Intrinsic value of Investment Technology Group - ITG

Previous Close

$18.72

  Intrinsic Value

$5.10

stock screener

  Rating & Target

str. sell

-73%

Previous close

$18.72

 
Intrinsic value

$5.10

 
Up/down potential

-73%

 
Rating

str. sell

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

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

We calculate the intrinsic value of ITG 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 0.6

 

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, %
  -26.14
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  469
  478
  489
  502
  516
  532
  549
  568
  588
  610
  633
  658
  685
  713
  743
  775
  809
  845
  883
  924
  966
  1,011
  1,058
  1,108
  1,160
  1,216
  1,274
  1,335
  1,399
  1,467
  1,538
Variable operating expenses, $m
 
  77
  79
  81
  84
  86
  89
  92
  95
  98
  102
  105
  109
  114
  119
  124
  129
  135
  141
  148
  154
  162
  169
  177
  186
  194
  204
  213
  224
  235
  246
Fixed operating expenses, $m
 
  431
  441
  452
  464
  475
  487
  499
  512
  525
  538
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
  705
  723
  741
  760
  779
  798
  818
  839
  859
  881
Total operating expenses, $m
  510
  508
  520
  533
  548
  561
  576
  591
  607
  623
  640
  656
  674
  693
  712
  732
  752
  774
  796
  819
  842
  867
  892
  918
  946
  973
  1,002
  1,031
  1,063
  1,094
  1,127
Operating income, $m
  -41
  -30
  -31
  -32
  -31
  -29
  -27
  -23
  -19
  -13
  -7
  2
  10
  20
  31
  43
  57
  71
  87
  105
  123
  144
  166
  190
  215
  243
  272
  303
  337
  373
  412
EBITDA, $m
  3
  -5
  -6
  -6
  -5
  -2
  1
  6
  11
  18
  25
  34
  44
  55
  68
  82
  97
  113
  131
  150
  171
  194
  218
  244
  273
  303
  335
  369
  406
  446
  488
Interest expense (income), $m
  6
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  19
  20
  22
  24
  26
  29
  31
  33
  36
  38
  41
  44
Earnings before tax, $m
  -43
  -30
  -32
  -33
  -33
  -32
  -30
  -27
  -24
  -19
  -13
  -6
  2
  10
  20
  31
  43
  56
  70
  86
  103
  122
  142
  163
  187
  212
  239
  268
  299
  332
  367
Tax expense, $m
  -17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  5
  8
  12
  15
  19
  23
  28
  33
  38
  44
  50
  57
  64
  72
  81
  90
  99
Net income, $m
  -26
  -30
  -32
  -33
  -33
  -32
  -30
  -27
  -24
  -19
  -13
  -6
  1
  7
  15
  22
  31
  41
  51
  63
  75
  89
  103
  119
  136
  155
  174
  195
  218
  242
  268

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  775
  507
  518
  532
  547
  563
  581
  601
  623
  646
  671
  697
  725
  755
  788
  821
  857
  896
  936
  978
  1,023
  1,071
  1,121
  1,174
  1,229
  1,288
  1,349
  1,414
  1,482
  1,554
  1,630
Adjusted assets (=assets-cash), $m
  497
  507
  518
  532
  547
  563
  581
  601
  623
  646
  671
  697
  725
  755
  788
  821
  857
  896
  936
  978
  1,023
  1,071
  1,121
  1,174
  1,229
  1,288
  1,349
  1,414
  1,482
  1,554
  1,630
Revenue / Adjusted assets
  0.944
  0.943
  0.944
  0.944
  0.943
  0.945
  0.945
  0.945
  0.944
  0.944
  0.943
  0.944
  0.945
  0.944
  0.943
  0.944
  0.944
  0.943
  0.943
  0.945
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
  0.944
Average production assets, $m
  116
  118
  121
  124
  127
  131
  136
  140
  145
  151
  156
  163
  169
  176
  184
  192
  200
  209
  218
  228
  239
  250
  261
  274
  287
  300
  315
  330
  346
  362
  380
Working capital, $m
  0
  -210
  -215
  -220
  -227
  -233
  -241
  -249
  -258
  -268
  -278
  -289
  -301
  -313
  -326
  -340
  -355
  -371
  -388
  -405
  -424
  -444
  -465
  -486
  -509
  -534
  -559
  -586
  -614
  -644
  -675
Total debt, $m
  79
  13
  20
  28
  37
  47
  58
  70
  83
  96
  111
  127
  144
  162
  182
  202
  223
  246
  271
  296
  323
  352
  382
  413
  447
  482
  519
  558
  598
  642
  687
Total liabilities, $m
  370
  304
  311
  319
  328
  338
  349
  361
  374
  387
  402
  418
  435
  453
  473
  493
  514
  537
  562
  587
  614
  643
  673
  704
  738
  773
  810
  849
  889
  933
  978
Total equity, $m
  405
  203
  207
  213
  219
  225
  233
  241
  249
  258
  268
  279
  290
  302
  315
  329
  343
  358
  374
  391
  409
  428
  448
  469
  492
  515
  540
  566
  593
  622
  652
Total liabilities and equity, $m
  775
  507
  518
  532
  547
  563
  582
  602
  623
  645
  670
  697
  725
  755
  788
  822
  857
  895
  936
  978
  1,023
  1,071
  1,121
  1,173
  1,230
  1,288
  1,350
  1,415
  1,482
  1,555
  1,630
Debt-to-equity ratio
  0.195
  0.060
  0.100
  0.130
  0.170
  0.210
  0.250
  0.290
  0.330
  0.370
  0.420
  0.460
  0.500
  0.540
  0.580
  0.610
  0.650
  0.690
  0.720
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.030
  1.050
Adjusted equity ratio
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -26
  -30
  -32
  -33
  -33
  -32
  -30
  -27
  -24
  -19
  -13
  -6
  1
  7
  15
  22
  31
  41
  51
  63
  75
  89
  103
  119
  136
  155
  174
  195
  218
  242
  268
Depreciation, amort., depletion, $m
  44
  25
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
Funds from operations, $m
  43
  -5
  -7
  -7
  -6
  -5
  -2
  2
  6
  12
  19
  27
  35
  43
  51
  61
  71
  82
  95
  108
  123
  139
  156
  174
  194
  215
  237
  261
  287
  315
  344
Change in working capital, $m
  8
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Cash from operations, $m
  35
  -1
  -2
  -2
  0
  2
  5
  10
  15
  22
  29
  38
  47
  55
  65
  75
  86
  98
  112
  126
  142
  158
  176
  196
  217
  239
  263
  288
  315
  344
  375
Maintenance CAPEX, $m
  0
  -23
  -24
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
New CAPEX, $m
  -46
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
Cash from investing activities, $m
  -40
  -25
  -27
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -40
  -41
  -42
  -45
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
Free cash flow, $m
  -5
  -27
  -28
  -29
  -29
  -27
  -25
  -22
  -18
  -13
  -7
  0
  8
  14
  22
  30
  39
  49
  60
  72
  85
  100
  115
  131
  149
  168
  188
  210
  234
  259
  285
Issuance/(repayment) of debt, $m
  -16
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
Issuance/(repurchase) of shares, $m
  -18
  34
  37
  38
  39
  39
  37
  35
  32
  28
  23
  17
  10
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -41
  40
  44
  46
  48
  49
  48
  47
  45
  42
  38
  33
  27
  23
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
Total cash flow (excl. dividends), $m
  -44
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  41
  51
  61
  72
  85
  98
  112
  128
  145
  163
  182
  203
  225
  249
  275
  302
  331
Retained Cash Flow (-), $m
  50
  -34
  -37
  -38
  -39
  -39
  -37
  -35
  -32
  -28
  -23
  -17
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Prev. year cash balance distribution, $m
 
  206
  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
 
  185
  -21
  -21
  -20
  -17
  -14
  -10
  -5
  1
  8
  16
  23
  25
  28
  37
  47
  57
  68
  81
  94
  109
  125
  142
  160
  180
  201
  223
  247
  273
  300
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
 
  178
  -20
  -18
  -16
  -13
  -10
  -7
  -3
  1
  4
  8
  10
  9
  9
  11
  12
  12
  13
  12
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  90.0
  80.5
  71.8
  64.2
  57.5
  51.9
  47.2
  43.4
  40.4
  38.2
  36.7
  35.8
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5
  35.5

Investment Technology Group, Inc. (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics. Execution Services includes self-directed trading using algorithms, smart routing and matching through POSIT in cash equities, futures and options trading and portfolio trading and high-touch trading desks providing execution expertise. Workflow Technology includes trade order and execution management software applications in addition to network connectivity. Analytics includes tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance; portfolio construction and optimization decisions, and securities valuation.

FINANCIAL RATIOS  of  Investment Technology Group (ITG)

Valuation Ratios
P/E Ratio -23.5
Price to Sales 1.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow -55.5
Growth Rates
Sales Growth Rate -26.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity 1.7%
Total Debt to Equity 19.5%
Interest Coverage -6
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 68.7%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin -8.7%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin -9.2%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio -34.6%

ITG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITG stock intrinsic value calculation we used $469 million for the last fiscal year's total revenue generated by Investment Technology Group. The default revenue input number comes from 2016 income statement of Investment Technology Group. 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 ITG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ITG is calculated based on our internal credit rating of Investment Technology Group, 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 Investment Technology Group.
    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 ITG stock the variable cost ratio is equal to 16.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $420 million in the base year in the intrinsic value calculation for ITG 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 6.9% for Investment Technology Group.

Corporate tax rate of 27% is the nominal tax rate for Investment Technology Group. 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 ITG 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 ITG are equal to 24.7%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Investment Technology Group 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 ITG is equal to -43.9%. 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 - $405 million for Investment Technology Group - 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 33.126 million for Investment Technology Group 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 Investment Technology Group at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ITG Launches Enhanced Dark Aggregation Algorithm   [Dec-07-17 08:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Nov-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases October 2017 U.S. Trading Volume   [Nov-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology reports 3Q loss   [07:29AM  Associated Press]
▶ ITG Reports Third Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG to Announce Third Quarter 2017 Results   [Oct-16-17 04:15PM  GlobeNewswire]
▶ ITG Releases September 2017 U.S. Trading Volume   [Oct-09-17 06:59AM  GlobeNewswire]
▶ ITG Announces Partnership to Form Matrix Holding Group   [Sep-21-17 09:00AM  GlobeNewswire]
▶ ITG Releases August 2017 U.S. Trading Volume   [Sep-11-17 06:59AM  GlobeNewswire]
▶ ITG to Launch POSIT Auction in EMEA   [Sep-06-17 03:01AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Aug-10-17 04:15PM  GlobeNewswire]
▶ ITG Releases July 2017 U.S. Trading Volume   [Aug-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 2Q profit   [Aug-02-17 09:41PM  Associated Press]
▶ ITG Reports Second Quarter 2017 Results   [06:59AM  GlobeNewswire]
▶ ITG Rolls Out New Triton Features Ahead of MiFID II   [Jul-24-17 07:58AM  GlobeNewswire]
▶ ITG Launches Fixed Income TCA   [Jul-17-17 07:01AM  GlobeNewswire]
▶ ITG to Announce Second Quarter 2017 Results   [Jul-13-17 04:15PM  GlobeNewswire]
▶ ITG Releases June 2017 U.S. Trading Volume   [Jul-11-17 06:59AM  GlobeNewswire]
▶ ITG Releases May 2017 U.S. Trading Volume   [06:59AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [May-18-17 04:15PM  GlobeNewswire]
▶ ITG Releases April 2017 U.S. Trading Volume   [May-08-17 06:59AM  GlobeNewswire]
▶ Investment Technology posts 1Q profit   [May-03-17 07:06AM  Associated Press]
▶ ITG Reports First Quarter 2017 Results   [06:58AM  GlobeNewswire]
▶ ITG Releases March 2017 U.S. Trading Volume   [Apr-10-17 06:59AM  GlobeNewswire]
▶ ITG to Announce First Quarter 2017 Results   [Apr-06-17 09:00AM  GlobeNewswire]
▶ ITG Declares Quarterly Dividend   [Feb-16-17 04:15PM  GlobeNewswire]
▶ ITG Reports Fourth Quarter 2016 Results   [06:59AM  GlobeNewswire]
▶ ITG Launches POSIT & POSIT Alert for Thailand   [Jan-24-17 07:59PM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2016 Results   [08:00AM  GlobeNewswire]
▶ ITG to Announce Fourth Quarter 2016 Results   [Jan-17-17 04:15PM  GlobeNewswire]
▶ [$$] Brokerage Firm ITG Agrees to Pay $24 Million in SEC Settlement   [Jan-12-17 05:38PM  at The Wall Street Journal]
▶ [$$] Smaller companies fear threat from new financial regulation   [Jan-08-17 03:57PM  at Financial Times]
Financial statements of ITG
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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