Charles Schwab Earnings Preview: Return To Zero Interest Rates Won't Help, But Fair Valuation Probably Closer To Mid $40s [Seeking Alpha]
AMTD IDEA Group American Depositary Shares, each representing one Class A Ordinary Share (AMTD)
Last amtd idea group american depositary shares, each representing one class a ordinary share earnings: 4/22 04:01 pm
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Source: Seeking Alpha
SummaryPer Morningstar, roughly 60% of Chuck's net revenue is interest rate-related.Even with 31% return on S&P 500 in 2019, Schwab EPS growth slowed materially on elimination of trading commissions.If approved, the TD Ameritrade acquisition will give Schwab cost-saving opportunities and result in 40% market share in the 3rd party custody market.Fair Value on Schwab is probably closer to mid $40s.Free cash flow yield is currently 19%.Per Briefing.com, Charles Schwab (NYSE:SCHWSchwab is lapping the strong 1st quarter of 2019, when the S&P 500 returned 13.65% in the 3-month period, followed by the 31% in calendar year 2019.Needless to say, "tough compares" will be the hallmark of 2020.The real damage for Schwab is the return to zero interest rates, reminiscent of the post-2008 period when it eliminated fees on its money market funds for clients, and at one point, per the spreadsheet, Schwab was "masking" $0.50 - $0.60 in annual EPS from foregone money market fees.While this is not 2008,
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