$Raymond James Financial (RJF.US)$Revenue grew for 5 consecu...
$Raymond James Financial(RJF.US$Revenue grew for 5 consecutive years, net profit fell 21% in 2020, interest income fell sharply in 2020 and 2021 for two consecutive years, and net profit increased 7.6% in 2022. Revenue increased 5% and net profit increased 22% in the first three quarters of 2023.
The balance sheet shows that major acquisitions were made in 2022, and goodwill and other intangible assets increased sharply from 882 million to 1,931 million, accounting for 19.5% of net assets of 9,922 million.
Currently, the price-earnings ratio is 15.1, and the price-earnings ratio TTM has dropped slightly to 13.3. As can be seen from the income statement, the recent increase in profit mainly depends on interest income. Non-interest income is still declining. If the high interest rate environment ends, profits may soon decline. Currently, there is still quite a risk in this valuation.
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