Financials Charles Schwab Deutsche Boerse AG

Equities

SWG0

US8085138654

Investment Banking & Brokerage Services

Market Closed - Deutsche Boerse AG Other stock markets 09:29:01 2024-07-11 am EDT			5-day change	1st Jan Change
17.7 ^EUR	-0.56%		-0.56%	-0.56%

Jul. 11	Morgan Stanley Adjusts Price Target on Charles Schwab to $71 From $73, Maintains Equalweight Rating	MT
Jul. 10	Raymond James Adjusts Price Target on Charles Schwab to $79 From $80, Keeps Outperform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,095	99,666	158,999	155,425	125,446	139,088	-	-
Enterprise Value (EV) ¹	36,895	49,166	119,799	153,125	141,246	153,289	161,840	160,038
P/E ratio	17.8 x	25 x	29.7 x	23.8 x	27.1 x	26.1 x	19.3 x	16.1 x
Yield	1.43%	1.36%	0.86%	1.01%	1.45%	1.34%	1.46%	1.56%
Capitalization / Revenue	5.7 x	8.53 x	8.59 x	7.49 x	6.66 x	7.14 x	6.18 x	5.65 x
EV / Revenue	3.44 x	4.21 x	6.47 x	7.38 x	7.5 x	7.87 x	7.19 x	6.5 x
EV / EBITDA	7.1 x	9.2 x	12 x	13.2 x	15.4 x	14.5 x	13.3 x	11.4 x
EV / FCF	4.28 x	16.2 x	22.8 x	22.9 x	-	16.5 x	11.4 x	14.2 x
FCF Yield	23.4%	6.16%	4.38%	4.36%	-	6.06%	8.74%	7.06%
Price to Book	2.81 x	1.7 x	2.71 x	4.1 x	3.07 x	3.24 x	3.25 x	3.04 x
Nbr of stocks (in thousands)	1,284,579	1,879,078	1,890,600	1,866,739	1,823,343	1,828,175	-	-
Reference price ²	47.56	53.04	84.10	83.26	68.80	76.08	76.08	76.08
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,721	11,691	18,520	20,762	18,837	19,473	22,510	24,631
EBITDA ¹	5,197	5,346	9,960	11,624	9,146	10,547	12,206	14,009
EBIT ¹	4,848	4,932	8,796	10,376	7,808	8,053	10,328	11,916
Operating Margin	45.22%	42.19%	47.49%	49.98%	41.45%	41.36%	45.88%	48.38%
Earnings before Tax (EBT) ¹	4,848	4,300	7,713	9,388	6,378	7,686	9,916	11,369
Net income ¹	3,526	3,043	5,360	6,635	4,649	5,420	7,269	8,276
Net margin	32.89%	26.03%	28.94%	31.96%	24.68%	27.83%	32.29%	33.6%
EPS ²	2.670	2.120	2.830	3.500	2.540	2.913	3.943	4.716
Free Cash Flow ¹	8,617	3,030	5,247	6,682	-	9,296	14,140	11,296
FCF margin	80.37%	25.92%	28.33%	32.18%	-	47.74%	62.82%	45.86%
FCF Conversion (EBITDA)	165.81%	56.68%	52.68%	57.48%	-	88.14%	115.84%	80.64%
FCF Conversion (Net income)	244.38%	99.57%	97.89%	100.71%	-	171.5%	194.51%	136.49%
Dividend per Share ²	0.6800	0.7200	0.7200	0.8400	1.000	1.023	1.109	1.188
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

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	4,708	4,672	5,093	5,500	5,497	5,116	4,656	4,606	4,459	4,740	4,702	4,869	5,097	5,299	5,638
EBITDA ¹	2,577	2,393	2,835	3,249	3,147	2,655	2,280	2,236	1,975	2,296	3,756	3,838	2,716	2,960	3,180
EBIT ¹	2,278	2,089	2,522	2,930	2,835	2,343	1,955	1,903	1,607	1,938	1,699	1,983	2,014	2,068	-
Operating Margin	48.39%	44.71%	49.52%	53.27%	51.57%	45.8%	41.99%	41.32%	36.04%	40.89%	36.14%	40.72%	39.51%	39.02%	-
Earnings before Tax (EBT) ¹	2,023	1,839	2,274	2,677	2,598	2,110	1,691	1,383	1,194	1,798	1,661	1,902	2,165	2,366	2,590
Net income ¹	1,449	1,278	1,652	1,884	1,821	1,533	1,173	1,017	926	1,251	1,180	1,329	1,519	1,659	1,830
Net margin	30.78%	27.35%	32.44%	34.25%	33.13%	29.96%	25.19%	22.08%	20.77%	26.39%	25.09%	27.3%	29.81%	31.31%	32.46%
EPS ²	0.7600	0.6700	0.8700	0.9900	0.9700	0.8300	0.6400	0.5600	0.5100	0.6800	0.6405	0.7424	0.8340	0.8834	0.9992
Dividend per Share ²	0.1800	0.2000	0.2000	0.2200	0.2200	0.2500	0.2500	0.2500	0.2500	0.2500	0.2575	0.2575	0.2575	0.2950	0.2900
Announcement Date	1/18/22	4/18/22	7/18/22	10/17/22	1/18/23	4/17/23	7/18/23	10/16/23	1/17/24	4/15/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	15,800	14,201	22,753	20,951
Net Cash position ¹	24,200	50,500	39,200	2,300	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	1.728 x	1.346 x	1.864 x	1.496 x
Free Cash Flow ¹	8,617	3,030	5,247	6,682	-	9,296	14,140	11,296
ROE (net income / shareholders' equity)	19%	9%	11%	18%	16%	14.6%	17.1%	19.7%
ROA (Net income/ Total Assets)	1.19%	0.72%	1.02%	1.21%	1.1%	1.67%	1.58%	1.61%
Assets ¹	295,260	421,497	527,871	547,578	423,098	325,219	461,061	514,028
Book Value Per Share ²	16.90	31.10	31.00	20.30	22.40	23.50	23.40	25.00
Cash Flow per Share	7.060	4.770	1.120	1.090	-	-	-	-
Capex ¹	708	631	916	971	804	637	740	811
Capex / Sales	6.6%	5.4%	4.95%	4.68%	4.27%	3.27%	3.29%	3.29%
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

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 Charles Schwab

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

76.08 USD

Average target price

80.05 USD

Spread / Average Target

+5.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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