Positive Stifel Thesis Is Playing Out, but We’re Moderately Decreasing Our Fair Value Estimate
While we see increasing support for our positive investment thesis on Stifel Financial, we are modestly reducing our fair value estimate for the company to $45 from $49 per share and increasing our uncertainty rating for our valuation to very high from high. Our new valuation implies an adjusted forward price/earnings multiple of about 16 times and a price/book ratio of 1.2 times. About $3 of the decrease was from adjusting the amount of excess cash that we include in our valuation due to the gr...Stifel Financial is a financial holding company. The company's principal subsidiary is Stifel, Nicolaus & Company, Incorporated, a retail and institutional wealth management and investment banking firm. The company's principal activities are: private client services; institutional equity and fixed income sales, trading and research, and municipal finance; investment banking services; and retail and commercial banking. The company has the following segments: Global Wealth Management, which provides securities transaction, brokerage, and investment services; and Institutional Group, which includes research, equity and fixed income institutional sales and trading, investment banking, public finance, and syndicate.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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