Stifel Financial Valuation

Q: What is the Fair Price of SF.PRC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SF.PRC ($24.73) is trading below our estimate of [[fair value]] ($30.45)

Is SF.PRC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SF.PRC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SF.PRC ($24.73) is trading below our estimate of fair value ($30.45)

Significantly Below Fair Value: SF.PRC is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SF.PRC?

Key metric: As SF.PRC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SF.PRC. This is calculated by dividing SF.PRC's market cap by their current earnings.
What is SF.PRC's PE Ratio?
PE Ratio	19.4x
Earnings	US$612.58m
Market Cap	US$11.90b

SF.PRC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does SF.PRC's PE Ratio compare to its peers?

The above table shows the PE ratio for SF.PRC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	31.8x
HLI Houlihan Lokey	39.2x	12.6%	US$13.1b
EVR Evercore	37x	30.7%	US$12.6b
FUTU Futu Holdings	20.3x	22.6%	US$11.6b
JEF Jefferies Financial Group	30.5x	33.5%	US$16.1b
SF.PRC Stifel Financial	19.4x	11.3%	US$11.9b

Price-To-Earnings vs Peers: SF.PRC is good value based on its Price-To-Earnings Ratio (19.4x) compared to the peer average (31.8x).

Price to Earnings Ratio vs Industry

How does SF.PRC's PE Ratio compare vs other companies in the US Capital Markets Industry?

23 Companies	Price / Earnings	Estimated Growth	Market Cap
ADX Adams Diversified Equity Fund	3.6x	n/a	US$2.28b
CET Central Securities	4.5x	n/a	US$1.32b
GAM General American Investors Company	4.1x	n/a	US$1.17b
MUDS Mudrick Capital Acquisition Corporation II	3.4x	n/a	US$401.64m

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SF.PRC is good value based on its Price-To-Earnings Ratio (19.4x) compared to the US Capital Markets industry average (24.3x).

Price to Earnings Ratio vs Fair Ratio

What is SF.PRC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SF.PRC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.4x
Fair PE Ratio	17.5x

Price-To-Earnings vs Fair Ratio: SF.PRC is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the estimated Fair Price-To-Earnings Ratio (17.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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