Intrinsic value of Stifel Financial - SF

Previous Close

$62.67

  Intrinsic Value

$241.09

stock screener

  Rating & Target

str. buy

+285%

Previous close

$62.67

 
Intrinsic value

$241.09

 
Up/down potential

+285%

 
Rating

str. buy

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

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

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Stifel Financial (SF) 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, %
  11.15
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  2,642
  2,954
  3,282
  3,627
  3,988
  4,366
  4,759
  5,169
  5,596
  6,039
  6,500
  6,980
  7,477
  7,995
  8,533
  9,092
  9,674
  10,280
  10,910
  11,567
  12,252
  12,966
  13,710
  14,488
  15,299
  16,147
  17,034
  17,960
  18,929
  19,943
  21,004
Variable operating expenses, $m
 
  2,765
  3,062
  3,374
  3,700
  4,041
  4,397
  4,767
  5,152
  5,553
  5,970
  6,307
  6,757
  7,224
  7,710
  8,216
  8,741
  9,289
  9,858
  10,452
  11,071
  11,716
  12,389
  13,091
  13,824
  14,591
  15,391
  16,229
  17,104
  18,020
  18,979
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
  2,500
  2,765
  3,062
  3,374
  3,700
  4,041
  4,397
  4,767
  5,152
  5,553
  5,970
  6,307
  6,757
  7,224
  7,710
  8,216
  8,741
  9,289
  9,858
  10,452
  11,071
  11,716
  12,389
  13,091
  13,824
  14,591
  15,391
  16,229
  17,104
  18,020
  18,979
Operating income, $m
  143
  189
  220
  253
  288
  325
  363
  402
  443
  486
  531
  673
  721
  771
  823
  877
  933
  991
  1,052
  1,115
  1,181
  1,250
  1,322
  1,397
  1,475
  1,557
  1,642
  1,732
  1,825
  1,923
  2,025
EBITDA, $m
  200
  299
  332
  367
  404
  442
  482
  523
  566
  611
  658
  706
  757
  809
  863
  920
  979
  1,040
  1,104
  1,170
  1,240
  1,312
  1,387
  1,466
  1,548
  1,634
  1,723
  1,817
  1,915
  2,018
  2,125
Interest expense (income), $m
  62
  50
  118
  190
  266
  345
  428
  515
  605
  699
  796
  898
  1,003
  1,113
  1,227
  1,345
  1,468
  1,596
  1,729
  1,868
  2,012
  2,163
  2,320
  2,484
  2,655
  2,833
  3,020
  3,215
  3,419
  3,632
  3,855
Earnings before tax, $m
  143
  138
  103
  64
  23
  -20
  -66
  -113
  -162
  -213
  -266
  -225
  -282
  -342
  -404
  -468
  -535
  -605
  -677
  -753
  -831
  -913
  -998
  -1,087
  -1,180
  -1,277
  -1,378
  -1,483
  -1,594
  -1,709
  -1,830
Tax expense, $m
  61
  37
  28
  17
  6
  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
  82
  101
  75
  46
  16
  -20
  -66
  -113
  -162
  -213
  -266
  -225
  -282
  -342
  -404
  -468
  -535
  -605
  -677
  -753
  -831
  -913
  -998
  -1,087
  -1,180
  -1,277
  -1,378
  -1,483
  -1,594
  -1,709
  -1,830

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  986
  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
  19,129
  20,231
  22,481
  24,843
  27,317
  29,901
  32,597
  35,405
  38,327
  41,365
  44,523
  47,805
  51,215
  54,760
  58,444
  62,275
  66,261
  70,409
  74,728
  79,227
  83,916
  88,806
  93,907
  99,231
  104,791
  110,599
  116,668
  123,014
  129,652
  136,596
  143,863
Adjusted assets (=assets-cash), $m
  18,143
  20,231
  22,481
  24,843
  27,317
  29,901
  32,597
  35,405
  38,327
  41,365
  44,523
  47,805
  51,215
  54,760
  58,444
  62,275
  66,261
  70,409
  74,728
  79,227
  83,916
  88,806
  93,907
  99,231
  104,791
  110,599
  116,668
  123,014
  129,652
  136,596
  143,863
Revenue / Adjusted assets
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
Average production assets, $m
  267
  298
  332
  366
  403
  441
  481
  522
  565
  610
  657
  705
  755
  807
  862
  918
  977
  1,038
  1,102
  1,168
  1,237
  1,310
  1,385
  1,463
  1,545
  1,631
  1,720
  1,814
  1,912
  2,014
  2,121
Working capital, $m
  0
  -381
  -423
  -468
  -514
  -563
  -614
  -667
  -722
  -779
  -839
  -900
  -965
  -1,031
  -1,101
  -1,173
  -1,248
  -1,326
  -1,407
  -1,492
  -1,580
  -1,673
  -1,769
  -1,869
  -1,974
  -2,083
  -2,197
  -2,317
  -2,442
  -2,573
  -2,710
Total debt, $m
  2,009
  3,179
  5,131
  7,182
  9,329
  11,572
  13,912
  16,350
  18,886
  21,523
  24,264
  27,113
  30,073
  33,149
  36,347
  39,673
  43,133
  46,733
  50,482
  54,387
  58,457
  62,701
  67,129
  71,751
  76,576
  81,618
  86,886
  92,395
  98,156
  104,183
  110,491
Total liabilities, $m
  16,391
  17,561
  19,513
  21,564
  23,711
  25,954
  28,294
  30,732
  33,268
  35,905
  38,646
  41,495
  44,455
  47,531
  50,729
  54,055
  57,515
  61,115
  64,864
  68,769
  72,839
  77,083
  81,511
  86,133
  90,958
  96,000
  101,268
  106,777
  112,538
  118,565
  124,873
Total equity, $m
  2,738
  2,671
  2,967
  3,279
  3,606
  3,947
  4,303
  4,673
  5,059
  5,460
  5,877
  6,310
  6,760
  7,228
  7,715
  8,220
  8,746
  9,294
  9,864
  10,458
  11,077
  11,722
  12,396
  13,098
  13,832
  14,599
  15,400
  16,238
  17,114
  18,031
  18,990
Total liabilities and equity, $m
  19,129
  20,232
  22,480
  24,843
  27,317
  29,901
  32,597
  35,405
  38,327
  41,365
  44,523
  47,805
  51,215
  54,759
  58,444
  62,275
  66,261
  70,409
  74,728
  79,227
  83,916
  88,805
  93,907
  99,231
  104,790
  110,599
  116,668
  123,015
  129,652
  136,596
  143,863
Debt-to-equity ratio
  0.734
  1.190
  1.730
  2.190
  2.590
  2.930
  3.230
  3.500
  3.730
  3.940
  4.130
  4.300
  4.450
  4.590
  4.710
  4.830
  4.930
  5.030
  5.120
  5.200
  5.280
  5.350
  5.420
  5.480
  5.540
  5.590
  5.640
  5.690
  5.740
  5.780
  5.820
Adjusted equity ratio
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  101
  75
  46
  16
  -20
  -66
  -113
  -162
  -213
  -266
  -225
  -282
  -342
  -404
  -468
  -535
  -605
  -677
  -753
  -831
  -913
  -998
  -1,087
  -1,180
  -1,277
  -1,378
  -1,483
  -1,594
  -1,709
  -1,830
Depreciation, amort., depletion, $m
  57
  110
  112
  113
  115
  117
  119
  121
  123
  125
  127
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
Funds from operations, $m
  -1,381
  211
  187
  160
  132
  97
  53
  8
  -39
  -88
  -139
  -192
  -247
  -304
  -363
  -425
  -489
  -556
  -625
  -698
  -773
  -851
  -933
  -1,018
  -1,107
  -1,200
  -1,296
  -1,398
  -1,503
  -1,614
  -1,730
Change in working capital, $m
  -1,032
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
Cash from operations, $m
  -349
  251
  229
  204
  178
  145
  104
  61
  16
  -31
  -79
  -130
  -182
  -237
  -294
  -353
  -414
  -478
  -544
  -613
  -684
  -759
  -837
  -918
  -1,002
  -1,090
  -1,182
  -1,278
  -1,378
  -1,483
  -1,593
Maintenance CAPEX, $m
  0
  -13
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
New CAPEX, $m
  -28
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
Cash from investing activities, $m
  -5,255
  -44
  -47
  -51
  -53
  -57
  -61
  -64
  -68
  -72
  -76
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -192
  -202
Free cash flow, $m
  -5,604
  207
  182
  154
  125
  88
  44
  -3
  -51
  -102
  -155
  -209
  -266
  -325
  -386
  -450
  -516
  -585
  -657
  -731
  -809
  -889
  -974
  -1,062
  -1,153
  -1,249
  -1,349
  -1,453
  -1,562
  -1,676
  -1,795
Issuance/(repayment) of debt, $m
  682
  1,816
  1,953
  2,050
  2,147
  2,243
  2,340
  2,437
  2,536
  2,637
  2,741
  2,849
  2,960
  3,077
  3,198
  3,326
  3,460
  3,600
  3,749
  3,905
  4,070
  4,244
  4,428
  4,621
  4,826
  5,041
  5,269
  5,508
  5,761
  6,027
  6,308
Issuance/(repurchase) of shares, $m
  32
  172
  222
  265
  310
  362
  421
  483
  547
  614
  683
  658
  732
  810
  890
  974
  1,061
  1,152
  1,247
  1,347
  1,450
  1,558
  1,671
  1,790
  1,914
  2,043
  2,179
  2,321
  2,470
  2,626
  2,789
Cash from financing (excl. dividends), $m  
  5,722
  1,988
  2,175
  2,315
  2,457
  2,605
  2,761
  2,920
  3,083
  3,251
  3,424
  3,507
  3,692
  3,887
  4,088
  4,300
  4,521
  4,752
  4,996
  5,252
  5,520
  5,802
  6,099
  6,411
  6,740
  7,084
  7,448
  7,829
  8,231
  8,653
  9,097
Total cash flow (excl. dividends), $m
  106
  2,195
  2,357
  2,470
  2,582
  2,693
  2,805
  2,917
  3,032
  3,149
  3,269
  3,297
  3,427
  3,561
  3,702
  3,850
  4,005
  4,168
  4,340
  4,521
  4,712
  4,913
  5,125
  5,350
  5,586
  5,836
  6,099
  6,376
  6,669
  6,977
  7,302
Retained Cash Flow (-), $m
  -246
  -273
  -297
  -312
  -327
  -362
  -421
  -483
  -547
  -614
  -683
  -658
  -732
  -810
  -890
  -974
  -1,061
  -1,152
  -1,247
  -1,347
  -1,450
  -1,558
  -1,671
  -1,790
  -1,914
  -2,043
  -2,179
  -2,321
  -2,470
  -2,626
  -2,789
Prev. year cash balance distribution, $m
 
  340
  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
 
  2,262
  2,060
  2,158
  2,255
  2,332
  2,383
  2,434
  2,485
  2,535
  2,587
  2,639
  2,694
  2,752
  2,812
  2,876
  2,943
  3,015
  3,092
  3,174
  3,261
  3,355
  3,454
  3,560
  3,673
  3,793
  3,920
  4,055
  4,199
  4,352
  4,513
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
 
  2,169
  1,886
  1,878
  1,857
  1,807
  1,730
  1,645
  1,553
  1,456
  1,356
  1,253
  1,150
  1,046
  944
  844
  748
  656
  569
  489
  414
  347
  287
  233
  187
  148
  114
  87
  65
  48
  34
Current shareholders' claim on cash, %
  100
  95.7
  90.9
  86.0
  81.1
  76.3
  71.4
  66.7
  62.1
  57.6
  53.4
  49.8
  46.4
  43.1
  40.0
  37.0
  34.2
  31.6
  29.1
  26.8
  24.6
  22.6
  20.7
  19.0
  17.4
  15.9
  14.5
  13.2
  12.1
  11.0
  10.0

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 50.9
Price to Sales 1.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -12
Price to Free Cash Flow -11.1
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 $2642 million for the last fiscal year's total revenue generated by Stifel Financial. The default revenue input number comes from 2016 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 11.8% 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 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 94%.

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 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 3.7% 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 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 SF are equal to 10.1%.

Life of production assets of 21.2 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 -12.9%. 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 - $2738 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 68.838 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 $4.3 billion.

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COMPANY NEWS

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▶ 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]
▶ Stifel posts 3Q profit   [Oct-30-17 04:59PM  Associated Press]
▶ Stifel to Acquire Ziegler Wealth Management   [06:00AM  GlobeNewswire]
▶ NSSK And Eaton Partners Announce The Closing Of NSSK II   [Oct-02-17 09:00PM  PR Newswire]
▶ Stifel Announces Pricing of $200 Million of Senior Notes   [Sep-27-17 07:00PM  Marketwired]
▶ Stocks With Rising Relative Strength: Stifel Financial   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ KBW Announces Index Rebalancing for Third-Quarter 2017   [Sep-08-17 09:00PM  Business Wire]
▶ [$$] The Morning Download: Dallas CIO Preps City for Harvey Evacuees   [Aug-29-17 08:19AM  The Wall Street Journal]
▶ Analysts Send Ulta Beauty Inc (ULTA) Shares Lower   [Aug-21-17 04:27PM  InvestorPlace]
▶ MOVES-Stifel names new senior vice presidents   [Aug-18-17 12:29PM  Reuters]
▶ Stifel to Start Paying A Dividend, Shares Slip   [Aug-15-17 11:57AM  Barrons.com]
▶ Stifel Declares Preferred Stock Cash Dividend   [Aug-14-17 04:30PM  Marketwired]
▶ Postal Service may get more freedom to raise stamp prices   [Aug-09-17 11:37AM  Associated Press]
▶ All Eyes on Apple as Tech Stocks Lead the Market   [Aug-01-17 10:41AM  Bloomberg Video]
▶ Stifel posts 2Q profit   [Jul-31-17 09:49PM  Associated Press]
▶ Street cooling on Starbucks: two analyst downgrades   [Jul-28-17 12:26PM  CNBC Videos]
▶ Stifel: Snap's user growth is steady   [Jul-13-17 12:00PM  CNBC Videos]
▶ Stifel's Caron Sees Rotation in Market Leadership   [Jul-05-17 12:56PM  Bloomberg Video]
Financial statements of SF
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