Intrinsic value of B. Riley Financial - RILY

Previous Close

$22.38

  Intrinsic Value

$238.49

stock screener

  Rating & Target

str. buy

+966%

Previous close

$22.38

 
Intrinsic value

$238.49

 
Up/down potential

+966%

 
Rating

str. buy

We calculate the intrinsic value of RILY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  68.14
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  190
  515
  796
  1,190
  1,727
  2,437
  3,350
  4,497
  5,905
  7,598
  9,597
  11,917
  14,569
  17,561
  20,894
  24,568
  28,578
  32,920
  37,585
  42,567
  47,858
  53,451
  59,341
  65,522
  71,992
  78,750
  85,797
  93,135
  100,771
  108,710
  116,961
Variable operating expenses, $m
 
  374
  570
  845
  1,219
  1,713
  2,349
  3,148
  4,128
  5,308
  6,700
  8,301
  10,148
  12,232
  14,554
  17,113
  19,906
  22,930
  26,180
  29,650
  33,336
  37,232
  41,334
  45,639
  50,146
  54,853
  59,762
  64,874
  70,192
  75,722
  81,470
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
  142
  374
  570
  845
  1,219
  1,713
  2,349
  3,148
  4,128
  5,308
  6,700
  8,301
  10,148
  12,232
  14,554
  17,113
  19,906
  22,930
  26,180
  29,650
  33,336
  37,232
  41,334
  45,639
  50,146
  54,853
  59,762
  64,874
  70,192
  75,722
  81,470
Operating income, $m
  49
  141
  226
  346
  509
  724
  1,001
  1,349
  1,776
  2,290
  2,896
  3,616
  4,421
  5,329
  6,340
  7,455
  8,672
  9,989
  11,405
  12,917
  14,522
  16,220
  18,007
  19,882
  21,846
  23,896
  26,035
  28,262
  30,579
  32,988
  35,492
EBITDA, $m
  53
  177
  274
  410
  595
  839
  1,154
  1,548
  2,033
  2,616
  3,305
  4,104
  5,017
  6,047
  7,195
  8,460
  9,841
  11,336
  12,942
  14,658
  16,480
  18,406
  20,434
  22,562
  24,790
  27,117
  29,544
  32,071
  34,700
  37,434
  40,275
Interest expense (income), $m
  0
  36
  141
  293
  507
  797
  1,182
  1,677
  2,298
  3,061
  3,978
  5,061
  6,318
  7,755
  9,376
  11,182
  13,172
  15,345
  17,697
  20,225
  22,924
  25,791
  28,821
  32,012
  35,361
  38,866
  42,528
  46,346
  50,322
  54,458
  58,760
Earnings before tax, $m
  47
  104
  85
  53
  2
  -74
  -181
  -328
  -522
  -771
  -1,082
  -1,445
  -1,897
  -2,426
  -3,036
  -3,727
  -4,500
  -5,356
  -6,292
  -7,308
  -8,402
  -9,571
  -10,814
  -12,130
  -13,515
  -14,970
  -16,493
  -18,084
  -19,743
  -21,471
  -23,268
Tax expense, $m
  14
  28
  23
  14
  1
  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
  22
  76
  62
  38
  1
  -74
  -181
  -328
  -522
  -771
  -1,082
  -1,445
  -1,897
  -2,426
  -3,036
  -3,727
  -4,500
  -5,356
  -6,292
  -7,308
  -8,402
  -9,571
  -10,814
  -12,130
  -13,515
  -14,970
  -16,493
  -18,084
  -19,743
  -21,471
  -23,268

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  112
  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
  265
  2,138
  3,303
  4,939
  7,167
  10,111
  13,901
  18,659
  24,500
  31,526
  39,820
  49,447
  60,454
  72,867
  86,698
  101,941
  118,582
  136,596
  155,955
  176,628
  198,582
  221,790
  246,227
  271,874
  298,721
  326,762
  356,002
  386,453
  418,135
  451,078
  485,317
Adjusted assets (=assets-cash), $m
  153
  2,138
  3,303
  4,939
  7,167
  10,111
  13,901
  18,659
  24,500
  31,526
  39,820
  49,447
  60,454
  72,867
  86,698
  101,941
  118,582
  136,596
  155,955
  176,628
  198,582
  221,790
  246,227
  271,874
  298,721
  326,762
  356,002
  386,453
  418,135
  451,078
  485,317
Revenue / Adjusted assets
  1.242
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
Average production assets, $m
  26
  211
  326
  487
  706
  997
  1,370
  1,839
  2,415
  3,107
  3,925
  4,874
  5,959
  7,182
  8,546
  10,048
  11,689
  13,464
  15,372
  17,410
  19,574
  21,862
  24,270
  26,798
  29,445
  32,209
  35,091
  38,092
  41,215
  44,462
  47,837
Working capital, $m
  74
  -7
  -10
  -15
  -22
  -32
  -44
  -58
  -77
  -99
  -125
  -155
  -189
  -228
  -272
  -319
  -372
  -428
  -489
  -553
  -622
  -695
  -771
  -852
  -936
  -1,024
  -1,115
  -1,211
  -1,310
  -1,413
  -1,520
Total debt, $m
  29
  903
  1,878
  3,248
  5,112
  7,576
  10,748
  14,731
  19,620
  25,500
  32,442
  40,501
  49,713
  60,103
  71,679
  84,438
  98,366
  113,444
  129,648
  146,951
  165,326
  184,751
  205,205
  226,672
  249,142
  272,613
  297,087
  322,574
  349,093
  376,665
  405,324
Total liabilities, $m
  115
  1,789
  2,764
  4,134
  5,999
  8,463
  11,635
  15,617
  20,507
  26,387
  33,329
  41,387
  50,600
  60,990
  72,566
  85,325
  99,253
  114,331
  130,535
  147,837
  166,213
  185,638
  206,092
  227,559
  250,029
  273,500
  297,974
  323,461
  349,979
  377,552
  406,211
Total equity, $m
  149
  348
  538
  805
  1,168
  1,648
  2,266
  3,041
  3,994
  5,139
  6,491
  8,060
  9,854
  11,877
  14,132
  16,616
  19,329
  22,265
  25,421
  28,790
  32,369
  36,152
  40,135
  44,315
  48,691
  53,262
  58,028
  62,992
  68,156
  73,526
  79,107
Total liabilities and equity, $m
  264
  2,137
  3,302
  4,939
  7,167
  10,111
  13,901
  18,658
  24,501
  31,526
  39,820
  49,447
  60,454
  72,867
  86,698
  101,941
  118,582
  136,596
  155,956
  176,627
  198,582
  221,790
  246,227
  271,874
  298,720
  326,762
  356,002
  386,453
  418,135
  451,078
  485,318
Debt-to-equity ratio
  0.195
  2.590
  3.490
  4.030
  4.380
  4.600
  4.740
  4.840
  4.910
  4.960
  5.000
  5.020
  5.040
  5.060
  5.070
  5.080
  5.090
  5.100
  5.100
  5.100
  5.110
  5.110
  5.110
  5.110
  5.120
  5.120
  5.120
  5.120
  5.120
  5.120
  5.120
Adjusted equity ratio
  0.242
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  76
  62
  38
  1
  -74
  -181
  -328
  -522
  -771
  -1,082
  -1,445
  -1,897
  -2,426
  -3,036
  -3,727
  -4,500
  -5,356
  -6,292
  -7,308
  -8,402
  -9,571
  -10,814
  -12,130
  -13,515
  -14,970
  -16,493
  -18,084
  -19,743
  -21,471
  -23,268
Depreciation, amort., depletion, $m
  4
  37
  48
  64
  86
  115
  153
  200
  257
  326
  408
  487
  596
  718
  855
  1,005
  1,169
  1,346
  1,537
  1,741
  1,957
  2,186
  2,427
  2,680
  2,944
  3,221
  3,509
  3,809
  4,122
  4,446
  4,784
Funds from operations, $m
  112
  113
  110
  103
  88
  42
  -28
  -128
  -265
  -444
  -674
  -958
  -1,301
  -1,708
  -2,181
  -2,722
  -3,331
  -4,009
  -4,755
  -5,567
  -6,444
  -7,385
  -8,387
  -9,450
  -10,571
  -11,749
  -12,984
  -14,275
  -15,622
  -17,025
  -18,484
Change in working capital, $m
  32
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -22
  -26
  -30
  -34
  -39
  -43
  -48
  -52
  -56
  -61
  -65
  -69
  -73
  -77
  -80
  -84
  -88
  -92
  -95
  -99
  -103
  -107
Cash from operations, $m
  80
  115
  114
  108
  95
  51
  -16
  -113
  -246
  -422
  -648
  -927
  -1,267
  -1,669
  -2,138
  -2,674
  -3,279
  -3,953
  -4,694
  -5,502
  -6,376
  -7,312
  -8,311
  -9,369
  -10,487
  -11,661
  -12,892
  -14,179
  -15,522
  -16,921
  -18,377
Maintenance CAPEX, $m
  0
  -13
  -21
  -33
  -49
  -71
  -100
  -137
  -184
  -241
  -311
  -392
  -487
  -596
  -718
  -855
  -1,005
  -1,169
  -1,346
  -1,537
  -1,741
  -1,957
  -2,186
  -2,427
  -2,680
  -2,944
  -3,221
  -3,509
  -3,809
  -4,122
  -4,446
New CAPEX, $m
  -1
  -79
  -115
  -161
  -220
  -290
  -374
  -469
  -576
  -693
  -818
  -949
  -1,085
  -1,224
  -1,363
  -1,503
  -1,640
  -1,776
  -1,908
  -2,038
  -2,164
  -2,288
  -2,409
  -2,528
  -2,646
  -2,764
  -2,882
  -3,002
  -3,123
  -3,247
  -3,375
Cash from investing activities, $m
  -37
  -92
  -136
  -194
  -269
  -361
  -474
  -606
  -760
  -934
  -1,129
  -1,341
  -1,572
  -1,820
  -2,081
  -2,358
  -2,645
  -2,945
  -3,254
  -3,575
  -3,905
  -4,245
  -4,595
  -4,955
  -5,326
  -5,708
  -6,103
  -6,511
  -6,932
  -7,369
  -7,821
Free cash flow, $m
  43
  23
  -22
  -86
  -174
  -310
  -490
  -719
  -1,006
  -1,356
  -1,776
  -2,269
  -2,839
  -3,489
  -4,219
  -5,031
  -5,924
  -6,897
  -7,949
  -9,077
  -10,281
  -11,557
  -12,906
  -14,324
  -15,813
  -17,370
  -18,995
  -20,690
  -22,454
  -24,290
  -26,198
Issuance/(repayment) of debt, $m
  89
  669
  975
  1,370
  1,864
  2,465
  3,172
  3,983
  4,889
  5,880
  6,942
  8,058
  9,213
  10,390
  11,576
  12,759
  13,928
  15,078
  16,204
  17,303
  18,376
  19,425
  20,454
  21,467
  22,471
  23,471
  24,474
  25,487
  26,518
  27,573
  28,658
Issuance/(repurchase) of shares, $m
  23
  54
  128
  228
  362
  554
  799
  1,103
  1,474
  1,916
  2,434
  3,014
  3,691
  4,450
  5,290
  6,212
  7,213
  8,292
  9,448
  10,678
  11,980
  13,354
  14,798
  16,310
  17,891
  19,541
  21,259
  23,047
  24,907
  26,840
  28,849
Cash from financing (excl. dividends), $m  
  45
  723
  1,103
  1,598
  2,226
  3,019
  3,971
  5,086
  6,363
  7,796
  9,376
  11,072
  12,904
  14,840
  16,866
  18,971
  21,141
  23,370
  25,652
  27,981
  30,356
  32,779
  35,252
  37,777
  40,362
  43,012
  45,733
  48,534
  51,425
  54,413
  57,507
Total cash flow (excl. dividends), $m
  87
  747
  1,081
  1,512
  2,052
  2,708
  3,481
  4,367
  5,357
  6,440
  7,600
  8,803
  10,065
  11,351
  12,647
  13,939
  15,217
  16,473
  17,702
  18,903
  20,075
  21,222
  22,346
  23,453
  24,549
  25,642
  26,738
  27,845
  28,971
  30,123
  31,309
Retained Cash Flow (-), $m
  -40
  -130
  -190
  -267
  -363
  -554
  -799
  -1,103
  -1,474
  -1,916
  -2,434
  -3,014
  -3,691
  -4,450
  -5,290
  -6,212
  -7,213
  -8,292
  -9,448
  -10,678
  -11,980
  -13,354
  -14,798
  -16,310
  -17,891
  -19,541
  -21,259
  -23,047
  -24,907
  -26,840
  -28,849
Prev. year cash balance distribution, $m
 
  47
  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
 
  10
  16
  25
  38
  55
  78
  107
  144
  189
  243
  307
  381
  466
  562
  669
  786
  915
  1,053
  1,203
  1,362
  1,531
  1,710
  1,899
  2,097
  2,304
  2,520
  2,745
  2,980
  3,225
  3,479
Cash available for distribution, $m
 
  664
  891
  1,245
  1,689
  2,155
  2,682
  3,263
  3,883
  4,524
  5,166
  5,789
  6,374
  6,901
  7,357
  7,727
  8,004
  8,181
  8,255
  8,225
  8,095
  7,867
  7,548
  7,143
  6,658
  6,101
  5,479
  4,798
  4,064
  3,283
  2,460
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  621
  775
  999
  1,242
  1,440
  1,616
  1,757
  1,850
  1,888
  1,869
  1,794
  1,671
  1,511
  1,327
  1,132
  937
  753
  587
  444
  325
  230
  158
  104
  66
  40
  23
  13
  7
  3
  1
Current shareholders' claim on cash, %
  100
  88.7
  74.6
  61.2
  49.7
  39.9
  31.9
  25.5
  20.4
  16.3
  13.1
  10.6
  8.6
  6.9
  5.6
  4.6
  3.8
  3.1
  2.5
  2.1
  1.7
  1.4
  1.2
  1.0
  0.8
  0.7
  0.5
  0.5
  0.4
  0.3
  0.3

B. Riley Financial, Inc. is an independent investment bank. The Company's segments include capital markets, auction and liquidation, valuation and appraisal, and Principal Investments-United Online. The capital markets segment provides an array of investment banking, corporate finance, research, wealth management, sales and trading services to corporate, institutional and high net worth clients. The auction and liquidation segment utilizes a scalable network of independent contractors and industry-specific advisors to tailor its services to the needs of a multitude of clients, logistical challenges and distressed circumstances. The valuation and appraisal segment provides valuation and appraisal services to financial institutions, lenders, private equity firms and other providers of capital. The principal investments-United Online segment consists of businesses, which has been acquired primarily for attractive investment return characteristics.

FINANCIAL RATIOS  of  B. Riley Financial (RILY)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 2.3
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 5.4
Growth Rates
Sales Growth Rate 68.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 112
Current Ratio 0.2
LT Debt to Equity 18.8%
Total Debt to Equity 19.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 17.1%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 71.1%
Gross Margin - 3 Yr. Avg. 64.6%
EBITDA Margin 26.8%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 25.3%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 24.7%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 29.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 22.7%

RILY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RILY stock intrinsic value calculation we used $322 million for the last fiscal year's total revenue generated by B. Riley Financial. The default revenue input number comes from 2016 income statement of B. Riley Financial. 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 RILY stock valuation model: a) initial revenue growth rate of 60% 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 6.9%, whose default value for RILY is calculated based on our internal credit rating of B. Riley Financial, 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 B. Riley Financial.
    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 RILY stock the variable cost ratio is equal to 74.5%.

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 RILY 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 15.6% for B. Riley Financial.

Corporate tax rate of 27% is the nominal tax rate for B. Riley Financial. 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 RILY stock is equal to 3.2%.

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 RILY are equal to 40.9%.

Life of production assets of 10 years is the average useful life of capital assets used in B. Riley Financial 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 RILY is equal to -1.3%. 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 - $266 million for B. Riley Financial - 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 23 million for B. Riley Financial 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 B. Riley Financial at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ MOVES- MUFG, B. Riley Financial, HSBC   [Jul-11-18 09:04AM  Reuters]
▶ B. Riley Financial names co-CEOs   [Jul-10-18 05:39PM  MarketWatch]
▶ iPass Secures Credit Facility of Up to $20M   [Jun-19-18 06:05AM  GlobeNewswire]
▶ B. Riley Financial: 1Q Earnings Snapshot   [May-07-18 06:40PM  Associated Press]
▶ B. Riley Financial reports 4Q loss   [Mar-07-18 06:23PM  Associated Press]
▶ B. Riley FBR Acts as Sole Placement Agent to Infinity Bank   [Feb-07-18 09:00AM  GlobeNewswire]
▶ [$$] B. Riley Takes Control of Bebe Stores Inc.   [Jan-16-18 08:44AM  The Wall Street Journal]
▶ [$$] B. Riley Closes $225 Million Transaction for Select Interior Concepts   [Dec-11-17 12:30PM  The Wall Street Journal]
▶ B. Riley Financial posts 3Q profit   [Nov-09-17 01:33PM  Associated Press]
▶ B. Riley Financial posts 2Q profit   [Aug-07-17 11:51PM  Associated Press]
Financial statements of RILY
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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