Industries
Brokerage & Wealth Management
Toutes les analyses de Brokerage & Wealth Management — 8 analyses.
40/100
74Buffett
LPL Financial: 87% of Revenue Paid Back to Advisors, Only 16% of a $643.5bn Asset Increase Organic, and a Client-Cash Pool Worth a Quarter of Gross Profit
LPL Financial is a US advisor-platform company supplying custody, clearing, supervision and technology to more than 32,000 advisors and about 1,100 financial institutions holding $2.563tn of client assets, and roughly 87% of advisory and commission revenue is paid straight back to those advisors, so Q2 2026's $5.19bn of revenue became $1.62bn of gross profit. Only about 16% of the $643.5bn year-on-year asset increase came from reported organic net new assets, with acquisitions supplying about 43% and markets about 42%, putting underlying compounding near 4% to 5% rather than the 34% headline, while client cash still contributes roughly a quarter of gross profit and 50 basis points of effective-yield compression is worth about $270m of annual pre-tax revenue. Rating Hold: at $332.26 the shares sit above the $265 to $300 conservative fair value with no margin of safety, and Commonwealth's Q4 2026 conversion is still underwritten at 90% retention against Atria's realized 82%.
40/100
77Buffett
XP Inc.: A 22.5% ROAE and Excess Capital Meet a 1.20% Take Rate, and 2.11 Times Book Leaves No Margin of Safety
XP Inc. is Brazil's independent investment-distribution leader, running R$1.535 trillion of client assets across 4.77 million active clients and roughly 18,400 advisers, with an increasingly balance-sheet-intensive wholesale bank now growing on top of that platform. The franchise earned a 22.5% adjusted ROAE and carries a 20.3% BIS ratio against its own 16-19% target, yet the retail take rate has slid from 1.33% at the end of 2024 to 1.20%, risk-weighted assets grew 26% year on year to R$126.6 billion, and a Gordon-model check puts justified book value near 1.45 times against the 2.11 times the market pays. Rating Hold: a good financial franchise at a price that already requires the franchise to stay good, with R$74-80 the preferred entry range.
43/100
57Buffett
StoneX Group: Two 3-for-2 Splits in One Fiscal Year Break the EPS Series, RJO Lifts Q3 Net Income 102%, and 200bp of Rate Cuts Would Take $0.76 Off $4.19 Trailing EPS
StoneX Group is a global financial intermediary spanning hedging, clearing, securities, payments and FX, and the July 2025 purchase of R.J. O'Brien made it the largest non-bank U.S. futures commission merchant. Fiscal Q3 2026 net operating revenue rose 47% to $719.7 million and net income 102% to $127.9 million, yet StoneX's own disclosure says a 200-basis-point rate decline removes $0.76 of its $4.19 trailing EPS, and two 3-for-2 splits in one fiscal year have left vendor EPS series inconsistent. Rating Hold: at $66.86 the stock trades at 15.96 times trailing earnings and 2.82 times book, inside the $58 to $76 fair band but far above the $39 to $42 ideal buy zone, so there is no margin of safety.
49/100
97Buffett
AJ Bell: Reconstructed FY2025 Client-Cash Interest of £136.5m Nearly Equals £137.8m Group PBT, H1 Revenue Margin Expanded to 33.4 Basis Points Instead of Compressing, and £6.18 Leaves No Margin of Safety
AJ Bell is a UK dual-channel investment platform serving advisers and self-directed investors, with £121.5bn of platform assets, 762,000 customers and record £3.0bn quarterly net inflows. Reconstructed FY2025 retained client-cash interest of about £136.5m nearly matches group pre-tax profit of £137.8m, so every additional 25 basis points passed through to customers costs roughly £15.1m, while the revenue margin expanded to 33.4 basis points rather than compressing as rates fell. Rating Hold: a genuine asset gatherer whose £6.18 price sits mid-range against a £5.30 to £7.30 fair band and 25% to 33% above the conservative case, leaving no margin of safety.
43/100
77Buffett
Raymond James: A Long-Term Study of a Diversified Financial-Services Platform
A diversified financial platform spanning wealth management, investment banking, asset management, and banking, with PCG making up 68% of net revenue. At $145 the stock trades at roughly 13.7x TTM P/E, placing it in a fair-to-neutral range rather than clearly undervalued. Ideal buy range: $105–125.
46/100
32Buffett
Robinhood Markets Deep Value Research
A retail brokerage plus crypto trading platform with 27.60 million funded customers and $345.4 billion of platform assets. At the current $74.78, the stock has already reached the optimistic upper range of $70 to $85, versus an ideal buy range of $35 to $45. Research rating Watch: a better business, but the current price leaves little margin of safety.
52/100
54Buffett
Interactive Brokers: A Long-Term Owner's View
A global low-cost, cross-border, multi-asset automated brokerage platform; 2025 net revenue of 6.205 billion dollars at a 76.9% pre-tax margin. At roughly 75 dollars per share the stock sits at the upper end of fair value, with no meaningful margin of safety. Rating Watch: an excellent business trading at a full price rather than a clearly undervalued opportunity.
44/100
68Buffett
Charles Schwab: A Long-Term Owner's Perspective
A platform with $12 trillion in client assets and genuine cost advantages. At $86, however, the stock trades at only a slight discount to a relatively neutral intrinsic value, while net interest margin is sensitive to interest rates and client-cash migration. Margin of safety is thin; rating: Watch.