Bank of America Corporation (BAC)

Industry: Banks - Diversified 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
JPM	1	JPMorgan Chase & C	277,728	15.16	12.86	13.24	11.49	14.31	12.44
BAC	2	Bank of America Co	188,841	12.99	11.94	24.42	22.47	22.38	23.99
HSBA.L	3	HSBC Holdings plc	181,412	12.16	12.16	3.45	3.45	3.38	3.71
HBND.SI	4	Bank of China Limi	175,393	5.32	5.32	0.42	0.42	0.39	0.42
C-PJ	5	Citigroup Inc.	168,347	12.58	12.02	24.23	23.03	26.03	26.17
601398.SS	6	Industrial & Comme	123,810	7.09	6.76	106.17	106.17	26.54	34.20
WFC	7	Wells Fargo & Comp	122,563	12.66	8.51	16.58	13.31	18.11	12.37
EK7.VI	8	Agricultural Bank	110,837	8.09	7.49	15.79	15.79	3.95	6.12
ICK.VI	9	Industrial and Com	109,001	5.74	5.50	2.06	2.17	2.11	1.25
RY	10	Royal Bank of Cana	99,620	14.18	12.63	36.07	32.49	37.94	35.99
CNCB.VI	11	China Construction	98,541	5.50	5.19	12.54	12.54	5.95	2.71
BNC.L	12	Banco Santander, S	89,121	9.54	9.54	7.45	7.45	8.86	8.44
TD	13	The Toronto-Domini	84,014	8.44	7.57	26.34	23.33	41.44	25.07
AN3PJ.AX	14	ANZ Group Holdings	79,731	22.61	22.58	16.38	19.75	18.36	44.80
8306.T	15	Mitsubishi UFJ Fin	78,697	12.00	8.40	0.21	0.17	0.13	0.16
CBA.AX	16	Commonwealth Bank	75,560	15.82	15.50	15.62	15.62	16.13	15.39

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.54	8.40	13.24	12.54	8.86	8.44
Full Range Median Multiple	12.00	8.51	15.62	13.31	14.31	12.37
Industry Multiple	11.13	10.14	19.77	19.15	14.91	15.28
Market Implied Multiple	13.34	12.26	24.72	22.74	22.65	24.29
Company (BAC) Multiple	12.99	11.94	24.42	22.47	22.38	23.99
(*) Net Income / EBITDA / Revenue	29,646	32,264	34,657	37,671	37,824	35,278
Winsorized Enterprise Value	N/A	N/A	458,911	472,500	335,093	297,916
Full Range Median Enterprise Value	N/A	N/A	541,396	501,399	541,217	436,348
(-) Net Debt	461,265	461,265	461,265	461,265	461,265	461,265
Winsorized Equity Value	282,856	271,040	-2,354	11,235	-126,172	-163,349
Full Range Median Equity Value	355,766	274,586	80,131	40,134	79,952	-24,917
(/) Shares Outstanding	7,466	7,466	7,466	7,466	7,466	7,466
Winsorized Fair Value	$37.89	$36.30	$-0.32	$1.50	$-16.90	$-21.88
Full Range Median Fair Value	$47.65	$36.78	$10.73	$5.38	$10.71	$-3.34
Current Price	$52.97	$52.97	$52.97	$52.97	$52.97	$52.97
Upside / Downside	-28.48%	-31.46%	-100.60%	-97.16%	-131.90%	-141.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$26.52	$25.41	$-0.22	$1.05	$-11.83	$-15.32
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy