Intrinsic value of Piper Jaffray - PJC

Previous Close

$60.25

  Intrinsic Value

$117.42

stock screener

  Rating & Target

str. buy

+95%

  Value-price divergence*

+27%

Previous close

$60.25

 
Intrinsic value

$117.42

 
Up/down potential

+95%

 
Rating

str. buy

 
Value-price divergence*

+27%

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

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

We calculate the intrinsic value of PJC 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 0.9

 

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, %
  10.63
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  770
  865
  965
  1,070
  1,180
  1,296
  1,417
  1,543
  1,674
  1,810
  1,951
  2,099
  2,252
  2,411
  2,576
  2,748
  2,926
  3,112
  3,306
  3,507
  3,717
  3,936
  4,164
  4,403
  4,651
  4,911
  5,182
  5,466
  5,762
  6,072
  6,397
Variable operating expenses, $m
 
  756
  841
  931
  1,025
  1,123
  1,226
  1,333
  1,445
  1,561
  1,681
  1,787
  1,917
  2,053
  2,194
  2,340
  2,492
  2,650
  2,815
  2,987
  3,166
  3,352
  3,546
  3,749
  3,961
  4,182
  4,413
  4,654
  4,907
  5,171
  5,447
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
  801
  756
  841
  931
  1,025
  1,123
  1,226
  1,333
  1,445
  1,561
  1,681
  1,787
  1,917
  2,053
  2,194
  2,340
  2,492
  2,650
  2,815
  2,987
  3,166
  3,352
  3,546
  3,749
  3,961
  4,182
  4,413
  4,654
  4,907
  5,171
  5,447
Operating income, $m
  -31
  109
  124
  139
  156
  173
  191
  209
  229
  249
  270
  312
  334
  358
  382
  408
  434
  462
  491
  521
  552
  584
  618
  654
  691
  729
  769
  811
  855
  901
  950
EBITDA, $m
  -4
  135
  150
  167
  184
  202
  221
  240
  261
  282
  304
  327
  351
  376
  402
  428
  456
  485
  515
  547
  580
  614
  649
  686
  725
  766
  808
  852
  898
  947
  997
Interest expense (income), $m
  23
  21
  27
  34
  40
  47
  55
  62
  70
  79
  87
  96
  105
  115
  125
  136
  146
  158
  169
  182
  194
  208
  222
  236
  251
  267
  283
  300
  318
  337
  357
Earnings before tax, $m
  -31
  87
  96
  106
  115
  125
  136
  147
  159
  171
  183
  215
  229
  243
  257
  272
  288
  304
  321
  339
  357
  377
  397
  418
  439
  462
  486
  511
  537
  564
  593
Tax expense, $m
  -17
  24
  26
  28
  31
  34
  37
  40
  43
  46
  49
  58
  62
  66
  69
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
Net income, $m
  -22
  64
  70
  77
  84
  92
  99
  107
  116
  125
  134
  157
  167
  177
  188
  199
  210
  222
  235
  247
  261
  275
  290
  305
  321
  337
  355
  373
  392
  412
  433

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  2,126
  2,343
  2,615
  2,900
  3,199
  3,512
  3,839
  4,180
  4,535
  4,905
  5,288
  5,687
  6,102
  6,533
  6,981
  7,447
  7,931
  8,435
  8,959
  9,505
  10,074
  10,667
  11,286
  11,931
  12,605
  13,309
  14,044
  14,812
  15,616
  16,456
  17,336
Adjusted assets (=assets-cash), $m
  2,085
  2,343
  2,615
  2,900
  3,199
  3,512
  3,839
  4,180
  4,535
  4,905
  5,288
  5,687
  6,102
  6,533
  6,981
  7,447
  7,931
  8,435
  8,959
  9,505
  10,074
  10,667
  11,286
  11,931
  12,605
  13,309
  14,044
  14,812
  15,616
  16,456
  17,336
Revenue / Adjusted assets
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  57
  63
  70
  78
  86
  95
  103
  113
  122
  132
  142
  153
  164
  176
  188
  201
  214
  227
  241
  256
  271
  287
  304
  321
  340
  358
  378
  399
  421
  443
  467
Working capital, $m
  0
  -29
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -66
  -71
  -77
  -82
  -88
  -93
  -100
  -106
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -206
  -217
Total debt, $m
  609
  761
  936
  1,121
  1,315
  1,518
  1,730
  1,951
  2,181
  2,420
  2,669
  2,927
  3,196
  3,475
  3,766
  4,067
  4,381
  4,708
  5,047
  5,401
  5,770
  6,154
  6,555
  6,973
  7,410
  7,866
  8,342
  8,840
  9,361
  9,906
  10,476
Total liabilities, $m
  1,366
  1,519
  1,694
  1,879
  2,073
  2,276
  2,488
  2,709
  2,939
  3,178
  3,427
  3,685
  3,954
  4,233
  4,524
  4,825
  5,139
  5,466
  5,805
  6,159
  6,528
  6,912
  7,313
  7,731
  8,168
  8,624
  9,100
  9,598
  10,119
  10,664
  11,234
Total equity, $m
  759
  825
  920
  1,021
  1,126
  1,236
  1,351
  1,471
  1,596
  1,726
  1,862
  2,002
  2,148
  2,300
  2,457
  2,621
  2,792
  2,969
  3,154
  3,346
  3,546
  3,755
  3,973
  4,200
  4,437
  4,685
  4,943
  5,214
  5,497
  5,793
  6,102
Total liabilities and equity, $m
  2,125
  2,344
  2,614
  2,900
  3,199
  3,512
  3,839
  4,180
  4,535
  4,904
  5,289
  5,687
  6,102
  6,533
  6,981
  7,446
  7,931
  8,435
  8,959
  9,505
  10,074
  10,667
  11,286
  11,931
  12,605
  13,309
  14,043
  14,812
  15,616
  16,457
  17,336
Debt-to-equity ratio
  0.802
  0.920
  1.020
  1.100
  1.170
  1.230
  1.280
  1.330
  1.370
  1.400
  1.430
  1.460
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.600
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.720
Adjusted equity ratio
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  64
  70
  77
  84
  92
  99
  107
  116
  125
  134
  157
  167
  177
  188
  199
  210
  222
  235
  247
  261
  275
  290
  305
  321
  337
  355
  373
  392
  412
  433
Depreciation, amort., depletion, $m
  27
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
Funds from operations, $m
  -33
  90
  97
  105
  113
  121
  129
  138
  148
  158
  168
  173
  184
  195
  207
  219
  232
  245
  259
  274
  289
  304
  321
  338
  355
  374
  393
  414
  435
  457
  481
Change in working capital, $m
  -82
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  49
  100
  100
  108
  116
  125
  134
  143
  152
  162
  173
  178
  189
  201
  213
  225
  238
  252
  266
  280
  296
  312
  328
  346
  364
  383
  403
  423
  445
  468
  492
Maintenance CAPEX, $m
  0
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
New CAPEX, $m
  -11
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -84
  -13
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -26
  -27
  -29
  -30
  -32
  -33
  -36
  -37
  -40
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
Free cash flow, $m
  -35
  87
  87
  93
  100
  108
  115
  123
  131
  140
  149
  153
  162
  172
  183
  193
  205
  216
  228
  241
  254
  268
  282
  297
  313
  329
  346
  364
  383
  402
  423
Issuance/(repayment) of debt, $m
  -27
  167
  176
  185
  194
  203
  212
  221
  230
  239
  249
  259
  269
  279
  290
  302
  314
  326
  340
  354
  369
  384
  401
  418
  437
  456
  476
  498
  521
  545
  570
Issuance/(repurchase) of shares, $m
  -66
  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 from financing (excl. dividends), $m  
  -112
  167
  176
  185
  194
  203
  212
  221
  230
  239
  249
  259
  269
  279
  290
  302
  314
  326
  340
  354
  369
  384
  401
  418
  437
  456
  476
  498
  521
  545
  570
Total cash flow (excl. dividends), $m
  -149
  254
  262
  278
  294
  310
  327
  344
  361
  379
  397
  411
  431
  451
  473
  495
  518
  543
  568
  595
  623
  652
  683
  716
  750
  785
  823
  862
  903
  947
  993
Retained Cash Flow (-), $m
  25
  -92
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -185
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -283
  -296
  -310
Prev. year cash balance distribution, $m
 
  26
  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
 
  188
  167
  178
  189
  200
  212
  224
  236
  249
  262
  271
  285
  300
  315
  331
  348
  365
  384
  403
  423
  444
  465
  488
  512
  538
  564
  592
  621
  651
  683
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  175
  145
  142
  138
  132
  126
  119
  110
  102
  92
  81
  72
  63
  54
  46
  38
  32
  25
  20
  16
  12
  9
  6
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Piper Jaffray Companies operates as an investment bank and asset management firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. The company’s Capital Markets segment offers investment banking and institutional sales, trading, and research services for various equity and fixed income products. It raises capital through equity financings; provides advisory services relating to mergers and acquisitions, equity private placements, debt advisory, and municipal financial advisory services for corporate clients; underwrites debt issuances; and offers financial advisory, loan placement, and interest rate risk management services. This segment also provides public finance investment banking capabilities that focus on state and local governments, cultural and social service non-profit entities, healthcare, education, hospitality, senior living, and transportation sectors. In addition, it offers equity and fixed income advisory and trade execution services for institutional investors, and government and non-profit entities; and is involved in trading activities for customer facilitation and strategic trading purposes. Further, the Capital Markets segment engages in merchant banking activities, which comprise equity or debt investments in late stage private companies, and investments in private equity funds and other firm investments’ and has alternative asset management funds in merchant banking and senior living to invest firm capital, as well as to manage capital from outside investors. The Asset Management segment provides traditional asset management services with product offerings in equity securities and master limited partnerships to institutions and individuals through separately managed accounts, and open-end and closed-end funds. Piper Jaffray Companies was founded in 1895 and is headquartered in Minneapolis, Minnesota.

FINANCIAL RATIOS  of  Piper Jaffray (PJC)

Valuation Ratios
P/E Ratio -33.9
Price to Sales 1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 19.6
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
Financial Strength
Quick Ratio 3
Current Ratio NaN
LT Debt to Equity 78.3%
Total Debt to Equity 80.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 96.1%
Gross Margin - 3 Yr. Avg. 95.6%
EBITDA Margin 2.5%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin -4%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin -4%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin -2.9%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 54.8%
Eff/ Tax Rate - 3 Yr. Avg. 40%
Payout Ratio 0%

PJC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PJC stock intrinsic value calculation we used $770 million for the last fiscal year's total revenue generated by Piper Jaffray. The default revenue input number comes from 2016 income statement of Piper Jaffray. 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 PJC stock valuation model: a) initial revenue growth rate of 12.3% 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 7.1%, whose default value for PJC is calculated based on our internal credit rating of Piper Jaffray, 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 Piper Jaffray.
    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 PJC stock the variable cost ratio is equal to 87.7%.

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 PJC 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 3.6% for Piper Jaffray.

Corporate tax rate of 27% is the nominal tax rate for Piper Jaffray. 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 PJC 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 PJC are equal to 7.3%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Piper Jaffray 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 PJC is equal to -3.4%. 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 - $759 million for Piper Jaffray - 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 15.059 million for Piper Jaffray 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 Piper Jaffray at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ [$$] Ethicon Agrees to Acquire Medical-Device Company Torax Medical   [Feb-17-17 06:49PM  at The Wall Street Journal]
▶ Piper Jaffray reports 4Q loss   [08:30AM  Associated Press]
▶ [$$] Sun Capital Purchases Garage Door Parts Maker Arrow Tru-Line   [Jan-26-17 03:00PM  at The Wall Street Journal]
▶ Gasoline Glut, the Sequel?   [01:29PM  at The Wall Street Journal]
▶ Piper Jaffray Names David D. Olson Vice Chairman of FIG   [Jan-18-17 09:00AM  Business Wire]
▶ Is Piper Jaffray Companies (PJC) A Good Stock To Buy?   [Dec-18-16 10:03PM  at Insider Monkey]
▶ Piper Jaffray to Host 28th Annual Healthcare Conference   [Nov-15-16 02:25PM  Business Wire]
▶ Piper Jaffray Names Stuart C. Harvey, Jr. President and COO   [Oct-06-16 08:10AM  Business Wire]
▶ [$$] Oil Bounces on Chance of OPEC Action   [Sep-26-16 03:17PM  at The Wall Street Journal]
▶ Patent Fight: Apple Appeals Beijing Ruling   [Jun-20-16 06:47PM  at Bloomberg]
▶ Piper Jaffray to Host 36th Annual Consumer Conference   [Jun-07-16 04:37PM  Business Wire]
Stock chart of PJC Financial statements of PJC
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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