Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

Stifel Financial Should Benefit From Normalizing Economy

Few mid-tier investment banking firms are poised to benefit from the normalizing economy and the decline in global macroeconomic shocks as much as Stifel Financial (NYSE:SF). SF has one of the top equity research platforms in the US and offers a range of services from retail and institutional brokerage to investment banking, asset management, and equity research. Firm revenues and profits have both nearly doubled since 2008, and SF's acquisition of KBW Inc. (parent of Keefe, Bruyette, & Woods), should only add to this success. Unfortunately, as a result of this enviable track record, Stifel today trades around $48 a share giving it a trailing P/E of 20X (based on my 2013 EPS estimate of $2.40, $2.75 for...

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