DCF Studio

    RJF · NYQ · Financial Services

    Raymond James Financial, Inc.

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 197.00

    Market price

    USD 162.30

    Implied upside

    +21.4%

    10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-09-30

    NoteA financial, valued on excess returns over book equity.

    Excess Returns

    Return on equity
    18.5%
    Payout
    20%
    Cost of equity
    8.97%
    LineFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
    Opening book equityUSD 12.4bnUSD 14.1bnUSD 15.9bnUSD 17.6bnUSD 19.4bnUSD 21.1bnUSD 22.7bnUSD 24.1bnUSD 25.3bnUSD 26.2bn
    Return on equity18.5%18.5%18.5%18.5%18.5%18.5%18.5%18.5%18.5%18.5%
    Excess returnUSD 1.2bnUSD 1.3bnUSD 1.5bnUSD 1.7bnUSD 1.8bnUSD 2.0bnUSD 2.2bnUSD 2.3bnUSD 2.4bnUSD 2.5bn
    Present valueUSD 1.1bnUSD 1.1bnUSD 1.2bnUSD 1.2bnUSD 1.2bnUSD 1.2bnUSD 1.2bnUSD 1.2bnUSD 1.1bnUSD 1.1bn
    Book equityUSD 12.4bn
    Present value of excess returnsUSD 11.5bn
    Terminal, growing at 2.50%USD 16.8bn
    Equity valueUSD 40.7bn
    Per shareUSD 197.00

    Discount Rate

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta0.963Reported 0.945, pulled toward 1.0 (Blume)
    Cost of equity8.97%Risk-free + beta x equity risk premium
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    Yahoo Finance and RBA data. General information, not advice. Methodology.