Intrinsic value of Virtu Financial - VIRT

Previous Close

$29.25

  Intrinsic Value

$359.77

stock screener

  Rating & Target

str. buy

+999%

Previous close

$29.25

 
Intrinsic value

$359.77

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of VIRT 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, %
  -11.81
  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
  702
  1,123
  1,735
  2,595
  3,766
  5,313
  7,304
  9,804
  12,873
  16,564
  20,922
  25,980
  31,763
  38,285
  45,552
  53,561
  62,304
  71,769
  81,941
  92,802
  104,337
  116,531
  129,370
  142,845
  156,951
  171,684
  187,047
  203,046
  219,693
  237,001
  254,991
Variable operating expenses, $m
 
  639
  948
  1,382
  1,974
  2,755
  3,761
  5,024
  6,574
  8,439
  10,640
  13,124
  16,045
  19,340
  23,010
  27,056
  31,473
  36,254
  41,392
  46,879
  52,706
  58,865
  65,351
  72,158
  79,283
  86,726
  94,486
  102,568
  110,977
  119,721
  128,808
Fixed operating expenses, $m
 
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
Total operating expenses, $m
  523
  740
  1,052
  1,489
  2,083
  2,867
  3,876
  5,142
  6,695
  8,563
  10,767
  13,254
  16,178
  19,476
  23,150
  27,199
  31,620
  36,405
  41,546
  47,037
  52,868
  59,031
  65,521
  72,333
  79,462
  86,910
  94,674
  102,761
  111,175
  119,924
  129,016
Operating income, $m
  180
  383
  683
  1,106
  1,683
  2,445
  3,428
  4,662
  6,178
  8,002
  10,155
  12,726
  15,585
  18,809
  22,402
  26,361
  30,684
  35,364
  40,394
  45,765
  51,469
  57,499
  63,848
  70,513
  77,488
  84,775
  92,372
  100,285
  108,518
  117,078
  125,975
EBITDA, $m
  210
  457
  758
  1,183
  1,761
  2,527
  3,514
  4,753
  6,275
  8,106
  10,267
  12,777
  15,647
  18,884
  22,491
  26,466
  30,806
  35,505
  40,555
  45,947
  51,674
  57,727
  64,102
  70,793
  77,796
  85,111
  92,739
  100,683
  108,948
  117,542
  126,475
Interest expense (income), $m
  55
  55
  204
  471
  846
  1,357
  2,032
  2,901
  3,993
  5,332
  6,943
  8,846
  11,054
  13,578
  16,425
  19,597
  23,093
  26,909
  31,040
  35,480
  40,221
  45,256
  50,579
  56,183
  62,065
  68,222
  74,653
  81,359
  88,343
  95,609
  103,164
Earnings before tax, $m
  180
  328
  480
  635
  837
  1,089
  1,396
  1,761
  2,185
  2,669
  3,211
  3,881
  4,531
  5,231
  5,977
  6,765
  7,592
  8,455
  9,354
  10,285
  11,248
  12,243
  13,270
  14,329
  15,423
  16,552
  17,719
  18,926
  20,175
  21,469
  22,811
Tax expense, $m
  22
  89
  130
  172
  226
  294
  377
  475
  590
  721
  867
  1,048
  1,223
  1,412
  1,614
  1,826
  2,050
  2,283
  2,525
  2,777
  3,037
  3,306
  3,583
  3,869
  4,164
  4,469
  4,784
  5,110
  5,447
  5,797
  6,159
Net income, $m
  33
  239
  350
  464
  611
  795
  1,019
  1,285
  1,595
  1,949
  2,344
  2,833
  3,308
  3,819
  4,363
  4,938
  5,542
  6,172
  6,828
  7,508
  8,211
  8,937
  9,687
  10,460
  11,259
  12,083
  12,935
  13,816
  14,727
  15,672
  16,652

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  181
  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
  3,692
  5,616
  8,677
  12,976
  18,828
  26,563
  36,518
  49,018
  64,363
  82,820
  104,609
  129,900
  158,815
  191,426
  227,759
  267,804
  311,521
  358,846
  409,703
  464,010
  521,685
  582,653
  646,849
  714,227
  784,754
  858,420
  935,235
  1,015,231
  1,098,463
  1,185,004
  1,274,953
Adjusted assets (=assets-cash), $m
  3,511
  5,616
  8,677
  12,976
  18,828
  26,563
  36,518
  49,018
  64,363
  82,820
  104,609
  129,900
  158,815
  191,426
  227,759
  267,804
  311,521
  358,846
  409,703
  464,010
  521,685
  582,653
  646,849
  714,227
  784,754
  858,420
  935,235
  1,015,231
  1,098,463
  1,185,004
  1,274,953
Revenue / Adjusted assets
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
Average production assets, $m
  35
  55
  85
  127
  185
  260
  358
  480
  631
  812
  1,025
  1,273
  1,556
  1,876
  2,232
  2,624
  3,053
  3,517
  4,015
  4,547
  5,113
  5,710
  6,339
  6,999
  7,691
  8,413
  9,165
  9,949
  10,765
  11,613
  12,495
Working capital, $m
  0
  -249
  -385
  -576
  -836
  -1,179
  -1,621
  -2,176
  -2,858
  -3,677
  -4,645
  -5,768
  -7,051
  -8,499
  -10,113
  -11,891
  -13,832
  -15,933
  -18,191
  -20,602
  -23,163
  -25,870
  -28,720
  -31,712
  -34,843
  -38,114
  -41,524
  -45,076
  -48,772
  -52,614
  -56,608
Total debt, $m
  590
  2,098
  4,853
  8,722
  13,989
  20,951
  29,910
  41,160
  54,971
  71,582
  91,192
  113,954
  139,978
  169,327
  202,027
  238,068
  277,413
  320,005
  365,777
  414,653
  466,560
  521,431
  579,208
  639,848
  703,323
  769,622
  838,756
  910,752
  985,660
  1,063,548
  1,144,501
Total liabilities, $m
  3,547
  5,054
  7,809
  11,678
  16,945
  23,907
  32,866
  44,116
  57,927
  74,538
  94,148
  116,910
  142,934
  172,283
  204,983
  241,024
  280,369
  322,961
  368,733
  417,609
  469,516
  524,387
  582,164
  642,804
  706,279
  772,578
  841,712
  913,708
  988,616
  1,066,504
  1,147,457
Total equity, $m
  146
  562
  868
  1,298
  1,883
  2,656
  3,652
  4,902
  6,436
  8,282
  10,461
  12,990
  15,882
  19,143
  22,776
  26,780
  31,152
  35,885
  40,970
  46,401
  52,168
  58,265
  64,685
  71,423
  78,475
  85,842
  93,524
  101,523
  109,846
  118,500
  127,495
Total liabilities and equity, $m
  3,693
  5,616
  8,677
  12,976
  18,828
  26,563
  36,518
  49,018
  64,363
  82,820
  104,609
  129,900
  158,816
  191,426
  227,759
  267,804
  311,521
  358,846
  409,703
  464,010
  521,684
  582,652
  646,849
  714,227
  784,754
  858,420
  935,236
  1,015,231
  1,098,462
  1,185,004
  1,274,952
Debt-to-equity ratio
  4.041
  3.740
  5.590
  6.720
  7.430
  7.890
  8.190
  8.400
  8.540
  8.640
  8.720
  8.770
  8.810
  8.850
  8.870
  8.890
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
Adjusted equity ratio
  -0.003
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  239
  350
  464
  611
  795
  1,019
  1,285
  1,595
  1,949
  2,344
  2,833
  3,308
  3,819
  4,363
  4,938
  5,542
  6,172
  6,828
  7,508
  8,211
  8,937
  9,687
  10,460
  11,259
  12,083
  12,935
  13,816
  14,727
  15,672
  16,652
Depreciation, amort., depletion, $m
  30
  74
  75
  77
  79
  82
  86
  91
  97
  104
  113
  51
  62
  75
  89
  105
  122
  141
  161
  182
  205
  228
  254
  280
  308
  337
  367
  398
  431
  465
  500
Funds from operations, $m
  249
  313
  425
  540
  690
  877
  1,105
  1,376
  1,692
  2,053
  2,457
  2,884
  3,370
  3,894
  4,452
  5,043
  5,664
  6,313
  6,989
  7,690
  8,415
  9,166
  9,940
  10,740
  11,566
  12,420
  13,302
  14,214
  15,158
  16,137
  17,152
Change in working capital, $m
  9
  -94
  -136
  -191
  -260
  -343
  -442
  -555
  -681
  -819
  -967
  -1,123
  -1,284
  -1,448
  -1,613
  -1,778
  -1,941
  -2,101
  -2,258
  -2,411
  -2,561
  -2,707
  -2,850
  -2,992
  -3,131
  -3,271
  -3,411
  -3,552
  -3,695
  -3,842
  -3,994
Cash from operations, $m
  240
  407
  561
  731
  949
  1,220
  1,547
  1,931
  2,373
  2,872
  3,424
  4,007
  4,654
  5,342
  6,066
  6,821
  7,605
  8,414
  9,247
  10,101
  10,976
  11,873
  12,791
  13,732
  14,698
  15,690
  16,712
  17,766
  18,854
  19,979
  21,145
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -5
  -7
  -10
  -14
  -19
  -25
  -32
  -41
  -51
  -62
  -75
  -89
  -105
  -122
  -141
  -161
  -182
  -205
  -228
  -254
  -280
  -308
  -337
  -367
  -398
  -431
  -465
New CAPEX, $m
  -20
  -21
  -30
  -42
  -57
  -76
  -98
  -122
  -150
  -181
  -214
  -248
  -283
  -320
  -356
  -392
  -428
  -464
  -498
  -532
  -565
  -597
  -629
  -660
  -691
  -722
  -753
  -784
  -816
  -848
  -881
Cash from investing activities, $m
  -59
  -22
  -32
  -45
  -62
  -83
  -108
  -136
  -169
  -206
  -246
  -289
  -334
  -382
  -431
  -481
  -533
  -586
  -639
  -693
  -747
  -802
  -857
  -914
  -971
  -1,030
  -1,090
  -1,151
  -1,214
  -1,279
  -1,346
Free cash flow, $m
  181
  385
  529
  686
  887
  1,137
  1,439
  1,794
  2,204
  2,666
  3,178
  3,718
  4,320
  4,960
  5,634
  6,339
  7,072
  7,828
  8,608
  9,408
  10,229
  11,071
  11,933
  12,818
  13,727
  14,661
  15,623
  16,615
  17,640
  18,700
  19,799
Issuance/(repayment) of debt, $m
  52
  1,533
  2,755
  3,869
  5,266
  6,962
  8,959
  11,250
  13,811
  16,611
  19,610
  22,762
  26,024
  29,349
  32,700
  36,041
  39,345
  42,592
  45,771
  48,876
  51,907
  54,871
  57,777
  60,640
  63,474
  66,299
  69,134
  71,997
  74,908
  77,887
  80,954
Issuance/(repurchase) of shares, $m
  -7
  332
  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  
  -123
  1,865
  2,755
  3,869
  5,266
  6,962
  8,959
  11,250
  13,811
  16,611
  19,610
  22,762
  26,024
  29,349
  32,700
  36,041
  39,345
  42,592
  45,771
  48,876
  51,907
  54,871
  57,777
  60,640
  63,474
  66,299
  69,134
  71,997
  74,908
  77,887
  80,954
Total cash flow (excl. dividends), $m
  56
  2,250
  3,283
  4,555
  6,153
  8,099
  10,398
  13,044
  16,015
  19,277
  22,788
  26,480
  30,343
  34,309
  38,334
  42,380
  46,416
  50,421
  54,379
  58,284
  62,137
  65,942
  69,710
  73,458
  77,201
  80,960
  84,757
  88,612
  92,548
  96,588
  100,753
Retained Cash Flow (-), $m
  -15
  -572
  -306
  -430
  -585
  -774
  -995
  -1,250
  -1,535
  -1,846
  -2,179
  -2,529
  -2,892
  -3,261
  -3,633
  -4,005
  -4,372
  -4,732
  -5,086
  -5,431
  -5,767
  -6,097
  -6,420
  -6,738
  -7,053
  -7,367
  -7,682
  -8,000
  -8,323
  -8,654
  -8,995
Prev. year cash balance distribution, $m
 
  156
  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
 
  1,835
  2,977
  4,125
  5,568
  7,325
  9,403
  11,794
  14,480
  17,431
  20,609
  23,951
  27,452
  31,048
  34,701
  38,376
  42,045
  45,688
  49,293
  52,854
  56,369
  59,845
  63,291
  66,720
  70,148
  73,594
  77,075
  80,612
  84,225
  87,933
  91,758
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  1,734
  2,645
  3,425
  4,294
  5,211
  6,126
  6,984
  7,731
  8,317
  8,707
  8,873
  8,824
  8,563
  8,115
  7,514
  6,802
  6,021
  5,213
  4,415
  3,657
  2,962
  2,345
  1,815
  1,372
  1,012
  728
  510
  348
  231
  149
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Virtu Financial, Inc. is a holding company. The Company is a technology-enabled market maker and liquidity provider to the financial markets across the world. It is engaged in buying or selling a range of securities and other financial instruments and earning small bid/ask spreads across various transactions. It has a single, multi-asset, multi-currency technology platform, through which it provides quotations to buyers and sellers in equities, commodities, currencies, options, fixed income and other securities on exchanges, markets and liquidity pools in various countries around the world. It makes markets in a range of different assets classes, such as Americas Equities; Europe, the Middle East and Africa (EMEA) Equities; Asia Pacific (APAC) Equities; Global Commodities; Global Currencies, and Options, Fixed Income and Other Securities. It makes markets for global banks, brokers and other intermediaries, and indirectly provides services to retail and institutional investors.

FINANCIAL RATIOS  of  Virtu Financial (VIRT)

Valuation Ratios
P/E Ratio 123.6
Price to Sales 5.8
Price to Book 27.9
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate -11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -9%
Financial Strength
Quick Ratio 7
Current Ratio NaN
LT Debt to Equity 387%
Total Debt to Equity 404.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 23.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 57.9%
EBITDA Margin 37.7%
EBITDA Margin - 3 Yr. Avg. 38.8%
Operating Margin 25.5%
Oper. Margin - 3 Yr. Avg. 26.4%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 12.2%
Eff/ Tax Rate - 3 Yr. Avg. 7.7%
Payout Ratio 115.2%

VIRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIRT stock intrinsic value calculation we used $702 million for the last fiscal year's total revenue generated by Virtu Financial. The default revenue input number comes from 2016 income statement of Virtu 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 VIRT 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 5.8%, whose default value for VIRT is calculated based on our internal credit rating of Virtu 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 Virtu 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 VIRT stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $99 million in the base year in the intrinsic value calculation for VIRT 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 9.7% for Virtu Financial.

Corporate tax rate of 27% is the nominal tax rate for Virtu 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 VIRT 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 VIRT are equal to 4.9%.

Life of production assets of 25 years is the average useful life of capital assets used in Virtu 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 VIRT is equal to -22.2%. 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 - $146 million for Virtu 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 187.432 million for Virtu 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 Virtu Financial at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Top 3 Growth Stocks For The Month   [Feb-17-18 11:02AM  Simply Wall St.]
▶ [$$] Five markets charts that matter for investors   [Feb-13-18 11:10PM  Financial Times]
▶ This Crazy Market is Great for Virtu Financial   [Feb-08-18 03:23PM  Barrons.com]
▶ Virtu Financial posts 4Q profit   [06:19AM  Associated Press]
▶ Virtu Financial reports 3Q loss   [06:21AM  Associated Press]
▶ Virtu Announces Third Quarter 2017 Results   [06:08AM  GlobeNewswire]
▶ [$$] ICE ramps up move on corporate bond market   [Oct-24-17 06:48PM  Financial Times]
▶ [$$] Low Volatility Takes Toll on Virtus Profit Machine   [12:48AM  The Wall Street Journal]
▶ Virtu Financial posts 2Q profit   [Aug-08-17 05:58PM  Associated Press]
▶ [$$] Low Volatility Takes Toll on Virtu's Profit Machine   [12:10PM  The Wall Street Journal]
▶ Virtu Announces Second Quarter 2017 Results   [07:00AM  GlobeNewswire]
▶ [$$] Virtu to Sell Electronic Bond Trading Platform   [Aug-01-17 06:38PM  The Wall Street Journal]
Financial statements of VIRT
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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