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Company Description

Contact Info

800 Nicollet Mall

Suite 1000

Minneapolis, MN 55402

United States

Phone: 612-303-6000

Fax:

Piper Jaffray Companies operates as an investment bank and asset management company. The company serves the needs of corporations, private equity groups, public entities, non-profit entities, and institutional investors in the U.S. and internationally. The company provides a set of products and services, including equity and debt capital markets products; public finance services; financial advisory services; equity and fixed income institutional brokerage; equity and fixed income research; and asset management services. It markets investment banking and institutional securities business under a single name, Piper Jaffray. The company’s traditional asset management business is marketed under Advisory Research, Inc. Segments The company operates through two business segments, Capital Markets and Asset Management. Capital Markets This segment provides investment banking and institutional sales, trading and research services for various equity and fixed income products. This segment also includes the results from the company’s alternative asset management funds and principal investments. Investment Banking: For its corporate clients, the company helps raise capital through equity and debt financings. The company also provides advisory services, primarily relating to mergers and acquisitions, equity private placements, debt advisory, and municipal financial advisory services. It operates in various focus sectors, including healthcare; consumer; diversified industrials and services; business services; technology; financial institutions; and agriculture, clean technologies and renewables, primarily focusing on middle-market clients. For its government and non-profit clients, the company underwrites debt issuances and provides financial advisory, loan placement and interest rate risk management services. Its ublic finance investment banking capabilities focus on state and local governments, cultural and social service non-profit entities, and the education, healthcare, hospitality, senior living and transportation sectors. Equity and Fixed Income Institutional Brokerage: The company offers both equity and fixed income advisory and trade execution services for institutional investors and government and non-profit entities. Integral to its capital markets efforts, the company has equity sales and trading relationships with institutional investors in the United States and Europe that invest in its core sectors. The company’s research analysts provide investment ideas and support to its trading clients on approximately 700 companies. The company’s fixed income sales and trading professionals have expertise in municipal, corporate, mortgage, agency, treasury and structured product securities and cover a range of institutional investors. It engages in trading activities for both customer facilitation and strategic trading purposes. The company’s strategic trading activities (proprietary trading) are dedicated solely to investing firm capital, and focus on proprietary investments in municipal bonds, mortgage-backed securities and U.S. government agency securities. The strategic trading activities related to municipal bonds are principally operated in a fund structure vehicle with a limited number of employee investors. Principal Investments: The company engages in merchant banking activities, which involve equity or debt investments in late stage private companies. Additionally, it has investments in private equity funds and other firm investments. Alternative Asset Management Funds: The company has created alternative asset management funds in merchant banking and senior living to invest firm capital, as well as to manage capital from outside investors. Asset Management This segment includes its traditional asset management business and its investments in registered funds and private funds or partnerships that it manages. The company’s traditional asset management business offers specialized investment management solutions for institutions, private clients and investment advisors. It manages domestic, international and global strategies, as well as Master Limited Partnership (MLP) and energy infrastructure strategies, through open-end and closed-end funds. The company also provides customized solutions to its clients. In many cases, the company offers both diversified and more concentrated versions of its products, generally through separately managed accounts. Value Equity: The company takes a value-driven approach to managing assets in the domestic and international equity markets. These investment strategies have an investment philosophy that centers on fundamental security selection across industries and regions with a focus on analyzing, among other things, a company's financial position, liquidity and profitability in light of its valuation. MLPs and Energy Infrastructure: The company also manages MLPs, energy infrastructure, and related operating entity assets focused on the energy sector. In addition to its MLP-focused funds, the company manages other private funds focused on energy sector securities. Regulation The company’s U.S. broker dealer subsidiary (Piper Jaffray & Co.) is registered as a securities broker dealer with the Securities and Exchange Commission and is a member of various self-regulatory organizations and securities exchanges. Piper Jaffray & Co. is subject to the USA PATRIOT Act of 2001, which contains anti-money laundering and financial transparency laws and mandates the implementation of various regulations requiring it to implement standards for verifying client identification at account opening, monitoring client transactions and reporting suspicious activity. The company is also subject to the U.S. Foreign Corrupt Practices Act, as well as other anti-bribery laws in the jurisdictions in which it operates. History Piper Jaffray Companies was founded in 1895.

 

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Industry Average

Valuation PJR Industry Range
Price/Earnings 38.9x
Price/Sales 1.2x
Price/Book 1.1x
Price/Cash Flow 24.1x
TEV/Sales NM Not Meaningful
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