Interactive Brokers Group Inc Class A

IBKR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$647.00	Npqtvp	Bzrhphs

Interactive Brokers: Increasing Our Fair Value Estimate by 19%

Michael Wong

Sep 25, 2024

We are increasing our fair value estimate for narrow-moat-rated Interactive Brokers to $140 per share from $118. This amounts to about 22 times our forward earnings per share estimate and 4 times price/2023 book value. Of the $22 increase, about $6 is from earnings since our previous valuation update, $5 is from increasing our revenue forecast, and $11 is from increasing our operating margin forecast.

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