Intrinsic value of Ladenburg Thalmann Financial Services - LTS

Previous Close

$2.46

  Intrinsic Value

$3.86

stock screener

  Rating & Target

str. buy

+57%

  Value-price divergence*

+183%

Previous close

$2.46

 
Intrinsic value

$3.86

 
Up/down potential

+57%

 
Rating

str. buy

 
Value-price divergence*

+183%

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

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

We calculate the intrinsic value of LTS 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 0.5

 

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, %
  -3.91
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  1,107
  1,207
  1,310
  1,418
  1,531
  1,647
  1,769
  1,895
  2,026
  2,162
  2,303
  2,451
  2,604
  2,764
  2,930
  3,103
  3,284
  3,472
  3,669
  3,875
  4,089
  4,314
  4,548
  4,794
  5,050
  5,319
  5,600
  5,895
  6,203
  6,526
  6,865
Variable operating expenses, $m
 
  1,044
  1,133
  1,225
  1,321
  1,421
  1,524
  1,632
  1,744
  1,860
  1,981
  2,095
  2,226
  2,362
  2,504
  2,653
  2,807
  2,968
  3,136
  3,312
  3,496
  3,687
  3,888
  4,098
  4,317
  4,547
  4,787
  5,039
  5,302
  5,579
  5,868
Fixed operating expenses, $m
 
  159
  163
  167
  171
  175
  180
  184
  189
  194
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
Total operating expenses, $m
  1,110
  1,203
  1,296
  1,392
  1,492
  1,596
  1,704
  1,816
  1,933
  2,054
  2,179
  2,298
  2,434
  2,576
  2,723
  2,877
  3,037
  3,204
  3,378
  3,560
  3,750
  3,947
  4,155
  4,372
  4,597
  4,834
  5,082
  5,341
  5,611
  5,896
  6,193
Operating income, $m
  -3
  4
  15
  27
  39
  51
  65
  78
  93
  108
  124
  152
  170
  188
  206
  226
  247
  268
  291
  315
  340
  366
  394
  423
  453
  485
  519
  554
  591
  630
  672
EBITDA, $m
  26
  33
  46
  59
  72
  87
  101
  117
  133
  150
  168
  186
  206
  226
  247
  269
  292
  316
  342
  368
  396
  426
  456
  489
  523
  558
  596
  635
  677
  720
  766
Interest expense (income), $m
  4
  3
  4
  6
  8
  10
  12
  14
  16
  18
  20
  23
  25
  28
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  73
  77
  82
  87
  93
Earnings before tax, $m
  -12
  1
  11
  21
  31
  42
  53
  65
  77
  90
  103
  130
  145
  160
  176
  193
  211
  230
  249
  270
  291
  314
  338
  363
  389
  417
  446
  477
  509
  543
  579
Tax expense, $m
  10
  0
  3
  6
  8
  11
  14
  18
  21
  24
  28
  35
  39
  43
  48
  52
  57
  62
  67
  73
  79
  85
  91
  98
  105
  113
  120
  129
  137
  147
  156
Net income, $m
  -22
  1
  8
  15
  23
  30
  39
  47
  56
  66
  76
  95
  106
  117
  129
  141
  154
  168
  182
  197
  213
  229
  246
  265
  284
  304
  326
  348
  372
  396
  423

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  546
  487
  529
  573
  618
  665
  714
  765
  818
  873
  930
  989
  1,051
  1,116
  1,183
  1,253
  1,326
  1,402
  1,481
  1,564
  1,651
  1,742
  1,836
  1,935
  2,039
  2,147
  2,261
  2,380
  2,504
  2,635
  2,771
Adjusted assets (=assets-cash), $m
  447
  487
  529
  573
  618
  665
  714
  765
  818
  873
  930
  989
  1,051
  1,116
  1,183
  1,253
  1,326
  1,402
  1,481
  1,564
  1,651
  1,742
  1,836
  1,935
  2,039
  2,147
  2,261
  2,380
  2,504
  2,635
  2,771
Revenue / Adjusted assets
  2.477
  2.478
  2.476
  2.475
  2.477
  2.477
  2.478
  2.477
  2.477
  2.477
  2.476
  2.478
  2.478
  2.477
  2.477
  2.476
  2.477
  2.476
  2.477
  2.478
  2.477
  2.476
  2.477
  2.478
  2.477
  2.477
  2.477
  2.477
  2.477
  2.477
  2.477
Average production assets, $m
  153
  167
  181
  196
  211
  227
  244
  261
  280
  298
  318
  338
  359
  381
  404
  428
  453
  479
  506
  535
  564
  595
  628
  662
  697
  734
  773
  813
  856
  901
  947
Working capital, $m
  0
  -107
  -117
  -126
  -136
  -147
  -157
  -169
  -180
  -192
  -205
  -218
  -232
  -246
  -261
  -276
  -292
  -309
  -327
  -345
  -364
  -384
  -405
  -427
  -449
  -473
  -498
  -525
  -552
  -581
  -611
Total debt, $m
  26
  43
  60
  78
  97
  116
  136
  157
  179
  202
  225
  250
  275
  302
  329
  358
  388
  420
  452
  486
  522
  560
  599
  639
  682
  727
  773
  822
  874
  928
  984
Total liabilities, $m
  184
  201
  218
  236
  255
  274
  294
  315
  337
  360
  383
  408
  433
  460
  487
  516
  546
  578
  610
  644
  680
  718
  757
  797
  840
  885
  931
  980
  1,032
  1,086
  1,142
Total equity, $m
  362
  286
  311
  337
  363
  391
  420
  450
  481
  513
  547
  582
  618
  656
  696
  737
  780
  824
  871
  920
  971
  1,024
  1,080
  1,138
  1,199
  1,263
  1,329
  1,399
  1,473
  1,549
  1,630
Total liabilities and equity, $m
  546
  487
  529
  573
  618
  665
  714
  765
  818
  873
  930
  990
  1,051
  1,116
  1,183
  1,253
  1,326
  1,402
  1,481
  1,564
  1,651
  1,742
  1,837
  1,935
  2,039
  2,148
  2,260
  2,379
  2,505
  2,635
  2,772
Debt-to-equity ratio
  0.072
  0.150
  0.190
  0.230
  0.270
  0.300
  0.320
  0.350
  0.370
  0.390
  0.410
  0.430
  0.450
  0.460
  0.470
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
Adjusted equity ratio
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  1
  8
  15
  23
  30
  39
  47
  56
  66
  76
  95
  106
  117
  129
  141
  154
  168
  182
  197
  213
  229
  246
  265
  284
  304
  326
  348
  372
  396
  423
Depreciation, amort., depletion, $m
  29
  29
  30
  32
  34
  35
  37
  39
  40
  42
  44
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  60
  63
  66
  70
  73
  77
  81
  86
  90
  95
Funds from operations, $m
  4
  30
  38
  47
  56
  66
  76
  86
  97
  108
  120
  129
  142
  155
  169
  184
  199
  215
  232
  250
  269
  289
  309
  331
  354
  378
  403
  429
  457
  486
  517
Change in working capital, $m
  -10
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  14
  39
  48
  57
  66
  76
  86
  97
  108
  120
  132
  142
  155
  169
  184
  199
  215
  232
  250
  269
  288
  309
  330
  353
  377
  402
  428
  456
  485
  515
  547
Maintenance CAPEX, $m
  0
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
New CAPEX, $m
  -7
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -11
  -29
  -31
  -33
  -35
  -37
  -40
  -41
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
  -118
  -124
  -131
  -137
Free cash flow, $m
  3
  10
  17
  24
  31
  39
  47
  55
  64
  73
  83
  90
  100
  111
  123
  135
  148
  161
  175
  190
  205
  221
  238
  256
  275
  295
  316
  338
  361
  385
  411
Issuance/(repayment) of debt, $m
  -8
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
Issuance/(repurchase) of shares, $m
  16
  22
  17
  11
  4
  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 from financing (excl. dividends), $m  
  7
  39
  34
  29
  23
  19
  20
  21
  22
  23
  24
  24
  25
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
Total cash flow (excl. dividends), $m
  10
  49
  51
  52
  54
  58
  67
  76
  86
  96
  107
  114
  126
  138
  150
  164
  178
  192
  208
  224
  241
  259
  277
  297
  318
  339
  362
  387
  412
  439
  467
Retained Cash Flow (-), $m
  14
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
Prev. year cash balance distribution, $m
 
  99
  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
 
  124
  26
  27
  27
  30
  38
  46
  55
  64
  73
  79
  89
  100
  111
  123
  135
  148
  161
  175
  190
  205
  222
  239
  257
  276
  296
  317
  339
  362
  387
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
 
  119
  24
  23
  22
  24
  28
  31
  34
  37
  38
  38
  38
  38
  37
  36
  34
  32
  30
  27
  24
  21
  18
  16
  13
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  93.7
  89.6
  87.3
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5
  86.5

Ladenburg Thalmann Financial Services Inc., through its subsidiaries, provides brokerage and advisory, investment banking, equity research, institutional sales and trading, asset management, life insurance brokerage, and trust services in the United States. Its Independent Brokerage and Advisory Services segment offers securities brokerage and advisory services for clients, including mutual funds, variable annuities, and advisor managed accounts; and trust administration of personal and retirement accounts, estate and financial planning, wealth management, and custody services. This segment also provides brokerage support services, such as access to stock, bond, and options execution; products comprising insurance, mutual funds, unit trusts, and investment advisory programs; and research, compliance, supervision, accounting, and related services. The company’s Ladenburg segment offers investment banking services comprising corporate finance services, such as underwriting public offerings, registered direct offerings, at-the-market offerings, private investment in public equity, and other private placements; strategic and financial advisory services; and sales and trading services, as well as research services. This segment also offers various asset management products and services comprising asset management program, investment consulting services, alternative strategies funds, private investment management program, retirement plan sponsor services, alternative investments, architect program, and third-party advisory services; securities arbitrage services; and administration, operation, securities transactions processing, and customer accounts services. Its Insurance Brokerage segment delivers life insurance, fixed, and equity indexed annuities, as well as long-term care solutions to investment and insurance providers. The company was founded in 1876 and is based in Miami, Florida.

FINANCIAL RATIOS  of  Ladenburg Thalmann Financial Services (LTS)

Valuation Ratios
P/E Ratio -21.7
Price to Sales 0.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 34.1
Price to Free Cash Flow 68.2
Growth Rates
Sales Growth Rate -3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.5%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 7.2%
Total Debt to Equity 7.2%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.6%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. 1.1%
Asset Turnover 2
Profitability Ratios
Gross Margin 23.3%
Gross Margin - 3 Yr. Avg. 23.6%
EBITDA Margin 1.9%
EBITDA Margin - 3 Yr. Avg. 2.4%
Operating Margin -0.3%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -1.1%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate -83.3%
Eff/ Tax Rate - 3 Yr. Avg. -101.7%
Payout Ratio -136.4%

LTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LTS stock intrinsic value calculation we used $1107 million for the last fiscal year's total revenue generated by Ladenburg Thalmann Financial Services. The default revenue input number comes from 2016 income statement of Ladenburg Thalmann Financial Services. 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 LTS stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for LTS is calculated based on our internal credit rating of Ladenburg Thalmann Financial Services, 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 Ladenburg Thalmann Financial Services.
    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 LTS stock the variable cost ratio is equal to 86.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $155 million in the base year in the intrinsic value calculation for LTS 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 10% for Ladenburg Thalmann Financial Services.

Corporate tax rate of 27% is the nominal tax rate for Ladenburg Thalmann Financial Services. 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 LTS 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 LTS are equal to 13.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Ladenburg Thalmann Financial Services 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 LTS is equal to -8.9%. 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 - $362 million for Ladenburg Thalmann Financial Services - 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 187.966 million for Ladenburg Thalmann Financial Services 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 Ladenburg Thalmann Financial Services at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Compass Financial Resources Joins Securities America   [Aug-14-17 07:00AM  Business Wire]
▶ Ladenburg posts 2Q profit   [Aug-09-17 10:57PM  Associated Press]
▶ Orchid Island Capital, Inc. Announces At-The-Market Program   [Aug-02-17 04:27PM  GlobeNewswire]
▶ Securities America Announces 2016 Assistant of the Year   [May-18-17 07:00AM  Business Wire]
▶ Ladenburg reports 1Q loss   [May-09-17 09:01AM  Associated Press]
▶ Ladenburg Thalmann Sends Annual Letter to Shareholders   [Apr-24-17 08:00AM  Business Wire]
▶ TICC Capital Corp. Announces Offering of Notes   [Apr-03-17 04:23PM  Marketwired]
▶ U.S. Stocks Weekly Drop Is Biggest in Months   [Mar-24-17 10:59PM  The Wall Street Journal]
▶ U.S. Stocks Weekly Drop Is Biggest in Months   [10:59PM  at The Wall Street Journal]
▶ Securities America Introduces Behavioral Finance Training   [Mar-02-17 07:00AM  Business Wire]
▶ Securities America Welcomes Legacy Advisor Network   [Feb-28-17 07:00AM  Business Wire]
▶ Orchid Island Capital, Inc. Announces At-the-Market Program   [Feb-23-17 04:47PM  GlobeNewswire]
▶ Securities America Promotes Seven Officers   [07:00AM  Business Wire]
▶ KMS Financial Services Announces Officer Promotions   [Dec-20-16 08:30AM  Business Wire]
▶ Is Meta Financial Group Inc. (CASH) a Good Stock To Buy?   [Dec-05-16 10:37AM  at Insider Monkey]
Stock chart of LTS Financial statements of LTS
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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