U.S. Diversified Financials Undervalued over 20% based on DCF

Berkshire Hathaway

Market Cap: US$1.0t

Engages in the insurance, freight rail transportation, and utility businesses.

American Express

Market Cap: US$213.9b

Operates as an integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally.

Charles Schwab

Market Cap: US$154.3b

Operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally.

Interactive Brokers Group

Market Cap: US$150.4b

Operates as an automated electronic broker in the United States and internationally.

Block

Market Cap: US$45.3b

Block, Inc., together with its subsidiaries, builds ecosystems focused on commerce and financial products and services in the United States and internationally.

Raymond James Financial

Market Cap: US$28.4b

A diversified financial services company, provides private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities in the United States, Canada, and Europe.

Corpay

Market Cap: US$23.8b

Operates as a payments company that helps businesses and consumers to manage and pay their expenses. It operates through Corporate Payments, Vehicle Payments, Lodging Payments, and Other segments.

T. Rowe Price Group

Market Cap: US$22.3b

A publicly owned investment manager.

LPL Financial Holdings

Market Cap: US$22.0b

Provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at institutions in the United States.

Kaspi.kz

Market Cap: US$17.1b

Provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.

Toast

Market Cap: US$16.1b

Operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, India, and internationally.

Annaly Capital Management

Market Cap: US$15.8b

A diversified capital manager, engages in the residential mortgage finance business.

Futu Holdings

Market Cap: US$14.4b

Engages in the provision of digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally.

Ally Financial

Market Cap: US$12.9b

A digital financial-services company, provides various digital financial products and services in the United States and Canada.

Invesco

Market Cap: US$12.2b

A publicly owned investment manager.

Corebridge Financial

Market Cap: US$12.1b

Provides retirement solutions and insurance products in the United States.

AGNC Investment

Market Cap: US$11.7b

Provides private capital to housing market in the United States.

SEI Investments

Market Cap: US$10.6b

A publicly owned asset management holding company.

Jack Henry & Associates

Market Cap: US$10.0b

Operates as a financial technology company that connects people and financial institutions through technology solutions and payment processing services.

FactSet Research Systems

Market Cap: US$9.9b

Operates as a financial digital platform and enterprise solutions provider for the investment community.

Houlihan Lokey

Market Cap: US$9.7b

An investment banking company, provides merger and acquisition (M&A), capital market, financial restructurings and liability management, and financial and valuation advisory services worldwide.

XP

Market Cap: US$8.5b

Engages in the provision of financial products and services in Brazil.

Voya Financial

Market Cap: US$7.4b

Provides workplace benefits, and savings solutions and technologies in the United States and internationally.

Starwood Property Trust

Market Cap: US$6.2b

Operates as a real estate investment trust (REIT) in the United States and internationally.

Moelis

Market Cap: US$5.6b

Operates as an investment banking advisory company in North and South America, Europe, the Middle East, Asia, and Australia.

HA Sustainable Infrastructure Capital

Market Cap: US$5.2b

Through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States.

Lazard

Market Cap: US$4.8b

Operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

MarketAxess Holdings

Market Cap: US$4.6b

Operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.

SLM

Market Cap: US$4.2b

Through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States.

Bread Financial Holdings

Market Cap: US$3.6b

Provides tech-forward payment and lending solutions to customers and consumer-based industries in North America.

Upstart Holdings

Market Cap: US$3.2b

Operates a cloud-based artificial intelligence (AI) lending platform in the United States.

Artisan Partners Asset Management

Market Cap: US$3.0b

Artisan Partners Asset Management Inc. is publicly owned investment manager.

Hercules Capital

Market Cap: US$2.9b

A business development company.

Euronet Worldwide

Market Cap: US$2.8b

Provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers internationally.

Banco Latinoamericano de Comercio Exterior S. A

Market Cap: US$2.1b

Banco Latinoamericano de Comercio Exterior, S.

Flywire

Market Cap: US$2.0b

Operates as a payment enablement and software company in the United States, Europe, the Middle East, and Africa and the Asia Pacific.