Intrinsic value of Leucadia National - LUK

Previous Close

$26.11

  Intrinsic Value

$11.52

stock screener

  Rating & Target

str. sell

-56%

Previous close

$26.11

 
Intrinsic value

$11.52

 
Up/down potential

-56%

 
Rating

str. sell

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

We calculate the intrinsic value of LUK 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 9.4

 

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, %
  -7.31
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,033
  10,234
  10,469
  10,738
  11,040
  11,375
  11,742
  12,142
  12,575
  13,041
  13,542
  14,077
  14,648
  15,257
  15,903
  16,589
  17,316
  18,086
  18,900
  19,760
  20,667
  21,625
  22,636
  23,701
  24,823
  26,004
  27,249
  28,558
  29,936
  31,386
  32,911
Variable operating expenses, $m
 
  9,923
  10,148
  10,404
  10,692
  11,011
  11,361
  11,742
  12,154
  12,599
  13,075
  13,414
  13,958
  14,538
  15,154
  15,808
  16,501
  17,234
  18,009
  18,829
  19,694
  20,607
  21,569
  22,584
  23,653
  24,779
  25,965
  27,213
  28,526
  29,908
  31,361
Fixed operating expenses, $m
 
  35
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
Total operating expenses, $m
  9,762
  9,958
  10,184
  10,441
  10,730
  11,049
  11,400
  11,782
  12,195
  12,641
  13,119
  13,459
  14,004
  14,585
  15,202
  15,857
  16,551
  17,286
  18,062
  18,883
  19,750
  20,664
  21,628
  22,644
  23,714
  24,842
  26,030
  27,279
  28,594
  29,978
  31,432
Operating income, $m
  271
  276
  286
  298
  311
  326
  342
  360
  379
  400
  423
  618
  644
  672
  701
  732
  765
  800
  837
  876
  918
  962
  1,008
  1,056
  1,108
  1,162
  1,219
  1,279
  1,342
  1,409
  1,479
EBITDA, $m
  438
  568
  581
  595
  612
  631
  652
  674
  699
  725
  754
  784
  817
  851
  888
  927
  969
  1,013
  1,059
  1,109
  1,161
  1,216
  1,274
  1,335
  1,400
  1,468
  1,539
  1,615
  1,694
  1,778
  1,866
Interest expense (income), $m
  957
  853
  645
  678
  715
  756
  802
  853
  908
  968
  1,032
  1,101
  1,175
  1,253
  1,337
  1,426
  1,521
  1,621
  1,727
  1,839
  1,958
  2,083
  2,215
  2,354
  2,501
  2,655
  2,818
  2,990
  3,170
  3,360
  3,560
Earnings before tax, $m
  316
  -577
  -359
  -380
  -404
  -431
  -460
  -493
  -529
  -568
  -609
  -482
  -530
  -582
  -636
  -694
  -756
  -821
  -890
  -963
  -1,040
  -1,121
  -1,207
  -1,298
  -1,393
  -1,493
  -1,599
  -1,711
  -1,828
  -1,951
  -2,081
Tax expense, $m
  122
  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
  130
  -577
  -359
  -380
  -404
  -431
  -460
  -493
  -529
  -568
  -609
  -482
  -530
  -582
  -636
  -694
  -756
  -821
  -890
  -963
  -1,040
  -1,121
  -1,207
  -1,298
  -1,393
  -1,493
  -1,599
  -1,711
  -1,828
  -1,951
  -2,081

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12,408
  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
  45,071
  33,334
  34,101
  34,977
  35,961
  37,052
  38,248
  39,550
  40,960
  42,480
  44,110
  45,854
  47,715
  49,696
  51,802
  54,037
  56,405
  58,912
  61,562
  64,363
  67,321
  70,441
  73,732
  77,201
  80,855
  84,705
  88,758
  93,023
  97,512
  102,235
  107,202
Adjusted assets (=assets-cash), $m
  32,663
  33,334
  34,101
  34,977
  35,961
  37,052
  38,248
  39,550
  40,960
  42,480
  44,110
  45,854
  47,715
  49,696
  51,802
  54,037
  56,405
  58,912
  61,562
  64,363
  67,321
  70,441
  73,732
  77,201
  80,855
  84,705
  88,758
  93,023
  97,512
  102,235
  107,202
Revenue / Adjusted assets
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
Average production assets, $m
  2,078
  2,118
  2,167
  2,223
  2,285
  2,355
  2,431
  2,513
  2,603
  2,700
  2,803
  2,914
  3,032
  3,158
  3,292
  3,434
  3,584
  3,744
  3,912
  4,090
  4,278
  4,476
  4,686
  4,906
  5,138
  5,383
  5,640
  5,912
  6,197
  6,497
  6,813
Working capital, $m
  15,841
  4,042
  4,135
  4,242
  4,361
  4,493
  4,638
  4,796
  4,967
  5,151
  5,349
  5,560
  5,786
  6,026
  6,282
  6,553
  6,840
  7,144
  7,465
  7,805
  8,164
  8,542
  8,941
  9,362
  9,805
  10,272
  10,763
  11,280
  11,825
  12,398
  13,000
Total debt, $m
  18,669
  13,727
  14,417
  15,206
  16,091
  17,072
  18,149
  19,321
  20,590
  21,958
  23,425
  24,994
  26,669
  28,453
  30,348
  32,359
  34,490
  36,746
  39,132
  41,653
  44,315
  47,123
  50,085
  53,207
  56,496
  59,960
  63,608
  67,447
  71,487
  75,737
  80,208
Total liabilities, $m
  34,943
  30,001
  30,691
  31,480
  32,365
  33,346
  34,423
  35,595
  36,864
  38,232
  39,699
  41,268
  42,943
  44,727
  46,622
  48,633
  50,764
  53,020
  55,406
  57,927
  60,589
  63,397
  66,359
  69,481
  72,770
  76,234
  79,882
  83,721
  87,761
  92,011
  96,482
Total equity, $m
  10,128
  3,333
  3,410
  3,498
  3,596
  3,705
  3,825
  3,955
  4,096
  4,248
  4,411
  4,585
  4,771
  4,970
  5,180
  5,404
  5,640
  5,891
  6,156
  6,436
  6,732
  7,044
  7,373
  7,720
  8,086
  8,470
  8,876
  9,302
  9,751
  10,223
  10,720
Total liabilities and equity, $m
  45,071
  33,334
  34,101
  34,978
  35,961
  37,051
  38,248
  39,550
  40,960
  42,480
  44,110
  45,853
  47,714
  49,697
  51,802
  54,037
  56,404
  58,911
  61,562
  64,363
  67,321
  70,441
  73,732
  77,201
  80,856
  84,704
  88,758
  93,023
  97,512
  102,234
  107,202
Debt-to-equity ratio
  1.843
  4.120
  4.230
  4.350
  4.470
  4.610
  4.750
  4.890
  5.030
  5.170
  5.310
  5.450
  5.590
  5.730
  5.860
  5.990
  6.110
  6.240
  6.360
  6.470
  6.580
  6.690
  6.790
  6.890
  6.990
  7.080
  7.170
  7.250
  7.330
  7.410
  7.480
Adjusted equity ratio
  -0.054
  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
  130
  -577
  -359
  -380
  -404
  -431
  -460
  -493
  -529
  -568
  -609
  -482
  -530
  -582
  -636
  -694
  -756
  -821
  -890
  -963
  -1,040
  -1,121
  -1,207
  -1,298
  -1,393
  -1,493
  -1,599
  -1,711
  -1,828
  -1,951
  -2,081
Depreciation, amort., depletion, $m
  167
  292
  295
  298
  301
  305
  310
  314
  319
  325
  331
  166
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  279
  292
  306
  320
  336
  352
  369
  387
Funds from operations, $m
  592
  -285
  -65
  -82
  -102
  -125
  -151
  -179
  -209
  -243
  -278
  -317
  -358
  -402
  -449
  -499
  -552
  -608
  -668
  -730
  -797
  -867
  -941
  -1,019
  -1,101
  -1,188
  -1,279
  -1,375
  -1,476
  -1,582
  -1,694
Change in working capital, $m
  -12
  79
  93
  106
  119
  132
  145
  158
  171
  184
  198
  211
  226
  240
  255
  271
  287
  304
  321
  340
  359
  378
  399
  421
  443
  467
  491
  517
  544
  573
  602
Cash from operations, $m
  604
  -364
  -158
  -188
  -222
  -257
  -296
  -337
  -380
  -427
  -476
  -528
  -584
  -643
  -705
  -770
  -839
  -912
  -989
  -1,070
  -1,155
  -1,245
  -1,340
  -1,439
  -1,544
  -1,654
  -1,770
  -1,892
  -2,020
  -2,155
  -2,296
Maintenance CAPEX, $m
  0
  -118
  -120
  -123
  -126
  -130
  -134
  -138
  -143
  -148
  -153
  -159
  -166
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -320
  -336
  -352
  -369
New CAPEX, $m
  -319
  -41
  -49
  -56
  -63
  -69
  -76
  -83
  -90
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -258
  -271
  -285
  -300
  -316
Cash from investing activities, $m
  -640
  -159
  -169
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -257
  -270
  -284
  -298
  -313
  -329
  -345
  -363
  -381
  -400
  -420
  -441
  -463
  -486
  -511
  -537
  -564
  -591
  -621
  -652
  -685
Free cash flow, $m
  -36
  -523
  -327
  -367
  -410
  -457
  -506
  -558
  -613
  -671
  -733
  -799
  -868
  -941
  -1,018
  -1,099
  -1,185
  -1,275
  -1,370
  -1,470
  -1,576
  -1,687
  -1,803
  -1,926
  -2,055
  -2,191
  -2,334
  -2,484
  -2,641
  -2,807
  -2,981
Issuance/(repayment) of debt, $m
  216
  -4,416
  690
  789
  886
  981
  1,077
  1,172
  1,269
  1,367
  1,467
  1,570
  1,675
  1,783
  1,895
  2,011
  2,131
  2,256
  2,386
  2,521
  2,662
  2,808
  2,962
  3,122
  3,289
  3,464
  3,648
  3,839
  4,040
  4,250
  4,471
Issuance/(repurchase) of shares, $m
  -94
  5,665
  436
  468
  502
  540
  580
  623
  670
  719
  772
  657
  717
  780
  847
  918
  992
  1,072
  1,155
  1,243
  1,336
  1,433
  1,536
  1,644
  1,758
  1,878
  2,005
  2,137
  2,277
  2,423
  2,577
Cash from financing (excl. dividends), $m  
  322
  1,249
  1,126
  1,257
  1,388
  1,521
  1,657
  1,795
  1,939
  2,086
  2,239
  2,227
  2,392
  2,563
  2,742
  2,929
  3,123
  3,328
  3,541
  3,764
  3,998
  4,241
  4,498
  4,766
  5,047
  5,342
  5,653
  5,976
  6,317
  6,673
  7,048
Total cash flow (excl. dividends), $m
  260
  725
  799
  889
  977
  1,064
  1,151
  1,238
  1,326
  1,415
  1,506
  1,428
  1,524
  1,622
  1,724
  1,830
  1,939
  2,052
  2,170
  2,293
  2,421
  2,555
  2,695
  2,840
  2,993
  3,152
  3,318
  3,493
  3,675
  3,867
  4,067
Retained Cash Flow (-), $m
  273
  -5,665
  -436
  -468
  -502
  -540
  -580
  -623
  -670
  -719
  -772
  -657
  -717
  -780
  -847
  -918
  -992
  -1,072
  -1,155
  -1,243
  -1,336
  -1,433
  -1,536
  -1,644
  -1,758
  -1,878
  -2,005
  -2,137
  -2,277
  -2,423
  -2,577
Prev. year cash balance distribution, $m
 
  11,882
  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
 
  6,943
  363
  422
  475
  525
  571
  615
  656
  696
  734
  771
  807
  843
  877
  912
  946
  981
  1,016
  1,050
  1,086
  1,122
  1,158
  1,196
  1,234
  1,273
  1,314
  1,356
  1,399
  1,443
  1,490
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  6,513
  318
  341
  354
  357
  352
  340
  323
  301
  277
  251
  224
  196
  170
  145
  121
  100
  80
  64
  50
  38
  28
  21
  15
  10
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  50.0
  43.8
  38.1
  33.0
  28.4
  24.3
  20.7
  17.5
  14.7
  12.3
  10.6
  9.0
  7.7
  6.5
  5.4
  4.5
  3.8
  3.1
  2.6
  2.1
  1.7
  1.4
  1.1
  0.9
  0.7
  0.6
  0.4
  0.4
  0.3
  0.2

Leucadia National Corporation (Leucadia) is a diversified holding company focused on return on investment and long-term value. The Company's segments, based on requirements are Jefferies, National Beef, and Corporate and other. Jefferies is a global full-service, integrated securities and investment banking firm. National Beef processes and markets fresh boxed beef, case-ready beef, beef by-products and wet blue leather for domestic and international markets. Its financial services businesses include Jefferies Group LLC, Leucadia Asset Management, Berkadia Commercial Mortgage, LLC (commercial mortgage banking and servicing), FXCM Group, LLC, HomeFed Corporation (HomeFed) and Foursight Capital and Chrome Capital (vehicle finance). It also owns and has investments in an array of businesses, including National Beef, HRG Group, Inc. (HRG), Vitesse Energy, LLC and Juneau Energy, LLC, Conwed Plastics and Idaho Timber and Golden Queen Mining Company, LLC (a gold and silver mining project).

FINANCIAL RATIOS  of  Leucadia National (LUK)

Valuation Ratios
P/E Ratio 72.2
Price to Sales 0.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 32.9
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.8%
Cap. Spend. - 3 Yr. Gr. Rate 14%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 179.1%
Total Debt to Equity 184.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 31.7%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 14.4%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 38.6%
Eff/ Tax Rate - 3 Yr. Avg. 50.5%
Payout Ratio 70%

LUK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LUK stock intrinsic value calculation we used $10033 million for the last fiscal year's total revenue generated by Leucadia National. The default revenue input number comes from 2016 income statement of Leucadia National. 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 LUK stock valuation model: a) initial revenue growth rate of 2% 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 6.6%, whose default value for LUK is calculated based on our internal credit rating of Leucadia National, 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 Leucadia National.
    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 LUK stock the variable cost ratio is equal to 97%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for LUK 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 4.7% for Leucadia National.

Corporate tax rate of 27% is the nominal tax rate for Leucadia National. 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 LUK 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 LUK are equal to 20.7%.

Life of production assets of 17.6 years is the average useful life of capital assets used in Leucadia National 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 LUK is equal to 39.5%. 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 - $10128 million for Leucadia National - 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 358.708 million for Leucadia National 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 Leucadia National at the current share price and the inputted number of shares is $9.4 billion.

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COMPANY NEWS

▶ [$$] FXCM Part-Owner Enters Bankruptcy With Prearranged Plan   [Dec-12-17 03:43PM  The Wall Street Journal]
▶ MOVES-Jefferies hires Slosser to boost 144a roster   [Dec-01-17 11:38AM  Reuters]
▶ Merchant Banking Holds Back Leucadia's Profits   [Oct-27-17 08:45AM  Motley Fool]
▶ Leucadia posts 3Q profit   [Oct-26-17 06:48PM  Associated Press]
▶ [$$] GIP Buying Medallion Gathering & Processing for $1.83 Billion   [Oct-02-17 12:12PM  The Wall Street Journal]
▶ Wall Street Relatively Flat in Premarket Trading   [Sep-20-17 12:47PM  GuruFocus.com]
▶ [$$] Jefferies Profit More Than Doubles   [12:26AM  The Wall Street Journal]
▶ Jefferies Trading Revenue Slumps   [Sep-19-17 07:23PM  Bloomberg Video]
▶ Leucadia to Host Investor Meeting on October 5, 2017   [Sep-13-17 09:22AM  Business Wire]
▶ Jefferies to Hold Hurricane Harvey Relief Day Today   [Aug-30-17 07:45AM  Business Wire]
▶ Leucadia and Jefferies to Host Annual Investor Meeting   [Aug-11-17 10:54AM  Business Wire]
▶ [$$] Clearlake Capital Invests in JetSmarter   [Aug-10-17 06:38PM  The Wall Street Journal]
▶ JetSmarter raises its first round of institutional capital   [12:50PM  American City Business Journals]
▶ Leucadia posts 2Q profit   [Jul-27-17 11:05PM  Associated Press]
▶ Dow, S&P 500 slide as telecom, utilities shares retreat   [Jul-24-17 11:09AM  MarketWatch]
▶ [$$] A Mini-Berkshire Ready to Break Out   [Jul-22-17 01:54AM  Barrons.com]
▶ Jefferies' Gammel Sees Oil Price, Inventory Recovery   [Jul-14-17 09:39AM  Bloomberg Video]
▶ Jefferies' Darby Likes Chinese Government Bonds   [Jul-10-17 11:15PM  Bloomberg Video]
▶ [$$] Jefferies Revenue Rises on Investment Banking Unit   [08:13AM  The Wall Street Journal]
Financial statements of LUK
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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