RE:Valuationthis stock is being evaluated as an energy/mining stock, not a financial services stock.
It is probably because the vast majority of their income is derived from M&A and IPO activity in the energy and mining sector, not technology or other areas.
I believe that is the reason for recent sell off.
if you forget that this is a financial services company, and just think of it as an energy/mining services company, you will understand the sell off.
Think of them on the same level as an energy services firm such as Ensign Energy, Trinidad Drilling, Trican Well, and so on.