Discounted Cash Flow

Stifel Financial Corp.

SF · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $2.6b $81.5m $-349.2m 3.1% $1.16
2017 $3.0b (13.4%) $182.9m (124.3%) $662.3m (289.7%) 6.1% (97.8%) $2.53 (118.1%)
2018 $2.2b (-27.0%) $394.0m (115.4%) $529.5m (-20.1%) 18.0% (195.2%) $5.36 (111.9%)
2019 $2.4b (7.5%) $448.4m (13.8%) $626.9m (18.4%) 19.1% (5.8%) $5.99 (11.8%)
2020 $2.7b (13.9%) $503.5m (12.3%) $1.7b (165.1%) 18.8% (-1.4%) $4.49 (-25.0%)
2021 $3.6b (35.0%) $824.9m (63.8%) $872.1m (-47.5%) 22.8% (21.4%) $7.34 (63.5%)
2022 $3.0b (-18.4%) $662.2m (-19.7%) $1.1b (23.3%) 22.4% (-1.6%) $5.74 (-21.8%)
2023 $2.7b (-8.2%) $522.5m (-21.1%) $447.4m (-58.4%) 19.3% (-14.1%) $4.55 (-20.7%)
2024 $3.3b (21.6%) $731.4m (40.0%) $416.6m (-6.9%) 22.2% (15.1%) $6.67 (46.6%)
2025 $3.8b (14.5%) $683.8m (-6.5%) $1.1b (153.2%) 18.1% (-18.3%) $6.25 (-6.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model