Can Jefferies Financial Group (JEF) Stay Above Fair Value After Earnings?

Jefferies Financial Group has delivered a 43.3% gain over the past 5 years. However, the recent share price pullback and shifting mix of fee income raise a sharper question about whether the returns it earns on its capital are enough to support where the stock trades today. That 43.3% return over 5 years puts real weight on the issue of whether Jefferies is generating strong enough returns on the capital it deploys to justify the journey so far. Recent news pointing to stronger investment...