Discounted Cash Flow

Raymond James Financial Inc.

RJF · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $5.5b $529.4m $-640.1m 9.6% $3.72
2017 $6.5b (18.2%) $636.2m (20.2%) $1.1b (274.4%) 9.8% (1.7%) $4.43 (19.1%)
2018 $7.5b (14.6%) $856.7m (34.7%) $1.8b (58.6%) 11.5% (17.5%) $5.89 (33.0%)
2019 $8.0b (7.3%) $1.0b (20.7%) $439.0m (-75.2%) 12.9% (12.5%) $7.32 (24.3%)
2020 $8.2b (1.8%) $818.0m (-20.9%) $3.9b (795.2%) 10.0% (-22.3%) $5.94 (-18.9%)
2021 $9.9b (21.3%) $1.4b (71.5%) $6.6b (66.7%) 14.2% (41.4%) $6.81 (14.6%)
2022 $11.3b (14.1%) $1.5b (7.6%) $-19.0m (-100.3%) 13.3% (-5.7%) $7.16 (5.1%)
2023 $13.0b (14.9%) $1.7b (15.2%) $-3.7b (-19305.3%) 13.4% (0.3%) $8.16 (14.0%)
2024 $14.9b (14.9%) $2.1b (18.9%) $1.9b (152.9%) 13.9% (3.5%) $9.94 (21.8%)
2025 $15.9b (6.6%) $2.1b (3.2%) $2.2b (15.2%) 13.4% (-3.2%) $10.53 (5.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model