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

Berkshire Hathaway

Market Cap: US$1.1t

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

Charles Schwab

Market Cap: US$178.8b

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.

Capital One Financial

Market Cap: US$130.6b

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.

Raymond James Financial

Market Cap: US$33.1b

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$26.5b

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

T. Rowe Price Group

Market Cap: US$25.5b

A publicly owned investment manager.

Corpay

Market Cap: US$24.3b

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.

Annaly Capital Management

Market Cap: US$17.2b

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

Kaspi.kz

Market Cap: US$16.6b

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

Corebridge Financial

Market Cap: US$14.5b

Provides retirement solutions and insurance products in the United States.

Futu Holdings

Market Cap: US$13.7b

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

Invesco

Market Cap: US$13.4b

A publicly owned investment manager.

AGNC Investment

Market Cap: US$13.1b

Provides private capital to housing market in the United States.

SEI Investments

Market Cap: US$12.1b

A publicly owned asset management holding company.

Jack Henry & Associates

Market Cap: US$10.9b

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

Houlihan Lokey

Market Cap: US$9.9b

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

FactSet Research Systems

Market Cap: US$9.3b

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

Voya Financial

Market Cap: US$9.1b

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

XP

Market Cap: US$8.6b

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

OneMain Holdings

Market Cap: US$7.1b

A financial service holding company, engages in the consumer finance and insurance businesses in the United States.

Starwood Property Trust

Market Cap: US$6.3b

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.

Main Street Capital

Market Cap: US$5.2b

A business development company and a small business investment company specializing in direct and indirect investments.

HA Sustainable Infrastructure Capital

Market Cap: US$5.0b

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

SLM

Market Cap: US$4.8b

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.

PennyMac Financial Services

Market Cap: US$4.5b

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

DLocal

Market Cap: US$4.3b

Provides payment processing services worldwide.

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.

MarketAxess Holdings

Market Cap: US$4.1b

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

UWM Holdings

Market Cap: US$3.3b

Engages in the origination, sale, and servicing residential mortgage lending in the United States.

Artisan Partners Asset Management

Market Cap: US$3.2b

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

Euronet Worldwide

Market Cap: US$3.1b

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

Hercules Capital

Market Cap: US$3.0b

A business development company.

Bladex

Market Cap: US$2.2b

A multinational bank, engages in financing of foreign trade and economic integration in Latin America and the Caribbean.

Federal Agricultural Mortgage

Market Cap: US$2.2b

Provides a secondary market for various loans made to borrowers in the United States.

Trinity Capital

Market Cap: US$1.6b

A business development company specializing in term loans, equipment financing, and private equity-related investments.