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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd P/E Multiple | 9.3x - 10.3x | 9.8x |
| Fair Value | $55.60 - $61.45 | $58.53 |
| Upside | -6.6% - 3.3% | -1.7% |
| Benchmarks | - | Full Ticker |
| Western Alliance Bancorporation | - | NYSE:WAL |
| KeyCorp | - | NYSE:KEY |
| Pinnacle Financial Partners, Inc. | - | NasdaqGS:PNFP |
| First Horizon Corporation | - | NYSE:FHN |
| Synovus Financial Corp. | - | NYSE:SNV |
| Webster Financial Corporation | - | NYSE:WBS |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| WAL | KEY | PNFP | FHN | SNV | WBS | |||
| NYSE:WAL | NYSE:KEY | NasdaqGS:PNFP | NYSE:FHN | NYSE:SNV | NYSE:WBS | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 9.2% | NM- | 2.8% | 11.2% | -4.1% | 14.8% | ||
| 3Y CAGR | -4.7% | NM- | -3.5% | -8.5% | -15.5% | 23.1% | ||
| Latest Twelve Months | 7.0% | -116.2% | -10.7% | -4.8% | 18.6% | -10.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 38.2% | 22.0% | 35.5% | 30.7% | 29.4% | 29.9% | ||
| Prior Fiscal Year | 27.8% | 13.9% | 34.1% | 29.0% | 25.0% | 33.6% | ||
| Latest Fiscal Year | 25.7% | -7.2% | 28.5% | 24.3% | 23.7% | 31.4% | ||
| Latest Twelve Months | 26.1% | -2.6% | 28.5% | 25.2% | 26.4% | 31.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.0x | 4.5x | 5.5x | 3.7x | 3.9x | 4.2x | ||
| LTM P/E Ratio | 11.6x | -171.4x | 19.3x | 14.5x | 14.9x | 13.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -171.4x | 14.5x | 19.3x | |||||
| Historical LTM P/E Ratio | 9.7x | 14.5x | 16.7x | |||||
| Selected P/E Multiple | 12.1x | 12.8x | 13.4x | |||||
| (x) LTM Net Income | 754 | 754 | 754 | |||||
| (=) Equity Value | 9,139 | 9,620 | 10,101 | |||||
| (/) Shares Outstanding | 168.2 | 168.2 | 168.2 | |||||
| Implied Value Range | 54.32 | 57.18 | 60.04 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 54.32 | 57.18 | 60.04 | 59.51 | ||||
| Upside / (Downside) | -8.7% | -3.9% | 0.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | WAL | KEY | PNFP | FHN | SNV | WBS | |
| Value of Common Equity | 9,295 | 20,264 | 9,197 | 11,210 | 7,661 | 10,011 | |
| (/) Shares Outstanding | 109.2 | 1,095.9 | 76.9 | 507.2 | 139.0 | 168.2 | |
| Implied Stock Price | 85.11 | 18.49 | 119.63 | 22.10 | 55.11 | 59.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 85.11 | 18.49 | 119.63 | 22.10 | 55.11 | 59.51 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |