| Intrinsic Valuation of: IBKR | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $148B | |||||
| 2021 | - | - (-) | P/E Ratio | 37 | Total Asset | $203B | |||||
| 2022 | $4B | - (-) | Net Income | $984M | Total Debt | $0 | |||||
| 2023 | $4B | 15.3% (-37.9%) | EBITDA | $9B | Total Liab | $183B | |||||
| 2024 | $9B | 93.0% (61.3%) | Opr Margin | 85.98 | Debt/Equity | - | |||||
| 2025 | $16B | 81.5% (65.4%) | PreTax Margin | 44.71 | BV/Share | 12 | |||||
| 5Y Average FCF | $8B | 15.0% (29.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 10.75% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $16B | MBG Intrinsic Value | $21 | ||||||||
| 2027 | $17B | ||||||||||
| 2028 | $19B | ||||||||||
| 2029 | $21B | ||||||||||
| 2030 | $22B | ||||||||||
| 2031 | $22B | ||||||||||
| Terminal Value | $275B | Net Worth/Share | $46 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $230B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $5B | $527 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 8.8% | 625 | 658 | 697 | 742 | 796 | |||
| Equity Value | $235B | 9.8% | 549 | 573 | 601 | 632 | 669 | ||||
| Shares Outstanding | 445,484,364 | 10.8% | 489 | 507 | 528 | 551 | 577 | ||||
| 11.8% | 440 | 455 | 470 | 488 | 508 | ||||||
| DCF Intrinsic Value | $527 | 12.8% | 401 | 412 | 424 | 438 | 453 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||