DDM Analysis: LPLA

Valuation Snapshot

Stable Growth	$244.61 - $622.10	$369.15
Multi-Stage	$166.87 - $182.44	$174.51
Blended Fair Value	$271.83
Current Price	$332.69
Upside	-18.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.67%	-0.63%	1.16	1.20	1.03	1.04	1.03	1.07	1.15	1.17	1.15	1.24
YoY Growth	-	-	-2.67%	15.48%	-0.33%	1.26%	-4.24%	-6.52%	-2.12%	1.34%	-7.03%	0.21%
Dividend Yield	-	-	0.36%	0.45%	0.51%	0.57%	0.72%	1.97%	1.60%	1.92%	2.90%	5.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	833.05
(-) Cash Dividends Paid (M)	92.85
(=) Cash Retained (M)	740.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.61	104.13	62.48
Cash Retained (M)	740.20	740.20	740.20
(-) Cash Required (M)	-166.61	-104.13	-62.48
(=) Excess Retained (M)	573.59	636.07	677.72
(/) Shares Outstanding (M)	77.14	77.14	77.14
(=) Excess Retained per Share	7.44	8.25	8.79
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	7.44	8.25	8.79
(=) Adjusted Dividend	8.64	9.45	9.99
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$244.61	$369.15	$622.10
Upside / Downside	-26.48%	10.96%	86.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	833.05	887.20	944.87	1,006.29	1,071.70	1,141.36	1,175.60
Payout Ratio	11.15%	26.92%	42.69%	58.46%	74.23%	90.00%	92.50%
Projected Dividends (M)	92.85	238.81	403.34	588.26	795.51	1,027.22	1,087.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	216.58	218.64	220.69
Year 2 PV (M)	331.76	338.08	344.46
Year 3 PV (M)	438.83	451.43	464.27
Year 4 PV (M)	538.21	558.91	580.20
Year 5 PV (M)	630.30	660.74	692.35
PV of Terminal Value (M)	10,716.78	11,234.40	11,771.83
Equity Value (M)	12,872.46	13,462.20	14,073.80
Shares Outstanding (M)	77.14	77.14	77.14
Fair Value	$166.87	$174.51	$182.44
Upside / Downside	-49.84%	-47.54%	-45.16%

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Financial Statements

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LPL Financial Holdings Inc. (LPLA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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