| Intrinsic Valuation of: LPLA | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 14 | Market Cap | $30B | |||||
| 2021 | - | - (-) | P/E Ratio | 26 | Total Asset | $13B | |||||
| 2022 | $237M | - (-) | Net Income | $1B | Total Debt | $4B | |||||
| 2023 | $2B | 591.1% (520.4%) | EBITDA | $2B | Total Liab | $10B | |||||
| 2024 | $109M | -93.3% (-94.3%) | Opr Margin | 0.13 | Debt/Equity | 1.52 | |||||
| 2025 | $-285M | -360.6% (-311.6%) | PreTax Margin | 11.25 | BV/Share | -9 | |||||
| 5Y Average FCF | $425M | 45.7% (38.2%) | |||||||||
| 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 | $531M | MBG Intrinsic Value | $128 | ||||||||
| 2027 | $664M | ||||||||||
| 2028 | $830M | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $34B | Net Worth/Share | $37 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $26B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $967M | $287 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $4B | WACC | 7.3% | 244 | 267 | 294 | 328 | 371 | |||
| Equity Value | $23B | 7.4% | 241 | 263 | 290 | 324 | 365 | ||||
| Shares Outstanding | 79,975,696 | 7.4% | 238 | 260 | 287 | 319 | 360 | ||||
| 7.9% | 214 | 232 | 254 | 280 | 311 | ||||||
| DCF Intrinsic Value | $287 | 8.4% | 193 | 208 | 226 | 247 | 272 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||