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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.8x - 3.1x | 3.0x |
| Selected Fwd Ps Multiple | 2.5x - 2.8x | 2.6x |
| Fair Value | €5.84 - €6.46 | €6.15 |
| Upside | -21.7% - -13.4% | -17.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banco Bilbao Vizcaya Argentaria, S.A. | - | BME:BBVA |
| Banco de Sabadell, S.A. | - | BME:SAB |
| Banco Santander, S.A. | - | BME:SAN |
| Banco Comercial Português, S.A. | - | ENXTLS:BCP |
| mBank S.A. | - | WSE:MBK |
| CaixaBank, S.A. | - | BME:CABK |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BBVA | SAB | SAN | BCP | MBK | CABK | |||
| BME:BBVA | BME:SAB | BME:SAN | ENXTLS:BCP | WSE:MBK | BME:CABK | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.5% | 6.1% | 4.4% | 11.5% | 18.8% | 12.9% | ||
| 3Y CAGR | 19.3% | 12.0% | 9.2% | 18.8% | 28.6% | 16.6% | ||
| Latest Twelve Months | 12.9% | 15.9% | 6.4% | 1.8% | 10.5% | 7.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.6% | 17.8% | 16.7% | 14.9% | -1.3% | 35.9% | ||
| Prior Fiscal Year | 28.3% | 24.4% | 23.1% | 23.7% | 0.2% | 35.1% | ||
| Latest Fiscal Year | 30.6% | 30.3% | 23.5% | 26.0% | 19.3% | 37.2% | ||
| Latest Twelve Months | 31.7% | 32.0% | 24.7% | 25.8% | 23.1% | 40.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.4x | 2.5x | 2.1x | 3.0x | 3.1x | 3.5x | ||
| LTM P/E Ratio | 7.5x | 7.8x | 8.4x | 11.7x | 13.5x | 8.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.1x | 2.5x | 3.1x | |||||
| Historical LTM P/S Ratio | 1.9x | 2.3x | 2.9x | |||||
| Selected Price / Sales Multiple | 2.8x | 3.0x | 3.1x | |||||
| (x) LTM Sales | 14,910 | 14,910 | 14,910 | |||||
| (=) Equity Value | 41,842 | 44,044 | 46,247 | |||||
| (/) Shares Outstanding | 7,085.6 | 7,085.6 | 7,085.6 | |||||
| Implied Value Range | 5.91 | 6.22 | 6.53 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.91 | 6.22 | 6.53 | 7.46 | ||||
| Upside / (Downside) | -20.9% | -16.7% | -12.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBVA | SAB | SAN | BCP | MBK | CABK | |
| Value of Common Equity | 76,306 | 14,935 | 104,845 | 10,308 | 36,394 | 52,872 | |
| (/) Shares Outstanding | 5,763.3 | 5,387.7 | 14,905.4 | 15,114.0 | 42.5 | 7,085.6 | |
| Implied Stock Price | 13.24 | 2.77 | 7.03 | 0.68 | 856.40 | 7.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.24 | 2.77 | 7.03 | 0.68 | 856.40 | 7.46 | |
| Trading Currency | EUR | EUR | EUR | EUR | PLN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |