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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.0x - 2.2x | 2.1x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | €6.55 - €7.24 | €6.89 |
| Upside | 1.4% - 12.1% | 6.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banco Bilbao Vizcaya Argentaria, S.A. | - | BME:BBVA |
| CaixaBank, S.A. | - | BME:CABK |
| Société Générale Société anonyme | - | DB:SGE |
| Raiffeisen Bank International AG | - | WBAG:RBI |
| UniCredit S.p.A. | - | BIT:UCG |
| Banco Santander, S.A. | - | WBAG:SAN |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BBVA | CABK | SGE | RBI | UCG | SAN | |||
| BME:BBVA | BME:CABK | DB:SGE | WBAG:RBI | BIT:UCG | WBAG:SAN | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.5% | 12.9% | 1.5% | 10.1% | 9.7% | 4.4% | ||
| 3Y CAGR | 19.3% | 16.6% | -0.6% | 17.0% | 18.9% | 9.2% | ||
| Latest Twelve Months | 16.2% | 14.7% | 4.9% | 0.7% | 4.5% | 11.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 26.3% | 34.6% | 14.2% | 30.0% | 19.9% | 16.3% | ||
| Prior Fiscal Year | 28.3% | 35.1% | 7.2% | 25.4% | 40.6% | 23.1% | ||
| Latest Fiscal Year | 30.6% | 37.2% | 13.8% | 20.2% | 39.5% | 23.5% | ||
| Latest Twelve Months | 30.6% | 37.2% | 13.8% | 20.2% | 39.5% | 23.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.4x | 3.6x | 1.4x | 1.0x | 3.6x | 1.9x | ||
| LTM P/E Ratio | 7.9x | 9.6x | 10.0x | 5.0x | 9.0x | 8.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.0x | 2.4x | 3.6x | |||||
| Historical LTM P/S Ratio | 1.1x | 1.4x | 1.9x | |||||
| Selected Price / Sales Multiple | 2.0x | 2.1x | 2.2x | |||||
| (x) LTM Sales | 50,797 | 50,797 | 50,797 | |||||
| (=) Equity Value | 103,252 | 108,686 | 114,120 | |||||
| (/) Shares Outstanding | 15,065.2 | 15,065.2 | 15,065.2 | |||||
| Implied Value Range | 6.85 | 7.21 | 7.58 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.85 | 7.21 | 7.58 | 6.46 | ||||
| Upside / (Downside) | 6.1% | 11.7% | 17.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBVA | CABK | SGE | RBI | UCG | SAN | |
| Value of Common Equity | 75,700 | 52,359 | 34,514 | 8,644 | 84,971 | 97,276 | |
| (/) Shares Outstanding | 5,756.6 | 7,117.8 | 794.6 | 328.4 | 1,557.7 | 15,065.2 | |
| Implied Stock Price | 13.15 | 7.36 | 43.44 | 26.32 | 54.55 | 6.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.15 | 7.36 | 43.44 | 26.32 | 54.55 | 6.46 | |
| 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 | |