BGCP - BGC Partners: Under-Appreciated Potential

Introduction and thesis

BGC Partners (BGCP), which operates as a brokerage and financial technology firm saw its stock price get more than halved following the pandemic crisis. Not only the company is trading around 52-week lows, but close to crisis levels - a decade from now. Is this justified? In part maybe, but not to the extent witnessed in my opinion. Founded in 1999, BGC has a well-established franchise in the inter-dealer broker space and its risk standards along with its experienced management team favor a stock recovery. The firm’s solvency metrics appear