Intrinsic value of LPL Financial Holdings - LPLA

Previous Close

$46.07

  Intrinsic Value

$54.58

stock screener

  Rating & Target

hold

+18%

  Value-price divergence*

-61%

Previous close

$46.07

 
Intrinsic value

$54.58

 
Up/down potential

+18%

 
Rating

hold

 
Value-price divergence*

-61%

Our model is not good at valuating stocks of financial companies, such as LPLA.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LPLA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.29
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  4,049
  4,170
  4,304
  4,449
  4,607
  4,777
  4,959
  5,155
  5,363
  5,585
  5,821
  6,071
  6,337
  6,618
  6,915
  7,229
  7,561
  7,911
  8,280
  8,669
  9,079
  9,511
  9,966
  10,445
  10,948
  11,478
  12,036
  12,622
  13,238
  13,887
  14,568
Variable operating expenses, $m
 
  3,833
  3,951
  4,080
  4,220
  4,370
  4,532
  4,705
  4,890
  5,086
  5,295
  5,381
  5,616
  5,865
  6,129
  6,407
  6,701
  7,011
  7,338
  7,683
  8,047
  8,429
  8,833
  9,257
  9,703
  10,173
  10,667
  11,186
  11,733
  12,307
  12,911
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,655
  3,833
  3,951
  4,080
  4,220
  4,370
  4,532
  4,705
  4,890
  5,086
  5,295
  5,381
  5,616
  5,865
  6,129
  6,407
  6,701
  7,011
  7,338
  7,683
  8,047
  8,429
  8,833
  9,257
  9,703
  10,173
  10,667
  11,186
  11,733
  12,307
  12,911
Operating income, $m
  394
  338
  353
  369
  387
  407
  427
  450
  473
  499
  525
  691
  721
  753
  787
  822
  860
  900
  942
  986
  1,033
  1,082
  1,134
  1,188
  1,245
  1,306
  1,369
  1,436
  1,506
  1,579
  1,657
EBITDA, $m
  508
  514
  531
  549
  568
  589
  611
  636
  661
  689
  718
  749
  781
  816
  853
  891
  932
  975
  1,021
  1,069
  1,119
  1,173
  1,229
  1,288
  1,350
  1,415
  1,484
  1,556
  1,632
  1,712
  1,796
Interest expense (income), $m
  92
  84
  89
  93
  98
  104
  110
  116
  123
  130
  138
  146
  155
  164
  174
  184
  195
  207
  219
  232
  245
  260
  275
  290
  307
  325
  343
  363
  383
  404
  427
Earnings before tax, $m
  298
  253
  264
  276
  289
  303
  318
  334
  351
  369
  388
  544
  566
  589
  613
  638
  665
  693
  723
  754
  787
  822
  859
  897
  938
  981
  1,026
  1,073
  1,123
  1,175
  1,230
Tax expense, $m
  106
  68
  71
  75
  78
  82
  86
  90
  95
  100
  105
  147
  153
  159
  165
  172
  180
  187
  195
  204
  213
  222
  232
  242
  253
  265
  277
  290
  303
  317
  332
Net income, $m
  192
  185
  193
  202
  211
  221
  232
  244
  256
  269
  283
  397
  413
  430
  447
  466
  485
  506
  528
  551
  575
  600
  627
  655
  685
  716
  749
  783
  820
  858
  898

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,516
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,835
  4,772
  4,924
  5,091
  5,271
  5,466
  5,674
  5,898
  6,136
  6,390
  6,660
  6,947
  7,250
  7,572
  7,912
  8,271
  8,651
  9,052
  9,474
  9,919
  10,388
  10,882
  11,403
  11,950
  12,527
  13,133
  13,771
  14,442
  15,147
  15,888
  16,668
Adjusted assets (=assets-cash), $m
  3,319
  4,772
  4,924
  5,091
  5,271
  5,466
  5,674
  5,898
  6,136
  6,390
  6,660
  6,947
  7,250
  7,572
  7,912
  8,271
  8,651
  9,052
  9,474
  9,919
  10,388
  10,882
  11,403
  11,950
  12,527
  13,133
  13,771
  14,442
  15,147
  15,888
  16,668
Revenue / Adjusted assets
  1.220
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
Average production assets, $m
  704
  726
  749
  774
  802
  831
  863
  897
  933
  972
  1,013
  1,056
  1,103
  1,152
  1,203
  1,258
  1,316
  1,377
  1,441
  1,508
  1,580
  1,655
  1,734
  1,817
  1,905
  1,997
  2,094
  2,196
  2,303
  2,416
  2,535
Working capital, $m
  0
  -417
  -430
  -445
  -461
  -478
  -496
  -515
  -536
  -558
  -582
  -607
  -634
  -662
  -692
  -723
  -756
  -791
  -828
  -867
  -908
  -951
  -997
  -1,044
  -1,095
  -1,148
  -1,204
  -1,262
  -1,324
  -1,389
  -1,457
Total debt, $m
  2,480
  2,393
  2,519
  2,656
  2,804
  2,964
  3,136
  3,320
  3,516
  3,725
  3,947
  4,183
  4,433
  4,698
  4,978
  5,273
  5,586
  5,915
  6,263
  6,629
  7,016
  7,422
  7,850
  8,301
  8,776
  9,275
  9,799
  10,352
  10,932
  11,542
  12,184
Total liabilities, $m
  4,014
  3,927
  4,053
  4,190
  4,338
  4,498
  4,670
  4,854
  5,050
  5,259
  5,481
  5,717
  5,967
  6,232
  6,512
  6,807
  7,120
  7,449
  7,797
  8,163
  8,550
  8,956
  9,384
  9,835
  10,310
  10,809
  11,333
  11,886
  12,466
  13,076
  13,718
Total equity, $m
  821
  845
  872
  901
  933
  967
  1,004
  1,044
  1,086
  1,131
  1,179
  1,230
  1,283
  1,340
  1,400
  1,464
  1,531
  1,602
  1,677
  1,756
  1,839
  1,926
  2,018
  2,115
  2,217
  2,325
  2,437
  2,556
  2,681
  2,812
  2,950
Total liabilities and equity, $m
  4,835
  4,772
  4,925
  5,091
  5,271
  5,465
  5,674
  5,898
  6,136
  6,390
  6,660
  6,947
  7,250
  7,572
  7,912
  8,271
  8,651
  9,051
  9,474
  9,919
  10,389
  10,882
  11,402
  11,950
  12,527
  13,134
  13,770
  14,442
  15,147
  15,888
  16,668
Debt-to-equity ratio
  3.021
  2.830
  2.890
  2.950
  3.010
  3.060
  3.120
  3.180
  3.240
  3.290
  3.350
  3.400
  3.450
  3.510
  3.550
  3.600
  3.650
  3.690
  3.730
  3.780
  3.820
  3.850
  3.890
  3.920
  3.960
  3.990
  4.020
  4.050
  4.080
  4.100
  4.130
Adjusted equity ratio
  -0.149
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  192
  185
  193
  202
  211
  221
  232
  244
  256
  269
  283
  397
  413
  430
  447
  466
  485
  506
  528
  551
  575
  600
  627
  655
  685
  716
  749
  783
  820
  858
  898
Depreciation, amort., depletion, $m
  114
  176
  178
  179
  181
  182
  184
  186
  188
  190
  192
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  139
Funds from operations, $m
  196
  361
  371
  381
  392
  403
  416
  429
  444
  459
  475
  456
  474
  493
  513
  535
  558
  582
  607
  634
  662
  691
  722
  755
  789
  826
  864
  904
  946
  990
  1,037
Change in working capital, $m
  -79
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
Cash from operations, $m
  275
  374
  384
  395
  407
  420
  434
  449
  465
  481
  499
  481
  500
  521
  543
  566
  591
  617
  644
  672
  703
  734
  768
  803
  840
  879
  920
  963
  1,008
  1,055
  1,105
Maintenance CAPEX, $m
  0
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
New CAPEX, $m
  -128
  -22
  -23
  -25
  -27
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -119
Cash from investing activities, $m
  -125
  -61
  -63
  -66
  -70
  -74
  -78
  -81
  -85
  -90
  -94
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -188
  -197
  -207
  -217
  -228
  -240
  -252
Free cash flow, $m
  150
  313
  321
  329
  338
  347
  357
  368
  379
  391
  404
  381
  396
  412
  428
  446
  464
  483
  504
  526
  548
  572
  598
  624
  652
  682
  713
  746
  780
  816
  854
Issuance/(repayment) of debt, $m
  -18
  112
  126
  137
  148
  160
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  312
  330
  348
  366
  386
  407
  428
  451
  474
  499
  525
  552
  580
  610
  641
Issuance/(repurchase) of shares, $m
  -18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -37
  112
  126
  137
  148
  160
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  312
  330
  348
  366
  386
  407
  428
  451
  474
  499
  525
  552
  580
  610
  641
Total cash flow (excl. dividends), $m
  112
  425
  447
  466
  486
  507
  529
  551
  575
  600
  627
  617
  646
  676
  708
  741
  776
  813
  852
  892
  934
  979
  1,026
  1,075
  1,127
  1,181
  1,238
  1,298
  1,360
  1,426
  1,495
Retained Cash Flow (-), $m
  -105
  -26
  -27
  -29
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
Prev. year cash balance distribution, $m
 
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  402
  420
  436
  454
  472
  492
  512
  533
  555
  579
  566
  592
  619
  648
  678
  709
  742
  777
  813
  851
  892
  934
  978
  1,025
  1,074
  1,125
  1,179
  1,235
  1,295
  1,357
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  381
  375
  366
  355
  342
  327
  311
  294
  275
  255
  220
  201
  182
  163
  144
  125
  108
  92
  77
  63
  51
  41
  32
  24
  18
  13
  9
  7
  5
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

LPL Financial Holdings Inc., together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, alternative investments such as non-traded real estate investment trusts and business development companies, retirement and 529 education savings plans, fixed income, and insurance. The company’s fee-based platforms provide access to mutual funds, exchange-traded funds, stocks, bonds, certain option strategies, unit investment trusts, and institutional money managers and no-load multi-manager variable annuities. In addition, it offers cash sweep programs; and retirement solution, a commission and fee-based service that allows advisors to provide brokerage services, consultation, and advice to plan sponsors. Further, the company provides other services comprising tools and services that enable advisors to maintain and grow their practices; and custodial services to trusts for estates and families. It offers its services to approximately 14,000 independent financial advisors, including financial advisors at approximately 700 financial institutions. The company was formerly known as LPL Investment Holdings Inc. and changed its name to LPL Financial Holdings Inc. in June 2012. LPL Financial Holdings Inc. is based in Boston, Massachusetts.

FINANCIAL RATIOS  of  LPL Financial Holdings (LPLA)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 1
Price to Book 5
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75.3%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio 8
Current Ratio NaN
LT Debt to Equity 277.8%
Total Debt to Equity 302.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 25%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 98.7%
Gross Margin - 3 Yr. Avg. 98.8%
EBITDA Margin 12.4%
EBITDA Margin - 3 Yr. Avg. 11%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.5%
Payout Ratio 46.4%

LPLA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LPLA stock intrinsic value calculation we used $4049 million for the last fiscal year's total revenue generated by LPL Financial Holdings. The default revenue input number comes from 2016 income statement of LPL Financial Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LPLA stock valuation model: a) initial revenue growth rate of 3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.5%, whose default value for LPLA is calculated based on our internal credit rating of LPL Financial Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of LPL Financial Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LPLA stock the variable cost ratio is equal to 92%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LPLA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.7% for LPL Financial Holdings.

Corporate tax rate of 27% is the nominal tax rate for LPL Financial Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LPLA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LPLA are equal to 17.4%.

Life of production assets of 18.2 years is the average useful life of capital assets used in LPL Financial Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LPLA is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $821 million for LPL Financial Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.085 million for LPL Financial Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of LPL Financial Holdings at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ LPL Financial Rides Higher on New Acquisition   [Aug-16-17 09:28AM  Barrons.com]
▶ Are clean shares best for your retirement account?   [Aug-08-17 12:10PM  MarketWatch]
▶ LPL Financial tops Street 2Q forecasts   [Jul-27-17 11:05PM  Associated Press]
▶ Five Stocks Surging through Highs   [Jul-25-17 03:15PM  Zacks]
▶ LPL Financial brings on new CIO as Victor Fetter exits   [Jun-22-17 03:22PM  American City Business Journals]
▶ LPL Financial Reports Monthly Activity for May 2017   [Jun-20-17 04:05PM  GlobeNewswire]
▶ LPL Research Publishes Investment Midyear Outlook 2017   [Jun-15-17 10:00AM  GlobeNewswire]
▶ LPL Financial Welcomes Black Box Pension Advocates   [Jun-13-17 10:30AM  GlobeNewswire]
▶ Why This Analyst Downgraded Stifel   [May-23-17 02:40PM  Barrons.com]
▶ LPL Financial and Independent Advisor Alliance Welcome CFG   [May-22-17 10:30AM  GlobeNewswire]
▶ LPL Financial Reports Monthly Activity for April 2017   [May-18-17 04:05PM  GlobeNewswire]
▶ LPL fined $1M for adviser payments at states biggest credit union   [May-04-17 02:15PM  American City Business Journals]
▶ LPL Financial's Earnings Decline   [01:13PM  Barrons.com]
▶ LPL Financial tops Street 1Q forecasts   [Apr-27-17 06:40PM  Associated Press]
▶ WSJ Wealth Adviser Briefing: LPL No Longer Claims to Be 'Conflict Free'   [Apr-12-17 05:32AM  The Wall Street Journal]
▶ [$$] Conflict-Free? Not At LPL Any Longer   [Apr-11-17 08:35PM  The Wall Street Journal]
▶ LPL Financial No Longer Claiming to Be 'Conflict Free'   [11:43AM  The Wall Street Journal]
▶ [$$] Why Your Financial Adviser Cant Be Conflict Free   [Apr-07-17 10:55PM  The Wall Street Journal]
▶ Top Ranked Income Stocks to Buy for March 31st   [Apr-01-17 05:15AM  Zacks]
▶ Goldman Sachs: Time To Buy LPL Financial Holdings   [Mar-20-17 09:51AM  Barrons.com]
▶ LPL Financial Reports Monthly Activity for February 2017   [Mar-16-17 04:05PM  GlobeNewswire]
Stock chart of LPLA Financial statements of LPLA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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