Intrinsic value of Piper Jaffray - PJC

Previous Close

$77.35

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$77.35

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of PJC 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, %
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  1,025
  1,187
  1,363
  1,552
  1,752
  1,965
  2,190
  2,426
  2,674
  2,933
  3,203
  3,485
  3,778
  4,083
  4,401
  4,730
  5,073
  5,429
  5,799
  6,183
  6,584
  7,000
  7,433
  7,885
  8,355
  8,845
  9,357
  9,891
  10,448
  11,030
Variable operating expenses, $m
  1,012
  1,173
  1,346
  1,532
  1,729
  1,939
  2,161
  2,394
  2,638
  2,893
  3,158
  3,435
  3,725
  4,025
  4,338
  4,663
  5,001
  5,352
  5,717
  6,096
  6,490
  6,901
  7,328
  7,773
  8,237
  8,720
  9,224
  9,750
  10,300
  10,873
Fixed operating expenses, $m
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
Total operating expenses, $m
  1,054
  1,216
  1,390
  1,577
  1,775
  1,986
  2,209
  2,443
  2,688
  2,944
  3,210
  3,488
  3,779
  4,081
  4,395
  4,721
  5,060
  5,413
  5,779
  6,159
  6,555
  6,967
  7,396
  7,842
  8,308
  8,792
  9,298
  9,825
  10,377
  10,952
Operating income, $m
  -29
  -28
  -26
  -25
  -23
  -21
  -19
  -16
  -14
  -11
  -7
  -4
  -1
  2
  6
  9
  13
  16
  20
  24
  29
  33
  38
  43
  48
  53
  59
  65
  71
  78
EBITDA, $m
  221
  262
  306
  353
  404
  457
  514
  573
  636
  701
  769
  841
  915
  992
  1,072
  1,155
  1,242
  1,332
  1,425
  1,523
  1,624
  1,729
  1,839
  1,953
  2,072
  2,196
  2,326
  2,461
  2,602
  2,750
Interest expense (income), $m
  23
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
  84
Earnings before tax, $m
  -114
  -112
  -111
  -109
  -107
  -105
  -103
  -101
  -98
  -96
  -91
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -36
  -31
  -25
  -19
  -13
  -7
Tax expense, $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
Net income, $m
  -114
  -112
  -111
  -109
  -107
  -105
  -103
  -101
  -98
  -96
  -91
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -36
  -31
  -25
  -19
  -13
  -7

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
  2,483
  2,877
  3,303
  3,760
  4,246
  4,762
  5,306
  5,878
  6,478
  7,106
  7,761
  8,444
  9,155
  9,894
  10,662
  11,461
  12,291
  13,154
  14,050
  14,983
  15,952
  16,961
  18,011
  19,105
  20,244
  21,432
  22,672
  23,965
  25,315
  26,725
Working capital, $m
  -1,380
  -1,599
  -1,836
  -2,090
  -2,360
  -2,647
  -2,950
  -3,268
  -3,601
  -3,950
  -4,315
  -4,694
  -5,089
  -5,500
  -5,927
  -6,372
  -6,833
  -7,312
  -7,811
  -8,329
  -8,868
  -9,429
  -10,013
  -10,621
  -11,254
  -11,915
  -12,604
  -13,323
  -14,073
  -14,857
Total debt, $m
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
  1,560
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
  -114
  -112
  -111
  -109
  -107
  -105
  -103
  -101
  -98
  -96
  -91
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -36
  -31
  -25
  -19
  -13
  -7
Depreciation, amort., depletion, $m
  250
  290
  332
  378
  426
  478
  532
  590
  650
  712
  776
  844
  915
  989
  1,066
  1,146
  1,229
  1,315
  1,405
  1,498
  1,595
  1,696
  1,801
  1,910
  2,024
  2,143
  2,267
  2,396
  2,531
  2,672
Funds from operations, $m
  137
  178
  222
  269
  319
  373
  430
  489
  552
  617
  685
  756
  830
  907
  988
  1,071
  1,157
  1,247
  1,341
  1,438
  1,540
  1,645
  1,755
  1,869
  1,988
  2,112
  2,242
  2,377
  2,518
  2,666
Change in working capital, $m
  -202
  -219
  -237
  -254
  -270
  -287
  -303
  -318
  -334
  -349
  -364
  -380
  -395
  -411
  -427
  -444
  -461
  -480
  -498
  -518
  -539
  -561
  -584
  -608
  -634
  -660
  -689
  -719
  -750
  -784
Cash from operations, $m
  338
  397
  458
  523
  590
  660
  732
  807
  885
  966
  1,049
  1,136
  1,225
  1,318
  1,415
  1,515
  1,619
  1,727
  1,839
  1,957
  2,079
  2,206
  2,338
  2,477
  2,622
  2,773
  2,931
  3,096
  3,269
  3,450
Maintenance CAPEX, $m
  -212
  -248
  -288
  -330
  -376
  -425
  -476
  -531
  -588
  -648
  -711
  -776
  -844
  -915
  -989
  -1,066
  -1,146
  -1,229
  -1,315
  -1,405
  -1,498
  -1,595
  -1,696
  -1,801
  -1,910
  -2,024
  -2,143
  -2,267
  -2,396
  -2,531
New CAPEX, $m
  -363
  -394
  -426
  -457
  -486
  -516
  -544
  -572
  -600
  -628
  -655
  -683
  -711
  -739
  -769
  -799
  -830
  -863
  -897
  -932
  -970
  -1,009
  -1,050
  -1,094
  -1,140
  -1,188
  -1,239
  -1,293
  -1,350
  -1,410
Cash from investing activities, $m
  -575
  -642
  -714
  -787
  -862
  -941
  -1,020
  -1,103
  -1,188
  -1,276
  -1,366
  -1,459
  -1,555
  -1,654
  -1,758
  -1,865
  -1,976
  -2,092
  -2,212
  -2,337
  -2,468
  -2,604
  -2,746
  -2,895
  -3,050
  -3,212
  -3,382
  -3,560
  -3,746
  -3,941
Free cash flow, $m
  -237
  -246
  -255
  -264
  -272
  -281
  -288
  -296
  -303
  -310
  -316
  -323
  -330
  -336
  -343
  -350
  -357
  -365
  -373
  -381
  -389
  -398
  -408
  -418
  -429
  -440
  -452
  -464
  -478
  -492
Issuance/(repayment) of debt, $m
  -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
Issuance/(repurchase) of shares, $m
  115
  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  
  114
  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
  -123
  -246
  -255
  -264
  -272
  -281
  -288
  -296
  -303
  -310
  -316
  -323
  -330
  -336
  -343
  -350
  -357
  -365
  -373
  -381
  -389
  -398
  -408
  -418
  -429
  -440
  -452
  -464
  -478
  -492
Retained Cash Flow (-), $m
  -115
  -112
  -111
  -109
  -107
  -105
  -103
  -101
  -98
  -96
  -91
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -36
  -31
  -25
  -19
  -13
  -7
Prev. year cash balance distribution, $m
  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
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
  -115
  -112
  -111
  -109
  -107
  -105
  -103
  -101
  -98
  -96
  -91
  -88
  -85
  -82
  -79
  -75
  -72
  -68
  -64
  -60
  -56
  -51
  -47
  -42
  -36
  -31
  -25
  -19
  -13
  -7
Discount rate, %
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
  -102
  -87
  -74
  -63
  -52
  -42
  -34
  -27
  -21
  -16
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

Piper Jaffray Companies is an investment bank and asset management company. The Company's segments include Capital Markets and Asset Management. The Capital Markets segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. The Asset Management segment includes its traditional asset management business and its investments in registered funds and private funds or partnerships that it manages. It provides a range of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed income institutional brokerage; equity and fixed income research, and asset management services. The Company serves the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally.

FINANCIAL RATIOS  of  Piper Jaffray (PJC)

Valuation Ratios
P/E Ratio -43.6
Price to Sales 1.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
Financial Strength
Quick Ratio 3
Current Ratio NaN
LT Debt to Equity 78.3%
Total Debt to Equity 80.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 96.1%
Gross Margin - 3 Yr. Avg. 95.6%
EBITDA Margin 2.5%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin -4%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin -4%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin -2.9%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 54.8%
Eff/ Tax Rate - 3 Yr. Avg. 40%
Payout Ratio 0%

PJC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PJC stock intrinsic value calculation we used $875 million for the last fiscal year's total revenue generated by Piper Jaffray. The default revenue input number comes from 2017 income statement of Piper Jaffray. 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 PJC stock valuation model: a) initial revenue growth rate of 17.1% 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 12.8%, whose default value for PJC is calculated based on our internal credit rating of Piper Jaffray, 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 Piper Jaffray.
    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 PJC stock the variable cost ratio is equal to 98.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $41 million in the base year in the intrinsic value calculation for PJC 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 Piper Jaffray.

Corporate tax rate of 27% is the nominal tax rate for Piper Jaffray. 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 PJC stock is equal to 4.6%.

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 PJC are equal to 242.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Piper Jaffray 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 PJC is equal to -134.7%. 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 - $0 million for Piper Jaffray - 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 13 million for Piper Jaffray 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 Piper Jaffray at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Piper Jaffray Companies Reports Second Quarter 2018 Results   [Jul-27-18 08:00AM  Business Wire]
▶ Why Piper Jaffray Raised Apple 2019 Price Target to $214   [May-02-18 10:53AM  Bloomberg Video]
▶ Piper Jaffray Companies Reports 2018 First Quarter Results   [Apr-27-18 08:00AM  Business Wire]
▶ Piper Jaffray calls for 2,850 on the S&P 500 by year-end   [Apr-25-18 03:04PM  CNBC Videos]
▶ Piper Jaffray's Olson Sees Amazon Web Services Growing   [Apr-19-18 02:17PM  Bloomberg Video]
▶ Teen spending up 2% over the last year   [11:56AM  CNBC Videos]
▶ This week in N.Y.C. funding news: Burrow, Cheddar, Mark43, Knotel   [Mar-23-18 10:02AM  American City Business Journals]
▶ Should You Buy Piper Jaffray Companies (NYSE:PJC) Now?   [Mar-21-18 05:18PM  Simply Wall St.]
▶ Piper Jaffray creates middle-market debt underwriting vehicle   [Feb-16-18 12:50PM  American City Business Journals]
▶ Olson Expects Expanded Array of iPhone X Styles   [Jan-02-18 10:45AM  Bloomberg Video]
▶ Is It Time To Buy Piper Jaffray Companies (NYSE:PJC)?   [Dec-18-17 03:35PM  Simply Wall St.]
▶ Piper Jaffray Appoints New CEO and President   [08:30AM  Business Wire]
▶ Piper Jaffray to Host 29th Annual Healthcare Conference   [Nov-22-17 03:08PM  Business Wire]
▶ Tim Carter Named Chief Financial Officer of Piper Jaffray   [Nov-21-17 08:30AM  Business Wire]
▶ The Awesome Dividend Stock You Haven't Considered   [Nov-16-17 05:26PM  Motley Fool]
▶ Stan Meyers Says 'Star Wars' Driving Disney Profits   [Nov-14-17 08:08AM  Bloomberg Video]
▶ Piper Jaffray reports 3Q loss   [08:47AM  Associated Press]
▶ IIROC Trade Resumption - PJC.A MRU   [12:24PM  CNW Group]
▶ IIROC Trading Halt - PJC.A   [09:43AM  CNW Group]
▶ Apple's iPhone X Wait Wont Impact Sales, Says Analyst   [Sep-13-17 09:22AM  Bloomberg Video]
▶ [$$] TA Associates Makes Growth Investment in PetPeople   [Sep-01-17 01:35PM  The Wall Street Journal]
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