Stifel Financial Corp

SF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Stifel Financial: Increasing Fair Value by 13% to $97 Due to a More Positive Capital Markets Outlook

Michael Wong

Nov 18, 2024

We are increasing our fair value estimate to $97 per share from $86 for narrow-moat-rated Stifel Financial. Our fair value estimate implies an adjusted forward price/earnings multiple of about 13.5 times and a price/book ratio of 2 times. Of the net $11 increase in our fair value estimate, about $2 is from earnings since our previous valuation update, $2 is from client asset-related revenue, $5 is from higher projected institutional securities revenue, and $2 is from increasing our normalized operating margin for the company by 50 basis points.

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Stifel Financial Corp

Stifel Financial: Increasing Fair Value by 13% to $97 Due to a More Positive Capital Markets Outlook

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