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.

Visa

Market Cap: US$587.6b

Operates as a payment technology company in the United States and internationally.

Mastercard

Market Cap: US$449.1b

A technology company, provides transaction processing and other payment-related products and services in the United States and internationally.

Capital One Financial

Market Cap: US$120.5b

Operates as the financial services holding company for the Capital One, National Association, which engages in the provision of various financial products and services in the United States, Canada, and the United Kingdom.

Apollo Global Management

Market Cap: US$61.9b

A private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.

Ameriprise Financial

Market Cap: US$41.1b

Operates as a diversified financial services company in the United States and internationally.

State Street

Market Cap: US$38.4b

Provides various financial products and services to institutional investors.

Block

Market Cap: US$37.3b

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$29.2b

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.

LPL Financial Holdings

Market Cap: US$25.2b

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

Futu Holdings

Market Cap: US$21.6b

Provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally.

T. Rowe Price Group

Market Cap: US$20.1b

A publicly owned investment manager.

Toast

Market Cap: US$15.3b

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

Kaspi.kz

Market Cap: US$14.4b

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

Evercore

Market Cap: US$14.1b

Operates as an independent investment banking firm in the Americas, Europe, Middle East, Africa, and Asia-Pacific.

Franklin Resources

Market Cap: US$13.0b

A publicly owned asset investment manager.

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.

AGNC Investment

Market Cap: US$11.8b

Provides private capital to housing market in the United States.

Invesco

Market Cap: US$10.5b

A publicly owned investment manager.

XP

Market Cap: US$10.3b

Provides financial products and services in Brazil.

SEI Investments

Market Cap: US$9.4b

A publicly owned asset management holding company.

FactSet Research Systems

Market Cap: US$7.8b

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

Virtu Financial

Market Cap: US$7.7b

Operates as a financial services company in the United States, Ireland, and internationally.

Jackson Financial

Market Cap: US$7.3b

Through its subsidiaries, provides suite of annuities to retail investors in the United States.

Voya Financial

Market Cap: US$6.5b

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

Moelis

Market Cap: US$5.0b

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

PennyMac Financial Services

Market Cap: US$4.8b

Through its subsidiaries, engages in the mortgage banking and investment management activities in the United States.

Lazard

Market Cap: US$4.3b

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

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.

DLocal

Market Cap: US$3.8b

Provides payment processing services worldwide.

Bread Financial Holdings

Market Cap: US$3.4b

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

Artisan Partners Asset Management

Market Cap: US$3.0b

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

Euronet Worldwide

Market Cap: US$2.7b

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

Hercules Capital

Market Cap: US$2.7b

A business development company.

eToro Group

Market Cap: US$2.7b

Engages in the trading business.

Banco Latinoamericano de Comercio Exterior S. A

Market Cap: US$2.0b

Banco Latinoamericano de Comercio Exterior, S.