Valuation Report for Interactive Brokers (IBKR)

The attached report provides a thorough, transparent valuation of the largest online brokerage in the U.S., Interactive Brokers ($IBKR). We find that, while presently roughly fairly valued, $IBKR's equity is essentially a warrant--the electronic brokerage segment providing stable, generous cash flows and the Timber Hill market making segment providing a call option on stock market volatility.