Intrinsic value of Stifel Financial - SF

Previous Close

$52.35

  Intrinsic Value

$215.13

stock screener

  Rating & Target

str. buy

+311%

  Value-price divergence*

-40%

Previous close

$52.35

 
Intrinsic value

$215.13

 
Up/down potential

+311%

 
Rating

str. buy

 
Value-price divergence*

-40%

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.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $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 3.6

 

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
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  2,642
  2,930
  3,232
  3,548
  3,878
  4,222
  4,580
  4,953
  5,340
  5,743
  6,162
  6,596
  7,048
  7,518
  8,007
  8,515
  9,044
  9,596
  10,170
  10,768
  11,392
  12,044
  12,724
  13,434
  14,176
  14,951
  15,762
  16,610
  17,498
  18,427
  19,399
Variable operating expenses, $m
 
  2,744
  3,017
  3,302
  3,600
  3,911
  4,235
  4,572
  4,922
  5,286
  5,664
  5,960
  6,369
  6,793
  7,235
  7,694
  8,172
  8,670
  9,189
  9,730
  10,294
  10,883
  11,497
  12,139
  12,809
  13,510
  14,243
  15,009
  15,811
  16,650
  17,529
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
  2,744
  3,017
  3,302
  3,600
  3,911
  4,235
  4,572
  4,922
  5,286
  5,664
  5,960
  6,369
  6,793
  7,235
  7,694
  8,172
  8,670
  9,189
  9,730
  10,294
  10,883
  11,497
  12,139
  12,809
  13,510
  14,243
  15,009
  15,811
  16,650
  17,529
Operating income, $m
  143
  186
  215
  246
  278
  311
  345
  381
  419
  458
  498
  636
  680
  725
  772
  821
  872
  925
  980
  1,038
  1,098
  1,161
  1,227
  1,295
  1,367
  1,441
  1,520
  1,601
  1,687
  1,777
  1,870
EBITDA, $m
  200
  296
  327
  359
  392
  427
  463
  501
  540
  581
  623
  667
  713
  761
  810
  862
  915
  971
  1,029
  1,089
  1,153
  1,219
  1,287
  1,359
  1,434
  1,513
  1,595
  1,681
  1,770
  1,864
  1,963
Interest expense (income), $m
  62
  50
  112
  179
  248
  321
  397
  475
  557
  643
  731
  823
  919
  1,018
  1,122
  1,229
  1,341
  1,457
  1,579
  1,705
  1,837
  1,974
  2,117
  2,267
  2,423
  2,586
  2,757
  2,935
  3,122
  3,317
  3,521
Earnings before tax, $m
  143
  136
  103
  67
  29
  -10
  -51
  -94
  -139
  -185
  -233
  -187
  -239
  -293
  -350
  -408
  -469
  -532
  -598
  -667
  -738
  -813
  -890
  -972
  -1,056
  -1,145
  -1,237
  -1,334
  -1,435
  -1,540
  -1,651
Tax expense, $m
  61
  37
  28
  18
  8
  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
  99
  75
  49
  21
  -10
  -51
  -94
  -139
  -185
  -233
  -187
  -239
  -293
  -350
  -408
  -469
  -532
  -598
  -667
  -738
  -813
  -890
  -972
  -1,056
  -1,145
  -1,237
  -1,334
  -1,435
  -1,540
  -1,651

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
  20,068
  22,137
  24,302
  26,563
  28,919
  31,372
  33,925
  36,578
  39,336
  42,202
  45,180
  48,276
  51,494
  54,841
  58,323
  61,948
  65,723
  69,656
  73,755
  78,031
  82,492
  87,149
  92,013
  97,095
  102,406
  107,961
  113,770
  119,849
  126,211
  132,873
Adjusted assets (=assets-cash), $m
  18,143
  20,068
  22,137
  24,302
  26,563
  28,919
  31,372
  33,925
  36,578
  39,336
  42,202
  45,180
  48,276
  51,494
  54,841
  58,323
  61,948
  65,723
  69,656
  73,755
  78,031
  82,492
  87,149
  92,013
  97,095
  102,406
  107,961
  113,770
  119,849
  126,211
  132,873
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
  296
  326
  358
  392
  426
  463
  500
  539
  580
  622
  666
  712
  759
  809
  860
  913
  969
  1,027
  1,088
  1,151
  1,216
  1,285
  1,357
  1,432
  1,510
  1,592
  1,678
  1,767
  1,861
  1,959
Working capital, $m
  0
  -378
  -417
  -458
  -500
  -545
  -591
  -639
  -689
  -741
  -795
  -851
  -909
  -970
  -1,033
  -1,098
  -1,167
  -1,238
  -1,312
  -1,389
  -1,470
  -1,554
  -1,641
  -1,733
  -1,829
  -1,929
  -2,033
  -2,143
  -2,257
  -2,377
  -2,503
Total debt, $m
  2,009
  3,037
  4,833
  6,712
  8,674
  10,720
  12,849
  15,065
  17,368
  19,762
  22,249
  24,835
  27,522
  30,315
  33,220
  36,243
  39,389
  42,665
  46,079
  49,637
  53,349
  57,221
  61,263
  65,485
  69,896
  74,507
  79,328
  84,370
  89,647
  95,170
  100,952
Total liabilities, $m
  16,391
  17,419
  19,215
  21,094
  23,056
  25,102
  27,231
  29,447
  31,750
  34,144
  36,631
  39,217
  41,904
  44,697
  47,602
  50,625
  53,771
  57,047
  60,461
  64,019
  67,731
  71,603
  75,645
  79,867
  84,278
  88,889
  93,710
  98,752
  104,029
  109,552
  115,334
Total equity, $m
  2,738
  2,649
  2,922
  3,208
  3,506
  3,817
  4,141
  4,478
  4,828
  5,192
  5,571
  5,964
  6,372
  6,797
  7,239
  7,699
  8,177
  8,675
  9,195
  9,736
  10,300
  10,889
  11,504
  12,146
  12,817
  13,518
  14,251
  15,018
  15,820
  16,660
  17,539
Total liabilities and equity, $m
  19,129
  20,068
  22,137
  24,302
  26,562
  28,919
  31,372
  33,925
  36,578
  39,336
  42,202
  45,181
  48,276
  51,494
  54,841
  58,324
  61,948
  65,722
  69,656
  73,755
  78,031
  82,492
  87,149
  92,013
  97,095
  102,407
  107,961
  113,770
  119,849
  126,212
  132,873
Debt-to-equity ratio
  0.734
  1.150
  1.650
  2.090
  2.470
  2.810
  3.100
  3.360
  3.600
  3.810
  3.990
  4.160
  4.320
  4.460
  4.590
  4.710
  4.820
  4.920
  5.010
  5.100
  5.180
  5.250
  5.330
  5.390
  5.450
  5.510
  5.570
  5.620
  5.670
  5.710
  5.760
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
  99
  75
  49
  21
  -10
  -51
  -94
  -139
  -185
  -233
  -187
  -239
  -293
  -350
  -408
  -469
  -532
  -598
  -667
  -738
  -813
  -890
  -972
  -1,056
  -1,145
  -1,237
  -1,334
  -1,435
  -1,540
  -1,651
Depreciation, amort., depletion, $m
  57
  110
  112
  113
  115
  116
  118
  120
  122
  124
  126
  31
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  88
  92
Funds from operations, $m
  -1,381
  209
  187
  162
  136
  106
  67
  26
  -17
  -62
  -108
  -156
  -206
  -258
  -312
  -368
  -426
  -487
  -550
  -615
  -684
  -755
  -830
  -908
  -989
  -1,073
  -1,162
  -1,255
  -1,351
  -1,453
  -1,559
Change in working capital, $m
  -1,032
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
Cash from operations, $m
  -349
  246
  226
  203
  179
  151
  113
  74
  33
  -10
  -54
  -100
  -147
  -197
  -249
  -302
  -358
  -415
  -476
  -538
  -603
  -671
  -742
  -816
  -893
  -973
  -1,057
  -1,145
  -1,237
  -1,333
  -1,433
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -17
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
New CAPEX, $m
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
Cash from investing activities, $m
  -5,255
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -108
  -114
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
Free cash flow, $m
  -5,604
  205
  181
  156
  128
  97
  57
  14
  -30
  -76
  -123
  -173
  -225
  -278
  -334
  -392
  -452
  -514
  -579
  -647
  -718
  -791
  -868
  -948
  -1,032
  -1,119
  -1,211
  -1,306
  -1,406
  -1,510
  -1,619
Issuance/(repayment) of debt, $m
  692
  1,674
  1,796
  1,879
  1,962
  2,045
  2,130
  2,215
  2,303
  2,394
  2,488
  2,585
  2,687
  2,793
  2,905
  3,023
  3,146
  3,276
  3,414
  3,558
  3,711
  3,872
  4,042
  4,222
  4,411
  4,611
  4,821
  5,043
  5,276
  5,523
  5,782
Issuance/(repurchase) of shares, $m
  32
  152
  198
  237
  277
  321
  375
  431
  489
  549
  612
  580
  648
  718
  792
  868
  947
  1,031
  1,117
  1,208
  1,303
  1,402
  1,505
  1,614
  1,727
  1,846
  1,970
  2,101
  2,237
  2,380
  2,530
Cash from financing (excl. dividends), $m  
  5,722
  1,826
  1,994
  2,116
  2,239
  2,366
  2,505
  2,646
  2,792
  2,943
  3,100
  3,165
  3,335
  3,511
  3,697
  3,891
  4,093
  4,307
  4,531
  4,766
  5,014
  5,274
  5,547
  5,836
  6,138
  6,457
  6,791
  7,144
  7,513
  7,903
  8,312
Total cash flow (excl. dividends), $m
  106
  2,031
  2,175
  2,271
  2,367
  2,464
  2,561
  2,661
  2,762
  2,867
  2,976
  2,993
  3,110
  3,234
  3,363
  3,499
  3,642
  3,793
  3,952
  4,119
  4,296
  4,483
  4,679
  4,887
  5,106
  5,337
  5,581
  5,837
  6,108
  6,393
  6,693
Retained Cash Flow (-), $m
  -246
  -251
  -273
  -286
  -298
  -321
  -375
  -431
  -489
  -549
  -612
  -580
  -648
  -718
  -792
  -868
  -947
  -1,031
  -1,117
  -1,208
  -1,303
  -1,402
  -1,505
  -1,614
  -1,727
  -1,846
  -1,970
  -2,101
  -2,237
  -2,380
  -2,530
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
 
  2,120
  1,902
  1,986
  2,069
  2,143
  2,186
  2,230
  2,273
  2,318
  2,364
  2,412
  2,462
  2,515
  2,571
  2,631
  2,695
  2,762
  2,834
  2,911
  2,993
  3,081
  3,174
  3,273
  3,379
  3,491
  3,610
  3,737
  3,871
  4,013
  4,163
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
 
  2,033
  1,741
  1,728
  1,704
  1,661
  1,587
  1,506
  1,421
  1,332
  1,239
  1,145
  1,051
  956
  863
  772
  685
  601
  522
  448
  380
  319
  263
  215
  172
  136
  105
  80
  60
  44
  31
Current shareholders' claim on cash, %
  100
  95.3
  90.2
  84.9
  79.6
  74.3
  69.1
  64.0
  59.0
  54.2
  49.7
  46.0
  42.5
  39.1
  35.9
  32.8
  30.0
  27.3
  24.9
  22.6
  20.5
  18.5
  16.7
  15.1
  13.6
  12.3
  11.0
  9.9
  8.9
  7.9
  7.1

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 42.5
Price to Sales 1.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -10
Price to Free Cash Flow -9.3
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 95.8%
Gross Margin - 3 Yr. Avg. 96.2%
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 10.9% 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 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 67.857 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 $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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SCHW Charles Schwab 44.47 97.33  str.buy
AMTD TD Ameritrade 47.77 110.92  str.buy

COMPANY NEWS

▶ 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]
▶ [$$] The Morning Download: Dallas CIO Preps City for Harvey Evacuees   [Aug-29-17 08:19AM  The Wall Street Journal]
▶ Analysts Send Ulta Beauty Inc (ULTA) Shares Lower   [Aug-21-17 04:27PM  InvestorPlace]
▶ MOVES-Stifel names new senior vice presidents   [Aug-18-17 12:29PM  Reuters]
▶ Stifel to Start Paying A Dividend, Shares Slip   [Aug-15-17 11:57AM  Barrons.com]
▶ Stifel Declares Preferred Stock Cash Dividend   [Aug-14-17 04:30PM  Marketwired]
▶ Postal Service may get more freedom to raise stamp prices   [Aug-09-17 11:37AM  Associated Press]
▶ All Eyes on Apple as Tech Stocks Lead the Market   [Aug-01-17 10:41AM  Bloomberg Video]
▶ Stifel posts 2Q profit   [Jul-31-17 09:49PM  Associated Press]
▶ Street cooling on Starbucks: two analyst downgrades   [Jul-28-17 12:26PM  CNBC Videos]
▶ Stifel: Snap's user growth is steady   [Jul-13-17 12:00PM  CNBC Videos]
▶ Stifel's Caron Sees Rotation in Market Leadership   [Jul-05-17 12:56PM  Bloomberg Video]
▶ Stifel Strategist Questions Amazon-Whole Foods Deal   [Jun-16-17 12:31PM  Bloomberg Video]
▶ KBW Announces Index Rebalancing for Second-Quarter 2017   [Jun-09-17 09:00PM  Business Wire]
▶ [$$] Secondary Market Buyer Listings (M-Z)   [Jun-05-17 09:43AM  The Wall Street Journal]
▶ Stifel Declares Preferred Stock Cash Dividend   [May-23-17 06:00AM  Marketwired]
▶ Stifel posts 1Q profit   [May-01-17 04:44PM  Associated Press]
▶ Stifel Appoints David A. Peacock to Board of Directors   [Apr-21-17 05:00PM  Marketwired]
▶ KBW Announces 2016 Bank Honor Roll Award Winners   [Apr-18-17 09:00AM  Business Wire]
▶ KBW Announces Index Rebalancing for First-Quarter 2017   [Mar-10-17 09:00PM  Business Wire]
▶ Clearwater bank takes aim at millennials with $175M deal   [Mar-08-17 12:27PM  at bizjournals.com]
Financial statements of SF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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