Intrinsic value of INTL FCStone - INTL

Previous Close

$44.37

  Intrinsic Value

$1,267

stock screener

  Rating & Target

str. buy

+999%

Previous close

$44.37

 
Intrinsic value

$1,267

 
Up/down potential

+999%

 
Rating

str. buy

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

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

We calculate the intrinsic value of INTL 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, %
  99.42
  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
  29,424
  47,078
  72,736
  108,777
  157,830
  222,675
  306,127
  410,912
  539,553
  694,274
  876,924
  1,088,941
  1,331,334
  1,604,706
  1,909,283
  2,244,978
  2,611,448
  3,008,169
  3,434,500
  3,889,750
  4,373,234
  4,884,321
  5,422,478
  5,987,296
  6,578,519
  7,196,055
  7,839,989
  8,510,590
  9,208,308
  9,933,777
  10,687,807
Variable operating expenses, $m
 
  46,840
  72,366
  108,220
  157,020
  221,531
  304,552
  408,796
  536,774
  690,696
  872,404
  1,083,322
  1,324,465
  1,596,426
  1,899,432
  2,233,394
  2,597,974
  2,992,648
  3,416,779
  3,869,680
  4,350,669
  4,859,120
  5,394,499
  5,956,404
  6,544,575
  7,158,925
  7,799,537
  8,466,678
  9,160,796
  9,882,521
  10,632,661
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
  29,408
  46,840
  72,366
  108,220
  157,020
  221,531
  304,552
  408,796
  536,774
  690,696
  872,404
  1,083,322
  1,324,465
  1,596,426
  1,899,432
  2,233,394
  2,597,974
  2,992,648
  3,416,779
  3,869,680
  4,350,669
  4,859,120
  5,394,499
  5,956,404
  6,544,575
  7,158,925
  7,799,537
  8,466,678
  9,160,796
  9,882,521
  10,632,661
Operating income, $m
  15
  238
  371
  557
  810
  1,144
  1,575
  2,115
  2,779
  3,578
  4,520
  5,619
  6,869
  8,280
  9,851
  11,583
  13,474
  15,521
  17,721
  20,070
  22,565
  25,202
  27,979
  30,893
  33,943
  37,130
  40,452
  43,912
  47,512
  51,256
  55,146
EBITDA, $m
  25
  249
  385
  575
  835
  1,177
  1,619
  2,173
  2,853
  3,671
  4,637
  5,758
  7,040
  8,486
  10,096
  11,871
  13,809
  15,907
  18,161
  20,569
  23,125
  25,828
  28,674
  31,660
  34,787
  38,052
  41,457
  45,003
  48,693
  52,529
  56,516
Interest expense (income), $m
  38
  32
  148
  322
  567
  900
  1,339
  1,906
  2,616
  3,489
  4,538
  5,777
  7,215
  8,860
  10,714
  12,780
  15,057
  17,543
  20,234
  23,126
  26,214
  29,493
  32,960
  36,610
  40,441
  44,452
  48,641
  53,008
  57,557
  62,290
  67,211
Earnings before tax, $m
  15
  206
  222
  234
  243
  245
  235
  210
  163
  89
  -18
  -159
  -346
  -580
  -862
  -1,196
  -1,583
  -2,021
  -2,513
  -3,055
  -3,649
  -4,291
  -4,981
  -5,717
  -6,498
  -7,322
  -8,188
  -9,096
  -10,045
  -11,034
  -12,064
Tax expense, $m
  9
  56
  60
  63
  66
  66
  64
  57
  44
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  6
  150
  162
  171
  177
  179
  172
  153
  119
  65
  -18
  -159
  -346
  -580
  -862
  -1,196
  -1,583
  -2,021
  -2,513
  -3,055
  -3,649
  -4,291
  -4,981
  -5,717
  -6,498
  -7,322
  -8,188
  -9,096
  -10,045
  -11,034
  -12,064

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  834
  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
  6,243
  8,654
  13,371
  19,996
  29,013
  40,933
  56,273
  75,535
  99,183
  127,624
  161,199
  200,173
  244,731
  294,983
  350,971
  412,680
  480,046
  552,972
  631,342
  715,028
  803,903
  897,853
  996,779
  1,100,606
  1,209,287
  1,322,804
  1,441,174
  1,564,447
  1,692,704
  1,826,062
  1,964,670
Adjusted assets (=assets-cash), $m
  5,409
  8,654
  13,371
  19,996
  29,013
  40,933
  56,273
  75,535
  99,183
  127,624
  161,199
  200,173
  244,731
  294,983
  350,971
  412,680
  480,046
  552,972
  631,342
  715,028
  803,903
  897,853
  996,779
  1,100,606
  1,209,287
  1,322,804
  1,441,174
  1,564,447
  1,692,704
  1,826,062
  1,964,670
Revenue / Adjusted assets
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
  5.440
Average production assets, $m
  30
  47
  73
  109
  158
  223
  306
  411
  540
  694
  877
  1,089
  1,331
  1,605
  1,909
  2,245
  2,611
  3,008
  3,435
  3,890
  4,373
  4,884
  5,422
  5,987
  6,579
  7,196
  7,840
  8,511
  9,208
  9,934
  10,688
Working capital, $m
  0
  1,271
  1,964
  2,937
  4,261
  6,012
  8,265
  11,095
  14,568
  18,745
  23,677
  29,401
  35,946
  43,327
  51,551
  60,614
  70,509
  81,221
  92,732
  105,023
  118,077
  131,877
  146,407
  161,657
  177,620
  194,293
  211,680
  229,786
  248,624
  268,212
  288,571
Total debt, $m
  1,623
  3,619
  7,864
  13,826
  21,942
  32,670
  46,476
  63,812
  85,094
  110,691
  140,909
  175,986
  216,088
  261,314
  311,704
  367,242
  427,871
  493,505
  564,038
  639,355
  719,343
  803,898
  892,931
  986,375
  1,084,188
  1,186,354
  1,292,887
  1,403,832
  1,519,263
  1,639,286
  1,764,033
Total liabilities, $m
  5,794
  7,789
  12,034
  17,996
  26,112
  36,840
  50,646
  67,982
  89,264
  114,861
  145,079
  180,156
  220,258
  265,484
  315,874
  371,412
  432,041
  497,675
  568,208
  643,525
  723,513
  808,068
  897,101
  990,545
  1,088,358
  1,190,524
  1,297,057
  1,408,002
  1,523,433
  1,643,456
  1,768,203
Total equity, $m
  450
  865
  1,337
  2,000
  2,901
  4,093
  5,627
  7,554
  9,918
  12,762
  16,120
  20,017
  24,473
  29,498
  35,097
  41,268
  48,005
  55,297
  63,134
  71,503
  80,390
  89,785
  99,678
  110,061
  120,929
  132,280
  144,117
  156,445
  169,270
  182,606
  196,467
Total liabilities and equity, $m
  6,244
  8,654
  13,371
  19,996
  29,013
  40,933
  56,273
  75,536
  99,182
  127,623
  161,199
  200,173
  244,731
  294,982
  350,971
  412,680
  480,046
  552,972
  631,342
  715,028
  803,903
  897,853
  996,779
  1,100,606
  1,209,287
  1,322,804
  1,441,174
  1,564,447
  1,692,703
  1,826,062
  1,964,670
Debt-to-equity ratio
  3.607
  4.180
  5.880
  6.910
  7.560
  7.980
  8.260
  8.450
  8.580
  8.670
  8.740
  8.790
  8.830
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
Adjusted equity ratio
  0.083
  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
  6
  150
  162
  171
  177
  179
  172
  153
  119
  65
  -18
  -159
  -346
  -580
  -862
  -1,196
  -1,583
  -2,021
  -2,513
  -3,055
  -3,649
  -4,291
  -4,981
  -5,717
  -6,498
  -7,322
  -8,188
  -9,096
  -10,045
  -11,034
  -12,064
Depreciation, amort., depletion, $m
  10
  11
  14
  19
  25
  33
  44
  57
  74
  94
  117
  140
  171
  206
  245
  288
  335
  386
  440
  499
  561
  626
  695
  768
  843
  923
  1,005
  1,091
  1,181
  1,274
  1,370
Funds from operations, $m
  -37
  161
  176
  190
  202
  212
  216
  211
  193
  158
  99
  -19
  -175
  -374
  -618
  -909
  -1,248
  -1,636
  -2,072
  -2,557
  -3,088
  -3,665
  -4,286
  -4,950
  -5,655
  -6,399
  -7,183
  -8,005
  -8,864
  -9,761
  -10,694
Change in working capital, $m
  -51
  477
  693
  973
  1,324
  1,751
  2,253
  2,829
  3,473
  4,177
  4,932
  5,724
  6,545
  7,381
  8,224
  9,064
  9,895
  10,711
  11,511
  12,292
  13,054
  13,799
  14,530
  15,250
  15,963
  16,673
  17,386
  18,106
  18,838
  19,588
  20,359
Cash from operations, $m
  14
  -316
  -517
  -784
  -1,122
  -1,539
  -2,037
  -2,619
  -3,280
  -4,019
  -4,833
  -5,743
  -6,720
  -7,755
  -8,841
  -9,972
  -11,142
  -12,347
  -13,583
  -14,849
  -16,142
  -17,464
  -18,816
  -20,200
  -21,618
  -23,073
  -24,569
  -26,111
  -27,703
  -29,348
  -31,053
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -14
  -20
  -29
  -39
  -53
  -69
  -89
  -112
  -140
  -171
  -206
  -245
  -288
  -335
  -386
  -440
  -499
  -561
  -626
  -695
  -768
  -843
  -923
  -1,005
  -1,091
  -1,181
  -1,274
New CAPEX, $m
  -16
  -17
  -26
  -36
  -49
  -65
  -83
  -105
  -129
  -155
  -183
  -212
  -242
  -273
  -305
  -336
  -366
  -397
  -426
  -455
  -483
  -511
  -538
  -565
  -591
  -618
  -644
  -671
  -698
  -725
  -754
Cash from investing activities, $m
  -22
  -21
  -32
  -45
  -63
  -85
  -112
  -144
  -182
  -224
  -272
  -324
  -382
  -444
  -511
  -581
  -654
  -732
  -812
  -895
  -982
  -1,072
  -1,164
  -1,260
  -1,359
  -1,461
  -1,567
  -1,676
  -1,789
  -1,906
  -2,028
Free cash flow, $m
  -8
  -337
  -548
  -829
  -1,185
  -1,624
  -2,149
  -2,763
  -3,462
  -4,243
  -5,104
  -6,068
  -7,102
  -8,199
  -9,352
  -10,553
  -11,797
  -13,079
  -14,395
  -15,744
  -17,124
  -18,536
  -19,981
  -21,460
  -22,976
  -24,534
  -26,136
  -27,787
  -29,491
  -31,254
  -33,081
Issuance/(repayment) of debt, $m
  2
  2,830
  4,245
  5,963
  8,115
  10,728
  13,806
  17,336
  21,283
  25,597
  30,218
  35,076
  40,102
  45,227
  50,390
  55,538
  60,629
  65,634
  70,533
  75,317
  79,988
  84,555
  89,033
  93,444
  97,813
  102,166
  106,533
  110,945
  115,431
  120,022
  124,748
Issuance/(repurchase) of shares, $m
  3
  265
  309
  492
  724
  1,013
  1,362
  1,773
  2,246
  2,779
  3,376
  4,056
  4,802
  5,605
  6,461
  7,367
  8,319
  9,314
  10,350
  11,424
  12,536
  13,686
  14,874
  16,100
  17,366
  18,674
  20,025
  21,423
  22,870
  24,370
  25,925
Cash from financing (excl. dividends), $m  
  6
  3,095
  4,554
  6,455
  8,839
  11,741
  15,168
  19,109
  23,529
  28,376
  33,594
  39,132
  44,904
  50,832
  56,851
  62,905
  68,948
  74,948
  80,883
  86,741
  92,524
  98,241
  103,907
  109,544
  115,179
  120,840
  126,558
  132,368
  138,301
  144,392
  150,673
Total cash flow (excl. dividends), $m
  -1
  2,758
  4,006
  5,625
  7,655
  10,117
  13,019
  16,346
  20,067
  24,134
  28,489
  33,064
  37,802
  42,633
  47,499
  52,352
  57,152
  61,869
  66,487
  70,997
  75,400
  79,705
  83,926
  88,084
  92,202
  96,306
  100,423
  104,581
  108,810
  113,138
  117,592
Retained Cash Flow (-), $m
  -16
  -415
  -472
  -663
  -902
  -1,192
  -1,534
  -1,926
  -2,365
  -2,844
  -3,376
  -4,056
  -4,802
  -5,605
  -6,461
  -7,367
  -8,319
  -9,314
  -10,350
  -11,424
  -12,536
  -13,686
  -14,874
  -16,100
  -17,366
  -18,674
  -20,025
  -21,423
  -22,870
  -24,370
  -25,925
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
 
  2,343
  3,534
  4,963
  6,753
  8,925
  11,485
  14,420
  17,702
  21,290
  25,113
  29,008
  33,000
  37,028
  41,038
  44,985
  48,833
  52,555
  56,138
  59,573
  62,864
  66,019
  69,053
  71,984
  74,836
  77,632
  80,397
  83,158
  85,940
  88,768
  91,667
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  2,169
  3,008
  3,851
  4,738
  5,612
  6,409
  7,069
  7,541
  7,789
  7,795
  7,540
  7,082
  6,466
  5,740
  4,957
  4,165
  3,406
  2,711
  2,100
  1,582
  1,159
  826
  571
  384
  250
  158
  96
  57
  33
  18
Current shareholders' claim on cash, %
  100
  76.0
  63.8
  53.3
  44.6
  37.6
  31.9
  27.3
  23.5
  20.5
  17.9
  15.8
  14.0
  12.5
  11.1
  10.0
  9.0
  8.2
  7.4
  6.8
  6.2
  5.7
  5.2
  4.8
  4.4
  4.1
  3.8
  3.5
  3.2
  3.0
  2.8

INTL Fcstone Inc. is a financial services company. The Company provides financial products, and advisory and execution service. The Company operates through five segments: Commercial Hedging, Global Payments, Securities, Physical Commodities, and Clearing and Execution Services (CES). The Commercial Hedging segment serves its commercial clients through its team of risk management consultants. The Global Payments segment provides global payment solutions to banks and commercial businesses, as well as charities and non-governmental organizations and government organizations. The Securities segment provides solutions that facilitate cross-border trading. The Physical Commodities segment consists of its physical precious metals trading and physical agricultural and energy commodity businesses. The CES segment seeks to provide clearing and execution of exchange-traded futures and options for the institutional and trader market segments.

FINANCIAL RATIOS  of  INTL FCStone (INTL)

Valuation Ratios
P/E Ratio 138.5
Price to Sales 0
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 59.4
Price to Free Cash Flow -415.5
Growth Rates
Sales Growth Rate 99.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.7%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 360.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 1.4%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 4.8
Profitability Ratios
Gross Margin 2.5%
Gross Margin - 3 Yr. Avg. 2.9%
EBITDA Margin 0.2%
EBITDA Margin - 3 Yr. Avg. 0.4%
Operating Margin 0.1%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 60%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 0%

INTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INTL stock intrinsic value calculation we used $29424 million for the last fiscal year's total revenue generated by INTL FCStone. The default revenue input number comes from 2017 income statement of INTL FCStone. 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 INTL 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 8%, whose default value for INTL is calculated based on our internal credit rating of INTL FCStone, 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 INTL FCStone.
    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 INTL stock the variable cost ratio is equal to 99.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INTL 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 4.1% for INTL FCStone.

Corporate tax rate of 27% is the nominal tax rate for INTL FCStone. 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 INTL 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 INTL are equal to 0.1%.

Life of production assets of 7.8 years is the average useful life of capital assets used in INTL FCStone 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 INTL is equal to 2.7%. 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 - $450 million for INTL FCStone - 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 18.916 million for INTL FCStone 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 INTL FCStone at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Holiday tech gifts under $100   [Dec-15-17 11:08AM  Yahoo Finance Video]
▶ FCStone reports 4Q loss   [Dec-13-17 05:01PM  Associated Press]
▶ Heres why Skype just unfriended Facebook   [Nov-28-17 01:25PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Nov 28th, 2017   [07:20AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Nov 27th, 2017   [Nov-23-17 09:40AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Nov 21st, 2017   [Nov-21-17 02:22PM  Yahoo Finance Video]
▶ Should you buy the new iPhone X?   [Nov-14-17 01:25PM  Yahoo Finance Video]
▶ Heres how Apple could turn AR mainstream   [Nov-08-17 12:30PM  Yahoo Finance Video]
▶ Broadcom preps for $130B Qualcomm takeover   [Nov-06-17 12:45PM  Yahoo Finance Video]
▶ Why you shouldnt use FB to log on to other sites   [Oct-31-17 12:40PM  Yahoo Finance Video]
▶ iPhone X production delays are worse than we thought   [Oct-25-17 12:17PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers   [Oct-23-17 09:40AM  Yahoo Finance Video]
▶ Facebook is still plagued by fake news   [Oct-13-17 12:28PM  Yahoo Finance Video]
▶ Google and FB are close to losing self-regulation in the UK   [Oct-11-17 01:02PM  Yahoo Finance Video]
▶ Disney's backs away from Twitter buy: Iger   [Oct-04-17 01:10PM  Yahoo Finance Video]
▶ BMW develops wireless car charging ahead of Tesla   [Sep-26-17 01:21PM  Yahoo Finance Video]
▶ Facebook: Lawmakers prep to regulate social media   [Sep-22-17 12:59PM  Yahoo Finance Video]
▶ Slack has more money than it know what to do with   [Sep-18-17 01:56PM  Yahoo Finance Video]
▶ Apple: Heres when you will get your preorders   [Sep-15-17 01:13PM  Yahoo Finance Video]
▶ FCStone posts 3Q profit   [Aug-09-17 10:33PM  Associated Press]
▶ [$$] Once Maligned, CIOs Level Up to Corner Office   [Jun-16-17 01:19PM  The Wall Street Journal]
▶ ETFs with exposure to INTL FCStone, Inc. : June 8, 2017   [Jun-08-17 01:41PM  Capital Cube]
▶ FCStone posts 2Q profit   [May-10-17 06:18PM  Associated Press]
▶ Trump's Immigration Rules and the Coming Food-Price Pinch   [Mar-16-17 02:16PM  The Wall Street Journal]
▶ Trump's Immigration Rules and the Coming Food-Price Pinch   [02:16PM  at The Wall Street Journal]
▶ Bernstein Slaps Intel With Downgrade   [Mar-09-17 09:05AM  at Investopedia]
▶ Bernstein Slaps Intel With Downgrade   [Mar-03-17 01:23PM  Investopedia]
Financial statements of INTL
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