Stifel Financial Corp

SF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Zkdzl	Hnpdkjjk

Stifel Financial Update: Decreasing Our Fair Value Estimate To $72

Michael Wong

Sep 15, 2023

We are decreasing our fair value estimate for Stifel Financial to $72 per share from $81. Our fair value estimate implies an adjusted forward price/earnings multiple of about 12 times and a price/book ratio of 1.6 times. Of the net $9 decrease in our fair value estimate, most of it was due to forecasting lower institutional group revenue along with a related reduction in our normalized operating margin for the company. We currently assess the shares to be about fairly valued.

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