John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

INTL FCStone Poised To Benefit From Industry Shakeup

Investment thesis

INTL FCStone (NASDAQ:INTL) is undervalued given its leading market share across a wide range of niche markets as a result of a successful roll-up acquisition strategy. An over-emphasis on the short-term negative effects of high profile brokerage scandals and increasing regulation provides long-term investors an attractive entry point.

Company overview

INTL provides execution and advisory services in commodities, currencies and international securities to more than 20,000 customers in more than 100 countries through a network of offices in 12 countries around the world.

The five operating segments include:

Commodity and risk management services. This segment provides commodity risk management consulting services such as hedging through exchange-traded futures and options as well as OTC products.


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