| Intrinsic Valuation of: LPLA | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 11 | Market Cap | $24B | |||||
| 2021 | - | - (-) | P/E Ratio | 27 | Total Asset | $18B | |||||
| 2022 | $2B | - (-) | Net Income | $863M | Total Debt | $7B | |||||
| 2023 | $109M | -93.3% (-94.3%) | EBITDA | $2B | Total Liab | $13B | |||||
| 2024 | $-285M | -360.6% (-311.6%) | Opr Margin | 9.14 | Debt/Equity | 1.34 | |||||
| 2025 | $-982M | -244.6% (-151.2%) | PreTax Margin | 6.77 | BV/Share | -8 | |||||
| 5Y Average FCF | $120M | 3.5% (-185.7%) | |||||||||
| 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): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (3.5%) | ||||||||||
| 2026 | $905M | MBG Intrinsic Value | $99 | ||||||||
| 2027 | $934M | ||||||||||
| 2028 | $963M | ||||||||||
| 2029 | $991M | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $24B | Net Worth/Share | $67 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $20B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $178 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $7B | WACC | 6.5% | 163 | 183 | 210 | 243 | 288 | |||
| Equity Value | $14B | 7.1% | 136 | 152 | 171 | 195 | 226 | ||||
| Shares Outstanding | 79,982,861 | 7.8% | 114 | 127 | 142 | 159 | 182 | ||||
| 8.4% | 97 | 107 | 118 | 132 | 148 | ||||||
| DCF Intrinsic Value | $178 | 9.0% | 82 | 90 | 100 | 110 | 123 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||