Intrinsic value of Piper Jaffray - PJC

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$59.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$59.70

 
Intrinsic value

$317.25

 
Up/down potential

+431%

 
Rating

str. buy

 
Value-price divergence* premium content

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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
  28.10
  25.79
  23.71
  21.84
  20.16
  18.64
  17.28
  16.05
  14.94
  13.95
  13.05
  12.25
  11.52
  10.87
  10.28
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
Revenue, $m
  770
  986
  1,241
  1,535
  1,870
  2,247
  2,666
  3,127
  3,628
  4,171
  4,752
  5,373
  6,031
  6,726
  7,457
  8,224
  9,026
  9,864
  10,737
  11,646
  12,592
  13,575
  14,597
  15,659
  16,763
  17,910
  19,102
  20,342
  21,633
  22,976
  24,375
Variable operating expenses, $m
 
  860
  1,076
  1,327
  1,612
  1,933
  2,290
  2,682
  3,109
  3,571
  4,066
  4,575
  5,136
  5,727
  6,350
  7,003
  7,686
  8,400
  9,143
  9,917
  10,723
  11,560
  12,430
  13,335
  14,274
  15,251
  16,266
  17,323
  18,421
  19,565
  20,756
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
  860
  1,076
  1,327
  1,612
  1,933
  2,290
  2,682
  3,109
  3,571
  4,066
  4,575
  5,136
  5,727
  6,350
  7,003
  7,686
  8,400
  9,143
  9,917
  10,723
  11,560
  12,430
  13,335
  14,274
  15,251
  16,266
  17,323
  18,421
  19,565
  20,756
Operating income, $m
  -31
  127
  165
  208
  258
  314
  376
  445
  519
  600
  686
  798
  895
  998
  1,107
  1,221
  1,340
  1,464
  1,594
  1,729
  1,869
  2,015
  2,167
  2,325
  2,489
  2,659
  2,836
  3,020
  3,211
  3,411
  3,619
EBITDA, $m
  -4
  154
  193
  239
  292
  350
  416
  487
  566
  650
  741
  838
  940
  1,049
  1,163
  1,282
  1,407
  1,538
  1,674
  1,816
  1,963
  2,116
  2,276
  2,441
  2,613
  2,792
  2,978
  3,171
  3,373
  3,582
  3,800
Interest expense (income), $m
  23
  21
  35
  51
  70
  91
  115
  141
  170
  202
  236
  273
  312
  354
  398
  444
  493
  543
  596
  652
  709
  769
  831
  896
  963
  1,032
  1,105
  1,180
  1,259
  1,340
  1,425
Earnings before tax, $m
  -31
  105
  130
  157
  188
  223
  261
  303
  349
  397
  450
  524
  583
  645
  709
  777
  847
  921
  998
  1,077
  1,160
  1,247
  1,336
  1,429
  1,526
  1,626
  1,731
  1,840
  1,953
  2,071
  2,193
Tax expense, $m
  -17
  28
  35
  42
  51
  60
  71
  82
  94
  107
  121
  142
  157
  174
  191
  210
  229
  249
  269
  291
  313
  337
  361
  386
  412
  439
  467
  497
  527
  559
  592
Net income, $m
  -22
  77
  95
  115
  137
  163
  191
  221
  255
  290
  328
  383
  426
  470
  518
  567
  619
  672
  728
  787
  847
  910
  975
  1,043
  1,114
  1,187
  1,264
  1,343
  1,426
  1,512
  1,601

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
  2,673
  3,362
  4,160
  5,068
  6,090
  7,225
  8,473
  9,833
  11,302
  12,879
  14,560
  16,344
  18,227
  20,209
  22,287
  24,462
  26,732
  29,098
  31,562
  34,125
  36,790
  39,559
  42,437
  45,428
  48,536
  51,768
  55,129
  58,626
  62,266
  66,056
Adjusted assets (=assets-cash), $m
  2,085
  2,673
  3,362
  4,160
  5,068
  6,090
  7,225
  8,473
  9,833
  11,302
  12,879
  14,560
  16,344
  18,227
  20,209
  22,287
  24,462
  26,732
  29,098
  31,562
  34,125
  36,790
  39,559
  42,437
  45,428
  48,536
  51,768
  55,129
  58,626
  62,266
  66,056
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
  72
  91
  112
  137
  164
  195
  228
  265
  304
  347
  392
  440
  491
  544
  600
  659
  720
  784
  850
  919
  991
  1,066
  1,143
  1,224
  1,307
  1,394
  1,485
  1,579
  1,677
  1,779
Working capital, $m
  0
  -34
  -42
  -52
  -64
  -76
  -91
  -106
  -123
  -142
  -162
  -183
  -205
  -229
  -254
  -280
  -307
  -335
  -365
  -396
  -428
  -462
  -496
  -532
  -570
  -609
  -649
  -692
  -736
  -781
  -829
Total debt, $m
  609
  974
  1,421
  1,938
  2,526
  3,188
  3,924
  4,733
  5,614
  6,566
  7,588
  8,677
  9,833
  11,053
  12,337
  13,684
  15,093
  16,564
  18,098
  19,694
  21,355
  23,082
  24,876
  26,741
  28,679
  30,693
  32,787
  34,965
  37,231
  39,590
  42,047
Total liabilities, $m
  1,366
  1,732
  2,179
  2,696
  3,284
  3,946
  4,682
  5,491
  6,372
  7,324
  8,346
  9,435
  10,591
  11,811
  13,095
  14,442
  15,851
  17,322
  18,856
  20,452
  22,113
  23,840
  25,634
  27,499
  29,437
  31,451
  33,545
  35,723
  37,989
  40,348
  42,805
Total equity, $m
  759
  941
  1,184
  1,464
  1,784
  2,144
  2,543
  2,983
  3,461
  3,978
  4,533
  5,125
  5,753
  6,416
  7,114
  7,845
  8,611
  9,410
  10,243
  11,110
  12,012
  12,950
  13,925
  14,938
  15,990
  17,085
  18,222
  19,405
  20,636
  21,918
  23,252
Total liabilities and equity, $m
  2,125
  2,673
  3,363
  4,160
  5,068
  6,090
  7,225
  8,474
  9,833
  11,302
  12,879
  14,560
  16,344
  18,227
  20,209
  22,287
  24,462
  26,732
  29,099
  31,562
  34,125
  36,790
  39,559
  42,437
  45,427
  48,536
  51,767
  55,128
  58,625
  62,266
  66,057
Debt-to-equity ratio
  0.802
  1.040
  1.200
  1.320
  1.420
  1.490
  1.540
  1.590
  1.620
  1.650
  1.670
  1.690
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
  1.800
  1.800
  1.800
  1.810
  1.810
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
  77
  95
  115
  137
  163
  191
  221
  255
  290
  328
  383
  426
  470
  518
  567
  619
  672
  728
  787
  847
  910
  975
  1,043
  1,114
  1,187
  1,264
  1,343
  1,426
  1,512
  1,601
Depreciation, amort., depletion, $m
  27
  27
  29
  31
  34
  36
  39
  43
  47
  51
  55
  40
  45
  50
  56
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  133
  142
  152
  161
  171
  182
Funds from operations, $m
  -33
  104
  123
  146
  171
  199
  230
  264
  301
  341
  383
  423
  470
  521
  573
  628
  686
  746
  808
  873
  941
  1,011
  1,084
  1,160
  1,239
  1,321
  1,406
  1,494
  1,587
  1,683
  1,783
Change in working capital, $m
  -82
  -7
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
Cash from operations, $m
  49
  118
  132
  156
  182
  212
  245
  280
  318
  359
  403
  444
  493
  544
  598
  654
  713
  774
  838
  904
  973
  1,045
  1,119
  1,196
  1,276
  1,360
  1,446
  1,537
  1,631
  1,728
  1,830
Maintenance CAPEX, $m
  0
  -6
  -7
  -9
  -11
  -14
  -17
  -20
  -23
  -27
  -31
  -35
  -40
  -45
  -50
  -56
  -61
  -67
  -73
  -80
  -87
  -94
  -101
  -109
  -117
  -125
  -133
  -142
  -152
  -161
  -171
New CAPEX, $m
  -11
  -16
  -19
  -21
  -24
  -28
  -31
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
Cash from investing activities, $m
  -84
  -22
  -26
  -30
  -35
  -42
  -48
  -54
  -60
  -67
  -73
  -80
  -88
  -96
  -103
  -112
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -198
  -209
  -220
  -233
  -246
  -259
  -273
Free cash flow, $m
  -35
  97
  106
  125
  146
  171
  197
  226
  258
  293
  329
  363
  405
  449
  495
  543
  593
  646
  701
  758
  817
  879
  943
  1,010
  1,079
  1,151
  1,226
  1,304
  1,385
  1,469
  1,557
Issuance/(repayment) of debt, $m
  -27
  380
  447
  517
  589
  662
  736
  809
  881
  952
  1,022
  1,089
  1,156
  1,220
  1,284
  1,347
  1,409
  1,471
  1,533
  1,597
  1,661
  1,727
  1,795
  1,865
  1,938
  2,014
  2,094
  2,178
  2,266
  2,359
  2,456
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
  380
  447
  517
  589
  662
  736
  809
  881
  952
  1,022
  1,089
  1,156
  1,220
  1,284
  1,347
  1,409
  1,471
  1,533
  1,597
  1,661
  1,727
  1,795
  1,865
  1,938
  2,014
  2,094
  2,178
  2,266
  2,359
  2,456
Total cash flow (excl. dividends), $m
  -149
  477
  553
  642
  735
  833
  933
  1,035
  1,139
  1,245
  1,351
  1,453
  1,560
  1,669
  1,779
  1,890
  2,002
  2,117
  2,234
  2,354
  2,478
  2,606
  2,738
  2,875
  3,017
  3,165
  3,320
  3,482
  3,651
  3,828
  4,013
Retained Cash Flow (-), $m
  25
  -208
  -243
  -281
  -320
  -360
  -400
  -439
  -479
  -517
  -555
  -592
  -628
  -663
  -698
  -732
  -765
  -799
  -833
  -867
  -902
  -938
  -975
  -1,013
  -1,053
  -1,094
  -1,138
  -1,183
  -1,231
  -1,281
  -1,334
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
 
  295
  310
  361
  415
  473
  533
  596
  661
  728
  796
  861
  933
  1,006
  1,081
  1,158
  1,237
  1,318
  1,401
  1,487
  1,576
  1,668
  1,763
  1,862
  1,964
  2,071
  2,182
  2,299
  2,420
  2,547
  2,679
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
 
  275
  269
  288
  303
  313
  317
  315
  308
  296
  280
  258
  236
  211
  186
  161
  137
  114
  93
  74
  58
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
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 -33.6
Price to Sales 1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 19.5
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 28.1% 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 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 14.643 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

▶ 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]
▶ 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 Annual reports 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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