Comerica Incorporated (0I1P.L)

Industry: Banks Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
TD-PFJ.TO	2	The Toronto-Domini	46,009	2.17	1.85	-	-	8.67	5.62
0UKH.L	3	Bank of Montreal	40,175	14.74	13.11	27.30	27.30	26.33	20.37
BBVA.DE	4	Banco Bilbao Vizca	37,070	3.15	2.55	-	-	5.22	4.31
CRIN.DE	5	UniCredit S.p.A.	30,190	9.29	9.29	6.79	6.79	6.76	7.18
SVCB.ME	6	PJSC Sovcombank	10,205	-	-	-	-	0.00	0.00
0U8N.L	7	Credicorp Ltd.	7,797	11.37	7.21	6.75	4.59	6.46	4.50
ZIONL	8	Zions Bancorporati	4,948	9.77	8.55	10.47	9.29	11.21	10.04
0I1P.L	9	Comerica Incorpora	4,810	12.61	11.94	13.31	12.69	14.85	13.94
0M3L.L	10	Zions Bancorporati	4,543	9.64	8.29	9.03	9.03	8.98	6.90
BPOPM	11	Popular Capital Tr	4,197	2.60	2.47	-3.88	-3.68	-4.00	-3.90
0KH6.L	12	People's United Fi	1,893	13.01	11.16	9.80	9.05	10.73	9.74
0QQZ.L	13	St. Galler Kantona	1,696	6.74	6.22	4.86	5.21	4.60	5.41
0QM2.L	14	Berner Kantonalban	1,610	6.53	6.12	7.56	3.70	7.94	7.33
0G67.L	15	Sparebanken Vest	1,374	4.52	4.08	9.47	9.32	2.72	4.36
0RU6.L	16	SpareBank 1 Ostlan	1,369	7.48	6.22	17.30	14.52	16.81	15.02
0QNU.L	17	Luzerner Kantonalb	1,364	12.00	11.23	39.11	37.45	39.97	36.85

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.11	6.22	9.03	9.03	7.94	6.90
Full Range Median Multiple	8.39	6.72	9.47	9.05	8.67	7.18
Industry Multiple	8.07	7.03	13.49	12.39	12.03	10.59
Market Implied Multiple	16.84	15.95	16.30	15.54	18.19	17.08
Company (0I1P.L) Multiple	12.61	11.94	13.31	12.69	14.85	13.94
(*) Net Income / EBITDA / Revenue	717	757	1,013	1,063	908	967
Winsorized Enterprise Value	N/A	N/A	9,150	9,597	7,213	6,666
Full Range Median Enterprise Value	N/A	N/A	9,591	9,616	7,876	6,937
(-) Net Debt	4,436	4,436	4,436	4,436	4,436	4,436
Winsorized Equity Value	5,098	4,710	4,714	5,161	2,777	2,230
Full Range Median Equity Value	6,012	5,088	5,155	5,180	3,440	2,501
(/) Shares Outstanding	132	132	132	132	132	132
Winsorized Fair Value	$38.62	$35.68	$35.71	$39.10	$21.04	$16.89
Full Range Median Fair Value	$45.55	$38.54	$39.05	$39.24	$26.06	$18.95
Current Price	$91.50	$91.50	$91.50	$91.50	$91.50	$91.50
Upside / Downside	-57.79%	-61.00%	-60.97%	-57.27%	-77.01%	-81.54%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$27.03	$24.98	$25.00	$27.37	$14.73	$11.83
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy