Stifel Financial Corporation · NYSE:SF
Stifel Financial — Q4 2024 Earnings Presentation
14 slides from Stifel Financial's earnings presentation, Jan 29, 2025
Slide 1: Fourth Quarter 2024 Financial Results Presentation
Fourth Quarter 2024 Financial Results Presentation January 29, 2025 Quarterly Earnings Report
Slide 2: 2024 Snapshot
2024 Snapshot 2024 RESULTS millions, except per share and ratios NET REVENUE PRE-TAX MARGIN NET EARNINGS GAAP $4,970 NON-GAAP $4,971 GAAP 18.7% NON-GAAP 20.1% GAAP $694 NON-GAAP $756 EPS ROCE ROTCE* GAAP $6.25 NON-GAAP $6.81 GAAP 14.6% NON-GAAP 15.9% GAAP 20.9% NON-GAAP 22.7% * Please see our defini
Slide 3: History of Business & Share Price Growth
History of Business & Share Price Growth Substantial Revenue Growth Over the Long-term Outperformance in Stifel's Share Price $5,000 $4,500 Performance Stifel 6,946% $4,000 7000% Microsoft 3,266% Average Net Revenue (millions) $3,500 6000% S&P 500 663% Share Price Appreciation $3,000 5000% 4000% $2,
Slide 4: Fourth Quarter Snapshot
Fourth Quarter Snapshot 4Q24 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 4Q24: GAAP & NON-GAAP $1,365 4Q24: GAAP $235 NON-GAAP $250 4Q24: GAAP $2.09 NON-GAAP $2.23 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE 4Q24:GAAP 18.9% NON-GAAP 20.1% 4Q24:GAAP 26.6% NON
Slide 5: Variance to Consensus Estimates
Variance to Consensus Estimates Fourth Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 4Q24 4Q24 Mean %∆ 4Q24 vs. 4Q23 ■ Commissions & Principal Transactions: Revenues Operating* Analyst Results Commissions
Slide 6: Global Wealth Management
Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 4Q24 Y/Y Change 2024 VS 2023 Change ■ Record Annual & Quarterly Net Revenue Transactional $201 18% 4% $752 15% Asset Management 406 23% 6% 1,536 18% ■ Record Annual & Quarterly Asset Management Revenue Net Inter
Slide 7: Wealth Management: A Key Growth Driver
Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 Net Revenue (millions) $2,500 $2,000 $1,500 $1,000 $500 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brokerage Asset Management & Service Fees Net Interest Investment Bankin g & Other *2023 GWM Net Revenue based on annual
Slide 8: Strong Bank Fundamentals
Strong Bank Fundamentals SWEEP BALANCES INCREASED CONSISTENT NIM AS RATES DECLINE $1,308 $1,305 7.00% $1,097 6.00% $859 $771 $800 $614 $651 5.00% millions $505 $497 $368 $258 4.00% 3.24% 3.04% 3.09% 3.12% 2.99% 3.00% ($35) 2.00% ($623) ($742) 1.00% 4Q23 1Q24 2Q24 3Q24 4Q24 0.00% Sweep Smart Rate Tic
Slide 9: Institutional Group
Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 4Q24 Y/Y Change 2024 VS 2023 Change Advisory $190 47% 39% $577 24% ■ Second Highest Full Year Revenue Capital Raising $109 51% 9% $396 59% Equity $48 52% -6% $187 74% ■ Second Highest Fourth Quarter Investment Fixed Incom
Slide 10: Expenses
Expenses NON-GAAP EXPENSES & PRE-TAX INCOME Non-GAAP EXPENSE RATIOS 65% 35% Non-compensation Ratio millions 4Q24 4Q23 Y/Y Change 30% 63% Compensation Ratio 25% Compensation $792 $665 19% 61% 20% Non-compensation Expense, 59% $270 $249 8% 15% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0%
Slide 11: Capital Utilization
Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $39,896 $38,935 $40,000 $37,727 $38,258 $37,809 22.0% ■ Increased Dividend on Common Shares by 10% $38,000 20.0% $36,000 ■ Repurchased 408,000 Shares $34,000 18.0% $32,000 17.8% 17.9% 18.2% 16.0% ■ 10.1 million Shares in Total Authoriz
Slide 12: 2025 Consensus & Outlook
2025 Consensus & Outlook Actual Consensus % Change From Guidance millions 2024 2025 2024 2025 Operating Net Revenue $3,936 $4,341 10% $4,150 - $4,550 Transactional $1,361 $1,438 6% Investment Banking $995 $1,175 18% Asset Management $1,537 $1,686 10% Other $44 $49 11% Net Interest Income $1,035 $1,0
Slide 13: Fourth Quarter 2024 Financial Results Presentation
Fourth Quarter 2024 Financial Results Presentation January 29, 2025 Quarterly Earnings Report
Slide 14: Disclaimer
Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and futu