SCHW 在市价下估值合理；由于利率敏感性和上行空间有限，安全边际较低。
逐段跳播
下一家公司是 Schwab。现在，随着利率上升，该股略有下跌，但我很惊讶，尽管利率上升，它在过去一年里涨了这么多。
The next company is Schwab. Now, the stock has fallen slightly as interest rates have risen, but I am surprised that it rose so much over the past year despite rising interest rates.
我们回到内在价值模型。股息是可获得的。如果它增长5%，并且预期未来的股息率为5%，也就是从当前的3%下降，那么内在价值就远低于当前股价。如果增长率更高，达到7%，而大家都满足于未来3%的分配，也就是100除以30等于3.3%，那么现值就足以实现10%的预期回报。
安全边际方面，经济衰退时增长3%，以及预期回报6-7%（在利率上升时可能发生），那里的安全边际要低得多。3%的仓位就是有风险的，尤其是看看市面上那些公司。我们会谈到Verizon，但这些都是市场定价的公司。
因此，从这个角度看，我会把Schwab放在这里，作为一家以市场风险实现市场回报的公司。
We return to our intrinsic value model. Dividends are available. If it grows by 5%, and if it expects a future dividend yield of 5%, i.e., a decrease from the current 3%, then the intrinsic value is much lower than the current share price.
With a higher growth rate of 7%, and everyone being satisfied with future distributions of 3%, i.e. 100 divided by 30 equals 3.3%, then the present value is justified to achieve an expected return of 10%.
The margin of safety, growth of 3% in the event of a recession, and an expected return of 6-7%, which may happen with rising interest rates, the margin of safety there is much lower.
A 3% stake is simply risky, especially if you look at the companies that are out there. We will talk about Verizon, but these are market-priced companies. Therefore, from this perspective, I would place Schwab here as a company that achieves market returns with market risks.
这个频道对 $SCHW 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。