Intrinsic value of Virtu Financial - VIRT

Previous Close

$14.40

  Intrinsic Value

$6.46

stock screener

  Rating & Target

str. sell

-55%

  Value-price divergence*

0%

Previous close

$14.40

 
Intrinsic value

$6.46

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

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 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 2.7

 

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, %
  -11.81
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  702
  716
  733
  751
  772
  796
  822
  850
  880
  912
  948
  985
  1,025
  1,068
  1,113
  1,161
  1,212
  1,265
  1,322
  1,383
  1,446
  1,513
  1,584
  1,658
  1,737
  1,820
  1,907
  1,998
  2,095
  2,196
  2,303
Variable operating expenses, $m
 
  433
  442
  451
  462
  474
  487
  501
  516
  532
  550
  498
  518
  539
  562
  586
  612
  639
  668
  698
  730
  764
  800
  838
  877
  919
  963
  1,009
  1,058
  1,109
  1,163
Fixed operating expenses, $m
 
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
Total operating expenses, $m
  523
  534
  546
  558
  571
  586
  602
  619
  637
  656
  677
  628
  651
  675
  702
  729
  759
  790
  822
  856
  892
  930
  970
  1,013
  1,056
  1,103
  1,151
  1,202
  1,256
  1,312
  1,371
Operating income, $m
  180
  181
  187
  194
  201
  210
  220
  231
  243
  256
  271
  358
  374
  392
  411
  431
  453
  476
  500
  526
  553
  582
  613
  646
  680
  717
  755
  796
  839
  884
  932
EBITDA, $m
  210
  254
  260
  267
  274
  283
  293
  304
  316
  330
  344
  359
  376
  394
  413
  433
  455
  478
  503
  529
  556
  585
  616
  649
  684
  720
  759
  800
  843
  888
  936
Interest expense (income), $m
  55
  55
  26
  33
  41
  50
  61
  72
  84
  97
  112
  127
  143
  161
  179
  199
  220
  242
  266
  290
  317
  344
  374
  405
  437
  471
  507
  545
  585
  628
  672
Earnings before tax, $m
  180
  127
  161
  161
  160
  160
  160
  159
  159
  159
  159
  231
  231
  231
  232
  232
  233
  233
  234
  235
  237
  238
  240
  241
  243
  245
  248
  250
  253
  257
  260
Tax expense, $m
  22
  34
  44
  43
  43
  43
  43
  43
  43
  43
  43
  62
  62
  62
  63
  63
  63
  63
  63
  64
  64
  64
  65
  65
  66
  66
  67
  68
  68
  69
  70
Net income, $m
  33
  92
  118
  117
  117
  117
  116
  116
  116
  116
  116
  168
  169
  169
  169
  169
  170
  170
  171
  172
  173
  174
  175
  176
  178
  179
  181
  183
  185
  187
  190

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  181
  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
  3,692
  3,580
  3,663
  3,757
  3,862
  3,979
  4,108
  4,248
  4,399
  4,562
  4,738
  4,925
  5,125
  5,338
  5,564
  5,804
  6,058
  6,327
  6,612
  6,913
  7,230
  7,566
  7,919
  8,292
  8,684
  9,098
  9,533
  9,991
  10,473
  10,980
  11,514
Adjusted assets (=assets-cash), $m
  3,511
  3,580
  3,663
  3,757
  3,862
  3,979
  4,108
  4,248
  4,399
  4,562
  4,738
  4,925
  5,125
  5,338
  5,564
  5,804
  6,058
  6,327
  6,612
  6,913
  7,230
  7,566
  7,919
  8,292
  8,684
  9,098
  9,533
  9,991
  10,473
  10,980
  11,514
Revenue / Adjusted assets
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
Average production assets, $m
  35
  35
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  103
  108
  113
Working capital, $m
  0
  -159
  -163
  -167
  -171
  -177
  -182
  -189
  -195
  -203
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -281
  -294
  -307
  -321
  -336
  -352
  -368
  -386
  -404
  -423
  -444
  -465
  -488
  -511
Total debt, $m
  590
  266
  340
  425
  520
  625
  741
  867
  1,003
  1,150
  1,308
  1,476
  1,656
  1,848
  2,051
  2,267
  2,496
  2,739
  2,995
  3,266
  3,551
  3,853
  4,171
  4,506
  4,860
  5,232
  5,624
  6,036
  6,470
  6,926
  7,406
Total liabilities, $m
  3,547
  3,222
  3,296
  3,381
  3,476
  3,581
  3,697
  3,823
  3,959
  4,106
  4,264
  4,432
  4,612
  4,804
  5,007
  5,223
  5,452
  5,695
  5,951
  6,222
  6,507
  6,809
  7,127
  7,462
  7,816
  8,188
  8,580
  8,992
  9,426
  9,882
  10,362
Total equity, $m
  146
  358
  366
  376
  386
  398
  411
  425
  440
  456
  474
  492
  512
  534
  556
  580
  606
  633
  661
  691
  723
  757
  792
  829
  868
  910
  953
  999
  1,047
  1,098
  1,151
Total liabilities and equity, $m
  3,693
  3,580
  3,662
  3,757
  3,862
  3,979
  4,108
  4,248
  4,399
  4,562
  4,738
  4,924
  5,124
  5,338
  5,563
  5,803
  6,058
  6,328
  6,612
  6,913
  7,230
  7,566
  7,919
  8,291
  8,684
  9,098
  9,533
  9,991
  10,473
  10,980
  11,513
Debt-to-equity ratio
  4.041
  0.740
  0.930
  1.130
  1.350
  1.570
  1.800
  2.040
  2.280
  2.520
  2.760
  3.000
  3.230
  3.460
  3.690
  3.910
  4.120
  4.330
  4.530
  4.720
  4.910
  5.090
  5.270
  5.430
  5.600
  5.750
  5.900
  6.040
  6.180
  6.310
  6.430
Adjusted equity ratio
  -0.003
  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
  33
  92
  118
  117
  117
  117
  116
  116
  116
  116
  116
  168
  169
  169
  169
  169
  170
  170
  171
  172
  173
  174
  175
  176
  178
  179
  181
  183
  185
  187
  190
Depreciation, amort., depletion, $m
  30
  73
  73
  73
  73
  73
  73
  73
  73
  73
  73
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
Funds from operations, $m
  249
  165
  191
  190
  190
  190
  190
  189
  189
  189
  189
  170
  171
  171
  171
  172
  172
  173
  174
  175
  176
  177
  178
  179
  181
  183
  185
  187
  189
  192
  194
Change in working capital, $m
  9
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
Cash from operations, $m
  240
  168
  194
  194
  195
  195
  195
  196
  196
  197
  197
  179
  179
  180
  181
  182
  184
  185
  186
  188
  190
  192
  194
  196
  198
  201
  204
  207
  210
  214
  218
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
New CAPEX, $m
  -20
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from investing activities, $m
  -59
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Free cash flow, $m
  181
  166
  192
  192
  192
  192
  192
  193
  193
  193
  194
  175
  176
  176
  177
  178
  179
  180
  181
  182
  184
  185
  187
  189
  191
  194
  196
  199
  202
  205
  208
Issuance/(repayment) of debt, $m
  52
  -299
  74
  85
  95
  105
  116
  126
  136
  147
  158
  169
  180
  192
  204
  216
  229
  242
  256
  271
  286
  302
  318
  335
  353
  372
  392
  412
  434
  456
  480
Issuance/(repurchase) of shares, $m
  -7
  276
  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 from financing (excl. dividends), $m  
  -123
  -23
  74
  85
  95
  105
  116
  126
  136
  147
  158
  169
  180
  192
  204
  216
  229
  242
  256
  271
  286
  302
  318
  335
  353
  372
  392
  412
  434
  456
  480
Total cash flow (excl. dividends), $m
  56
  143
  266
  277
  287
  298
  308
  319
  329
  340
  351
  344
  355
  368
  380
  394
  408
  422
  437
  453
  470
  487
  505
  525
  545
  566
  588
  611
  636
  662
  689
Retained Cash Flow (-), $m
  -15
  -368
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
Prev. year cash balance distribution, $m
 
  156
  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
 
  -69
  258
  267
  277
  286
  295
  305
  314
  324
  334
  325
  335
  346
  358
  370
  382
  395
  409
  423
  438
  454
  470
  487
  505
  524
  544
  565
  588
  611
  635
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  -65
  229
  222
  213
  203
  192
  180
  168
  155
  141
  120
  108
  96
  84
  72
  62
  52
  43
  35
  28
  22
  17
  13
  10
  7
  5
  4
  2
  2
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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 60.8
Price to Sales 2.9
Price to Book 13.7
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 9.1
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 $702 million for the last fiscal year's total revenue generated by Virtu Financial. The default revenue input number comes from 2016 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 2% 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 5.8%, 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 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $99 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 9.7% 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 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 VIRT are equal to 4.9%.

Life of production assets of 25 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 -22.2%. 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 - $146 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 187.709 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 $2.7 billion.

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COMPANY NEWS

▶ [$$] Low Volatility Takes Toll on Virtus Profit Machine   [12:48AM  The Wall Street Journal]
▶ Virtu Financial posts 2Q profit   [Aug-08-17 05:58PM  Associated Press]
▶ [$$] Low Volatility Takes Toll on Virtu's Profit Machine   [12:10PM  The Wall Street Journal]
▶ Virtu Announces Second Quarter 2017 Results   [07:00AM  GlobeNewswire]
▶ [$$] Virtu to Sell Electronic Bond Trading Platform   [Aug-01-17 06:38PM  The Wall Street Journal]
▶ Top Asset Managers Still Bullish On Crude   [Jun-12-17 05:00PM  Oilprice.com]
▶ Understanding Jack Bogle: How to trade more and make money   [May-26-17 01:54PM  Yahoo Finance]
▶ [$$] Virtu CEO Aims to Be the Good Guy of High-Speed Trading   [May-05-17 11:22PM  The Wall Street Journal]
▶ Virtu Financial posts 1Q profit   [May-04-17 10:10AM  Associated Press]
▶ Virtu Announces First Quarter 2017 Results   [07:18AM  GlobeNewswire]
▶ [$$] Virtu and Citadel Securties go head-to-head in HFT   [Apr-25-17 05:17PM  Financial Times]
▶ Virtu Financial to Buy KCG Holdings   [12:46PM  GuruFocus.com]
▶ KCG ANNOUNCES FIRST QUARTER 2017 RESULTS   [08:02AM  GlobeNewswire]
▶ Trump pick for Commerce's No. 2 withdraws, blames conflicts   [Apr-19-17 05:08PM  Associated Press]
▶ 5 Stocks Insiders Love Right Now   [Apr-12-17 01:06PM  TheStreet.com]
▶ [$$] High-Frequency Traders Fall on Hard Times   [Mar-22-17 12:06AM  The Wall Street Journal]
▶ [$$] High-Frequency Traders Fall on Hard Times   [12:06AM  at The Wall Street Journal]
▶ [$$] High-Frequency Traders Fall on Hard Times   [Mar-21-17 07:11AM  at The Wall Street Journal]
Financial statements of VIRT
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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