Intrinsic value of Piper Jaffray - PJC

Previous Close

$93.40

  Intrinsic Value

$168.14

stock screener

  Rating & Target

str. buy

+80%

Previous close

$93.40

 
Intrinsic value

$168.14

 
Up/down potential

+80%

 
Rating

str. buy

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

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

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

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, %
  10.63
  18.90
  17.51
  16.26
  15.13
  14.12
  13.21
  12.39
  11.65
  10.98
  10.39
  9.85
  9.36
  8.93
  8.53
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
Revenue, $m
  770
  916
  1,076
  1,251
  1,440
  1,643
  1,860
  2,091
  2,334
  2,591
  2,860
  3,141
  3,436
  3,742
  4,062
  4,394
  4,739
  5,098
  5,471
  5,859
  6,262
  6,681
  7,117
  7,570
  8,042
  8,533
  9,045
  9,578
  10,134
  10,715
  11,321
Variable operating expenses, $m
 
  799
  936
  1,085
  1,246
  1,419
  1,604
  1,800
  2,007
  2,226
  2,455
  2,675
  2,926
  3,187
  3,459
  3,742
  4,036
  4,341
  4,659
  4,989
  5,332
  5,689
  6,060
  6,446
  6,848
  7,266
  7,702
  8,156
  8,630
  9,124
  9,640
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
  801
  799
  936
  1,085
  1,246
  1,419
  1,604
  1,800
  2,007
  2,226
  2,455
  2,675
  2,926
  3,187
  3,459
  3,742
  4,036
  4,341
  4,659
  4,989
  5,332
  5,689
  6,060
  6,446
  6,848
  7,266
  7,702
  8,156
  8,630
  9,124
  9,640
Operating income, $m
  -31
  116
  140
  166
  194
  224
  257
  291
  327
  365
  405
  466
  510
  556
  603
  652
  704
  757
  812
  870
  930
  992
  1,057
  1,124
  1,194
  1,267
  1,343
  1,422
  1,505
  1,591
  1,681
EBITDA, $m
  -4
  143
  168
  195
  225
  256
  290
  326
  364
  404
  446
  490
  536
  583
  633
  685
  739
  795
  853
  913
  976
  1,042
  1,110
  1,180
  1,254
  1,330
  1,410
  1,493
  1,580
  1,670
  1,765
Interest expense (income), $m
  23
  21
  31
  41
  52
  64
  77
  90
  105
  120
  137
  154
  171
  190
  209
  229
  250
  272
  295
  319
  343
  369
  395
  423
  451
  481
  512
  545
  578
  613
  650
Earnings before tax, $m
  -31
  95
  110
  125
  142
  161
  180
  200
  222
  245
  268
  313
  339
  366
  394
  423
  453
  485
  517
  551
  587
  623
  661
  701
  743
  786
  831
  877
  926
  977
  1,031
Tax expense, $m
  -17
  26
  30
  34
  38
  43
  49
  54
  60
  66
  72
  84
  91
  99
  106
  114
  122
  131
  140
  149
  158
  168
  179
  189
  200
  212
  224
  237
  250
  264
  278
Net income, $m
  -22
  69
  80
  92
  104
  117
  131
  146
  162
  179
  196
  228
  247
  267
  287
  309
  331
  354
  378
  402
  428
  455
  483
  512
  542
  574
  606
  641
  676
  713
  752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  2,126
  2,481
  2,916
  3,390
  3,903
  4,454
  5,042
  5,666
  6,326
  7,021
  7,750
  8,514
  9,311
  10,142
  11,007
  11,907
  12,843
  13,816
  14,828
  15,878
  16,970
  18,106
  19,286
  20,515
  21,793
  23,124
  24,511
  25,957
  27,465
  29,038
  30,680
Adjusted assets (=assets-cash), $m
  2,085
  2,481
  2,916
  3,390
  3,903
  4,454
  5,042
  5,666
  6,326
  7,021
  7,750
  8,514
  9,311
  10,142
  11,007
  11,907
  12,843
  13,816
  14,828
  15,878
  16,970
  18,106
  19,286
  20,515
  21,793
  23,124
  24,511
  25,957
  27,465
  29,038
  30,680
Revenue / Adjusted assets
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  57
  67
  79
  91
  105
  120
  136
  153
  170
  189
  209
  229
  251
  273
  296
  321
  346
  372
  399
  428
  457
  488
  520
  553
  587
  623
  660
  699
  740
  782
  826
Working capital, $m
  0
  -31
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -88
  -97
  -107
  -117
  -127
  -138
  -149
  -161
  -173
  -186
  -199
  -213
  -227
  -242
  -257
  -273
  -290
  -308
  -326
  -345
  -364
  -385
Total debt, $m
  609
  850
  1,131
  1,438
  1,771
  2,128
  2,509
  2,914
  3,341
  3,792
  4,264
  4,759
  5,275
  5,814
  6,375
  6,958
  7,565
  8,195
  8,850
  9,531
  10,239
  10,974
  11,740
  12,536
  13,364
  14,227
  15,125
  16,062
  17,039
  18,058
  19,122
Total liabilities, $m
  1,366
  1,608
  1,889
  2,196
  2,529
  2,886
  3,267
  3,672
  4,099
  4,550
  5,022
  5,517
  6,033
  6,572
  7,133
  7,716
  8,323
  8,953
  9,608
  10,289
  10,997
  11,732
  12,498
  13,294
  14,122
  14,985
  15,883
  16,820
  17,797
  18,816
  19,880
Total equity, $m
  759
  873
  1,026
  1,193
  1,374
  1,568
  1,775
  1,995
  2,227
  2,471
  2,728
  2,997
  3,277
  3,570
  3,874
  4,191
  4,521
  4,863
  5,219
  5,589
  5,974
  6,373
  6,789
  7,221
  7,671
  8,140
  8,628
  9,137
  9,668
  10,221
  10,799
Total liabilities and equity, $m
  2,125
  2,481
  2,915
  3,389
  3,903
  4,454
  5,042
  5,667
  6,326
  7,021
  7,750
  8,514
  9,310
  10,142
  11,007
  11,907
  12,844
  13,816
  14,827
  15,878
  16,971
  18,105
  19,287
  20,515
  21,793
  23,125
  24,511
  25,957
  27,465
  29,037
  30,679
Debt-to-equity ratio
  0.802
  0.970
  1.100
  1.210
  1.290
  1.360
  1.410
  1.460
  1.500
  1.530
  1.560
  1.590
  1.610
  1.630
  1.650
  1.660
  1.670
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
Adjusted equity ratio
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  69
  80
  92
  104
  117
  131
  146
  162
  179
  196
  228
  247
  267
  287
  309
  331
  354
  378
  402
  428
  455
  483
  512
  542
  574
  606
  641
  676
  713
  752
Depreciation, amort., depletion, $m
  27
  26
  28
  29
  30
  32
  33
  35
  37
  39
  41
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  60
  64
  67
  71
  75
  80
  84
Funds from operations, $m
  -33
  96
  108
  120
  134
  149
  165
  182
  199
  218
  237
  252
  273
  295
  318
  341
  366
  392
  418
  446
  475
  505
  536
  568
  602
  637
  674
  712
  752
  793
  837
Change in working capital, $m
  -82
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
Cash from operations, $m
  49
  101
  113
  126
  141
  156
  172
  189
  207
  226
  246
  261
  283
  305
  328
  353
  378
  404
  431
  459
  489
  519
  551
  584
  618
  654
  691
  730
  771
  813
  857
Maintenance CAPEX, $m
  0
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -64
  -67
  -71
  -75
  -80
New CAPEX, $m
  -11
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
Cash from investing activities, $m
  -84
  -16
  -19
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -42
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -86
  -90
  -96
  -101
  -106
  -112
  -117
  -124
Free cash flow, $m
  -35
  85
  94
  106
  118
  130
  144
  159
  174
  190
  207
  219
  238
  257
  277
  298
  320
  342
  366
  390
  415
  442
  469
  498
  527
  558
  590
  624
  659
  695
  733
Issuance/(repayment) of debt, $m
  -27
  256
  282
  307
  332
  357
  381
  405
  428
  450
  472
  495
  516
  539
  561
  583
  607
  630
  655
  681
  708
  736
  765
  796
  828
  863
  899
  937
  977
  1,019
  1,064
Issuance/(repurchase) of shares, $m
  -66
  71
  73
  75
  77
  77
  76
  73
  70
  66
  61
  40
  33
  26
  17
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -112
  327
  355
  382
  409
  434
  457
  478
  498
  516
  533
  535
  549
  565
  578
  591
  607
  630
  655
  681
  708
  736
  765
  796
  828
  863
  899
  937
  977
  1,019
  1,064
Total cash flow (excl. dividends), $m
  -149
  411
  449
  488
  527
  564
  601
  637
  672
  706
  740
  754
  788
  821
  855
  890
  926
  973
  1,021
  1,071
  1,123
  1,177
  1,234
  1,293
  1,356
  1,421
  1,489
  1,560
  1,636
  1,714
  1,797
Retained Cash Flow (-), $m
  25
  -140
  -153
  -167
  -181
  -194
  -207
  -220
  -232
  -245
  -257
  -269
  -281
  -293
  -305
  -317
  -330
  -342
  -356
  -370
  -384
  -400
  -416
  -432
  -450
  -469
  -488
  -509
  -531
  -554
  -578
Prev. year cash balance distribution, $m
 
  26
  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
 
  297
  296
  321
  346
  370
  394
  417
  440
  462
  484
  486
  507
  529
  551
  573
  597
  630
  665
  701
  739
  778
  819
  861
  906
  952
  1,001
  1,052
  1,105
  1,161
  1,219
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  277
  256
  256
  252
  245
  234
  221
  205
  188
  170
  146
  128
  111
  95
  80
  66
  54
  44
  35
  27
  21
  15
  11
  8
  5
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  95.1
  91.0
  87.6
  84.7
  82.2
  80.1
  78.4
  76.9
  75.7
  74.8
  74.2
  73.7
  73.4
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2
  73.2

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 -52.6
Price to Sales 1.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 23.6
Price to Free Cash Flow 30.5
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 $770 million for the last fiscal year's total revenue generated by Piper Jaffray. The default revenue input number comes from 2016 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 18.9% 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 7.1%, 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 87.7%.

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 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 3.6% 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 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 PJC are equal to 7.3%.

Life of production assets of 9.8 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 -3.4%. 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 - $759 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 15.188 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 $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
HLI Houlihan Lokey 50.50 252.36  str.buy
EVR Evercore Cl A 96.60 135.34  str.buy
JMP JMP Group 5.50 1.85  str.sell
MC Moelis 51.60 43.38  hold
PJT PJT Partners 48.73 7.80  str.sell
HF HFF Cl A 50.91 45.41  hold
RILY B. Riley Finan 19.65 853.23  str.buy

COMPANY NEWS

▶ 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]
▶ [$$] TA Associates Makes Growth Investment in PetPeople   [Sep-01-17 01:35PM  The Wall Street Journal]
▶ Analyst Olson Sees Amazon Margins as a Market Gift   [Jul-28-17 11:46AM  Bloomberg Video]
▶ Piper Jaffray posts 2Q profit   [Jul-27-17 02:44PM  Associated Press]
▶ ETFs with exposure to Piper Jaffray Cos. : June 16, 2017   [Jun-16-17 04:12PM  Capital Cube]
▶ Piper Jaffray to Host 37th Annual Consumer Conference   [Jun-07-17 10:31AM  Business Wire]
▶ Piper Jaffray to Host Financial Institutions Conference   [May-04-17 02:30PM  Business Wire]
▶ Piper Jaffray posts 1Q profit   [Apr-27-17 09:32AM  Associated Press]
▶ [$$] Ethicon Agrees to Acquire Medical-Device Company Torax Medical   [Feb-17-17 06:49PM  at The Wall Street Journal]
▶ Piper Jaffray reports 4Q loss   [08:30AM  Associated Press]
Financial statements of PJC
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.