Intrinsic value of Virtu Financial - VIRT

Previous Close

$21.85

  Intrinsic Value

$327.62

stock screener

  Rating & Target

str. buy

+999%

Previous close

$21.85

 
Intrinsic value

$327.62

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of VIRT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

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, %
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
Revenue, $m
  1,505
  2,141
  2,966
  4,009
  5,299
  6,859
  8,712
  10,872
  13,353
  16,163
  19,304
  22,777
  26,579
  30,705
  35,149
  39,902
  44,958
  50,310
  55,952
  61,879
  68,087
  74,576
  81,345
  88,397
  95,736
  103,368
  111,302
  119,546
  128,114
  137,017
Variable operating expenses, $m
  877
  1,202
  1,624
  2,158
  2,818
  3,616
  4,563
  5,668
  6,937
  8,374
  9,873
  11,649
  13,593
  15,704
  17,976
  20,407
  22,993
  25,730
  28,615
  31,646
  34,822
  38,140
  41,602
  45,209
  48,962
  52,865
  56,923
  61,139
  65,521
  70,075
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
  877
  1,202
  1,624
  2,158
  2,818
  3,616
  4,563
  5,668
  6,937
  8,374
  9,873
  11,649
  13,593
  15,704
  17,976
  20,407
  22,993
  25,730
  28,615
  31,646
  34,822
  38,140
  41,602
  45,209
  48,962
  52,865
  56,923
  61,139
  65,521
  70,075
Operating income, $m
  628
  939
  1,342
  1,851
  2,481
  3,244
  4,149
  5,204
  6,417
  7,789
  9,431
  11,128
  12,986
  15,002
  17,173
  19,495
  21,965
  24,580
  27,337
  30,232
  33,265
  36,436
  39,743
  43,188
  46,774
  50,503
  54,379
  58,407
  62,593
  66,943
EBITDA, $m
  1,676
  2,384
  3,303
  4,465
  5,901
  7,639
  9,702
  12,108
  14,871
  18,000
  21,498
  25,366
  29,601
  34,196
  39,144
  44,438
  50,069
  56,029
  62,312
  68,913
  75,827
  83,053
  90,592
  98,445
  106,618
  115,118
  123,953
  133,135
  142,676
  152,592
Interest expense (income), $m
  55
  226
  226
  226
  225
  225
  225
  225
  225
  224
  224
  223
  223
  222
  222
  221
  220
  220
  219
  218
  217
  216
  215
  214
  213
  212
  211
  210
  208
  207
  206
Earnings before tax, $m
  402
  713
  1,116
  1,626
  2,256
  3,019
  3,924
  4,980
  6,192
  7,565
  9,208
  10,905
  12,764
  14,780
  16,951
  19,275
  21,746
  24,361
  27,118
  30,015
  33,049
  36,220
  39,529
  42,975
  46,562
  50,292
  54,169
  58,198
  62,385
  66,737
Tax expense, $m
  109
  192
  301
  439
  609
  815
  1,059
  1,345
  1,672
  2,043
  2,486
  2,944
  3,446
  3,991
  4,577
  5,204
  5,871
  6,578
  7,322
  8,104
  8,923
  9,779
  10,673
  11,603
  12,572
  13,579
  14,626
  15,714
  16,844
  18,019
Net income, $m
  293
  520
  815
  1,187
  1,647
  2,204
  2,864
  3,635
  4,520
  5,523
  6,722
  7,961
  9,317
  10,789
  12,375
  14,070
  15,874
  17,784
  19,797
  21,911
  24,126
  26,441
  28,856
  31,372
  33,990
  36,713
  39,543
  42,485
  45,541
  48,718

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
  -91
  -129
  -179
  -242
  -320
  -415
  -527
  -657
  -807
  -977
  -1,167
  -1,377
  -1,606
  -1,856
  -2,124
  -2,412
  -2,717
  -3,041
  -3,382
  -3,740
  -4,115
  -4,507
  -4,916
  -5,342
  -5,786
  -6,247
  -6,727
  -7,225
  -7,743
  -8,281
Adjusted assets (=assets-cash), $m
  -91
  -129
  -179
  -242
  -320
  -415
  -527
  -657
  -807
  -977
  -1,167
  -1,377
  -1,606
  -1,856
  -2,124
  -2,412
  -2,717
  -3,041
  -3,382
  -3,740
  -4,115
  -4,507
  -4,916
  -5,342
  -5,786
  -6,247
  -6,727
  -7,225
  -7,743
  -8,281
Revenue / Adjusted assets
  -16.538
  -16.597
  -16.570
  -16.566
  -16.559
  -16.528
  -16.531
  -16.548
  -16.546
  -16.544
  -16.542
  -16.541
  -16.550
  -16.544
  -16.548
  -16.543
  -16.547
  -16.544
  -16.544
  -16.545
  -16.546
  -16.547
  -16.547
  -16.548
  -16.546
  -16.547
  -16.546
  -16.546
  -16.546
  -16.546
Average production assets, $m
  9,408
  13,383
  18,541
  25,063
  33,124
  42,878
  54,456
  67,962
  83,471
  101,033
  120,669
  142,380
  166,147
  191,938
  219,714
  249,427
  281,034
  314,489
  349,755
  386,803
  425,612
  466,173
  508,487
  552,569
  598,446
  646,154
  695,746
  747,283
  800,838
  856,496
Working capital, $m
  -7,630
  -10,855
  -15,038
  -20,328
  -26,866
  -34,777
  -44,168
  -55,122
  -67,701
  -81,945
  -97,871
  -115,480
  -134,757
  -155,675
  -178,203
  -202,303
  -227,938
  -255,073
  -283,676
  -313,725
  -345,202
  -378,099
  -412,419
  -448,173
  -485,381
  -524,076
  -564,299
  -606,099
  -649,536
  -694,678
Total debt, $m
  4,179
  4,178
  4,175
  4,172
  4,168
  4,164
  4,159
  4,152
  4,145
  4,137
  4,128
  4,118
  4,107
  4,095
  4,082
  4,068
  4,053
  4,038
  4,021
  4,004
  3,986
  3,967
  3,948
  3,927
  3,906
  3,884
  3,861
  3,837
  3,812
  3,786
Total liabilities, $m
  -4
  -6
  -9
  -12
  -15
  -20
  -25
  -32
  -39
  -47
  -56
  -66
  -77
  -89
  -102
  -116
  -130
  -146
  -162
  -180
  -198
  -216
  -236
  -256
  -278
  -300
  -323
  -347
  -372
  -397
Total equity, $m
  -87
  -123
  -171
  -231
  -305
  -395
  -501
  -626
  -768
  -930
  -1,111
  -1,311
  -1,529
  -1,767
  -2,022
  -2,296
  -2,587
  -2,895
  -3,219
  -3,560
  -3,917
  -4,291
  -4,680
  -5,086
  -5,508
  -5,947
  -6,404
  -6,878
  -7,371
  -7,884
Total liabilities and equity, $m
  -91
  -129
  -180
  -243
  -320
  -415
  -526
  -658
  -807
  -977
  -1,167
  -1,377
  -1,606
  -1,856
  -2,124
  -2,412
  -2,717
  -3,041
  -3,381
  -3,740
  -4,115
  -4,507
  -4,916
  -5,342
  -5,786
  -6,247
  -6,727
  -7,225
  -7,743
  -8,281
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  293
  520
  815
  1,187
  1,647
  2,204
  2,864
  3,635
  4,520
  5,523
  6,722
  7,961
  9,317
  10,789
  12,375
  14,070
  15,874
  17,784
  19,797
  21,911
  24,126
  26,441
  28,856
  31,372
  33,990
  36,713
  39,543
  42,485
  45,541
  48,718
Depreciation, amort., depletion, $m
  1,048
  1,446
  1,962
  2,614
  3,420
  4,395
  5,553
  6,904
  8,455
  10,211
  12,067
  14,238
  16,615
  19,194
  21,971
  24,943
  28,103
  31,449
  34,976
  38,680
  42,561
  46,617
  50,849
  55,257
  59,845
  64,615
  69,575
  74,728
  80,084
  85,650
Funds from operations, $m
  1,342
  1,966
  2,776
  3,801
  5,067
  6,599
  8,418
  10,539
  12,975
  15,734
  18,789
  22,199
  25,932
  29,983
  34,346
  39,013
  43,978
  49,233
  54,772
  60,591
  66,687
  73,058
  79,705
  86,629
  93,835
  101,328
  109,118
  117,213
  125,625
  134,368
Change in working capital, $m
  -2,418
  -3,225
  -4,183
  -5,290
  -6,538
  -7,911
  -9,390
  -10,954
  -12,580
  -14,244
  -15,926
  -17,609
  -19,277
  -20,919
  -22,528
  -24,100
  -25,635
  -27,135
  -28,604
  -30,048
  -31,477
  -32,898
  -34,320
  -35,754
  -37,209
  -38,695
  -40,222
  -41,800
  -43,437
  -45,143
Cash from operations, $m
  3,760
  5,191
  6,959
  9,091
  11,605
  14,510
  17,808
  21,493
  25,555
  29,977
  34,715
  39,808
  45,209
  50,902
  56,874
  63,113
  69,613
  76,367
  83,376
  90,640
  98,164
  105,956
  114,025
  122,382
  131,043
  140,024
  149,340
  159,013
  169,062
  179,510
Maintenance CAPEX, $m
  -643
  -941
  -1,338
  -1,854
  -2,506
  -3,312
  -4,288
  -5,446
  -6,796
  -8,347
  -10,103
  -12,067
  -14,238
  -16,615
  -19,194
  -21,971
  -24,943
  -28,103
  -31,449
  -34,976
  -38,680
  -42,561
  -46,617
  -50,849
  -55,257
  -59,845
  -64,615
  -69,575
  -74,728
  -80,084
New CAPEX, $m
  -2,981
  -3,976
  -5,157
  -6,523
  -8,061
  -9,754
  -11,578
  -13,506
  -15,510
  -17,562
  -19,636
  -21,711
  -23,767
  -25,792
  -27,775
  -29,714
  -31,606
  -33,455
  -35,267
  -37,048
  -38,809
  -40,561
  -42,314
  -44,082
  -45,876
  -47,709
  -49,592
  -51,537
  -53,555
  -55,658
Cash from investing activities, $m
  -3,624
  -4,917
  -6,495
  -8,377
  -10,567
  -13,066
  -15,866
  -18,952
  -22,306
  -25,909
  -29,739
  -33,778
  -38,005
  -42,407
  -46,969
  -51,685
  -56,549
  -61,558
  -66,716
  -72,024
  -77,489
  -83,122
  -88,931
  -94,931
  -101,133
  -107,554
  -114,207
  -121,112
  -128,283
  -135,742
Free cash flow, $m
  136
  274
  464
  714
  1,038
  1,444
  1,942
  2,542
  3,249
  4,068
  4,976
  6,030
  7,204
  8,496
  9,905
  11,428
  13,064
  14,809
  16,660
  18,616
  20,675
  22,834
  25,093
  27,452
  29,910
  32,470
  35,133
  37,902
  40,779
  43,768
Issuance/(repayment) of debt, $m
  -1
  -2
  -2
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Issuance/(repurchase) of shares, $m
  -27
  -37
  -47
  -60
  -74
  -90
  -107
  -124
  -143
  -162
  -181
  -200
  -219
  -237
  -256
  -273
  -291
  -308
  -325
  -341
  -357
  -373
  -389
  -406
  -422
  -439
  -456
  -474
  -493
  -512
Cash from financing (excl. dividends), $m  
  -28
  -39
  -49
  -63
  -78
  -95
  -112
  -130
  -150
  -170
  -190
  -210
  -230
  -249
  -269
  -287
  -306
  -324
  -341
  -358
  -375
  -392
  -409
  -426
  -443
  -461
  -479
  -498
  -518
  -538
Total cash flow (excl. dividends), $m
  107
  236
  414
  651
  960
  1,349
  1,830
  2,411
  3,099
  3,899
  4,786
  5,820
  6,974
  8,246
  9,636
  11,141
  12,758
  14,485
  16,319
  18,258
  20,299
  22,442
  24,684
  27,025
  29,467
  32,009
  34,654
  37,403
  40,261
  43,230
Retained Cash Flow (-), $m
  27
  37
  47
  60
  74
  90
  107
  124
  143
  162
  181
  200
  219
  237
  256
  273
  291
  308
  325
  341
  357
  373
  389
  406
  422
  439
  456
  474
  493
  512
Prev. year cash balance distribution, $m
  59
  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
  27
  39
  56
  77
  104
  138
  178
  227
  283
  347
  420
  502
  592
  691
  798
  914
  1,037
  1,169
  1,308
  1,455
  1,609
  1,770
  1,939
  2,115
  2,298
  2,489
  2,688
  2,894
  3,108
  3,331
Cash available for distribution, $m
  194
  272
  461
  711
  1,034
  1,439
  1,937
  2,535
  3,241
  4,060
  4,966
  6,020
  7,193
  8,484
  9,892
  11,414
  13,049
  14,793
  16,644
  18,599
  20,657
  22,815
  25,073
  27,431
  29,889
  32,448
  35,110
  37,878
  40,754
  43,743
Discount rate, %
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
  181
  235
  364
  512
  672
  837
  999
  1,148
  1,274
  1,370
  1,420
  1,441
  1,420
  1,363
  1,272
  1,156
  1,023
  882
  739
  603
  479
  369
  277
  201
  142
  97
  64
  41
  25
  15
Current shareholders' claim on cash, %
  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
  100.0

Virtu Financial, Inc. is a holding company. The Company is a technology-enabled market maker and liquidity provider to the financial markets across the world. It is engaged in buying or selling a range of securities and other financial instruments and earning small bid/ask spreads across various transactions. It has a single, multi-asset, multi-currency technology platform, through which it provides quotations to buyers and sellers in equities, commodities, currencies, options, fixed income and other securities on exchanges, markets and liquidity pools in various countries around the world. It makes markets in a range of different assets classes, such as Americas Equities; Europe, the Middle East and Africa (EMEA) Equities; Asia Pacific (APAC) Equities; Global Commodities; Global Currencies, and Options, Fixed Income and Other Securities. It makes markets for global banks, brokers and other intermediaries, and indirectly provides services to retail and institutional investors.

FINANCIAL RATIOS  of  Virtu Financial (VIRT)

Valuation Ratios
P/E Ratio 92.3
Price to Sales 4.3
Price to Book 20.9
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 13.8
Growth Rates
Sales Growth Rate -11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -9%
Financial Strength
Quick Ratio 7
Current Ratio NaN
LT Debt to Equity 387%
Total Debt to Equity 404.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 23.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 57.9%
EBITDA Margin 37.7%
EBITDA Margin - 3 Yr. Avg. 38.8%
Operating Margin 25.5%
Oper. Margin - 3 Yr. Avg. 26.4%
Pre-Tax Margin 25.6%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 12.2%
Eff/ Tax Rate - 3 Yr. Avg. 7.7%
Payout Ratio 115.2%

VIRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIRT stock intrinsic value calculation we used $1028 million for the last fiscal year's total revenue generated by Virtu Financial. The default revenue input number comes from 2017 income statement of Virtu 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 VIRT stock valuation model: a) initial revenue growth rate of 46.4% 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 7.4%, whose default value for VIRT is calculated based on our internal credit rating of Virtu 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 Virtu 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 VIRT stock the variable cost ratio is equal to 61.6%.

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 VIRT 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 Virtu Financial.

Corporate tax rate of 27% is the nominal tax rate for Virtu 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 VIRT stock is equal to 2.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VIRT are equal to 625.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Virtu 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 VIRT is equal to -507%. 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 Virtu 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 63 million for Virtu 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 Virtu Financial at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Virtu Announces Second Quarter 2018 Results   [07:00AM  GlobeNewswire]
▶ NYSE Trader on Facebook, Amazon and Advanced Micro Devices   [Jul-26-18 10:51AM  TheStreet.com]
▶ Virtu Announces Japan HST Registration   [Jul-24-18 09:20AM  GlobeNewswire]
▶ 10 A-Rated Financial Stocks to Consider   [Jul-13-18 01:02PM  InvestorPlace]
▶ Easy money has been good for a long time: Trader   [May-29-18 01:44PM  CNBC Videos]
▶ Top Ranked Income Stocks to Buy for May 17th   [May-17-18 10:39AM  Zacks]
▶ Top Ranked Income Stocks to Buy for May 14th   [May-14-18 08:56AM  Zacks]
▶ Virtu Financial Announces Pricing of its Secondary Offering   [May-10-18 07:40PM  GlobeNewswire]
▶ Highly Undervalued Stocks To Profit From   [10:02AM  Simply Wall St.]
▶ Top Ranked Income Stocks to Buy for May 4th   [May-04-18 11:32AM  Zacks]
▶ Virtu Financial: 1Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Virtu Announces First Quarter 2018 Results   [06:00AM  GlobeNewswire]
▶ Virtu Hires Pete Candler to Execution Services Team   [May-01-18 11:38AM  GlobeNewswire]
▶ [$$] Upstart Exchange Blasts Nasdaq Plan to Boost Small-Stock Trading   [Apr-23-18 11:54PM  The Wall Street Journal]
▶ [$$] Plan to Help Small-Cap Companies Comes Under Fire   [04:14PM  The Wall Street Journal]
▶ Top Stock Picks for the Week of April 9th   [Apr-10-18 03:38PM  Zacks]
▶ Closing Bell Exchange: People are overreacting to Powell   [Feb-27-18 03:36PM  CNBC Videos]
▶ Buy These 5 Stocks with Rising Estimates Today   [Feb-23-18 04:10PM  Zacks]
▶ Top 3 Growth Stocks For The Month   [Feb-17-18 11:02AM  Simply Wall St.]
▶ [$$] Five markets charts that matter for investors   [Feb-13-18 11:10PM  Financial Times]
▶ This Crazy Market is Great for Virtu Financial   [Feb-08-18 03:23PM  Barrons.com]
▶ Virtu Financial posts 4Q profit   [06:19AM  Associated Press]
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