Financials Charles Schwab

Equities

SCHW

US8085131055

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 04:00:02 2024-12-10 pm EST			5-day change	1st Jan Change
82.32 ^USD	+0.99%		+1.48%	+19.65%

Dec. 09	The only way is up
Dec. 09	Jefferies Adjusts Price Target on Charles Schwab to $94 From $84, Keeps Buy Rating	MT

Projected Income Statement: Charles Schwab

income-statement-evolution-chart CHARLES-SCHWAB

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,721	11,691	18,520	20,762	18,837	19,384	21,596	24,160
Change	-	9.05%	58.41%	12.11%	-9.27%	2.9%	11.41%	11.87%
EBITDA ¹	5,197	5,346	9,960	11,624	9,146	10,322	11,893	13,726
Change	-	2.87%	86.31%	16.71%	-21.32%	12.85%	15.22%	15.42%
EBIT ¹	4,848	4,932	8,796	10,376	7,808	7,910	9,722	11,905
Change	-	1.73%	78.35%	17.96%	-24.75%	1.3%	22.92%	22.45%
Interest Paid ¹	-258	-289	-384	-	-	-6,468	-3,957	-2,235
Earnings before Tax (EBT) ¹	4,848	4,300	7,713	9,388	6,378	7,581	9,255	10,954
Change	-	-11.3%	79.37%	21.72%	-32.06%	18.87%	22.07%	18.37%
Net income ¹	3,526	3,043	5,360	6,635	4,649	5,278	6,604	7,997
Change	-	-13.7%	76.14%	23.79%	-29.93%	13.53%	25.13%	21.09%
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	2,606	2,617	2,450	2,448	4,176	4,715	4,527	4,570	4,708	4,672	5,093	5,500	5,497	5,116	4,656	4,606	4,459	4,740	4,690	4,847	5,119	5,185	5,317	5,430	5,609	5,663	5,879	6,039
Change	-	0.42%	-6.38%	-0.08%	70.59%	12.91%	-3.99%	0.95%	3.02%	-0.76%	9.01%	7.99%	-0.05%	-6.93%	-8.99%	-1.07%	-3.19%	6.3%	-1.05%	3.35%	5.62%	1.29%	2.55%	2.11%	3.31%	0.96%	3.81%	2.72%
EBITDA ¹	1,206	1,207	1,090	1,078	2,035	2,362	2,306	2,561	2,577	2,393	2,835	3,249	3,147	2,655	2,280	2,236	1,975	2,296	2,284	2,356	2,717	2,861	2,879	2,882	3,071	3,174	3,330	3,458
Change	-	0.08%	-9.69%	-1.1%	88.78%	16.07%	-2.37%	11.06%	0.62%	-7.14%	18.47%	14.6%	-3.14%	-15.63%	-14.12%	-1.93%	-11.67%	16.25%	-0.52%	3.15%	15.32%	5.31%	0.61%	0.11%	6.56%	3.37%	4.92%	3.83%
EBIT ¹	1,112	1,111	981	956	1,905	2,233	2,017	2,268	2,278	2,089	2,522	2,930	2,835	2,343	1,955	1,903	1,607	1,938	1,922	1,995	2,113	2,116	2,105	2,095	2,111	-	-	-
Change	-	-0.09%	-11.7%	-2.55%	99.27%	17.22%	-9.67%	12.44%	0.44%	-8.3%	20.73%	16.18%	-3.24%	-17.35%	-16.56%	-2.66%	-15.55%	20.6%	-0.83%	3.8%	5.94%	0.11%	-0.51%	-0.48%	0.76%	-100%	-	-
Charge d'intérêts ¹	-66	-66	-77	-69	-77	-85	-97	-123	-103	-108	-166	-131	-	-	-	-	-	-	-1,659	-1,706	-1,370	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,112	1,047	888	889	1,476	1,960	1,719	2,011	2,023	1,839	2,274	2,677	2,598	2,110	1,691	1,383	1,194	1,798	1,747	1,842	2,093	2,137	2,301	2,385	2,571	-	-	-
Change	-	-5.85%	-15.19%	0.11%	66.03%	32.79%	-12.3%	16.99%	0.6%	-9.1%	23.65%	17.72%	-2.95%	-18.78%	-19.86%	-18.21%	-13.67%	50.59%	-2.84%	5.44%	13.65%	2.09%	7.65%	3.67%	7.79%	-100%	-	-
Net income ¹	801	757	621	615	1,050	1,388	1,117	1,406	1,449	1,278	1,652	1,884	1,821	1,533	1,173	1,017	926	1,251	1,211	1,299	1,484	1,504	1,585	1,667	1,818	1,829	1,917	2,075
Change	-	-5.49%	-17.97%	-0.97%	70.73%	32.19%	-19.52%	25.87%	3.06%	-11.8%	29.26%	14.04%	-3.34%	-15.82%	-23.48%	-13.3%	-8.95%	35.1%	-3.2%	7.27%	14.27%	1.34%	5.37%	5.14%	9.11%	0.59%	4.83%	8.21%
Announcement Date	1/16/20	4/15/20	7/16/20	10/15/20	1/19/21	4/15/21	7/16/21	10/15/21	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	7/16/24	10/15/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Charles Schwab

balance-sheet-analysis-chart CHARLES-SCHWAB

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-24,200	-50,500	-39,200	-2,300	15,800	20,706	1,353	18,347
Change	-	-308.68%	-177.62%	-105.87%	586.96%	31.05%	-93.47%	1,256.02%
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Charles Schwab

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	708	631	916	971	804	721.5	776	695
Change	-	-10.88%	45.17%	6%	-17.2%	-10.26%	7.55%	-10.44%
Free Cash Flow (FCF) ¹	8,617	3,030	5,247	6,682	-	5,764	10,663	12,492
Change	-	-64.84%	73.17%	27.35%	-	-	84.99%	17.16%
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Charles Schwab

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	48.47%	45.73%	53.78%	55.99%	48.55%	53.25%	55.07%	56.82%
EBIT Margin (%)	45.22%	42.19%	47.49%	49.98%	41.45%	40.81%	45.02%	49.28%
EBT Margin (%)	45.22%	36.78%	41.65%	45.22%	33.86%	39.11%	42.85%	45.34%
Net margin (%)	32.89%	26.03%	28.94%	31.96%	24.68%	27.23%	30.58%	33.1%
FCF margin (%)	80.37%	25.92%	28.33%	32.18%	-	29.73%	49.37%	51.71%
FCF / Net Income (%)	244.38%	99.57%	97.89%	100.71%	-	109.21%	161.45%	156.21%
Profitability
ROA	1.19%	0.72%	1.02%	1.21%	1.1%	1.61%	1.54%	1.62%
ROE	19%	9%	11%	18%	16%	15.72%	15.67%	18.04%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	1.73x	2.01x	0.11x	1.34x
Debt / Free cash flow	-	-	-	-	-	3.59x	0.13x	1.47x
Capital Intensity
CAPEX / Current Assets (%)	6.6%	5.4%	4.95%	4.68%	4.27%	3.72%	3.59%	2.88%
CAPEX / EBITDA (%)	13.62%	11.8%	9.2%	8.35%	8.79%	6.99%	6.52%	5.06%
CAPEX / FCF (%)	8.22%	20.83%	17.46%	14.53%	-	12.52%	7.28%	5.56%
Items per share
Cash flow per share ¹	7.064	4.775	1.116	1.086	-	0.09	1.59	-
Change	-	-32.41%	-76.62%	-2.72%	-	-	1,666.67%	-
Dividend per Share ¹	0.68	0.72	0.72	0.84	1	1.007	1.088	1.219
Change	-	5.88%	0%	16.67%	19.05%	0.67%	8.11%	12.01%
Book Value Per Share ¹	16.91	31.12	31.02	20.31	22.4	22.96	25.89	27.67
Change	-	84.01%	-0.34%	-34.51%	10.28%	2.49%	12.77%	6.87%
EPS ¹	2.67	2.12	2.83	3.5	2.54	2.862	3.622	4.456
Change	-	-20.6%	33.49%	23.67%	-27.43%	12.67%	26.57%	23%
Nbr of stocks (in thousands)	1,284,579	1,879,078	1,890,600	1,866,739	1,823,343	1,830,556	1,830,556	1,830,556
Announcement Date	1/16/20	1/19/21	1/18/22	1/18/23	1/17/24	-	-	-