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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.7x - 0.8x | 0.7x |
| Historical Pb Multiple | 0.2x - 0.9x | 0.4x |
| Fair Value | €1.94 - €2.14 | €2.04 |
| Upside | -23.5% - -15.4% | -19.5% |
| Benchmarks | - | Full Ticker |
| Banco Bilbao Vizcaya Argentaria, S.A. | - | BME:BBVA |
| CaixaBank, S.A. | - | BME:CABK |
| Bankinter, S.A. | - | BME:BKT |
| Unicaja Banco, S.A. | - | BME:UNI |
| Mediobanca Banca di Credito Finanziario S.p.A. | - | BIT:MB |
| Banco de Sabadell, S.A. | - | DB:BDSB |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| BBVA | CABK | BKT | UNI | MB | BDSB | |||
| BME:BBVA | BME:CABK | BME:BKT | BME:UNI | BIT:MB | DB:BDSB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 20.2% | 28.6% | 16.9% | 27.9% | 9.1% | 20.0% | ||
| 3Y CAGR | 34.0% | 3.5% | 36.1% | -20.0% | 16.4% | 59.0% | ||
| Latest Twelve Months | 27.8% | 27.7% | 18.0% | 82.1% | 22.1% | 42.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.6% | 35.9% | 42.8% | 39.7% | 35.1% | 16.9% | ||
| Prior Fiscal Year | 28.3% | 35.1% | 36.5% | 18.6% | 35.3% | 24.4% | ||
| Latest Fiscal Year | 30.6% | 37.2% | 37.6% | 29.2% | 39.0% | 30.3% | ||
| Latest Twelve Months | 31.7% | 40.1% | 39.1% | 30.7% | 39.0% | 30.3% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 12.2% | 11.4% | 11.0% | 8.0% | 8.8% | 5.2% | ||
| Prior Fiscal Year | 15.6% | 13.0% | 16.5% | 4.0% | 9.3% | 9.0% | ||
| Latest Twelve Months | 19.0% | 16.6% | 17.8% | 9.2% | 11.9% | 12.0% | ||
| Next Fiscal Year | 16.1% | 14.3% | 15.0% | 7.9% | 11.1% | 10.8% | ||
| Two Fiscal Years Forward | 15.1% | 13.4% | 13.4% | 7.1% | 10.6% | 9.9% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.2x | 3.3x | 3.6x | 2.2x | 4.4x | 2.4x | ||
| Price / LTM EPS | 6.9x | 8.1x | 9.2x | 7.1x | 11.2x | 7.9x | ||
| Price / Book | 1.3x | 1.3x | 1.6x | 0.6x | 1.3x | 0.9x | ||
| Price / Fwd Book | 1.2x | 1.3x | 1.4x | 0.6x | 1.2x | 0.9x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.6x | 1.3x | 1.6x | |||||
| Historical P/B Ratio | 0.2x | 0.4x | 0.9x | |||||
| Selected P/B Multiple | 0.7x | 0.7x | 0.8x | |||||
| (x) Book Value | 14,998 | 14,998 | 14,998 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBVA | CABK | BKT | UNI | MB | BDSB | |
| Value of Common Equity | 70,427 | 48,709 | 9,409 | 4,378 | 14,831 | 13,652 | |
| (/) Shares Outstanding | 5,763.3 | 7,079.8 | 898.7 | 2,569.3 | 814.5 | 5,387.7 | |
| Implied Stock Price | 12.22 | 6.88 | 10.47 | 1.70 | 18.21 | 2.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.22 | 6.88 | 10.47 | 1.70 | 18.21 | 2.53 | |
| 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 | |