Intrinsic value of B. Riley Financial - RILY

Previous Close

$16.55

  Intrinsic Value

$858.88

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-27%

Previous close

$16.55

 
Intrinsic value

$858.88

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-27%

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

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

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 0.4

 

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, %
  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
  304
  470
  702
  1,019
  1,438
  1,977
  2,653
  3,484
  4,483
  5,663
  7,032
  8,597
  10,362
  12,329
  14,497
  16,863
  19,425
  22,178
  25,117
  28,239
  31,540
  35,015
  38,662
  42,480
  46,467
  50,625
  54,956
  59,461
  64,146
  69,015
Variable operating expenses, $m
 
  202
  309
  460
  666
  937
  1,286
  1,725
  2,263
  2,911
  3,675
  4,558
  5,573
  6,717
  7,992
  9,397
  10,931
  12,591
  14,376
  16,281
  18,305
  20,444
  22,697
  25,061
  27,536
  30,121
  32,816
  35,623
  38,543
  41,580
  44,736
Fixed operating expenses, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
Total operating expenses, $m
  142
  216
  324
  475
  681
  953
  1,302
  1,742
  2,280
  2,928
  3,693
  4,576
  5,592
  6,736
  8,012
  9,417
  10,952
  12,612
  14,398
  16,303
  18,328
  20,468
  22,721
  25,086
  27,561
  30,147
  32,843
  35,650
  38,571
  41,609
  44,765
Operating income, $m
  49
  88
  146
  227
  338
  485
  674
  912
  1,204
  1,555
  1,969
  2,455
  3,005
  3,626
  4,317
  5,079
  5,911
  6,812
  7,780
  8,814
  9,911
  11,072
  12,294
  13,576
  14,919
  16,321
  17,783
  19,306
  20,890
  22,537
  24,249
EBITDA, $m
  53
  95
  154
  238
  351
  502
  695
  938
  1,237
  1,596
  2,020
  2,512
  3,075
  3,709
  4,417
  5,196
  6,047
  6,969
  7,959
  9,016
  10,139
  11,326
  12,576
  13,888
  15,261
  16,695
  18,191
  19,748
  21,369
  23,054
  24,805
Interest expense (income), $m
  0
  1
  3
  7
  12
  19
  27
  39
  53
  71
  92
  117
  146
  179
  217
  258
  304
  354
  409
  467
  529
  595
  665
  739
  816
  897
  982
  1,070
  1,162
  1,257
  1,356
Earnings before tax, $m
  47
  87
  142
  220
  326
  467
  647
  873
  1,151
  1,484
  1,877
  2,338
  2,859
  3,447
  4,101
  4,821
  5,607
  6,458
  7,371
  8,347
  9,382
  10,476
  11,628
  12,837
  14,102
  15,424
  16,801
  18,236
  19,728
  21,280
  22,893
Tax expense, $m
  14
  23
  38
  59
  88
  126
  175
  236
  311
  401
  507
  631
  772
  931
  1,107
  1,302
  1,514
  1,744
  1,990
  2,254
  2,533
  2,829
  3,140
  3,466
  3,808
  4,164
  4,536
  4,924
  5,327
  5,746
  6,181
Net income, $m
  22
  63
  104
  161
  238
  341
  472
  637
  840
  1,083
  1,370
  1,707
  2,087
  2,516
  2,994
  3,519
  4,093
  4,714
  5,381
  6,093
  6,849
  7,648
  8,489
  9,371
  10,295
  11,259
  12,265
  13,312
  14,402
  15,534
  16,712

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
  245
  378
  566
  821
  1,158
  1,592
  2,136
  2,805
  3,610
  4,559
  5,662
  6,922
  8,343
  9,927
  11,672
  13,577
  15,640
  17,856
  20,223
  22,737
  25,394
  28,192
  31,129
  34,203
  37,413
  40,761
  44,248
  47,875
  51,647
  55,567
Adjusted assets (=assets-cash), $m
  153
  245
  378
  566
  821
  1,158
  1,592
  2,136
  2,805
  3,610
  4,559
  5,662
  6,922
  8,343
  9,927
  11,672
  13,577
  15,640
  17,856
  20,223
  22,737
  25,394
  28,192
  31,129
  34,203
  37,413
  40,761
  44,248
  47,875
  51,647
  55,567
Revenue / Adjusted assets
  1.242
  1.241
  1.243
  1.240
  1.241
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
Average production assets, $m
  26
  42
  64
  96
  140
  197
  271
  364
  477
  614
  776
  963
  1,178
  1,420
  1,689
  1,986
  2,310
  2,661
  3,038
  3,441
  3,869
  4,321
  4,797
  5,297
  5,820
  6,366
  6,936
  7,529
  8,146
  8,788
  9,455
Working capital, $m
  74
  -59
  -92
  -137
  -199
  -280
  -385
  -517
  -679
  -874
  -1,104
  -1,371
  -1,676
  -2,021
  -2,404
  -2,827
  -3,288
  -3,788
  -4,325
  -4,898
  -5,507
  -6,150
  -6,828
  -7,539
  -8,284
  -9,061
  -9,872
  -10,716
  -11,595
  -12,508
  -13,458
Total debt, $m
  29
  97
  197
  338
  530
  784
  1,110
  1,520
  2,023
  2,627
  3,342
  4,170
  5,118
  6,187
  7,378
  8,690
  10,123
  11,674
  13,341
  15,121
  17,011
  19,009
  21,113
  23,322
  25,633
  28,048
  30,565
  33,187
  35,915
  38,752
  41,700
Total liabilities, $m
  115
  184
  284
  425
  617
  871
  1,197
  1,607
  2,110
  2,714
  3,429
  4,257
  5,205
  6,274
  7,465
  8,777
  10,210
  11,761
  13,428
  15,208
  17,098
  19,096
  21,200
  23,409
  25,720
  28,135
  30,652
  33,274
  36,002
  38,839
  41,787
Total equity, $m
  149
  61
  94
  140
  204
  287
  395
  530
  696
  895
  1,131
  1,404
  1,717
  2,069
  2,462
  2,895
  3,367
  3,879
  4,428
  5,015
  5,639
  6,298
  6,992
  7,720
  8,482
  9,278
  10,109
  10,973
  11,873
  12,808
  13,781
Total liabilities and equity, $m
  264
  245
  378
  565
  821
  1,158
  1,592
  2,137
  2,806
  3,609
  4,560
  5,661
  6,922
  8,343
  9,927
  11,672
  13,577
  15,640
  17,856
  20,223
  22,737
  25,394
  28,192
  31,129
  34,202
  37,413
  40,761
  44,247
  47,875
  51,647
  55,568
Debt-to-equity ratio
  0.195
  1.600
  2.100
  2.410
  2.600
  2.730
  2.810
  2.870
  2.910
  2.940
  2.960
  2.970
  2.980
  2.990
  3.000
  3.000
  3.010
  3.010
  3.010
  3.010
  3.020
  3.020
  3.020
  3.020
  3.020
  3.020
  3.020
  3.020
  3.020
  3.030
  3.030
Adjusted equity ratio
  0.242
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  63
  104
  161
  238
  341
  472
  637
  840
  1,083
  1,370
  1,707
  2,087
  2,516
  2,994
  3,519
  4,093
  4,714
  5,381
  6,093
  6,849
  7,648
  8,489
  9,371
  10,295
  11,259
  12,265
  13,312
  14,402
  15,534
  16,712
Depreciation, amort., depletion, $m
  4
  7
  9
  11
  13
  16
  21
  26
  33
  41
  51
  57
  69
  84
  99
  117
  136
  157
  179
  202
  228
  254
  282
  312
  342
  374
  408
  443
  479
  517
  556
Funds from operations, $m
  112
  71
  113
  171
  251
  357
  493
  664
  873
  1,124
  1,421
  1,764
  2,157
  2,600
  3,093
  3,636
  4,229
  4,871
  5,560
  6,296
  7,077
  7,902
  8,771
  9,683
  10,637
  11,634
  12,673
  13,755
  14,881
  16,051
  17,268
Change in working capital, $m
  32
  -22
  -32
  -45
  -62
  -82
  -105
  -132
  -162
  -195
  -230
  -267
  -305
  -344
  -384
  -423
  -461
  -500
  -537
  -573
  -609
  -644
  -678
  -711
  -744
  -778
  -811
  -844
  -879
  -913
  -949
Cash from operations, $m
  80
  93
  145
  217
  313
  439
  598
  796
  1,035
  1,319
  1,651
  2,031
  2,462
  2,944
  3,476
  4,059
  4,691
  5,370
  6,097
  6,869
  7,685
  8,545
  9,449
  10,394
  11,381
  12,411
  13,484
  14,599
  15,759
  16,965
  18,217
Maintenance CAPEX, $m
  0
  -2
  -2
  -4
  -6
  -8
  -12
  -16
  -21
  -28
  -36
  -46
  -57
  -69
  -84
  -99
  -117
  -136
  -157
  -179
  -202
  -228
  -254
  -282
  -312
  -342
  -374
  -408
  -443
  -479
  -517
New CAPEX, $m
  -1
  -16
  -23
  -32
  -43
  -57
  -74
  -93
  -114
  -137
  -162
  -188
  -214
  -242
  -269
  -297
  -324
  -351
  -377
  -403
  -428
  -452
  -476
  -500
  -523
  -546
  -570
  -593
  -617
  -642
  -667
Cash from investing activities, $m
  -37
  -18
  -25
  -36
  -49
  -65
  -86
  -109
  -135
  -165
  -198
  -234
  -271
  -311
  -353
  -396
  -441
  -487
  -534
  -582
  -630
  -680
  -730
  -782
  -835
  -888
  -944
  -1,001
  -1,060
  -1,121
  -1,184
Free cash flow, $m
  43
  76
  120
  181
  264
  373
  513
  687
  900
  1,154
  1,453
  1,797
  2,191
  2,633
  3,124
  3,663
  4,250
  4,883
  5,563
  6,287
  7,055
  7,866
  8,718
  9,612
  10,547
  11,523
  12,540
  13,598
  14,699
  15,844
  17,033
Issuance/(repayment) of debt, $m
  89
  69
  100
  141
  192
  254
  326
  410
  503
  605
  714
  829
  948
  1,069
  1,191
  1,312
  1,433
  1,551
  1,667
  1,780
  1,890
  1,998
  2,104
  2,208
  2,312
  2,414
  2,518
  2,622
  2,728
  2,836
  2,948
Issuance/(repurchase) of shares, $m
  23
  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  
  45
  69
  100
  141
  192
  254
  326
  410
  503
  605
  714
  829
  948
  1,069
  1,191
  1,312
  1,433
  1,551
  1,667
  1,780
  1,890
  1,998
  2,104
  2,208
  2,312
  2,414
  2,518
  2,622
  2,728
  2,836
  2,948
Total cash flow (excl. dividends), $m
  87
  145
  220
  322
  456
  627
  839
  1,097
  1,403
  1,759
  2,167
  2,626
  3,139
  3,702
  4,314
  4,975
  5,682
  6,434
  7,230
  8,067
  8,945
  9,864
  10,822
  11,820
  12,858
  13,937
  15,057
  16,220
  17,427
  18,680
  19,982
Retained Cash Flow (-), $m
  -40
  -23
  -33
  -46
  -63
  -84
  -108
  -135
  -166
  -199
  -236
  -273
  -313
  -352
  -393
  -433
  -473
  -512
  -550
  -587
  -623
  -659
  -694
  -728
  -762
  -796
  -830
  -865
  -900
  -935
  -972
Prev. year cash balance distribution, $m
 
  111
  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
 
  233
  187
  275
  393
  543
  731
  961
  1,237
  1,560
  1,932
  2,353
  2,826
  3,349
  3,922
  4,542
  5,210
  5,923
  6,680
  7,480
  8,322
  9,205
  10,128
  11,092
  12,096
  13,141
  14,227
  15,355
  16,527
  17,745
  19,009
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  223
  171
  240
  323
  421
  531
  650
  773
  896
  1,013
  1,117
  1,206
  1,273
  1,317
  1,334
  1,324
  1,289
  1,230
  1,152
  1,057
  952
  840
  727
  616
  511
  415
  330
  256
  194
  143
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

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 14.4
Price to Sales 1.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 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 $190 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 4.3%, 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 67.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 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 3.5% 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 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 RILY are equal to 13.7%.

Life of production assets of 17 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 -19.5%. 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 - $149 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 26.584 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 $0.4 billion.

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COMPANY NEWS

▶ B. Riley Financial posts 2Q profit   [Aug-07-17 11:51PM  Associated Press]
▶ B. Riley Financial Assists bebe stores, inc. to Reorganize   [Jun-08-17 04:30PM  GlobeNewswire]
▶ B. Riley Financial Closes Acquisition of FBR & Co.   [Jun-01-17 04:05PM  GlobeNewswire]
▶ B. Riley Adds Wunderlich to Gain Small-Cap Market Edge   [May-18-17 03:18PM  The Deal Pipeline]
▶ B. Riley Financial posts 1Q profit   [May-10-17 05:26PM  Associated Press]
▶ [$$] Gordmans Stores Files for Chapter 11 Bankruptcy Protection   [Mar-13-17 05:09PM  The Wall Street Journal]
▶ B. Riley Financial posts 4Q profit   [Mar-09-17 06:45PM  Associated Press]
▶ MC Sports To Liquidate All 66 Stores   [Feb-17-17 08:00AM  PR Newswire]
▶ Is B. Riley Financial Inc (RILY) A Good Stock To Buy?   [Dec-17-16 04:11PM  at Insider Monkey]
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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