LPL Financial Holdings Inc. (LPLA)

Industry: Financial - Capital Markets Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
MS	4	Morgan Stanley	112,104	15.44	13.98	22.50	20.31	24.51	25.31
ISMEN.IS	5	Is Yatirim Menkul	30,473	8.78	5.35	3.67	2.06	2.89	1.55
8604.T	6	Nomura Holdings, I	28,647	7.64	6.97	54.07	50.33	52.72	48.53
MQG.AX	7	Macquarie Group Li	22,603	10.29	8.44	9.66	9.66	59.74	-
GLXY	8	Galaxy Digital	21,638	-	-	0.46	0.46	-	0.45
BPAC11.SA	9	Banco BTG Pactual	18,959	15.65	11.97	10.01	5.94	8.51	7.29
RJF	10	Raymond James Fina	15,912	16.09	13.28	4.83	3.65	2.23	3.75
LPLA	11	LPL Financial Hold	15,569	31.96	28.71	16.09	13.74	114.24	19.62
600030.SS	12	CITIC Securities C	12,932	15.79	13.81	29.14	25.68	21.45	25.68
AMRK	13	A-Mark Precious Me	11,944	86.83	128.96	10.74	10.60	41.74	23.03
JEF	14	Jefferies Financia	10,726	19.19	18.84	3.72	3.31	14.38	3.33
601211.SS	15	Guotai Junan Secur	10,195	12.54	10.60	33.84	26.43	25.98	28.54
PLAS.JK	16	PT Polaris Investa	6,550	-	-	29.57	29.57	-	26.19
006800.KS	17	Mirae Asset Securi	6,150	10.14	9.03	10.04	8.24	14.50	8.51
SF	18	Stifel Financial C	6,121	17.64	16.29	12.24	11.39	9.76	12.53
HTSC.L	19	Huatai Securities	5,848	85.87	78.67	76.68	76.68	74.60	222.30

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.44	11.97	10.04	9.66	14.50	10.52
Full Range Median Multiple	15.65	13.28	10.74	10.60	21.45	17.78
Industry Multiple	24.76	25.86	20.74	18.95	27.15	31.21
Market Implied Multiple	36.37	32.68	17.88	15.27	126.97	21.81
Company (LPLA) Multiple	31.96	28.71	16.09	13.74	114.24	19.62
(*) Net Income / EBITDA / Revenue	833	927	2,050	2,401	289	1,681
Winsorized Enterprise Value	N/A	N/A	20,591	23,201	4,185	17,691
Full Range Median Enterprise Value	N/A	N/A	22,013	25,449	6,195	29,894
(-) Net Debt	6,363	6,363	6,363	6,363	6,363	6,363
Winsorized Equity Value	12,859	11,102	14,228	16,837	-2,178	11,327
Full Range Median Equity Value	13,037	12,312	15,650	19,085	-169	23,530
(/) Shares Outstanding	80	80	80	80	80	80
Winsorized Fair Value	$160.71	$138.75	$177.81	$210.42	$-27.22	$141.56
Full Range Median Fair Value	$162.93	$153.87	$195.58	$238.52	$-2.11	$294.07
Current Price	$378.62	$378.62	$378.62	$378.62	$378.62	$378.62
Upside / Downside	-57.55%	-63.35%	-53.04%	-44.42%	-107.19%	-62.61%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$112.49	$97.13	$124.46	$147.30	$-19.06	$99.09
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy