Citigroup Inc. (C-PJ)

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	11.15	10.13	19.78	19.11	14.66	15.14
Market Implied Multiple	3.11	2.97	18.18	17.28	19.53	19.64
Company (C-PJ) Multiple	12.58	12.02	24.23	23.03	26.03	26.17
(*) Net Income / EBITDA / Revenue	14,691	15,371	22,985	24,186	21,400	21,278
Winsorized Enterprise Value	N/A	N/A	304,356	303,357	189,588	179,690
Full Range Median Enterprise Value	N/A	N/A	359,062	321,911	306,209	263,186
(-) Net Debt	372,182	372,182	372,182	372,182	372,182	372,182
Winsorized Equity Value	140,169	129,126	-67,826	-68,825	-182,594	-192,492
Full Range Median Equity Value	176,299	130,815	-13,120	-50,271	-65,973	-108,996
(/) Shares Outstanding	1,820	1,820	1,820	1,820	1,820	1,820
Winsorized Fair Value	$77.00	$70.94	$-37.26	$-37.81	$-100.31	$-105.75
Full Range Median Fair Value	$96.85	$71.86	$-7.21	$-27.62	$-36.24	$-59.88
Current Price	$25.08	$25.08	$25.08	$25.08	$25.08	$25.08
Upside / Downside	207.03%	182.84%	-248.57%	-250.76%	-499.96%	-521.64%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$53.90	$49.66	$-26.08	$-26.47	$-70.22	$-74.02
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy