Charles Schwab Inc.
開場
1. Welcome to 5 Minutes Value investing.
2. Today we view Charles Schwab 2020 annual report.
3. The company was founded as Charles Schwab and co. in 1971 by its namesake Charles Schwab.
4. The CEO of the company is Walter W Bettinger.
主體1
1. It is the third largest asset manager in the world, behind BlackRock and Vanguard.
2. The firm is known for its electronic trading platforms, investor education and discount brokerage services particularly reduced every trading commission charges.
3. It was purchased by Bank of America in 1983 for 55 million. 3 years later, the profitability of the bank's no charge mutual funds prompt the founder to buy his company back for $280 million.
4. Charles Schwab offered online trading in 1994 which allowed them to drop and even eliminate account fees by 2005, and introduce commission free fund by 2011.
5. On November 25th 2019, the company announced its intent to acquire TD Ameritrade for approximately 22 billion in stock.
主體2
1. Let’s view balance sheets.
2. Total assets are 549 billion.
3. Available for sale securities is 337 billion.
4. Total liabilities are 492 billion.
5. Bank deposits debt is 358 billion.
6. Total shareholder’s equity is 56 billion.
主體3
1. Let’s view statements of Income.
2. Total net revenues are 11.7 billion.
3. Total expenses are 7.3 billion.
4. Net income is 3.3 billion.
5. Net interest represents about 52% of revenue in 2020.
6. Funds represent about 15%.
7. Advice solutions represents about 12%.
8. Trading revenue represents about 12% of revenue.
主體4
1. Let’s view statements of cash flows.
2. Purchases of available for sale securities is less 202 billion.
3. Net change in bank deposits is plus 138 billion.
4. Cash and cash equivalents is 70 billion.
主體5
1. Let’s view statements of changes in shareholder’s equity.
2. Charles Schwab issued 509 million shares of common stock and 77 million shares of nonvoting common stock to acquire TD Ameritrade.
分析
l Let’s view the anlaysis.
1.股價Stock Price on June 11th 73.92 -
2.本益比P/E ratio 32.65 >15 X
3. 股價淨值比P/B ratio 2.5 >1.5 X
4.股東權益報酬率ROE 9.18% <10% X
5. 大股東持股比例Insider Ownership 7.21% <20% X
6.市值 Market Capitalization 139,970,000,000 > 10,000,000,000. O
10.20年連續發放股息Paid dividends in 20 consecutive years O - O
11.過去十年每年都獲利Made profit each year in the past 10 years O - O
12.營業現金流/稅後淨利OCF/NI 271% >80% O
13.過去十年EPS成長EPS growth in past 10 years 233% >30% O
14.每股自由現金流FCF per share 6.31 >0 O
