Intrinsic value of Piper Jaffray - PJC

Previous Close

$74.65

  Intrinsic Value

$103.36

stock screener

  Rating & Target

buy

+38%

Previous close

$74.65

 
Intrinsic value

$103.36

 
Up/down potential

+38%

 
Rating

buy

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

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 1.1

 

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
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  770
  852
  937
  1,026
  1,120
  1,217
  1,318
  1,423
  1,532
  1,646
  1,764
  1,886
  2,014
  2,147
  2,284
  2,428
  2,577
  2,733
  2,895
  3,064
  3,241
  3,425
  3,617
  3,818
  4,027
  4,247
  4,476
  4,716
  4,967
  5,230
  5,506
Variable operating expenses, $m
 
  745
  818
  894
  973
  1,056
  1,142
  1,231
  1,324
  1,421
  1,522
  1,606
  1,715
  1,828
  1,945
  2,067
  2,195
  2,327
  2,465
  2,609
  2,759
  2,916
  3,080
  3,251
  3,430
  3,616
  3,812
  4,016
  4,230
  4,454
  4,688
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
  745
  818
  894
  973
  1,056
  1,142
  1,231
  1,324
  1,421
  1,522
  1,606
  1,715
  1,828
  1,945
  2,067
  2,195
  2,327
  2,465
  2,609
  2,759
  2,916
  3,080
  3,251
  3,430
  3,616
  3,812
  4,016
  4,230
  4,454
  4,688
Operating income, $m
  -31
  107
  120
  133
  147
  161
  176
  192
  208
  225
  242
  280
  299
  319
  339
  360
  383
  406
  430
  455
  481
  508
  537
  567
  598
  630
  665
  700
  737
  776
  817
EBITDA, $m
  -4
  133
  146
  160
  175
  190
  205
  222
  239
  257
  275
  294
  314
  335
  356
  379
  402
  426
  451
  478
  505
  534
  564
  595
  628
  662
  698
  735
  774
  815
  858
Interest expense (income), $m
  23
  21
  27
  32
  38
  43
  50
  56
  63
  70
  77
  84
  92
  100
  108
  117
  126
  136
  145
  156
  166
  178
  189
  201
  214
  227
  241
  256
  271
  287
  303
Earnings before tax, $m
  -31
  85
  93
  101
  109
  118
  126
  136
  145
  155
  165
  196
  207
  219
  231
  243
  256
  270
  284
  299
  315
  331
  348
  365
  384
  403
  423
  444
  467
  490
  514
Tax expense, $m
  -17
  23
  25
  27
  29
  32
  34
  37
  39
  42
  45
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
  132
  139
Net income, $m
  -22
  62
  68
  74
  80
  86
  92
  99
  106
  113
  121
  143
  151
  160
  168
  178
  187
  197
  208
  218
  230
  242
  254
  267
  280
  294
  309
  324
  341
  357
  375

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
  2,308
  2,540
  2,782
  3,034
  3,298
  3,572
  3,856
  4,153
  4,460
  4,780
  5,112
  5,458
  5,817
  6,191
  6,580
  6,985
  7,406
  7,846
  8,304
  8,782
  9,281
  9,802
  10,346
  10,914
  11,509
  12,131
  12,781
  13,462
  14,174
  14,920
Adjusted assets (=assets-cash), $m
  2,085
  2,308
  2,540
  2,782
  3,034
  3,298
  3,572
  3,856
  4,153
  4,460
  4,780
  5,112
  5,458
  5,817
  6,191
  6,580
  6,985
  7,406
  7,846
  8,304
  8,782
  9,281
  9,802
  10,346
  10,914
  11,509
  12,131
  12,781
  13,462
  14,174
  14,920
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
  62
  68
  75
  82
  89
  96
  104
  112
  120
  129
  138
  147
  157
  167
  177
  188
  200
  211
  224
  237
  250
  264
  279
  294
  310
  327
  344
  363
  382
  402
Working capital, $m
  0
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -178
  -187
Total debt, $m
  609
  738
  888
  1,045
  1,208
  1,379
  1,556
  1,741
  1,933
  2,132
  2,340
  2,555
  2,779
  3,012
  3,254
  3,506
  3,768
  4,041
  4,326
  4,623
  4,933
  5,256
  5,594
  5,946
  6,315
  6,700
  7,103
  7,524
  7,965
  8,427
  8,910
Total liabilities, $m
  1,366
  1,496
  1,646
  1,803
  1,966
  2,137
  2,314
  2,499
  2,691
  2,890
  3,098
  3,313
  3,537
  3,770
  4,012
  4,264
  4,526
  4,799
  5,084
  5,381
  5,691
  6,014
  6,352
  6,704
  7,073
  7,458
  7,861
  8,282
  8,723
  9,185
  9,668
Total equity, $m
  759
  812
  894
  979
  1,068
  1,161
  1,257
  1,357
  1,462
  1,570
  1,683
  1,800
  1,921
  2,048
  2,179
  2,316
  2,459
  2,607
  2,762
  2,923
  3,091
  3,267
  3,450
  3,642
  3,842
  4,051
  4,270
  4,499
  4,739
  4,989
  5,252
Total liabilities and equity, $m
  2,125
  2,308
  2,540
  2,782
  3,034
  3,298
  3,571
  3,856
  4,153
  4,460
  4,781
  5,113
  5,458
  5,818
  6,191
  6,580
  6,985
  7,406
  7,846
  8,304
  8,782
  9,281
  9,802
  10,346
  10,915
  11,509
  12,131
  12,781
  13,462
  14,174
  14,920
Debt-to-equity ratio
  0.802
  0.910
  0.990
  1.070
  1.130
  1.190
  1.240
  1.280
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
  1.580
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
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
  62
  68
  74
  80
  86
  92
  99
  106
  113
  121
  143
  151
  160
  168
  178
  187
  197
  208
  218
  230
  242
  254
  267
  280
  294
  309
  324
  341
  357
  375
Depreciation, amort., depletion, $m
  27
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
Funds from operations, $m
  -33
  88
  94
  101
  108
  114
  122
  129
  137
  145
  154
  157
  166
  176
  185
  196
  206
  218
  229
  241
  254
  267
  281
  295
  310
  326
  342
  360
  378
  396
  416
Change in working capital, $m
  -82
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Cash from operations, $m
  49
  91
  97
  104
  111
  118
  125
  133
  141
  149
  158
  161
  170
  180
  190
  201
  211
  223
  235
  247
  260
  273
  287
  302
  317
  333
  350
  368
  386
  405
  426
Maintenance CAPEX, $m
  0
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
New CAPEX, $m
  -11
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Cash from investing activities, $m
  -84
  -12
  -12
  -14
  -15
  -15
  -16
  -18
  -19
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -40
  -42
  -43
  -46
  -49
  -51
  -53
  -56
  -59
Free cash flow, $m
  -35
  80
  85
  90
  96
  102
  109
  115
  122
  129
  137
  139
  147
  155
  164
  173
  182
  192
  202
  213
  224
  236
  248
  260
  274
  287
  302
  317
  333
  349
  367
Issuance/(repayment) of debt, $m
  -27
  144
  150
  157
  164
  171
  178
  185
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  285
  297
  310
  323
  338
  353
  368
  385
  403
  421
  441
  462
  483
Issuance/(repurchase) of shares, $m
  -66
  17
  14
  12
  9
  7
  4
  1
  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
  161
  164
  169
  173
  178
  182
  186
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  285
  297
  310
  323
  338
  353
  368
  385
  403
  421
  441
  462
  483
Total cash flow (excl. dividends), $m
  -149
  240
  249
  259
  269
  280
  290
  301
  314
  329
  344
  354
  371
  388
  406
  425
  445
  465
  487
  510
  534
  559
  585
  613
  642
  673
  705
  738
  774
  811
  850
Retained Cash Flow (-), $m
  25
  -79
  -82
  -85
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -126
  -132
  -137
  -143
  -148
  -155
  -161
  -168
  -176
  -183
  -192
  -200
  -209
  -219
  -229
  -240
  -251
  -263
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
 
  187
  167
  174
  180
  187
  194
  201
  210
  220
  231
  237
  249
  262
  275
  288
  302
  317
  333
  349
  366
  383
  402
  421
  442
  463
  486
  509
  534
  560
  587
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
 
  174
  145
  139
  132
  124
  115
  106
  98
  90
  81
  71
  63
  55
  47
  40
  33
  27
  22
  17
  13
  10
  8
  5
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  98.5
  97.4
  96.5
  95.9
  95.5
  95.3
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2

Piper Jaffray Companies is an investment bank and asset management company. The Company's segments include Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. The Asset Management segment includes its traditional asset management business and its investments in registered funds and private funds or partnerships that it manages. It provides a range of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed income institutional brokerage; equity and fixed income research, and asset management services. The Company serves the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally.

FINANCIAL RATIOS  of  Piper Jaffray (PJC)

Valuation Ratios
P/E Ratio -42
Price to Sales 1.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 24.3
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 10.6% 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 15.114 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 $1.1 billion.

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COMPANY NEWS

▶ The Awesome Dividend Stock You Haven't Considered   [Nov-16-17 05:26PM  Motley Fool]
▶ Stan Meyers Says 'Star Wars' Driving Disney Profits   [Nov-14-17 08:08AM  Bloomberg Video]
▶ Piper Jaffray reports 3Q loss   [08:47AM  Associated Press]
▶ IIROC Trade Resumption - PJC.A MRU   [12:24PM  CNW Group]
▶ IIROC Trading Halt - PJC.A   [09:43AM  CNW Group]
▶ Apple's iPhone X Wait Wont Impact Sales, Says Analyst   [Sep-13-17 09:22AM  Bloomberg Video]
▶ [$$] TA Associates Makes Growth Investment in PetPeople   [Sep-01-17 01:35PM  The Wall Street Journal]
▶ Analyst Olson Sees Amazon Margins as a Market Gift   [Jul-28-17 11:46AM  Bloomberg Video]
▶ Piper Jaffray posts 2Q profit   [Jul-27-17 02:44PM  Associated Press]
▶ ETFs with exposure to Piper Jaffray Cos. : June 16, 2017   [Jun-16-17 04:12PM  Capital Cube]
▶ Piper Jaffray to Host 37th Annual Consumer Conference   [Jun-07-17 10:31AM  Business Wire]
▶ Piper Jaffray to Host Financial Institutions Conference   [May-04-17 02:30PM  Business Wire]
▶ Piper Jaffray posts 1Q profit   [Apr-27-17 09:32AM  Associated Press]
▶ [$$] 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]
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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