Charles Schwab Corp

SCHW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$12.00	Klnc	Qcxdwgzlk

Charles Schwab: Adjusting Fair Value to $73; 2024 Is a Transitional Year

Michael Wong

Mar 8, 2024

We're adjusting our fair value estimate for wide moat-rated Charles Schwab to $73 per share. Our fair value estimate implies a price/2025 earnings multiple of about 22.5 times and price/book multiple of about 3.7 times. We made many adjustments to our prior model, with the most impactful change being in our long-run forecast operating margin.

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