Intrinsic value of JMP Group - JMP

Previous Close

$5.47

  Intrinsic Value

$1.81

stock screener

  Rating & Target

str. sell

-67%

Previous close

$5.47

 
Intrinsic value

$1.81

 
Up/down potential

-67%

 
Rating

str. sell

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

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

We calculate the intrinsic value of JMP 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of JMP Group (JMP) stock.

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, %
  -1.74
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  169
  186
  205
  224
  243
  264
  286
  308
  331
  355
  380
  406
  433
  462
  491
  521
  553
  586
  621
  657
  694
  733
  774
  817
  862
  908
  957
  1,008
  1,062
  1,118
  1,177
Variable operating expenses, $m
 
  179
  196
  214
  233
  253
  274
  295
  318
  341
  365
  390
  416
  443
  471
  500
  530
  562
  595
  630
  666
  703
  742
  783
  826
  871
  918
  967
  1,018
  1,072
  1,128
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
  167
  179
  196
  214
  233
  253
  274
  295
  318
  341
  365
  390
  416
  443
  471
  500
  530
  562
  595
  630
  666
  703
  742
  783
  826
  871
  918
  967
  1,018
  1,072
  1,128
Operating income, $m
  3
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  44
  46
  48
EBITDA, $m
  4
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
Interest expense (income), $m
  31
  31
  41
  75
  110
  147
  186
  226
  268
  312
  357
  404
  452
  503
  556
  611
  668
  727
  789
  854
  921
  991
  1,065
  1,141
  1,221
  1,305
  1,392
  1,484
  1,580
  1,680
  1,785
Earnings before tax, $m
  3
  -23
  -32
  -66
  -100
  -137
  -174
  -214
  -255
  -297
  -341
  -387
  -435
  -484
  -536
  -589
  -645
  -703
  -764
  -827
  -892
  -961
  -1,033
  -1,108
  -1,186
  -1,268
  -1,353
  -1,442
  -1,536
  -1,634
  -1,736
Tax expense, $m
  -4
  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
Net income, $m
  3
  -23
  -32
  -66
  -100
  -137
  -174
  -214
  -255
  -297
  -341
  -387
  -435
  -484
  -536
  -589
  -645
  -703
  -764
  -827
  -892
  -961
  -1,033
  -1,108
  -1,186
  -1,268
  -1,353
  -1,442
  -1,536
  -1,634
  -1,736

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  85
  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
  1,126
  1,151
  1,263
  1,380
  1,503
  1,630
  1,763
  1,901
  2,044
  2,193
  2,347
  2,508
  2,675
  2,849
  3,030
  3,218
  3,414
  3,618
  3,831
  4,053
  4,285
  4,527
  4,779
  5,043
  5,319
  5,607
  5,909
  6,225
  6,555
  6,901
  7,263
Adjusted assets (=assets-cash), $m
  1,041
  1,151
  1,263
  1,380
  1,503
  1,630
  1,763
  1,901
  2,044
  2,193
  2,347
  2,508
  2,675
  2,849
  3,030
  3,218
  3,414
  3,618
  3,831
  4,053
  4,285
  4,527
  4,779
  5,043
  5,319
  5,607
  5,909
  6,225
  6,555
  6,901
  7,263
Revenue / Adjusted assets
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
Average production assets, $m
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
Working capital, $m
  0
  -94
  -103
  -112
  -122
  -133
  -144
  -155
  -167
  -179
  -191
  -204
  -218
  -232
  -247
  -262
  -278
  -295
  -312
  -330
  -349
  -369
  -389
  -411
  -433
  -457
  -481
  -507
  -534
  -562
  -592
Total debt, $m
  92
  121
  222
  327
  438
  552
  671
  795
  924
  1,058
  1,197
  1,342
  1,493
  1,649
  1,812
  1,981
  2,157
  2,341
  2,533
  2,733
  2,941
  3,159
  3,386
  3,624
  3,872
  4,132
  4,403
  4,687
  4,985
  5,296
  5,622
Total liabilities, $m
  1,006
  1,036
  1,137
  1,242
  1,353
  1,467
  1,586
  1,710
  1,839
  1,973
  2,112
  2,257
  2,408
  2,564
  2,727
  2,896
  3,072
  3,256
  3,448
  3,648
  3,856
  4,074
  4,301
  4,539
  4,787
  5,047
  5,318
  5,602
  5,900
  6,211
  6,537
Total equity, $m
  119
  115
  126
  138
  150
  163
  176
  190
  204
  219
  235
  251
  268
  285
  303
  322
  341
  362
  383
  405
  428
  453
  478
  504
  532
  561
  591
  622
  656
  690
  726
Total liabilities and equity, $m
  1,125
  1,151
  1,263
  1,380
  1,503
  1,630
  1,762
  1,900
  2,043
  2,192
  2,347
  2,508
  2,676
  2,849
  3,030
  3,218
  3,413
  3,618
  3,831
  4,053
  4,284
  4,527
  4,779
  5,043
  5,319
  5,608
  5,909
  6,224
  6,556
  6,901
  7,263
Debt-to-equity ratio
  0.773
  1.050
  1.760
  2.370
  2.910
  3.390
  3.810
  4.190
  4.520
  4.830
  5.100
  5.350
  5.580
  5.790
  5.980
  6.160
  6.320
  6.470
  6.610
  6.740
  6.860
  6.980
  7.090
  7.190
  7.280
  7.370
  7.450
  7.530
  7.600
  7.670
  7.740
Adjusted equity ratio
  0.033
  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
  3
  -23
  -32
  -66
  -100
  -137
  -174
  -214
  -255
  -297
  -341
  -387
  -435
  -484
  -536
  -589
  -645
  -703
  -764
  -827
  -892
  -961
  -1,033
  -1,108
  -1,186
  -1,268
  -1,353
  -1,442
  -1,536
  -1,634
  -1,736
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
Funds from operations, $m
  22
  -23
  -31
  -65
  -99
  -136
  -173
  -212
  -253
  -295
  -339
  -385
  -433
  -482
  -534
  -587
  -643
  -701
  -761
  -824
  -890
  -958
  -1,030
  -1,104
  -1,182
  -1,264
  -1,349
  -1,438
  -1,532
  -1,629
  -1,732
Change in working capital, $m
  13
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -24
  -25
  -26
  -27
  -28
  -30
Cash from operations, $m
  9
  -14
  -22
  -55
  -89
  -125
  -162
  -201
  -241
  -283
  -327
  -372
  -419
  -468
  -519
  -572
  -627
  -684
  -744
  -806
  -871
  -938
  -1,009
  -1,083
  -1,160
  -1,240
  -1,324
  -1,413
  -1,505
  -1,601
  -1,702
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  145
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
Free cash flow, $m
  154
  -15
  -23
  -56
  -91
  -127
  -164
  -203
  -243
  -285
  -329
  -374
  -421
  -470
  -521
  -574
  -630
  -687
  -747
  -809
  -874
  -942
  -1,013
  -1,087
  -1,164
  -1,245
  -1,329
  -1,418
  -1,510
  -1,607
  -1,708
Issuance/(repayment) of debt, $m
  0
  29
  101
  106
  110
  115
  119
  124
  129
  134
  139
  145
  150
  156
  163
  169
  176
  184
  192
  200
  209
  218
  227
  238
  248
  260
  272
  284
  297
  311
  326
Issuance/(repurchase) of shares, $m
  -6
  104
  43
  77
  113
  149
  188
  227
  269
  312
  357
  403
  451
  501
  554
  608
  665
  723
  785
  849
  916
  985
  1,058
  1,134
  1,213
  1,296
  1,383
  1,474
  1,569
  1,669
  1,773
Cash from financing (excl. dividends), $m  
  -129
  133
  144
  183
  223
  264
  307
  351
  398
  446
  496
  548
  601
  657
  717
  777
  841
  907
  977
  1,049
  1,125
  1,203
  1,285
  1,372
  1,461
  1,556
  1,655
  1,758
  1,866
  1,980
  2,099
Total cash flow (excl. dividends), $m
  25
  118
  121
  127
  132
  137
  143
  149
  154
  161
  167
  173
  180
  187
  195
  203
  211
  220
  230
  240
  250
  261
  272
  285
  298
  311
  325
  341
  356
  373
  391
Retained Cash Flow (-), $m
  6
  -104
  -43
  -77
  -113
  -149
  -188
  -227
  -269
  -312
  -357
  -403
  -451
  -501
  -554
  -608
  -665
  -723
  -785
  -849
  -916
  -985
  -1,058
  -1,134
  -1,213
  -1,296
  -1,383
  -1,474
  -1,569
  -1,669
  -1,773
Prev. year cash balance distribution, $m
 
  85
  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
 
  99
  78
  49
  19
  -12
  -45
  -79
  -114
  -151
  -190
  -230
  -271
  -314
  -359
  -405
  -453
  -503
  -555
  -609
  -666
  -724
  -786
  -849
  -916
  -985
  -1,058
  -1,134
  -1,213
  -1,295
  -1,382
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  93
  69
  41
  15
  -8
  -28
  -45
  -59
  -70
  -77
  -81
  -82
  -81
  -78
  -73
  -67
  -60
  -53
  -45
  -38
  -31
  -25
  -19
  -15
  -11
  -8
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  24.2
  17.5
  10.8
  5.9
  2.9
  1.3
  0.6
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

JMP Group LLC, formerly JMP Group, Inc., is a full-service investment banking and asset management firm. The Company operates in five segments: Broker-Dealer, Asset Management, Corporate Credit, Investment Income and Corporate Costs. The Broker-Dealer segment includes a range of services, such as underwriting and acting as a placement agent for public and private capital markets raising transactions and financial advisory services in mergers and acquisitions, restructuring and other strategic transactions. The Asset Management segment includes the management of a range of pooled investment vehicles. The Corporate Credit segment includes the management of collateralized loan obligations and small business loans. The Investment Income segment includes income from the Company's principal investments in public and private securities.


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FINANCIAL RATIOS  of  JMP Group (JMP)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 0.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate -1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 77.3%
Total Debt to Equity 77.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 78.7%
Gross Margin - 3 Yr. Avg. 82.3%
EBITDA Margin 20.7%
EBITDA Margin - 3 Yr. Avg. 21.8%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate -133.3%
Eff/ Tax Rate - 3 Yr. Avg. -35.6%
Payout Ratio 266.7%

JMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JMP stock intrinsic value calculation we used $169 million for the last fiscal year's total revenue generated by JMP Group. The default revenue input number comes from 2016 income statement of JMP 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 JMP stock valuation model: a) initial revenue growth rate of 10.3% 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 6.1%, whose default value for JMP is calculated based on our internal credit rating of JMP 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 JMP 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 JMP stock the variable cost ratio is equal to 95.9%.

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 JMP 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 33.7% for JMP Group.

Corporate tax rate of 27% is the nominal tax rate for JMP 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 JMP 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 JMP are equal to 2.1%.

Life of production assets of 3.5 years is the average useful life of capital assets used in JMP 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 JMP is equal to -50.3%. 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 - $119 million for JMP 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 21.332 million for JMP 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 JMP Group at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ JMP reports 4Q loss   [Feb-14-18 05:54PM  Associated Press]
▶ JPMorgan Chase raises wages for thousands of employees, including 900 in Houston   [Jan-24-18 01:50PM  American City Business Journals]
▶ JMP Group Declares First Quarter 2018 Monthly Distributions   [Jan-18-18 05:00PM  Business Wire]
▶ JMP Group Announces 2018 Share Repurchase Program   [Dec-13-17 04:15PM  Business Wire]
▶ JMP Group Announces Pricing of Senior Notes   [Nov-20-17 06:11PM  Business Wire]
▶ JMP reports 3Q loss   [Nov-01-17 07:09PM  Associated Press]
▶ Investor Network: JMP Group LLC to Host Earnings Call   [Aug-02-17 07:25AM  ACCESSWIRE]
▶ JMP reports 2Q loss   [Aug-01-17 11:52PM  Associated Press]
▶ JMP Group Declares Third Quarter 2017 Monthly Distributions   [Jul-20-17 04:20PM  Business Wire]
▶ JMP Group Announces Closing of CLO Transaction   [Jun-30-17 06:45AM  Business Wire]
▶ JMP reports 1Q loss   [Apr-26-17 06:28PM  Associated Press]
▶ JMP posts 4Q profit   [Feb-15-17 06:28PM  Associated Press]
▶ JMP Group Declares First Quarter 2017 Monthly Distributions   [Jan-19-17 04:30PM  Business Wire]
▶ How Xenon Pharmaceuticals Inc (XENE) Stacks Up Against Its Peers   [Dec-20-16 12:03AM  at Insider Monkey]
▶ Tech IPOs and Mega Mergers: What to Expect in 2017   [Nov-22-16 08:03PM  at Bloomberg]
▶ JMP Group Announces JMP Bryan Garnier Strategic Alliance   [Nov-08-16 06:00AM  Business Wire]
▶ JMP Group Declares Third Quarter 2016 Monthly Distributions   [Jul-18-16 05:00PM  Business Wire]
▶ Mortgage Rates: Brexit Or No, Borrowing Is Cheap   [Jun-23-16 12:35PM  at Forbes]
Financial statements of JMP
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