BNP Paribas S.A. (BNP.DE)

Industry: Banks - Regional 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
T.ME	1	IPJSC T-Technologi	615,465	5.71	4.37	-	-	1.77	1.41
TCSG.ME	2	TCS Group Holding	402,592	5.50	4.15	19.28	19.95	989.30	3.69
BBAS11.SA	3	Banco do Brasil S.	304,465	9.83	10.17	54.85	62.59	102.48	16.93
BNP.DE	4	BNP Paribas S.A.	160,720	3.87	3.87	6.51	6.51	5.16	2.50
SBID.L	5	State Bank of Indi	73,636	101.42	79.47	73.80	58.21	73.31	58.21
DB	6	Deutsche Bank AG	72,494	8.53	8.53	4.95	4.95	4.19	4.95
ITUB3.SA	7	Itaú Unibanco Hol	67,936	9.60	8.09	20.31	11.20	20.73	23.06
BBAS3.SA	8	Banco do Brasil S.	55,145	9.83	10.17	54.85	62.59	102.48	16.93
HDFCBANK.BO	9	HDFC Bank Limited	53,575	10.06	8.42	5.89	4.28	9.29	8.61
8301.T	10	Bank of Japan	52,267	0.01	0.00	37.07	0.40	46.71	12.43
LLD.DE	11	Lloyds Banking Gro	50,930	13.10	11.05	15.57	13.96	18.25	12.56
XBBDC.MC	12	Banco Bradesco S.A	49,849	8.31	8.31	28.25	28.25	42.76	38.44
IES.DE	13	Intesa Sanpaolo S.	49,352	9.46	8.21	12.26	10.25	11.70	11.42
600036.SS	14	China Merchants Ba	48,472	7.80	7.09	7.95	7.95	1.99	1.34
600000.SS	15	Shanghai Pudong De	46,515	7.37	7.56	65.85	68.40	100.64	68.40
601166.SS	16	Industrial Bank Co	46,311	5.44	5.22	46.27	44.15	44.85	44.30

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.31	8.09	19.80	12.58	20.73	12.43
Full Range Median Multiple	8.53	8.21	24.28	16.96	42.76	12.56
Industry Multiple	14.13	12.05	31.94	28.37	104.70	21.51
Market Implied Multiple	4.42	4.42	6.98	6.98	5.53	2.68
Company (BNP.DE) Multiple	3.87	3.87	6.51	6.51	5.16	2.50
(*) Net Income / EBITDA / Revenue	26,051	26,051	31,058	31,058	39,181	80,805
Winsorized Enterprise Value	N/A	N/A	614,842	390,811	812,364	1,004,755
Full Range Median Enterprise Value	N/A	N/A	754,155	526,681	1,675,396	1,015,174
(-) Net Debt	101,458	101,458	101,458	101,458	101,458	101,458
Winsorized Equity Value	216,441	210,713	513,384	289,353	710,906	903,297
Full Range Median Equity Value	222,331	213,770	652,696	425,223	1,573,937	913,716
(/) Shares Outstanding	1,322	1,322	1,322	1,322	1,322	1,322
Winsorized Fair Value	$163.69	$159.36	$388.27	$218.84	$537.66	$683.16
Full Range Median Fair Value	$168.15	$161.67	$493.64	$321.60	$1,190.37	$691.04
Current Price	$87.18	$87.18	$87.18	$87.18	$87.18	$87.18
Upside / Downside	87.77%	82.80%	345.37%	151.02%	516.72%	683.63%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$114.59	$111.55	$271.79	$153.19	$376.36	$478.22
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY