| 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 | $94B | |||||
| 2021 | - | - (-) | P/E Ratio | 30 | Total Asset | $150B | |||||
| 2022 | $6B | - (-) | Net Income | $755M | Total Debt | $0 | |||||
| 2023 | $4B | -33.0% (-53.0%) | EBITDA | $8B | Total Liab | $134B | |||||
| 2024 | $4B | 15.3% (-37.9%) | Opr Margin | 0.84 | Debt/Equity | - | |||||
| 2025 | $9B | 93.0% (61.3%) | PreTax Margin | 39.18 | BV/Share | 10 | |||||
| 5Y Average FCF | $6B | 25.1% (-9.9%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $11B | MBG Intrinsic Value | $17 | ||||||||
| 2027 | $14B | ||||||||||
| 2028 | $17B | ||||||||||
| 2029 | $21B | ||||||||||
| 2030 | $26B | ||||||||||
| 2031 | $33B | ||||||||||
| Terminal Value | $688B | Net Worth/Share | $38 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $539B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $4B | $1,245 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 1,084 | 1,169 | 1,273 | 1,400 | 1,561 | |||
| Equity Value | $543B | 7.4% | 1,073 | 1,158 | 1,259 | 1,383 | 1,540 | ||||
| Shares Outstanding | 435,835,008 | 7.4% | 1,064 | 1,146 | 1,245 | 1,367 | 1,519 | ||||
| 7.9% | 973 | 1,041 | 1,121 | 1,218 | 1,337 | ||||||
| DCF Intrinsic Value | $1,245 | 8.4% | 895 | 952 | 1,018 | 1,097 | 1,191 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||