Financials LPL Financial Holdings Inc.

Equities

LPLA

US50212V1008

Investment Banking & Brokerage Services

Market Closed - Nasdaq Other stock markets 21:00:00 09/05/2024 BST			5-day change	1st Jan Change
264.8 ^USD	-0.83%		-1.73%	+16.34%

04-30	LPL Financial Q1 Adjusted Earnings Fall, Revenue Rises	MT
04-30	Transcript : LPL Financial Holdings Inc., Q1 2024 Earnings Call, Apr 30, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,456	8,263	12,831	17,207	17,212	19,784	-	-
Enterprise Value (EV) ¹	7,456	9,800	12,831	17,207	20,481	21,852	21,110	20,054
P/E ratio	13.9 x	17.8 x	28.4 x	20.8 x	16.6 x	18.1 x	15.6 x	12.5 x
Yield	1.08%	0.96%	0.62%	-	0.53%	0.45%	0.48%	0.49%
Capitalization / Revenue	1.33 x	1.41 x	1.66 x	2 x	1.71 x	1.71 x	1.5 x	1.35 x
EV / Revenue	1.33 x	1.67 x	1.66 x	2 x	2.04 x	1.89 x	1.6 x	1.36 x
EV / EBITDA	7.2 x	10.8 x	13.4 x	11.3 x	10.3 x	10.3 x	8.75 x	7.09 x
EV / FCF	15.9 x	15.4 x	54.1 x	-	-	14.6 x	16.7 x	12.3 x
FCF Yield	6.27%	6.47%	1.85%	-	-	6.84%	5.98%	8.12%
Price to Book	7.23 x	6.3 x	7.67 x	-	8.52 x	7.12 x	6.16 x	5.19 x
Nbr of stocks (in thousands)	80,823	79,283	80,146	79,600	75,619	74,707	-	-
Reference price ²	92.25	104.2	160.1	216.2	227.6	264.8	264.8	264.8
Announcement Date	30/01/20	04/02/21	03/02/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,625	5,872	7,721	8,601	10,053	11,588	13,222	14,692
EBITDA ¹	1,036	909	960.8	1,525	1,986	2,120	2,414	2,830
EBIT ¹	871.8	731.8	705.7	1,238	1,632	1,614	1,803	2,291
Operating Margin	15.5%	12.46%	9.14%	14.39%	16.23%	13.93%	13.64%	15.59%
Earnings before Tax (EBT) ¹	741.8	626.1	601.3	1,112	1,445	1,492	1,689	2,111
Net income ¹	559.9	472.6	459.9	845.7	1,066	1,107	1,243	1,518
Net margin	9.95%	8.05%	5.96%	9.83%	10.61%	9.56%	9.4%	10.33%
EPS ²	6.620	5.860	5.630	10.40	13.69	14.65	17.01	21.16
Free Cash Flow ¹	467.5	634.4	237.1	-	-	1,495	1,262	1,628
FCF margin	8.31%	10.8%	3.07%	-	-	12.9%	9.54%	11.08%
FCF Conversion (EBITDA)	45.12%	69.79%	24.68%	-	-	70.53%	52.28%	57.53%
FCF Conversion (Net income)	83.5%	134.23%	51.57%	-	-	135.01%	101.54%	107.28%
Dividend per Share ²	1.000	1.000	1.000	-	1.200	1.198	1.280	1.301
Announcement Date	30/01/20	04/02/21	03/02/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,094	2,066	2,039	2,163	2,333	2,418	2,469	2,522	2,644	2,833	2,885	2,984	3,134	3,259	3,361
EBITDA ¹	224.9	267.2	310.7	414.2	533.1	563.8	518.8	458.4	444.8	531	524.9	532.1	566	588.8	592.2
EBIT ¹	163.7	200.6	241.1	339.9	456.3	483.7	433.7	366	348.2	434.3	368.4	355	359.9	-	-
Operating Margin	7.82%	9.71%	11.82%	15.71%	19.56%	20%	17.57%	14.51%	13.17%	15.33%	12.77%	11.89%	11.48%	-	-
Earnings before Tax (EBT) ¹	136.6	173.4	212.3	306.7	419.2	444.5	388.8	317.7	293.8	374.2	367.4	365.9	400.5	402	416
Net income ¹	108.1	133.7	160.5	232.3	319.1	338.9	285.5	224.3	217.6	288.8	271.1	268.5	292.5	306.4	310
Net margin	5.16%	6.47%	7.87%	10.74%	13.68%	14.02%	11.57%	8.89%	8.23%	10.19%	9.4%	9%	9.33%	9.4%	9.22%
EPS ²	1.320	1.640	1.970	2.860	3.950	4.240	3.650	2.910	2.850	3.830	3.542	3.517	3.898	4.160	4.256
Dividend per Share ²	0.2500	0.2500	0.2500	0.2500	-	0.3000	0.3000	-	0.3000	-	0.3005	0.3005	0.3005	0.3007	0.3000
Announcement Date	03/02/22	28/04/22	02/08/22	27/10/22	02/02/23	27/04/23	27/07/23	26/10/23	01/02/24	30/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,537	-	-	3,268	2,068	1,326	270
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.691 x	-	-	1.646 x	0.9757 x	0.5492 x	0.0952 x
Free Cash Flow ¹	467	634	237	-	-	1,495	1,262	1,628
ROE (net income / shareholders' equity)	56%	40.4%	30.8%	-	57.7%	48.4%	49.6%	56.9%
ROA (Net income/ Total Assets)	9.86%	7.62%	6.3%	-	12.3%	8.7%	9%	10.2%
Assets ¹	5,679	6,202	7,294	-	8,653	12,728	13,809	14,878
Book Value Per Share ²	12.80	16.50	20.90	-	26.70	37.20	43.00	51.00
Cash Flow per Share	7.370	9.790	5.540	-	-	-	-	-
Capex ¹	156	156	216	-	403	347	391	432
Capex / Sales	2.78%	2.65%	2.8%	-	4.01%	2.99%	2.95%	2.94%
Announcement Date	30/01/20	04/02/21	03/02/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for LPL Financial Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

264.8 USD

Average target price

299.5 USD

Spread / Average Target

+13.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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