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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.7x - 0.8x | 0.8x |
| Historical Pb Multiple | 0.2x - 0.7x | 0.4x |
| Fair Value | €1.98 - €2.19 | €2.09 |
| Upside | -26.1% - -18.4% | -22.2% |
| Benchmarks | - | Full Ticker |
| Banco Bilbao Vizcaya Argentaria, S.A. | - | BME:BBVA |
| Bankinter, S.A. | - | BME:BKT |
| Intesa Sanpaolo S.p.A. | - | BIT:ISP |
| ABN AMRO Bank N.V. | - | ENXTAM:ABN |
| Commerzbank AG | - | DB:CBK |
| Banco de Sabadell, S.A. | - | DB:BDSB |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| BBVA | BKT | ISP | ABN | CBK | BDSB | |||
| BME:BBVA | BME:BKT | BIT:ISP | ENXTAM:ABN | DB:CBK | DB:BDSB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 20.2% | 16.9% | 16.0% | 3.3% | 32.5% | 20.0% | ||
| 3Y CAGR | 34.0% | 36.1% | 27.5% | 26.0% | 104.1% | 59.0% | ||
| Latest Twelve Months | 27.8% | 18.0% | 11.3% | -21.0% | 16.2% | 44.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.6% | 42.8% | 27.8% | 20.2% | 5.7% | 17.8% | ||
| Prior Fiscal Year | 28.3% | 36.5% | 33.4% | 29.7% | 20.5% | 24.4% | ||
| Latest Fiscal Year | 30.6% | 37.6% | 34.2% | 25.7% | 23.6% | 30.3% | ||
| Latest Twelve Months | 31.7% | 39.1% | 35.3% | 24.6% | 23.8% | 32.0% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 12.2% | 11.0% | 8.4% | 6.7% | 1.7% | 5.7% | ||
| Prior Fiscal Year | 15.6% | 16.5% | 12.4% | 11.1% | 6.5% | 9.0% | ||
| Latest Twelve Months | 19.0% | 17.8% | 13.6% | 8.3% | 7.6% | 13.2% | ||
| Next Fiscal Year | 16.1% | 15.7% | 13.1% | 7.5% | 7.7% | 10.6% | ||
| Two Fiscal Years Forward | 15.1% | 14.0% | 11.9% | 6.9% | 8.1% | 9.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.3x | 3.8x | 3.4x | 2.2x | 3.0x | 2.4x | ||
| Price / LTM EPS | 7.2x | 9.7x | 9.5x | 8.8x | 12.4x | 7.5x | ||
| Price / Book | 1.3x | 1.6x | 1.3x | 0.7x | 0.9x | 1.0x | ||
| Price / Fwd Book | 1.2x | 1.4x | 1.2x | 0.7x | 0.9x | 0.9x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.7x | 1.3x | 1.6x | |||||
| Historical P/B Ratio | 0.2x | 0.4x | 0.7x | |||||
| Selected P/B Multiple | 0.7x | 0.8x | 0.8x | |||||
| (x) Book Value | 14,689 | 14,689 | 14,689 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBVA | BKT | ISP | ABN | CBK | BDSB | |
| Value of Common Equity | 73,251 | 9,903 | 85,903 | 19,110 | 32,072 | 14,455 | |
| (/) Shares Outstanding | 5,763.3 | 898.7 | 17,778.0 | 833.0 | 1,180.4 | 5,387.7 | |
| Implied Stock Price | 12.71 | 11.02 | 4.83 | 22.94 | 27.17 | 2.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.71 | 11.02 | 4.83 | 22.94 | 27.17 | 2.68 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |