$Stifel Financial (SF.US)$Also, due to the recent sharp decl...
$Stifel Financial (SF.US)$Also, due to the recent sharp decline in investment banking business and a surge in interest income, the bank has transitioned from investment banking to traditional banking. In 2022, interest income surged by 77%, while investment banking business plummeted by 38%. Overall, revenue only contracted by 4%, with an average revenue growth rate of 8.9% over the past 5 years. Operating profit declined by 20% in 2022, with an average growth rate of 14% over the past 4 years. In the first half of 2023, revenue shrank by 3%, and net income decreased by 12.7%.
The balance sheet shows a net loan amount of 21.226 billion, but long-term borrowings are only 1.175 billion, while customer deposits amount to 27.005 billion, indicating potential risks similar to Silicon Valley banks. Goodwill and other intangible assets amount to 1.509 billion, representing 28% of the 5.343 billion in net assets.
Currently, the PE ratio is 11.8, and the trailing PE ratio has slightly increased to 12.5. The valuation is relatively reasonable, with limited attractiveness for now.
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