Intrinsic value of Raymond James Financial - RJF

Previous Close

$96.19

  Intrinsic Value

$160.03

stock screener

  Rating & Target

str. buy

+66%

Previous close

$96.19

 
Intrinsic value

$160.03

 
Up/down potential

+66%

 
Rating

str. buy

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

We calculate the intrinsic value of RJF 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.19
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  6,525
  7,582
  8,725
  9,953
  11,264
  12,654
  14,124
  15,671
  17,294
  18,992
  20,766
  22,615
  24,541
  26,544
  28,627
  30,792
  33,042
  35,380
  37,810
  40,336
  42,963
  45,696
  48,541
  51,503
  54,589
  57,807
  61,162
  64,662
  68,317
  72,133
  76,120
Variable operating expenses, $m
 
  6,461
  7,429
  8,469
  9,578
  10,756
  12,000
  13,310
  14,684
  16,122
  17,624
  19,149
  20,779
  22,475
  24,239
  26,072
  27,977
  29,956
  32,013
  34,152
  36,377
  38,691
  41,099
  43,608
  46,221
  48,945
  51,786
  54,750
  57,844
  61,075
  64,451
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
  5,597
  6,461
  7,429
  8,469
  9,578
  10,756
  12,000
  13,310
  14,684
  16,122
  17,624
  19,149
  20,779
  22,475
  24,239
  26,072
  27,977
  29,956
  32,013
  34,152
  36,377
  38,691
  41,099
  43,608
  46,221
  48,945
  51,786
  54,750
  57,844
  61,075
  64,451
Operating income, $m
  928
  1,121
  1,296
  1,485
  1,686
  1,899
  2,124
  2,361
  2,610
  2,870
  3,142
  3,467
  3,762
  4,069
  4,389
  4,720
  5,065
  5,424
  5,796
  6,183
  6,586
  7,005
  7,441
  7,895
  8,368
  8,862
  9,376
  9,913
  10,473
  11,058
  11,669
EBITDA, $m
  1,012
  1,215
  1,398
  1,595
  1,805
  2,028
  2,263
  2,511
  2,771
  3,043
  3,327
  3,623
  3,932
  4,253
  4,587
  4,934
  5,294
  5,669
  6,058
  6,463
  6,884
  7,321
  7,777
  8,252
  8,746
  9,262
  9,799
  10,360
  10,946
  11,557
  12,196
Interest expense (income), $m
  156
  607
  752
  910
  1,078
  1,259
  1,450
  1,652
  1,865
  2,088
  2,321
  2,565
  2,819
  3,084
  3,360
  3,646
  3,944
  4,253
  4,574
  4,908
  5,256
  5,617
  5,993
  6,384
  6,791
  7,215
  7,658
  8,119
  8,600
  9,103
  9,627
Earnings before tax, $m
  928
  514
  544
  575
  607
  640
  674
  709
  745
  783
  821
  902
  943
  985
  1,029
  1,074
  1,122
  1,171
  1,222
  1,275
  1,330
  1,388
  1,449
  1,512
  1,577
  1,646
  1,718
  1,794
  1,873
  1,955
  2,042
Tax expense, $m
  289
  139
  147
  155
  164
  173
  182
  192
  201
  211
  222
  243
  255
  266
  278
  290
  303
  316
  330
  344
  359
  375
  391
  408
  426
  444
  464
  484
  506
  528
  551
Net income, $m
  636
  375
  397
  420
  443
  467
  492
  518
  544
  571
  599
  658
  688
  719
  751
  784
  819
  855
  892
  931
  971
  1,013
  1,057
  1,103
  1,152
  1,202
  1,254
  1,309
  1,367
  1,427
  1,490

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,670
  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
  34,883
  36,278
  41,748
  47,623
  53,893
  60,548
  67,579
  74,981
  82,746
  90,873
  99,360
  108,208
  117,422
  127,007
  136,973
  147,331
  158,095
  169,281
  180,907
  192,994
  205,563
  218,640
  232,252
  246,426
  261,194
  276,587
  292,640
  309,390
  326,874
  345,134
  364,211
Adjusted assets (=assets-cash), $m
  31,213
  36,278
  41,748
  47,623
  53,893
  60,548
  67,579
  74,981
  82,746
  90,873
  99,360
  108,208
  117,422
  127,007
  136,973
  147,331
  158,095
  169,281
  180,907
  192,994
  205,563
  218,640
  232,252
  246,426
  261,194
  276,587
  292,640
  309,390
  326,874
  345,134
  364,211
Revenue / Adjusted assets
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
Average production assets, $m
  468
  546
  628
  717
  811
  911
  1,017
  1,128
  1,245
  1,367
  1,495
  1,628
  1,767
  1,911
  2,061
  2,217
  2,379
  2,547
  2,722
  2,904
  3,093
  3,290
  3,495
  3,708
  3,930
  4,162
  4,404
  4,656
  4,919
  5,194
  5,481
Working capital, $m
  0
  3,791
  4,363
  4,977
  5,632
  6,327
  7,062
  7,835
  8,647
  9,496
  10,383
  11,308
  12,271
  13,272
  14,314
  15,396
  16,521
  17,690
  18,905
  20,168
  21,481
  22,848
  24,270
  25,752
  27,295
  28,903
  30,581
  32,331
  34,158
  36,066
  38,060
Total debt, $m
  21,016
  21,499
  25,990
  30,814
  35,961
  41,425
  47,198
  53,274
  59,650
  66,322
  73,289
  80,554
  88,118
  95,988
  104,170
  112,674
  121,511
  130,695
  140,240
  150,163
  160,482
  171,219
  182,394
  194,031
  206,155
  218,793
  231,972
  245,724
  260,079
  275,070
  290,732
Total liabilities, $m
  29,302
  29,784
  34,275
  39,099
  44,246
  49,710
  55,483
  61,559
  67,935
  74,607
  81,574
  88,839
  96,403
  104,273
  112,455
  120,959
  129,796
  138,980
  148,525
  158,448
  168,767
  179,504
  190,679
  202,316
  214,440
  227,078
  240,257
  254,009
  268,364
  283,355
  299,017
Total equity, $m
  5,582
  6,494
  7,473
  8,525
  9,647
  10,838
  12,097
  13,422
  14,812
  16,266
  17,785
  19,369
  21,018
  22,734
  24,518
  26,372
  28,299
  30,301
  32,382
  34,546
  36,796
  39,137
  41,573
  44,110
  46,754
  49,509
  52,383
  55,381
  58,510
  61,779
  65,194
Total liabilities and equity, $m
  34,884
  36,278
  41,748
  47,624
  53,893
  60,548
  67,580
  74,981
  82,747
  90,873
  99,359
  108,208
  117,421
  127,007
  136,973
  147,331
  158,095
  169,281
  180,907
  192,994
  205,563
  218,641
  232,252
  246,426
  261,194
  276,587
  292,640
  309,390
  326,874
  345,134
  364,211
Debt-to-equity ratio
  3.765
  3.310
  3.480
  3.610
  3.730
  3.820
  3.900
  3.970
  4.030
  4.080
  4.120
  4.160
  4.190
  4.220
  4.250
  4.270
  4.290
  4.310
  4.330
  4.350
  4.360
  4.370
  4.390
  4.400
  4.410
  4.420
  4.430
  4.440
  4.440
  4.450
  4.460
Adjusted equity ratio
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  636
  375
  397
  420
  443
  467
  492
  518
  544
  571
  599
  658
  688
  719
  751
  784
  819
  855
  892
  931
  971
  1,013
  1,057
  1,103
  1,152
  1,202
  1,254
  1,309
  1,367
  1,427
  1,490
Depreciation, amort., depletion, $m
  84
  94
  102
  110
  119
  129
  139
  150
  161
  173
  185
  157
  170
  184
  198
  213
  229
  245
  262
  279
  297
  316
  336
  357
  378
  400
  423
  448
  473
  499
  527
Funds from operations, $m
  1,804
  469
  499
  530
  562
  596
  631
  667
  705
  744
  784
  815
  858
  903
  949
  998
  1,048
  1,100
  1,154
  1,210
  1,269
  1,330
  1,394
  1,460
  1,529
  1,602
  1,678
  1,757
  1,840
  1,927
  2,017
Change in working capital, $m
  498
  529
  572
  614
  655
  695
  735
  773
  812
  849
  887
  925
  963
  1,002
  1,041
  1,082
  1,125
  1,169
  1,215
  1,263
  1,314
  1,367
  1,422
  1,481
  1,543
  1,609
  1,678
  1,750
  1,827
  1,908
  1,994
Cash from operations, $m
  1,306
  -60
  -73
  -84
  -93
  -99
  -104
  -106
  -107
  -105
  -103
  -110
  -105
  -99
  -92
  -85
  -77
  -69
  -61
  -53
  -45
  -37
  -29
  -21
  -14
  -7
  0
  7
  13
  19
  24
Maintenance CAPEX, $m
  0
  -45
  -52
  -60
  -69
  -78
  -88
  -98
  -108
  -120
  -131
  -144
  -157
  -170
  -184
  -198
  -213
  -229
  -245
  -262
  -279
  -297
  -316
  -336
  -357
  -378
  -400
  -423
  -448
  -473
  -499
New CAPEX, $m
  -190
  -78
  -82
  -88
  -94
  -100
  -106
  -111
  -117
  -122
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -232
  -242
  -252
  -263
  -275
  -287
Cash from investing activities, $m
  -3,376
  -123
  -134
  -148
  -163
  -178
  -194
  -209
  -225
  -242
  -259
  -277
  -296
  -314
  -334
  -354
  -375
  -397
  -420
  -444
  -468
  -494
  -521
  -549
  -579
  -610
  -642
  -675
  -711
  -748
  -786
Free cash flow, $m
  -2,070
  -183
  -208
  -233
  -256
  -278
  -297
  -315
  -332
  -347
  -362
  -387
  -400
  -413
  -426
  -439
  -452
  -466
  -481
  -497
  -513
  -531
  -550
  -571
  -593
  -616
  -642
  -669
  -698
  -729
  -763
Issuance/(repayment) of debt, $m
  4,197
  4,153
  4,491
  4,823
  5,147
  5,464
  5,773
  6,077
  6,376
  6,672
  6,968
  7,264
  7,564
  7,870
  8,182
  8,504
  8,837
  9,184
  9,545
  9,923
  10,320
  10,736
  11,175
  11,637
  12,124
  12,638
  13,180
  13,751
  14,355
  14,991
  15,663
Issuance/(repurchase) of shares, $m
  23
  536
  582
  632
  679
  724
  766
  807
  846
  883
  920
  926
  961
  997
  1,033
  1,070
  1,108
  1,148
  1,189
  1,233
  1,279
  1,327
  1,379
  1,434
  1,492
  1,554
  1,619
  1,689
  1,763
  1,841
  1,924
Cash from financing (excl. dividends), $m  
  4,192
  4,689
  5,073
  5,455
  5,826
  6,188
  6,539
  6,884
  7,222
  7,555
  7,888
  8,190
  8,525
  8,867
  9,215
  9,574
  9,945
  10,332
  10,734
  11,156
  11,599
  12,063
  12,554
  13,071
  13,616
  14,192
  14,799
  15,440
  16,118
  16,832
  17,587
Total cash flow (excl. dividends), $m
  2,146
  4,507
  4,866
  5,222
  5,570
  5,910
  6,242
  6,568
  6,890
  7,208
  7,526
  7,803
  8,125
  8,453
  8,789
  9,135
  9,493
  9,865
  10,253
  10,659
  11,085
  11,533
  12,004
  12,500
  13,023
  13,575
  14,157
  14,772
  15,420
  16,103
  16,824
Retained Cash Flow (-), $m
  -665
  -912
  -979
  -1,052
  -1,122
  -1,191
  -1,259
  -1,325
  -1,390
  -1,455
  -1,519
  -1,584
  -1,649
  -1,716
  -1,784
  -1,854
  -1,927
  -2,002
  -2,081
  -2,163
  -2,250
  -2,341
  -2,436
  -2,537
  -2,643
  -2,755
  -2,874
  -2,998
  -3,130
  -3,268
  -3,415
Prev. year cash balance distribution, $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 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
 
  3,595
  3,886
  4,171
  4,448
  4,719
  4,984
  5,244
  5,500
  5,753
  6,006
  6,219
  6,476
  6,738
  7,005
  7,281
  7,566
  7,863
  8,172
  8,496
  8,835
  9,192
  9,567
  9,963
  10,380
  10,820
  11,284
  11,773
  12,290
  12,835
  13,409
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  3,242
  3,129
  2,967
  2,765
  2,533
  2,281
  2,019
  1,756
  1,501
  1,259
  1,030
  833
  659
  512
  388
  288
  209
  148
  102
  68
  44
  28
  17
  10
  6
  3
  2
  1
  0
  0
Current shareholders' claim on cash, %
  100
  96.3
  93.0
  89.9
  87.2
  84.6
  82.3
  80.2
  78.2
  76.4
  74.7
  73.2
  71.7
  70.4
  69.2
  68.0
  66.8
  65.8
  64.8
  63.8
  62.9
  62.0
  61.1
  60.3
  59.5
  58.7
  57.9
  57.2
  56.5
  55.8
  55.1

Raymond James Financial, Inc. (RJF) is a financial holding company. The Company's subsidiaries include Raymond James & Associates, Inc. (RJ&A), Raymond James Financial Services, Inc. (RJFS), Raymond James Financial Services Advisors, Inc. (RJFSA), Raymond James Ltd. (RJ Ltd.), Eagle Asset Management, Inc. (Eagle), and Raymond James Bank, N.A. (RJ Bank). It operates through five segments: Private Client Group (PCG), Capital Markets, Asset Management, RJ Bank and the Other segment. The Private Client Group segment includes the retail branches of the Company's broker-dealer subsidiaries located throughout the United States, Canada and the United Kingdom. The Capital Markets segment includes institutional sales and trading in the United States, Canada and Europe. The Asset Management segment includes the operations of Eagle, the Eagle Family of Funds and other fee-based asset management programs. RJ Bank segment provides corporate loan, securities based loans (SB) and residential loans.

FINANCIAL RATIOS  of  Raymond James Financial (RJF)

Valuation Ratios
P/E Ratio 21.8
Price to Sales 2.1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate 18.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.7%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 54.9%
Total Debt to Equity 376.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 96.4%
Gross Margin - 3 Yr. Avg. 96.7%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 18%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 14.2%
Pre-Tax Margin - 3 Yr. Avg. 14.5%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 20%

RJF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RJF stock intrinsic value calculation we used $6525 million for the last fiscal year's total revenue generated by Raymond James Financial. The default revenue input number comes from 2017 income statement of Raymond James 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 RJF stock valuation model: a) initial revenue growth rate of 16.2% 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 10.9%, whose default value for RJF is calculated based on our internal credit rating of Raymond James 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 Raymond James 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 RJF stock the variable cost ratio is equal to 85.3%.

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 RJF 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 Raymond James Financial.

Corporate tax rate of 27% is the nominal tax rate for Raymond James 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 RJF 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 RJF are equal to 7.2%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Raymond James 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 RJF is equal to 50%. 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 - $5582 million for Raymond James 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 145.241 million for Raymond James 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 Raymond James Financial at the current share price and the inputted number of shares is $14.0 billion.

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COMPANY NEWS

▶ PPG Industries: Analysts Views and Recommendations   [Jan-12-18 10:40AM  Market Realist]
▶ Raymond James expects Q1 earnings to take hit from new tax law   [Jan-11-18 02:00PM  American City Business Journals]
▶ Stocks With Rising Relative Strength: Raymond James Financial   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ Traffic updates at Carillon bring 650 new jobs to Raymond James   [02:10PM  American City Business Journals]
▶ Raymond James sues Lowes over investment banking deal   [Jan-05-18 02:52PM  American City Business Journals]
▶ U.S. Spending Edges Higher With Inflation in Nov.   [Dec-22-17 10:20AM  Bloomberg Video]
▶ Interactive Brokers Commences Bitcoin Futures Trading   [Dec-19-17 07:32AM  Market Realist]
▶ JPMorgan Chase to offer discounts like Amazon   [Dec-08-17 11:08AM  Yahoo Finance Video]
▶ Bitcoin continues onward and upward   [11:09AM  Yahoo Finance Video]
▶ Raymond James wraps up $173M deal   [Nov-20-17 02:55PM  American City Business Journals]
▶ Raymond James CEO on Expansion Push, Tax Reform   [Nov-17-17 04:33PM  Bloomberg Video]
▶ Stocks With Rising Relative Strength: Raymond James Financial   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Giddis Says Market Moving Data Will Come Later This Week   [Oct-30-17 11:23AM  Bloomberg Video]
▶ Raymond James posts 4Q profit   [Oct-25-17 06:05PM  Associated Press]
▶ Why Raymond James Financial Inc (RJF) Could Be A Buy   [Oct-19-17 02:17PM  Simply Wall St.]
▶ Heres how Oranjs 'un-robo-advisor' saves you money   [Oct-10-17 01:21PM  Yahoo Finance Video]
▶ Deregulation is driving bank stocks highernot the Fed: NYSE trader   [Oct-09-17 01:05PM  Yahoo Finance Video]
▶ [$$] Finance Chiefs Have Longer Tenures, and That Is Good for Companies   [Aug-13-17 08:00AM  The Wall Street Journal]
▶ Raymond James posts 3Q profit   [Jul-26-17 11:24PM  Associated Press]
▶ PEG Ratio vs. the P/E Ratio   [Jul-25-17 02:32PM  Zacks]
▶ Oil Analyst Molchanov Is Watching Global Inventory   [Jun-21-17 09:06AM  Bloomberg Video]
▶ 4 Surging Finance Stocks With Solid Dividends   [Jun-20-17 04:36PM  Zacks]
▶ Raymond James CEO: Trump's corporate tax cut is too deep   [10:35AM  American City Business Journals]
▶ Raymond James Initiates Coverage of Newmont Mining   [Jun-16-17 05:04PM  GuruFocus.com]
Financial statements of RJF
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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