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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 | -25.3% - -17.4% | -21.4% |
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 | 26.6% | 21.6% | 18.0% | 82.1% | 22.1% | 42.1% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 27.6% | 34.6% | 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 | 30.6% | 37.2% | 39.1% | 30.7% | 39.0% | 30.3% | ||
Return on Equity | ||||||||
5 Year Average Margin | 12.2% | 10.8% | 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% | 15.1% | 17.8% | 9.2% | 11.9% | 12.0% | ||
Next Fiscal Year | 15.9% | 14.0% | 15.1% | 7.9% | 11.1% | 10.8% | ||
Two Fiscal Years Forward | 14.7% | 14.2% | 13.4% | 7.1% | 10.6% | 9.9% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 2.1x | 3.2x | 3.5x | 2.2x | 4.3x | 2.4x | ||
Price / LTM EPS | 6.8x | 8.7x | 9.0x | 7.1x | 11.1x | 7.9x | ||
Price / Book | 1.3x | 1.3x | 1.5x | 0.6x | 1.3x | 0.9x | ||
Price / Fwd Book | 1.1x | 1.3x | 1.3x | 0.6x | 1.2x | 0.9x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.6x | 1.3x | 1.5x | |||||
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 | 69,505 | 47,915 | 9,202 | 4,306 | 14,648 | 13,986 | |
(/) Shares Outstanding | 5,763.3 | 7,117.5 | 898.7 | 2,569.3 | 814.5 | 5,387.7 | |
Implied Stock Price | 12.06 | 6.73 | 10.24 | 1.68 | 17.99 | 2.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 12.06 | 6.73 | 10.24 | 1.68 | 17.99 | 2.60 | |
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 |