Intrinsic value of Stifel Financial - SF

Previous Close

$48.40

  Intrinsic Value

$187.99

stock screener

  Rating & Target

str. buy

+288%

  Value-price divergence*

+39%

Previous close

$48.40

 
Intrinsic value

$187.99

 
Up/down potential

+288%

 
Rating

str. buy

 
Value-price divergence*

+39%

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

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

We calculate the intrinsic value of SF 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 3.3

 

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, %
  11.15
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  2,642
  2,880
  3,127
  3,385
  3,653
  3,932
  4,221
  4,522
  4,834
  5,159
  5,497
  5,849
  6,215
  6,596
  6,993
  7,406
  7,837
  8,287
  8,757
  9,248
  9,760
  10,295
  10,855
  11,441
  12,053
  12,694
  13,366
  14,068
  14,805
  15,576
  16,384
Variable operating expenses, $m
 
  2,698
  2,922
  3,155
  3,397
  3,649
  3,910
  4,182
  4,465
  4,758
  5,064
  5,285
  5,616
  5,960
  6,318
  6,692
  7,082
  7,488
  7,913
  8,356
  8,819
  9,303
  9,809
  10,338
  10,891
  11,471
  12,077
  12,712
  13,377
  14,074
  14,804
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
  2,500
  2,698
  2,922
  3,155
  3,397
  3,649
  3,910
  4,182
  4,465
  4,758
  5,064
  5,285
  5,616
  5,960
  6,318
  6,692
  7,082
  7,488
  7,913
  8,356
  8,819
  9,303
  9,809
  10,338
  10,891
  11,471
  12,077
  12,712
  13,377
  14,074
  14,804
Operating income, $m
  143
  181
  205
  230
  256
  283
  311
  340
  370
  401
  434
  564
  599
  636
  674
  714
  756
  799
  844
  892
  941
  993
  1,047
  1,103
  1,162
  1,224
  1,289
  1,356
  1,427
  1,502
  1,580
EBITDA, $m
  200
  291
  316
  342
  370
  398
  427
  458
  489
  522
  556
  592
  629
  667
  707
  749
  793
  838
  886
  936
  987
  1,042
  1,098
  1,158
  1,220
  1,284
  1,352
  1,423
  1,498
  1,576
  1,658
Interest expense (income), $m
  62
  50
  101
  156
  213
  271
  333
  396
  463
  531
  603
  677
  754
  835
  919
  1,006
  1,097
  1,192
  1,291
  1,394
  1,502
  1,615
  1,733
  1,856
  1,985
  2,119
  2,260
  2,408
  2,563
  2,724
  2,894
Earnings before tax, $m
  143
  131
  104
  74
  43
  11
  -22
  -57
  -93
  -130
  -169
  -113
  -155
  -199
  -245
  -292
  -341
  -393
  -447
  -503
  -561
  -622
  -686
  -753
  -822
  -895
  -972
  -1,052
  -1,135
  -1,223
  -1,315
Tax expense, $m
  61
  35
  28
  20
  12
  3
  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
  82
  96
  76
  54
  32
  8
  -22
  -57
  -93
  -130
  -169
  -113
  -155
  -199
  -245
  -292
  -341
  -393
  -447
  -503
  -561
  -622
  -686
  -753
  -822
  -895
  -972
  -1,052
  -1,135
  -1,223
  -1,315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  986
  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
  19,129
  19,725
  21,421
  23,186
  25,021
  26,929
  28,912
  30,972
  33,113
  35,339
  37,653
  40,061
  42,567
  45,176
  47,894
  50,727
  53,681
  56,763
  59,980
  63,339
  66,849
  70,516
  74,350
  78,361
  82,557
  86,948
  91,545
  96,359
  101,401
  106,683
  112,218
Adjusted assets (=assets-cash), $m
  18,143
  19,725
  21,421
  23,186
  25,021
  26,929
  28,912
  30,972
  33,113
  35,339
  37,653
  40,061
  42,567
  45,176
  47,894
  50,727
  53,681
  56,763
  59,980
  63,339
  66,849
  70,516
  74,350
  78,361
  82,557
  86,948
  91,545
  96,359
  101,401
  106,683
  112,218
Revenue / Adjusted assets
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
Average production assets, $m
  267
  291
  316
  342
  369
  397
  426
  457
  488
  521
  555
  591
  628
  666
  706
  748
  792
  837
  884
  934
  986
  1,040
  1,096
  1,156
  1,217
  1,282
  1,350
  1,421
  1,495
  1,573
  1,655
Working capital, $m
  0
  -288
  -313
  -339
  -365
  -393
  -422
  -452
  -483
  -516
  -550
  -585
  -621
  -660
  -699
  -741
  -784
  -829
  -876
  -925
  -976
  -1,030
  -1,086
  -1,144
  -1,205
  -1,269
  -1,337
  -1,407
  -1,480
  -1,558
  -1,638
Total debt, $m
  2,009
  2,739
  4,211
  5,743
  7,336
  8,992
  10,713
  12,501
  14,360
  16,292
  18,301
  20,391
  22,566
  24,831
  27,190
  29,649
  32,213
  34,889
  37,681
  40,597
  43,643
  46,826
  50,154
  53,635
  57,277
  61,089
  65,079
  69,258
  73,634
  78,219
  83,024
Total liabilities, $m
  16,391
  17,121
  18,593
  20,125
  21,718
  23,374
  25,095
  26,883
  28,742
  30,674
  32,683
  34,773
  36,948
  39,213
  41,572
  44,031
  46,595
  49,271
  52,063
  54,979
  58,025
  61,208
  64,536
  68,017
  71,659
  75,471
  79,461
  83,640
  88,016
  92,601
  97,406
Total equity, $m
  2,738
  2,604
  2,828
  3,061
  3,303
  3,555
  3,816
  4,088
  4,371
  4,665
  4,970
  5,288
  5,619
  5,963
  6,322
  6,696
  7,086
  7,493
  7,917
  8,361
  8,824
  9,308
  9,814
  10,344
  10,897
  11,477
  12,084
  12,719
  13,385
  14,082
  14,813
Total liabilities and equity, $m
  19,129
  19,725
  21,421
  23,186
  25,021
  26,929
  28,911
  30,971
  33,113
  35,339
  37,653
  40,061
  42,567
  45,176
  47,894
  50,727
  53,681
  56,764
  59,980
  63,340
  66,849
  70,516
  74,350
  78,361
  82,556
  86,948
  91,545
  96,359
  101,401
  106,683
  112,219
Debt-to-equity ratio
  0.734
  1.050
  1.490
  1.880
  2.220
  2.530
  2.810
  3.060
  3.290
  3.490
  3.680
  3.860
  4.020
  4.160
  4.300
  4.430
  4.550
  4.660
  4.760
  4.860
  4.950
  5.030
  5.110
  5.190
  5.260
  5.320
  5.390
  5.450
  5.500
  5.550
  5.600
Adjusted equity ratio
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  96
  76
  54
  32
  8
  -22
  -57
  -93
  -130
  -169
  -113
  -155
  -199
  -245
  -292
  -341
  -393
  -447
  -503
  -561
  -622
  -686
  -753
  -822
  -895
  -972
  -1,052
  -1,135
  -1,223
  -1,315
Depreciation, amort., depletion, $m
  57
  110
  111
  112
  114
  115
  116
  118
  119
  121
  122
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  52
  55
  57
  60
  64
  67
  71
  74
  78
Funds from operations, $m
  -1,381
  206
  187
  167
  145
  123
  94
  61
  27
  -9
  -47
  -85
  -126
  -168
  -211
  -257
  -304
  -353
  -405
  -459
  -515
  -573
  -634
  -698
  -765
  -835
  -908
  -985
  -1,065
  -1,149
  -1,236
Change in working capital, $m
  -1,032
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
Cash from operations, $m
  -349
  229
  212
  192
  172
  151
  123
  91
  58
  23
  -13
  -50
  -89
  -130
  -172
  -215
  -261
  -308
  -358
  -410
  -463
  -520
  -578
  -640
  -704
  -771
  -841
  -914
  -991
  -1,071
  -1,156
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -55
  -57
  -60
  -64
  -67
  -71
  -74
New CAPEX, $m
  -28
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -44
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
Cash from investing activities, $m
  -5,255
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -86
  -92
  -96
  -100
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -149
  -156
Free cash flow, $m
  -5,604
  193
  173
  151
  129
  106
  75
  41
  5
  -33
  -72
  -112
  -154
  -198
  -243
  -290
  -340
  -391
  -445
  -501
  -559
  -620
  -684
  -750
  -820
  -893
  -969
  -1,049
  -1,132
  -1,220
  -1,311
Issuance/(repayment) of debt, $m
  692
  1,376
  1,472
  1,532
  1,593
  1,656
  1,721
  1,788
  1,859
  1,932
  2,009
  2,090
  2,175
  2,265
  2,359
  2,459
  2,564
  2,675
  2,792
  2,916
  3,046
  3,183
  3,328
  3,481
  3,642
  3,812
  3,990
  4,178
  4,377
  4,585
  4,805
Issuance/(repurchase) of shares, $m
  32
  110
  148
  179
  211
  243
  284
  329
  375
  424
  475
  431
  486
  543
  603
  666
  731
  800
  871
  946
  1,024
  1,106
  1,192
  1,282
  1,376
  1,475
  1,579
  1,687
  1,801
  1,920
  2,045
Cash from financing (excl. dividends), $m  
  5,722
  1,486
  1,620
  1,711
  1,804
  1,899
  2,005
  2,117
  2,234
  2,356
  2,484
  2,521
  2,661
  2,808
  2,962
  3,125
  3,295
  3,475
  3,663
  3,862
  4,070
  4,289
  4,520
  4,763
  5,018
  5,287
  5,569
  5,865
  6,178
  6,505
  6,850
Total cash flow (excl. dividends), $m
  106
  1,679
  1,793
  1,862
  1,933
  2,005
  2,080
  2,157
  2,239
  2,323
  2,412
  2,409
  2,507
  2,611
  2,720
  2,835
  2,956
  3,084
  3,219
  3,361
  3,511
  3,670
  3,837
  4,013
  4,198
  4,394
  4,600
  4,816
  5,045
  5,285
  5,538
Retained Cash Flow (-), $m
  -246
  -206
  -224
  -233
  -242
  -252
  -284
  -329
  -375
  -424
  -475
  -431
  -486
  -543
  -603
  -666
  -731
  -800
  -871
  -946
  -1,024
  -1,106
  -1,192
  -1,282
  -1,376
  -1,475
  -1,579
  -1,687
  -1,801
  -1,920
  -2,045
Prev. year cash balance distribution, $m
 
  340
  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
 
  1,813
  1,570
  1,629
  1,690
  1,753
  1,796
  1,829
  1,863
  1,899
  1,938
  1,978
  2,021
  2,067
  2,116
  2,169
  2,224
  2,284
  2,347
  2,415
  2,487
  2,563
  2,644
  2,731
  2,822
  2,919
  3,021
  3,129
  3,244
  3,365
  3,493
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
 
  1,738
  1,437
  1,418
  1,392
  1,359
  1,304
  1,236
  1,165
  1,091
  1,016
  939
  863
  786
  710
  637
  565
  497
  432
  372
  316
  265
  219
  179
  144
  114
  88
  67
  50
  37
  26
Current shareholders' claim on cash, %
  100
  96.3
  91.9
  87.3
  82.5
  77.7
  72.9
  68.0
  63.1
  58.4
  53.8
  50.1
  46.6
  43.1
  39.7
  36.5
  33.4
  30.5
  27.8
  25.3
  22.9
  20.8
  18.7
  16.9
  15.2
  13.7
  12.2
  11.0
  9.8
  8.7
  7.8

Stifel Financial Corp., a financial holding company, provides retail and institutional wealth management, and investment banking services in the United States, the United Kingdom, and Europe. The company’s Global Wealth Management segment offers securities transaction, brokerage, and investment services; financial planning services; equity securities; fixed income securities, including municipal, corporate, and government agency securities; preferred stock; unit investment trusts; fee-based products; insurance and annuity products; securities-based lending services; and asset management services. It also offers retail and commercial banking services, such as personal loan programs, such as mortgage loans, home equity lines of credit, loans secured by certificates of deposit or savings, and securities-based loans; and commercial lending comprising small business loans, commercial real estate loans, lines of credit, credit cards, term loans, and inventory and receivables financing, as well as other banking products. As of December 31, 2016, this segment had a network of 2,159 financial advisors located in 360 branch offices in 45 states and the District of Columbia; and 123 independent contractors. Its Institutional Group segment publishes research across various industry groups; distributes equity research products, executes equity trades, and sells the securities of companies for which the company acts as an underwriter; and provides financial advisory services with respect to mergers and acquisitions, and the execution of public offerings and private placements of debt and equity securities. This segment also coordinates marketing, distribution, pricing, and stabilization of the company’s managed equity and debt offerings; and acts as an underwriter and dealer in bonds issued by states, cities, and other political subdivisions. Stifel Financial Corp. was founded in 1890 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Stifel Financial (SF)

Valuation Ratios
P/E Ratio 39.3
Price to Sales 1.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -9.2
Price to Free Cash Flow -8.6
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 49.8%
Total Debt to Equity 73.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 95.8%
Gross Margin - 3 Yr. Avg. 96.2%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 42.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.8%
Payout Ratio 4.9%

SF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SF stock intrinsic value calculation we used $2642 million for the last fiscal year's total revenue generated by Stifel Financial. The default revenue input number comes from 2016 income statement of Stifel 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 SF stock valuation model: a) initial revenue growth rate of 9% 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 SF is calculated based on our internal credit rating of Stifel 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 Stifel 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 SF stock the variable cost ratio is equal to 94%.

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 SF 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 3.7% for Stifel Financial.

Corporate tax rate of 27% is the nominal tax rate for Stifel 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 SF 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 SF are equal to 10.1%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Stifel 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 SF is equal to -10%. 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 - $2738 million for Stifel 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 67.526 million for Stifel 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 Stifel Financial at the current share price and the inputted number of shares is $3.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RJF Raymond James 77.85 453.93  str.buy
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LPLA LPL Financial 46.07 54.58  buy
SCHW Charles Schwab 39.51 107.58  str.buy
AMTD TD Ameritrade 42.43 84.66  str.buy

COMPANY NEWS

▶ MOVES-Stifel names new senior vice presidents   [Aug-18-17 12:29PM  Reuters]
▶ Stifel to Start Paying A Dividend, Shares Slip   [Aug-15-17 11:57AM  Barrons.com]
▶ Stifel Declares Preferred Stock Cash Dividend   [Aug-14-17 04:30PM  Marketwired]
▶ Postal Service may get more freedom to raise stamp prices   [Aug-09-17 11:37AM  Associated Press]
▶ All Eyes on Apple as Tech Stocks Lead the Market   [Aug-01-17 10:41AM  Bloomberg Video]
▶ Stifel posts 2Q profit   [Jul-31-17 09:49PM  Associated Press]
▶ Street cooling on Starbucks: two analyst downgrades   [Jul-28-17 12:26PM  CNBC Videos]
▶ Stifel: Snap's user growth is steady   [Jul-13-17 12:00PM  CNBC Videos]
▶ Stifel's Caron Sees Rotation in Market Leadership   [Jul-05-17 12:56PM  Bloomberg Video]
▶ Stifel Strategist Questions Amazon-Whole Foods Deal   [Jun-16-17 12:31PM  Bloomberg Video]
▶ KBW Announces Index Rebalancing for Second-Quarter 2017   [Jun-09-17 09:00PM  Business Wire]
▶ [$$] Secondary Market Buyer Listings (M-Z)   [Jun-05-17 09:43AM  The Wall Street Journal]
▶ Stifel Declares Preferred Stock Cash Dividend   [May-23-17 06:00AM  Marketwired]
▶ Stifel posts 1Q profit   [May-01-17 04:44PM  Associated Press]
▶ Stifel Appoints David A. Peacock to Board of Directors   [Apr-21-17 05:00PM  Marketwired]
▶ KBW Announces 2016 Bank Honor Roll Award Winners   [Apr-18-17 09:00AM  Business Wire]
▶ KBW Announces Index Rebalancing for First-Quarter 2017   [Mar-10-17 09:00PM  Business Wire]
▶ Clearwater bank takes aim at millennials with $175M deal   [Mar-08-17 12:27PM  at bizjournals.com]
▶ Stifel Declares Preferred Stock Cash Dividend   [Feb-21-17 07:00AM  Marketwired]
Stock chart of SF Financial statements of SF
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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