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#	AUTHOR DATE SUBJECT
26	member 2/24/03 3:15PM Thanks John
The comparisons are a little different with ET taking physical ownsership of the ATMs as well. ET also has the strategic benefit of providing their customers with another service. I'm comfortable with EFDS' purchase price view available tags
25	member 2/24/03 12:22PM ted re: ATMs
I got some more detail on the recent purchase. The price has not been disclosed yet at the request of the seller (the selling company is for sale). ET expects to be able... login to read the rest view available tags
24	member 2/20/03 9:04AM Re: ATMs
The short answer is that I don't know. ET hasn't disclosed the price. The seller is private and hasn't made any comment about the transaction. The earlier purchase of 8500 ATMs from Card Capture... login to read the rest view available tags
23	member 2/19/03 12:35PM ATMs
Hi John, I've been looking through the press releases and industry notes and was wondering if you might have an answer to something I'm looking for. Do you know how much ETrade paid for their recent purchase... login to read the rest* view available tags
22	member 1/22/03 9:18AM Update
A few comments on today's earnings report: ET met expectations for the current quarter and provided guidance below consensus for 2003. The guidance highlights the concerns that I expressed in my previous message. ET... login to read the rest view available tags
21	member 11/22/02 12:24PM Update
No special insights, but I feel less enthusiastic about ET at $5.90 than I did at $3.90. To update some of the points from my earlier write-up and comments: - Mortgage Banking. Mortgage originations contributed... login to read the rest view available tags
20	member 8/13/02 5:14PM Two pieces of mis-information
It seems some investors are comfused by two pieces of info from the 10-Q and this may have impacted the stock. 1) COMMISSION RATE The average commission per transaction fell in 2Q to $10.26 from... login to read the rest view available tags
19	member 8/02/02 12:49PM Rate cuts ...
Goldman Sachs now forecasts 75bp of additional Fed rate cuts by year-end. This could lead to an even stronger business for companies in the mortgage sector (including ET). ET is falling along with other brokers,... login to read the rest view available tags
18	member 8/01/02 9:29AM bank and brokerage acquisition
ET has really developed a very cost-effective platform for attracting and servicing customer accounts. Just as examples, these major banks serve the following numbers of households: Wells Fargo: 20mm Bank One: 7.1mm Washington Mutual: 5.5mm Etrade serves 3.1mm. view available tags
17	member 8/01/02 12:53AM bank and brokerage and ...
I would add and second the beauty of the diversification here. I refer to ET being the #1 online broker in terms of size (clearly emerging as the leading brand in the space), the... login to read the rest view available tags
16	member 7/31/02 8:55PM Re: A few questions
These raise some good points. {Segment Breakdown] The 10-K has a segment breakdown on page 149. I think the arithmetic shows that banking expenses were $236mm, 19% of total company expenses. In 2001... login to read the rest view available tags
15	member 7/31/02 7:14PM Few Questions
I am trying to determine profitability of each biz,do you know what % of cost of service expenses and regular operating expenses go to the bank and which to the broker? Second-it appears the bank has... login to read the rest view available tags
14	member 7/31/02 3:30PM softbank
I don't have any official knowledge, but considering the very high volume around that date I assume the stock was all sold. Needless to say, I am disappointed that tbe stock isn't going up every day,... login to read the rest view available tags
13	member 7/31/02 2:23PM softbank
Do you know if SSB has placed the 12m shares they purchased from Softbak on 7/25 view available tags
12	member 7/31/02 2:14PM More on mortage banking
I got some additional clarification from the company about the mortgage business. The transaction volume since the acquisition of the mortgage business has been so much greater than expected that Etrade has chosen to... login to read the rest view available tags
11	member 7/30/02 6:00PM mitc567
Re: Gain on Sale Etrade has been selling substantially all of the loans it originates and receiving only non-recurring fee income. To date the company has not used any more complicated sale structures that would... login to read the rest view available tags
10	member 7/29/02 6:34PM Gain on sale question
Not having read the financials yet, can you describe more completely the gain on sale accounting used by their banking sub. Are they keeping I/O strips and if so, have they kept their accounting... login to read the rest view available tags
9	member 7/29/02 2:53PM Rating
John, Another very nice idea; I'd already owned some and just bot some more after your writeup. I too am puzzled as to who/why would rate this a "2"? view available tags
8	member 7/29/02 12:54PM More comp info
I'm still waiting for somebody to send me trades/account/year info for all the online brokers, but here's what I have now: AMTD Avg Trades per account per year 9.6 Avg Brokerage revs per account per year $209 ET Avg Trades... login to read the rest view available tags
7	member 7/29/02 10:17AM Gain on Sale (Michael99)
Thanks for your comments and enthusiasm. To expand on a couple of the points you mention: 1) Gain on sale. ET books gains when it sells loans. And the key point is that... login to read the rest view available tags
6	member 7/28/02 10:08PM Duff management
It does stink. The only things that mitigate the problem are: 1) The company actually did something. Really, how often does that happen? 2) Cotsakos owns 17mm shares. He shared the punishment that the... login to read the rest view available tags
5	member 7/28/02 9:50PM Duff comps
Both MWD and CSFB are so big that corporate reporting made little or no comment on the online brokerage business. Harris said that CSFB had 467K active acocunts with $16Bn in assets ($35K per acocunt). A press... login to read the rest view available tags
4	member 7/28/02 9:00PM management and comps
Duff - I figure the author will respond, but I'll put my two cents in. Management is responding to recent criticism on corporate governance (CC gave back portion of pay, Director Hayden just resigned). I... login to read the rest view available tags
3	member 7/28/02 8:48PM comps
How does ET compare to CSFB onlind and Morg Stan online in terms of assets per account? As i remember, you used to need $100k to open a csfb online account. Sch must have... login to read the rest view available tags
2	member 7/28/02 6:25PM 2 rating - comment?
Whoever just posted the 2 rating - care to comment? view available tags
1	member 7/28/02 5:24PM et
I agree - I think ET is substantially undervalued at current levels barring an absolute meltdown owing to certain macroeconomic risks. I also don't think one has to be very aggressive with either the bank... login to read the rest view available tags

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			2022	2023
Price:	553.21	EPS	60	70
Shares Out. (in M):	20	P/E	9	8
Market Cap (in $M):	10,847	P/FCF	9	8
Net Debt (in $M):	3,364	EBIT	1,600	1,700
TEV (in $M):	14,211	TEV/EBIT	9	8

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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