Intrinsic value of Stifel Financial - SF

Previous Close

$53.49

  Intrinsic Value

$19.50

stock screener

  Rating & Target

str. sell

-64%

Previous close

$53.49

 
Intrinsic value

$19.50

 
Up/down potential

-64%

 
Rating

str. sell

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

We calculate the intrinsic value of SF 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 3.7

 

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, %
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  3,324
  3,747
  4,196
  4,669
  5,166
  5,686
  6,230
  6,798
  7,390
  8,005
  8,646
  9,311
  10,003
  10,722
  11,469
  12,245
  13,053
  13,893
  14,767
  15,676
  16,624
  17,612
  18,642
  19,716
  20,837
  22,007
  23,230
  24,508
  25,843
  27,240
Variable operating expenses, $m
  2,100
  2,348
  2,611
  2,888
  3,179
  3,484
  3,803
  4,136
  4,483
  4,844
  5,067
  5,457
  5,862
  6,284
  6,721
  7,176
  7,650
  8,142
  8,654
  9,187
  9,743
  10,321
  10,925
  11,554
  12,211
  12,897
  13,614
  14,363
  15,146
  15,964
Fixed operating expenses, $m
  825
  843
  861
  880
  900
  920
  940
  960
  982
  1,003
  1,025
  1,048
  1,071
  1,094
  1,119
  1,143
  1,168
  1,194
  1,220
  1,247
  1,275
  1,303
  1,331
  1,360
  1,390
  1,421
  1,452
  1,484
  1,517
  1,550
Total operating expenses, $m
  2,925
  3,191
  3,472
  3,768
  4,079
  4,404
  4,743
  5,096
  5,465
  5,847
  6,092
  6,505
  6,933
  7,378
  7,840
  8,319
  8,818
  9,336
  9,874
  10,434
  11,018
  11,624
  12,256
  12,914
  13,601
  14,318
  15,066
  15,847
  16,663
  17,514
Operating income, $m
  399
  556
  723
  900
  1,086
  1,282
  1,487
  1,702
  1,925
  2,159
  2,554
  2,807
  3,070
  3,344
  3,629
  3,926
  4,235
  4,557
  4,892
  5,242
  5,607
  5,988
  6,385
  6,801
  7,235
  7,689
  8,164
  8,661
  9,181
  9,726
EBITDA, $m
  3,044
  3,519
  4,022
  4,554
  5,113
  5,699
  6,312
  6,952
  7,620
  8,315
  9,038
  9,790
  10,572
  11,385
  12,231
  13,110
  14,025
  14,976
  15,967
  17,000
  18,075
  19,197
  20,367
  21,588
  22,863
  24,194
  25,586
  27,041
  28,563
  30,156
Interest expense (income), $m
  62
  908
  923
  1,018
  1,118
  1,223
  1,334
  1,450
  1,571
  1,698
  1,830
  1,967
  2,110
  2,258
  2,412
  2,573
  2,739
  2,912
  3,092
  3,280
  3,474
  3,677
  3,889
  4,109
  4,338
  4,578
  4,828
  5,089
  5,361
  5,646
  5,944
Earnings before tax, $m
  -509
  -367
  -294
  -218
  -137
  -52
  37
  130
  227
  329
  586
  697
  812
  931
  1,056
  1,187
  1,323
  1,464
  1,613
  1,768
  1,930
  2,099
  2,277
  2,462
  2,657
  2,861
  3,075
  3,299
  3,535
  3,782
Tax expense, $m
  0
  0
  0
  0
  0
  0
  10
  35
  61
  89
  158
  188
  219
  251
  285
  320
  357
  395
  435
  477
  521
  567
  615
  665
  717
  773
  830
  891
  954
  1,021
Net income, $m
  -509
  -367
  -294
  -218
  -137
  -52
  27
  95
  166
  240
  428
  509
  592
  680
  771
  866
  965
  1,069
  1,177
  1,290
  1,409
  1,532
  1,662
  1,798
  1,940
  2,089
  2,245
  2,409
  2,580
  2,761

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
  15,247
  17,190
  19,247
  21,416
  23,695
  26,083
  28,579
  31,184
  33,898
  36,722
  39,659
  42,712
  45,885
  49,183
  52,609
  56,171
  59,875
  63,728
  67,737
  71,910
  76,258
  80,788
  85,512
  90,439
  95,582
  100,951
  106,559
  112,420
  118,547
  124,955
Adjusted assets (=assets-cash), $m
  15,247
  17,190
  19,247
  21,416
  23,695
  26,083
  28,579
  31,184
  33,898
  36,722
  39,659
  42,712
  45,885
  49,183
  52,609
  56,171
  59,875
  63,728
  67,737
  71,910
  76,258
  80,788
  85,512
  90,439
  95,582
  100,951
  106,559
  112,420
  118,547
  124,955
Revenue / Adjusted assets
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
Average production assets, $m
  24,930
  28,106
  31,469
  35,015
  38,741
  42,646
  46,727
  50,986
  55,422
  60,040
  64,843
  69,835
  75,023
  80,414
  86,016
  91,840
  97,896
  104,195
  110,749
  117,574
  124,682
  132,089
  139,812
  147,868
  156,276
  165,055
  174,224
  183,807
  193,825
  204,301
Working capital, $m
  -19,814
  -22,338
  -25,011
  -27,830
  -30,792
  -33,895
  -37,139
  -40,523
  -44,050
  -47,720
  -51,537
  -55,505
  -59,628
  -63,913
  -68,366
  -72,995
  -77,808
  -82,814
  -88,024
  -93,447
  -99,097
  -104,984
  -111,123
  -117,526
  -124,208
  -131,185
  -138,474
  -146,090
  -154,052
  -162,378
Total debt, $m
  17,102
  18,850
  20,701
  22,653
  24,704
  26,854
  29,100
  31,444
  33,887
  36,429
  39,072
  41,820
  44,676
  47,643
  50,727
  53,933
  57,267
  60,734
  64,342
  68,098
  72,011
  76,088
  80,340
  84,774
  89,402
  94,235
  99,282
  104,557
  110,071
  115,838
Total liabilities, $m
  13,723
  15,471
  17,322
  19,274
  21,326
  23,475
  25,721
  28,066
  30,508
  33,050
  35,693
  38,441
  41,297
  44,264
  47,348
  50,554
  53,888
  57,355
  60,963
  64,719
  68,632
  72,709
  76,961
  81,395
  86,023
  90,856
  95,903
  101,178
  106,692
  112,459
Total equity, $m
  1,525
  1,719
  1,925
  2,142
  2,370
  2,608
  2,858
  3,118
  3,390
  3,672
  3,966
  4,271
  4,589
  4,918
  5,261
  5,617
  5,988
  6,373
  6,774
  7,191
  7,626
  8,079
  8,551
  9,044
  9,558
  10,095
  10,656
  11,242
  11,855
  12,495
Total liabilities and equity, $m
  15,248
  17,190
  19,247
  21,416
  23,696
  26,083
  28,579
  31,184
  33,898
  36,722
  39,659
  42,712
  45,886
  49,182
  52,609
  56,171
  59,876
  63,728
  67,737
  71,910
  76,258
  80,788
  85,512
  90,439
  95,581
  100,951
  106,559
  112,420
  118,547
  124,954
Debt-to-equity ratio
  11.220
  10.970
  10.760
  10.580
  10.430
  10.300
  10.180
  10.080
  10.000
  9.920
  9.850
  9.790
  9.740
  9.690
  9.640
  9.600
  9.560
  9.530
  9.500
  9.470
  9.440
  9.420
  9.400
  9.370
  9.350
  9.330
  9.320
  9.300
  9.290
  9.270
Adjusted equity ratio
  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
  -509
  -367
  -294
  -218
  -137
  -52
  27
  95
  166
  240
  428
  509
  592
  680
  771
  866
  965
  1,069
  1,177
  1,290
  1,409
  1,532
  1,662
  1,798
  1,940
  2,089
  2,245
  2,409
  2,580
  2,761
Depreciation, amort., depletion, $m
  2,645
  2,963
  3,299
  3,653
  4,026
  4,417
  4,825
  5,251
  5,694
  6,156
  6,484
  6,983
  7,502
  8,041
  8,602
  9,184
  9,790
  10,419
  11,075
  11,757
  12,468
  13,209
  13,981
  14,787
  15,628
  16,505
  17,422
  18,381
  19,382
  20,430
Funds from operations, $m
  2,136
  2,595
  3,004
  3,436
  3,889
  4,365
  4,852
  5,346
  5,860
  6,396
  6,912
  7,492
  8,095
  8,721
  9,373
  10,050
  10,755
  11,489
  12,252
  13,048
  13,877
  14,741
  15,643
  16,584
  17,567
  18,594
  19,667
  20,789
  21,963
  23,191
Change in working capital, $m
  -2,372
  -2,524
  -2,673
  -2,819
  -2,962
  -3,103
  -3,244
  -3,385
  -3,526
  -3,670
  -3,817
  -3,968
  -4,123
  -4,285
  -4,453
  -4,629
  -4,813
  -5,006
  -5,210
  -5,424
  -5,649
  -5,887
  -6,138
  -6,403
  -6,682
  -6,977
  -7,288
  -7,616
  -7,962
  -8,327
Cash from operations, $m
  4,508
  5,120
  5,677
  6,254
  6,851
  7,468
  8,096
  8,730
  9,387
  10,066
  10,729
  11,460
  12,218
  13,006
  13,826
  14,679
  15,568
  16,495
  17,462
  18,472
  19,526
  20,629
  21,781
  22,988
  24,250
  25,571
  26,955
  28,405
  29,925
  31,517
Maintenance CAPEX, $m
  -2,195
  -2,493
  -2,811
  -3,147
  -3,501
  -3,874
  -4,265
  -4,673
  -5,099
  -5,542
  -6,004
  -6,484
  -6,983
  -7,502
  -8,041
  -8,602
  -9,184
  -9,790
  -10,419
  -11,075
  -11,757
  -12,468
  -13,209
  -13,981
  -14,787
  -15,628
  -16,505
  -17,422
  -18,381
  -19,382
New CAPEX, $m
  -2,983
  -3,176
  -3,363
  -3,546
  -3,726
  -3,904
  -4,081
  -4,258
  -4,437
  -4,618
  -4,802
  -4,992
  -5,188
  -5,391
  -5,603
  -5,824
  -6,056
  -6,299
  -6,555
  -6,824
  -7,108
  -7,407
  -7,723
  -8,056
  -8,408
  -8,779
  -9,170
  -9,583
  -10,018
  -10,476
Cash from investing activities, $m
  -5,178
  -5,669
  -6,174
  -6,693
  -7,227
  -7,778
  -8,346
  -8,931
  -9,536
  -10,160
  -10,806
  -11,476
  -12,171
  -12,893
  -13,644
  -14,426
  -15,240
  -16,089
  -16,974
  -17,899
  -18,865
  -19,875
  -20,932
  -22,037
  -23,195
  -24,407
  -25,675
  -27,005
  -28,399
  -29,858
Free cash flow, $m
  -669
  -549
  -496
  -439
  -377
  -311
  -250
  -201
  -149
  -94
  -77
  -17
  47
  113
  182
  254
  328
  406
  488
  573
  661
  753
  850
  950
  1,055
  1,165
  1,280
  1,400
  1,527
  1,659
Issuance/(repayment) of debt, $m
  284
  1,748
  1,851
  1,952
  2,051
  2,149
  2,247
  2,344
  2,442
  2,542
  2,644
  2,748
  2,856
  2,968
  3,084
  3,206
  3,333
  3,467
  3,608
  3,756
  3,913
  4,077
  4,251
  4,435
  4,628
  4,832
  5,048
  5,275
  5,514
  5,767
Issuance/(repurchase) of shares, $m
  2,060
  561
  500
  435
  365
  291
  223
  165
  105
  42
  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  
  2,344
  2,309
  2,351
  2,387
  2,416
  2,440
  2,470
  2,509
  2,547
  2,584
  2,644
  2,748
  2,856
  2,968
  3,084
  3,206
  3,333
  3,467
  3,608
  3,756
  3,913
  4,077
  4,251
  4,435
  4,628
  4,832
  5,048
  5,275
  5,514
  5,767
Total cash flow (excl. dividends), $m
  1,675
  1,760
  1,855
  1,948
  2,039
  2,129
  2,219
  2,309
  2,399
  2,490
  2,566
  2,731
  2,902
  3,080
  3,266
  3,459
  3,662
  3,874
  4,096
  4,329
  4,574
  4,831
  5,101
  5,385
  5,683
  5,997
  6,328
  6,675
  7,041
  7,425
Retained Cash Flow (-), $m
  -2,060
  -561
  -500
  -435
  -365
  -291
  -250
  -260
  -271
  -282
  -294
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -401
  -417
  -435
  -453
  -472
  -493
  -514
  -537
  -561
  -586
  -613
  -641
Prev. year cash balance distribution, $m
  27
  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
  140
  160
  180
  201
  224
  248
  273
  299
  326
  355
  384
  415
  447
  480
  515
  551
  588
  627
  667
  709
  752
  798
  845
  895
  946
  1,000
  1,056
  1,115
  1,176
  1,240
Cash available for distribution, $m
  -358
  1,199
  1,355
  1,513
  1,674
  1,839
  1,969
  2,048
  2,128
  2,208
  2,273
  2,426
  2,585
  2,751
  2,923
  3,103
  3,291
  3,488
  3,695
  3,912
  4,139
  4,378
  4,628
  4,892
  5,169
  5,460
  5,767
  6,089
  6,428
  6,785
Discount rate, %
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.06
  25.27
  26.53
  27.86
  29.25
  30.71
  32.25
  33.86
  35.55
  37.33
  39.20
  41.16
  43.22
  45.38
  47.65
  50.03
  52.53
  55.16
PV of cash for distribution, $m
  -316
  921
  896
  850
  787
  713
  620
  514
  419
  334
  259
  204
  157
  117
  86
  61
  42
  28
  18
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  36.5
  28.3
  23.1
  19.7
  17.6
  16.2
  15.3
  14.8
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6
  14.6

Stifel Financial Corp. is a financial holding company. Its principal subsidiary is Stifel, Nicolaus & Company, Incorporated, a retail and institutional wealth management and investment banking firm. It operates through three segments: Global Wealth Management, Institutional Group and Other. The Global Wealth Management segment consists of the Private Client Group and Stifel Bank businesses. The Institutional Group segment includes research, equity and fixed income institutional sales and trading, investment banking, public finance and syndicate. The Other segment includes interest income from stock borrow activities and interest income. Its principal activities are private client services, including securities transaction and financial planning services; institutional equity and fixed income sales, trading, research and municipal finance; investment banking services, and retail and commercial banking, including personal and commercial lending programs.

FINANCIAL RATIOS  of  Stifel Financial (SF)

Valuation Ratios
P/E Ratio 43.5
Price to Sales 1.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -10.2
Price to Free Cash Flow -9.5
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 49.8%
Total Debt to Equity 73.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 96%
Gross Margin - 3 Yr. Avg. 96.3%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 42.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.8%
Payout Ratio 4.9%

SF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SF stock intrinsic value calculation we used $2926 million for the last fiscal year's total revenue generated by Stifel Financial. The default revenue input number comes from 2017 income statement of Stifel Financial. 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 SF stock valuation model: a) initial revenue growth rate of 13.6% 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 13.4%, whose default value for SF is calculated based on our internal credit rating of Stifel Financial, 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 Stifel Financial.
    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 SF stock the variable cost ratio is equal to 63.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $807 million in the base year in the intrinsic value calculation for SF 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 Stifel Financial.

Corporate tax rate of 27% is the nominal tax rate for Stifel Financial. 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 SF stock is equal to 4.8%.

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 SF are equal to 750%.

Life of production assets of 10 years is the average useful life of capital assets used in Stifel Financial 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 SF is equal to -596.1%. 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 Stifel Financial - 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 69 million for Stifel Financial 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 Stifel Financial at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Financial firm buys naming rights for former Peabody Opera House   [Jul-16-18 05:15PM  American City Business Journals]
▶ Should You Buy Stifel Financial Corp (NYSE:SF) At US$056.35?   [Jun-26-18 12:37PM  Simply Wall St.]
▶ KBW Recruits Senior FIG Investment Bankers in London   [Jun-25-18 07:00AM  GlobeNewswire]
▶ KBW Announces Index Rebalancing for Second-Quarter 2018   [Jun-08-18 09:00PM  GlobeNewswire]
▶ Run in Advanced Micro Devices, Inc. Looks Near a Close   [Jun-05-18 11:41AM  InvestorPlace]
▶ Stifel buys The Business Bank of St. Louis   [May-10-18 05:52PM  American City Business Journals]
▶ Stifel's Bannister Sees 'Long Hot Summer' for Investors   [May-07-18 10:35AM  Bloomberg Video]
▶ Stifel Reports First Quarter 2018 Financial Results   [Apr-30-18 04:01PM  GlobeNewswire]
▶ RBC Grows An Appetite For Chili's Parent Company   [Apr-27-18 03:34PM  Benzinga]
▶ KBW Announces Bank Honor Roll Award Winners   [09:30AM  Business Wire]
▶ Stifel's Deep Dive Into The Restaurant Sector   [Apr-22-18 04:24PM  Benzinga]
▶ Markets Down as Tech Stocks Slump   [Apr-19-18 04:49PM  Bloomberg Video]
▶ Why the soybean could be Chinas trump card in the trade war   [Apr-04-18 01:31PM  Yahoo Finance]
▶ Stifel Completes Acquisition of Ziegler Wealth Management   [Mar-19-18 07:00AM  GlobeNewswire]
▶ Stifel's Morganlander Expects Low Equity Returns   [Feb-22-18 06:36PM  Bloomberg Video]
▶ Analyst Cakmak Says the Flight to Safety Is Not FANG Stocks   [Feb-12-18 10:23AM  Bloomberg Video]
▶ Stifel's Devitt Says Facebook 'Lost Its Way'   [Jan-12-18 10:36AM  Bloomberg Video]
▶ New Strong Buy Stocks for December 27th   [Dec-27-17 10:05AM  Zacks]
▶ 3 Stocks to Buy for This Years Santa Claus Rally   [Dec-20-17 07:00AM  InvestorPlace]
▶ Economist Rosenberg Sees Untested, Inexperienced Fed   [Dec-12-17 11:20AM  Bloomberg Video]
▶ KBW Announces Index Rebalancing for Fourth-Quarter 2017   [Dec-08-17 09:00PM  Business Wire]
▶ Top Ranked Value Stocks to Buy for December 7th   [Dec-07-17 09:38AM  Zacks]
▶ IBD Rating Upgrades: Stifel Financial Shows Improved Price Strength   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for November 20th   [Nov-20-17 09:27AM  Zacks]
▶ Stifel Declares Preferred Stock Cash Dividend   [Nov-14-17 04:30PM  GlobeNewswire]
▶ Stifel Declares Common Stock Cash Dividend   [04:15PM  GlobeNewswire]
▶ Stocks Generating Improved Relative Strength: Stifel Financial   [Nov-03-17 03:00AM  Investor's Business Daily]
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