Intrinsic value of INTL FCStone - INTL

Previous Close

$55.57

  Intrinsic Value

$8.39

stock screener

  Rating & Target

str. sell

-85%

Previous close

$55.57

 
Intrinsic value

$8.39

 
Up/down potential

-85%

 
Rating

str. sell

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

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

Revenue (in 2017), $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 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  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
  46,643
  71,882
  107,334
  155,586
  219,372
  301,461
  404,535
  531,075
  683,269
  862,936
  1,071,157
  1,309,593
  1,578,499
  1,878,103
  2,208,315
  2,568,801
  2,959,043
  3,378,412
  3,826,227
  4,301,815
  4,804,556
  5,333,924
  5,889,519
  6,471,086
  7,078,537
  7,711,955
  8,371,605
  9,057,928
  9,771,549
  10,513,266
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
  46,643
  71,882
  107,334
  155,586
  219,372
  301,461
  404,535
  531,075
  683,269
  862,936
  1,071,157
  1,309,593
  1,578,499
  1,878,103
  2,208,315
  2,568,801
  2,959,043
  3,378,412
  3,826,227
  4,301,815
  4,804,556
  5,333,924
  5,889,519
  6,471,086
  7,078,537
  7,711,955
  8,371,605
  9,057,928
  9,771,549
  10,513,266
Operating income, $m
  435
  854
  1,443
  2,244
  3,303
  4,666
  6,377
  8,478
  11,005
  13,988
  17,783
  21,742
  26,206
  31,180
  36,662
  42,647
  49,126
  56,088
  63,523
  71,419
  79,765
  88,554
  97,778
  107,433
  117,518
  128,034
  138,985
  150,380
  162,227
  174,541
EBITDA, $m
  2,252
  3,479
  5,203
  7,549
  10,651
  14,642
  19,654
  25,807
  33,208
  41,944
  52,085
  63,679
  76,754
  91,323
  107,379
  124,908
  143,883
  164,275
  186,050
  209,176
  233,621
  259,362
  286,378
  314,656
  344,194
  374,994
  407,069
  440,442
  475,141
  511,207
Interest expense (income), $m
  38
  122
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
Earnings before tax, $m
  313
  734
  1,322
  2,123
  3,182
  4,545
  6,256
  8,357
  10,884
  13,867
  17,663
  21,621
  26,086
  31,060
  36,542
  42,527
  49,005
  55,968
  63,402
  71,298
  79,645
  88,433
  97,657
  107,312
  117,397
  127,913
  138,865
  150,259
  162,107
  174,421
Tax expense, $m
  85
  198
  357
  573
  859
  1,227
  1,689
  2,256
  2,939
  3,744
  4,769
  5,838
  7,043
  8,386
  9,866
  11,482
  13,231
  15,111
  17,119
  19,250
  21,504
  23,877
  26,367
  28,974
  31,697
  34,537
  37,493
  40,570
  43,769
  47,094
Net income, $m
  229
  536
  965
  1,550
  2,323
  3,318
  4,567
  6,101
  7,945
  10,123
  12,894
  15,783
  19,042
  22,673
  26,675
  31,044
  35,774
  40,856
  46,284
  52,048
  58,141
  64,556
  71,290
  78,338
  85,700
  93,377
  101,371
  109,689
  118,338
  127,327

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  14,830
  22,912
  34,265
  49,716
  70,143
  96,430
  129,437
  169,959
  218,696
  276,231
  343,016
  419,370
  505,482
  601,424
  707,168
  822,606
  947,573
  1,081,868
  1,225,271
  1,377,569
  1,538,561
  1,708,081
  1,885,998
  2,072,233
  2,266,757
  2,469,597
  2,680,836
  2,900,617
  3,129,140
  3,366,659
Working capital, $m
  -9,180
  -14,184
  -21,211
  -30,777
  -43,422
  -59,695
  -80,128
  -105,213
  -135,383
  -171,000
  -212,343
  -259,610
  -312,918
  -372,310
  -437,771
  -509,232
  -586,593
  -669,728
  -758,501
  -852,781
  -952,443
  -1,057,383
  -1,167,523
  -1,282,811
  -1,403,231
  -1,528,798
  -1,659,565
  -1,795,620
  -1,937,086
  -2,084,122
Total debt, $m
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
  2,236
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  229
  536
  965
  1,550
  2,323
  3,318
  4,567
  6,101
  7,945
  10,123
  12,894
  15,783
  19,042
  22,673
  26,675
  31,044
  35,774
  40,856
  46,284
  52,048
  58,141
  64,556
  71,290
  78,338
  85,700
  93,377
  101,371
  109,689
  118,338
  127,327
Depreciation, amort., depletion, $m
  1,816
  2,625
  3,760
  5,305
  7,348
  9,976
  13,277
  17,329
  22,203
  27,957
  34,302
  41,937
  50,548
  60,142
  70,717
  82,261
  94,757
  108,187
  122,527
  137,757
  153,856
  170,808
  188,600
  207,223
  226,676
  246,960
  268,084
  290,062
  312,914
  336,666
Funds from operations, $m
  2,045
  3,160
  4,725
  6,855
  9,671
  13,294
  17,844
  23,430
  30,148
  38,079
  47,195
  57,720
  69,591
  82,816
  97,392
  113,305
  130,531
  149,043
  168,811
  189,804
  211,997
  235,364
  259,890
  285,561
  312,376
  340,336
  369,455
  399,751
  431,252
  463,993
Change in working capital, $m
  -3,443
  -5,003
  -7,028
  -9,565
  -12,645
  -16,273
  -20,433
  -25,085
  -30,171
  -35,617
  -41,343
  -47,267
  -53,307
  -59,393
  -65,460
  -71,462
  -77,361
  -83,135
  -88,774
  -94,279
  -99,662
  -104,941
  -110,140
  -115,288
  -120,419
  -125,567
  -130,767
  -136,055
  -141,466
  -147,036
Cash from operations, $m
  5,488
  8,163
  11,753
  16,420
  22,316
  29,567
  38,277
  48,515
  60,319
  73,696
  88,539
  104,987
  122,898
  142,208
  162,853
  184,767
  207,892
  232,178
  257,585
  284,084
  311,659
  340,305
  370,029
  400,850
  432,795
  465,904
  500,222
  535,806
  572,718
  611,029
Maintenance CAPEX, $m
  -927
  -1,483
  -2,291
  -3,426
  -4,972
  -7,014
  -9,643
  -12,944
  -16,996
  -21,870
  -27,623
  -34,302
  -41,937
  -50,548
  -60,142
  -70,717
  -82,261
  -94,757
  -108,187
  -122,527
  -137,757
  -153,856
  -170,808
  -188,600
  -207,223
  -226,676
  -246,960
  -268,084
  -290,062
  -312,914
New CAPEX, $m
  -5,558
  -8,082
  -11,353
  -15,452
  -20,426
  -26,287
  -33,007
  -40,522
  -48,737
  -57,535
  -66,785
  -76,354
  -86,112
  -95,942
  -105,744
  -115,438
  -124,967
  -134,294
  -143,404
  -152,297
  -160,993
  -169,519
  -177,918
  -186,235
  -194,524
  -202,839
  -211,239
  -219,781
  -228,523
  -237,520
Cash from investing activities, $m
  -6,485
  -9,565
  -13,644
  -18,878
  -25,398
  -33,301
  -42,650
  -53,466
  -65,733
  -79,405
  -94,408
  -110,656
  -128,049
  -146,490
  -165,886
  -186,155
  -207,228
  -229,051
  -251,591
  -274,824
  -298,750
  -323,375
  -348,726
  -374,835
  -401,747
  -429,515
  -458,199
  -487,865
  -518,585
  -550,434
Free cash flow, $m
  -997
  -1,402
  -1,891
  -2,458
  -3,082
  -3,734
  -4,373
  -4,951
  -5,414
  -5,708
  -5,870
  -5,668
  -5,151
  -4,282
  -3,033
  -1,388
  664
  3,126
  5,994
  9,259
  12,909
  16,929
  21,303
  26,015
  31,048
  36,388
  42,023
  47,941
  54,134
  60,595
Issuance/(repayment) of debt, $m
  -25
  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
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  -25
  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 cash flow (excl. dividends), $m
  -1,022
  -1,402
  -1,891
  -2,458
  -3,082
  -3,734
  -4,373
  -4,951
  -5,414
  -5,708
  -5,870
  -5,668
  -5,151
  -4,282
  -3,033
  -1,388
  664
  3,126
  5,994
  9,259
  12,909
  16,929
  21,303
  26,015
  31,048
  36,388
  42,023
  47,941
  54,134
  60,595
Retained Cash Flow (-), $m
  -25
  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
Prev. year cash balance distribution, $m
  25
  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
  -25
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  664
  3,126
  5,994
  9,259
  12,909
  16,929
  21,303
  26,015
  31,048
  36,388
  42,023
  47,941
  54,134
  60,595
Discount rate, %
  13.10
  13.76
  14.44
  15.16
  15.92
  16.72
  17.56
  18.43
  19.35
  20.32
  21.34
  22.41
  23.53
  24.70
  25.94
  27.23
  28.60
  30.03
  31.53
  33.10
  34.76
  36.50
  38.32
  40.24
  42.25
  44.36
  46.58
  48.91
  51.35
  53.92
PV of cash for distribution, $m
  -22
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  9
  28
  33
  30
  25
  18
  12
  8
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 173.5
Price to Sales 0
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 74.3
Price to Free Cash Flow -520.4
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 13.1%, 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 5.4% 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 31.5%.

Life of production assets of 10 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 -19.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 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 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 $1.0 billion.

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COMPANY NEWS

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▶ Stocks drop as trade worries weigh   [Jun-21-18 11:08AM  Yahoo Finance]
▶ INTL FCStone Agrees to Purchase Carl Kliem S.A   [Jun-13-18 08:00AM  PR Newswire]
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▶ INTL FCStone Inc. to Host Earnings Call   [Feb-08-18 07:00AM  ACCESSWIRE]
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▶ FCStone posts 3Q profit   [Aug-09-17 10:33PM  Associated Press]
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