789
  59,509
  63,377
  67,402
  71,592
  75,955
  80,500
  85,239
  90,181
  95,337
  100,720
  106,342
  112,215
  118,355
  124,774
  131,489
Variable operating expenses, $m
 
  16,654
  18,700
  20,861
  23,136
  25,522
  28,018
  30,624
  33,342
  36,171
  39,114
  42,169
  45,350
  48,655
  52,089
  55,659
  59,370
  63,230
  67,245
  71,425
  75,778
  80,313
  85,041
  89,971
  95,115
  100,486
  106,094
  111,954
  118,079
  124,484
  131,183
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
  14,682
  16,654
  18,700
  20,861
  23,136
  25,522
  28,018
  30,624
  33,342
  36,171
  39,114
  42,169
  45,350
  48,655
  52,089
  55,659
  59,370
  63,230
  67,245
  71,425
  75,778
  80,313
  85,041
  89,971
  95,115
  100,486
  106,094
  111,954
  118,079
  124,484
  131,183
Operating income, $m
  73
  34
  39
  44
  49
  55
  60
  67
  73
  79
  86
  98
  106
  113
  121
  130
  138
  147
  157
  166
  177
  187
  198
  210
  222
  234
  247
  261
  275
  290
  306
EBITDA, $m
  81
  41
  46
  51
  57
  63
  69
  75
  82
  89
  96
  103
  111
  119
  128
  136
  145
  155
  165
  175
  186
  197
  208
  220
  233
  246
  260
  274
  289
  305
  321
Interest expense (income), $m
  26
  2
  -28
  -6
  17
  42
  67
  94
  122
  151
  182
  213
  246
  280
  315
  352
  391
  430
  472
  515
  560
  606
  655
  706
  758
  814
  871
  931
  994
  1,060
  1,129
Earnings before tax, $m
  73
  32
  67
  50
  32
  13
  -7
  -28
  -49
  -72
  -95
  -115
  -140
  -167
  -194
  -223
  -252
  -283
  -315
  -348
  -383
  -419
  -457
  -496
  -537
  -579
  -624
  -670
  -719
  -770
  -823
Tax expense, $m
  18
  9
  18
  13
  9
  3
  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
  55
  24
  49
  36
  23
  9
  -7
  -28
  -49
  -72
  -95
  -115
  -140
  -167
  -194
  -223
  -252
  -283
  -315
  -348
  -383
  -419
  -457
  -496
  -537
  -579
  -624
  -670
  -719
  -770
  -823

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,453
  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
  5,950
  5,086
  5,711
  6,372
  7,066
  7,795
  8,558
  9,354
  10,184
  11,049
  11,948
  12,883
  13,854
  14,864
  15,913
  17,004
  18,137
  19,316
  20,543
  21,820
  23,150
  24,535
  25,980
  27,486
  29,057
  30,698
  32,411
  34,202
  36,073
  38,029
  40,076
Adjusted assets (=assets-cash), $m
  4,497
  5,086
  5,711
  6,372
  7,066
  7,795
  8,558
  9,354
  10,184
  11,049
  11,948
  12,883
  13,854
  14,864
  15,913
  17,004
  18,137
  19,316
  20,543
  21,820
  23,150
  24,535
  25,980
  27,486
  29,057
  30,698
  32,411
  34,202
  36,073
  38,029
  40,076
Revenue / Adjusted assets
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
  3.281
Average production assets, $m
  20
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  49
  52
  56
  60
  63
  67
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  125
  131
Working capital, $m
  0
  -1,435
  -1,612
  -1,798
  -1,994
  -2,200
  -2,415
  -2,639
  -2,874
  -3,118
  -3,371
  -3,635
  -3,909
  -4,194
  -4,490
  -4,798
  -5,118
  -5,450
  -5,797
  -6,157
  -6,532
  -6,923
  -7,331
  -7,756
  -8,199
  -8,662
  -9,145
  -9,651
  -10,178
  -10,731
  -11,308
Total debt, $m
  227
  -711
  -149
  445
  1,071
  1,727
  2,413
  3,130
  3,877
  4,655
  5,464
  6,305
  7,180
  8,088
  9,033
  10,014
  11,035
  12,096
  13,200
  14,349
  15,546
  16,793
  18,093
  19,448
  20,863
  22,339
  23,881
  25,492
  27,176
  28,937
  30,779
Total liabilities, $m
  5,517
  4,578
  5,140
  5,734
  6,360
  7,016
  7,702
  8,419
  9,166
  9,944
  10,753
  11,594
  12,469
  13,377
  14,322
  15,303
  16,324
  17,385
  18,489
  19,638
  20,835
  22,082
  23,382
  24,737
  26,152
  27,628
  29,170
  30,781
  32,465
  34,226
  36,068
Total equity, $m
  434
  509
  571
  637
  707
  780
  856
  935
  1,018
  1,105
  1,195
  1,288
  1,385
  1,486
  1,591
  1,700
  1,814
  1,932
  2,054
  2,182
  2,315
  2,454
  2,598
  2,749
  2,906
  3,070
  3,241
  3,420
  3,607
  3,803
  4,008
Total liabilities and equity, $m
  5,951
  5,087
  5,711
  6,371
  7,067
  7,796
  8,558
  9,354
  10,184
  11,049
  11,948
  12,882
  13,854
  14,863
  15,913
  17,003
  18,138
  19,317
  20,543
  21,820
  23,150
  24,536
  25,980
  27,486
  29,058
  30,698
  32,411
  34,201
  36,072
  38,029
  40,076
Debt-to-equity ratio
  0.523
  -1.400
  -0.260
  0.700
  1.520
  2.220
  2.820
  3.350
  3.810
  4.210
  4.570
  4.890
  5.180
  5.440
  5.680
  5.890
  6.080
  6.260
  6.430
  6.580
  6.720
  6.840
  6.960
  7.080
  7.180
  7.280
  7.370
  7.450
  7.530
  7.610
  7.680
Adjusted equity ratio
  -0.186
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  24
  49
  36
  23
  9
  -7
  -28
  -49
  -72
  -95
  -115
  -140
  -167
  -194
  -223
  -252
  -283
  -315
  -348
  -383
  -419
  -457
  -496
  -537
  -579
  -624
  -670
  -719
  -770
  -823
Depreciation, amort., depletion, $m
  8
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
Funds from operations, $m
  -122
  30
  56
  44
  31
  17
  1
  -19
  -40
  -63
  -86
  -110
  -135
  -161
  -188
  -216
  -245
  -275
  -307
  -340
  -374
  -410
  -447
  -485
  -525
  -567
  -611
  -657
  -705
  -755
  -807
Change in working capital, $m
  -94
  -166
  -176
  -186
  -196
  -206
  -215
  -225
  -234
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -391
  -408
  -425
  -443
  -463
  -483
  -505
  -528
  -552
  -577
Cash from operations, $m
  -28
  197
  232
  230
  227
  223
  216
  206
  194
  181
  168
  154
  139
  124
  108
  92
  75
  57
  39
  21
  1
  -19
  -39
  -60
  -82
  -105
  -128
  -152
  -177
  -203
  -230
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
New CAPEX, $m
  -15
  3
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -36
  1
  -4
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -20
  -22
Free cash flow, $m
  -64
  197
  228
  225
  222
  218
  211
  200
  187
  174
  161
  146
  131
  115
  99
  82
  64
  46
  28
  8
  -12
  -32
  -53
  -75
  -98
  -121
  -145
  -170
  -196
  -223
  -251
Issuance/(repayment) of debt, $m
  141
  -755
  563
  594
  625
  656
  686
  717
  747
  778
  809
  841
  874
  909
  944
  981
  1,020
  1,061
  1,104
  1,149
  1,197
  1,247
  1,300
  1,356
  1,414
  1,477
  1,542
  1,611
  1,684
  1,761
  1,842
Issuance/(repurchase) of shares, $m
  -16
  1,321
  14
  30
  46
  63
  83
  107
  132
  158
  185
  208
  237
  268
  299
  332
  366
  401
  438
  476
  516
  558
  601
  647
  694
  743
  795
  849
  906
  965
  1,027
Cash from financing (excl. dividends), $m  
  121
  566
  577
  624
  671
  719
  769
  824
  879
  936
  994
  1,049
  1,111
  1,177
  1,243
  1,313
  1,386
  1,462
  1,542
  1,625
  1,713
  1,805
  1,901
  2,003
  2,108
  2,220
  2,337
  2,460
  2,590
  2,726
  2,869
Total cash flow (excl. dividends), $m
  48
  763
  804
  849
  894
  937
  980
  1,023
  1,067
  1,111
  1,155
  1,196
  1,243
  1,292
  1,342
  1,395
  1,450
  1,508
  1,569
  1,634
  1,701
  1,772
  1,848
  1,927
  2,011
  2,099
  2,192
  2,290
  2,394
  2,503
  2,618
Retained Cash Flow (-), $m
  -37
  -1,345
  -63
  -66
  -69
  -73
  -83
  -107
  -132
  -158
  -185
  -208
  -237
  -268
  -299
  -332
  -366
  -401
  -438
  -476
  -516
  -558
  -601
  -647
  -694
  -743
  -795
  -849
  -906
  -965
  -1,027
Prev. year cash balance distribution, $m
 
  1,270
  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
 
  688
  742
  783
  824
  864
  897
  916
  935
  952
  970
  988
  1,006
  1,024
  1,043
  1,063
  1,085
  1,108
  1,132
  1,158
  1,185
  1,215
  1,246
  1,280
  1,317
  1,355
  1,397
  1,441
  1,488
  1,538
  1,591
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
 
  660
  679
  682
  679
  670
  651
  619
  584
  547
  509
  469
  429
  389
  350
  312
  276
  241
  208
  178
  151
  126
  103
  84
  67
  53
  41
  31
  23
  17
  12
Current shareholders' claim on cash, %
  100
  50.0
  49.1
  47.6
  45.5
  43.0
  40.3
  37.3
  34.2
  31.1
  28.1
  25.3
  22.6
  20.2
  17.9
  15.8
  13.9
  12.2
  10.6
  9.3
  8.0
  7.0
  6.0
  5.2
  4.5
  3.9
  3.3
  2.8
  2.4
  2.1
  1.8

INTL Fcstone Inc. is a financial services company. The Company provides financial products, and advisory and execution service. The Company operates through five segments: Commercial Hedging, Global Payments, Securities, Physical Commodities, and Clearing and Execution Services (CES). The Commercial Hedging segment serves its commercial clients through its team of risk management consultants. The Global Payments segment provides global payment solutions to banks and commercial businesses, as well as charities and non-governmental organizations and government organizations. The Securities segment provides solutions that facilitate cross-border trading. The Physical Commodities segment consists of its physical precious metals trading and physical agricultural and energy commodity businesses. The CES segment seeks to provide clearing and execution of exchange-traded futures and options for the institutional and trader market segments.

FINANCIAL RATIOS  of  INTL FCStone (INTL)

Valuation Ratios
P/E Ratio 12.1
Price to Sales 0
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -23.8
Price to Free Cash Flow -15.5
Growth Rates
Sales Growth Rate -57.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66.7%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 8
Current Ratio NaN
LT Debt to Equity 10.1%
Total Debt to Equity 52.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 4.4%
Gross Margin - 3 Yr. Avg. 2.5%
EBITDA Margin 0.7%
EBITDA Margin - 3 Yr. Avg. 0.4%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 24.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 0%

INTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INTL stock intrinsic value calculation we used $14755 million for the last fiscal year's total revenue generated by INTL FCStone. The default revenue input number comes from 2016 income statement of INTL FCStone. 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 INTL stock valuation model: a) initial revenue growth rate of 13.1% 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 INTL is calculated based on our internal credit rating of INTL FCStone, 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 INTL FCStone.
    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 INTL stock the variable cost ratio is equal to 99.8%.

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 INTL 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 3.9% for INTL FCStone.

Corporate tax rate of 27% is the nominal tax rate for INTL FCStone. 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 INTL 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 INTL are equal to 0.1%.

Life of production assets of 8.4 years is the average useful life of capital assets used in INTL FCStone 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 INTL is equal to -8.6%. 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 - $434 million for INTL FCStone - 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 18.797 million for INTL FCStone 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 INTL FCStone at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Slack has more money than it know what to do with   [Sep-18-17 01:56PM  Yahoo Finance Video]
▶ Apple: Heres when you will get your preorders   [Sep-15-17 01:13PM  Yahoo Finance Video]
▶ FCStone posts 3Q profit   [Aug-09-17 10:33PM  Associated Press]
▶ [$$] Once Maligned, CIOs Level Up to Corner Office   [Jun-16-17 01:19PM  The Wall Street Journal]
▶ ETFs with exposure to INTL FCStone, Inc. : June 8, 2017   [Jun-08-17 01:41PM  Capital Cube]
▶ FCStone posts 2Q profit   [May-10-17 06:18PM  Associated Press]
▶ Trump's Immigration Rules and the Coming Food-Price Pinch   [Mar-16-17 02:16PM  The Wall Street Journal]
▶ Trump's Immigration Rules and the Coming Food-Price Pinch   [02:16PM  at The Wall Street Journal]
▶ Bernstein Slaps Intel With Downgrade   [Mar-09-17 09:05AM  at Investopedia]
▶ Bernstein Slaps Intel With Downgrade   [Mar-03-17 01:23PM  Investopedia]
▶ Barrons Prefers Microsoft Over Intel (MSFT, INTL)   [Jan-30-17 10:41AM  at Investopedia]
▶ INTL Fcstone Inc (INTL): Lagging Peers In This Important Metric   [Dec-12-16 03:43PM  at Insider Monkey]
▶ INTL FCStone Inc. To Redeem Senior Notes   [08:24AM  GlobeNewswire]
Financial statements of INTL
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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