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Multiples Valuation: Banco Bilbao Vizcaya Argentaria, S.A.

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA.DE)

Industry: Banks Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $10.90 — $11.86
Selected (Average) $11.48
Upside to Live 162.16%
Full Range Fair Value
Range (Low - High) $12.64 — $13.31
Selected (Average) $12.94
Upside to Live 195.48%
Live Price $4.38

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
PFH 1 Prudential Financi 57,936 13.93 13.93 11.11 7.99 5.49 6.14
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

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple8.396.729.258.517.946.90
Full Range Median Multiple9.477.759.639.048.677.18
Industry Multiple8.897.8911.159.9610.128.96
Market Implied Multiple3.152.55--5.224.31
Company (BBVA.DE) Multiple3.152.55--5.224.31
(*) Net Income / EBITDA / Revenue11,80614,585--20,32324,595
Winsorized Enterprise ValueN/AN/A--161,449169,592
Full Range Median Enterprise ValueN/AN/A--176,276176,485
(-) Net Debt68,84068,84068,84068,84068,84068,840
Winsorized Equity Value98,99097,962-68,840-68,84092,609100,752
Full Range Median Equity Value111,740113,100-68,840-68,840107,436107,645
(/) Shares Outstanding8,4988,4988,4988,4988,4988,498
Winsorized Fair Value$11.65$11.53$-8.10$-8.10$10.90$11.86
Full Range Median Fair Value$13.15$13.31$-8.10$-8.10$12.64$12.67
Current Price$4.38$4.38$4.38$4.38$4.38$4.38
Upside / Downside165.95%163.19%-284.95%-284.95%148.81%170.69%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$8.15$8.07$-5.67$-5.67$7.63$8.30
Buy / Don't BuyBUYBUYDon’t BuyDon’t BuyBUYBUY