Capital One Financial Corporation (COF)

Industry: Financial - Credit Services 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
MCVT	1	Mill City Ventures	1,013,948	-	-	5.07	5.07	-	-
AXP	2	American Express C	78,641	21.81	17.38	15.50	12.80	15.40	14.01
BNH	3	Brookfield Finance	74,370	92.90	54.47	10.75	9.20	19.30	16.19
COF	4	Capital One Financ	63,342	95.93	94.65	21.61	20.92	7.53	79.93
V	5	Visa Inc.	40,000	32.97	29.16	25.74	23.08	27.21	25.07
PYPL	6	PayPal Holdings, I	32,862	13.20	12.07	9.05	8.48	11.05	9.84
0R2Z.L	7	Mastercard Incorpo	31,474	36.04	31.02	27.07	23.23	25.80	25.05
ASAI.L	8	ASA International	27,031	0.07	0.07	0.37	0.37	-	-
DFS	9	Discover Financial	22,148	8.97	7.63	5.81	4.86	4.25	4.89
SYF	10	Synchrony Financia	19,269	7.47	6.17	4.84	4.07	4.35	4.42
8591.T	11	ORIX Corporation	17,498	8.40	7.43	8.67	7.89	9.40	15.14
KKRS	12	KKR Group Finance	16,538	2.70	1.88	0.29	0.19	0.16	0.06
ALLY	13	Ally Financial Inc	15,316	19.22	20.02	13.37	14.61	10.99	28.04
8593.T	14	Mitsubishi HC Capi	13,803	10.82	8.79	25.10	18.31	55.13	38.93
3360.HK	15	Far East Horizon L	9,475	3.11	2.69	23.33	11.35	5.41	5.52
BAJFINANCE.BO	16	Bajaj Finance Limi	8,103	33.90	25.59	36.90	28.00	35.41	29.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.90	8.21	9.05	8.48	10.99	14.01
Full Range Median Multiple	12.01	10.43	10.75	9.20	11.05	15.14
Industry Multiple	20.83	16.03	14.12	11.43	17.22	16.63
Market Implied Multiple	107.92	106.48	24.39	23.61	8.50	90.20
Company (COF) Multiple	95.93	94.65	21.61	20.92	7.53	79.93
(*) Net Income / EBITDA / Revenue	1,416	1,435	6,110	6,312	17,528	1,652
Winsorized Enterprise Value	N/A	N/A	55,309	53,539	192,598	23,150
Full Range Median Enterprise Value	N/A	N/A	65,691	58,074	193,716	25,009
(-) Net Debt	-3,797	-3,797	-3,797	-3,797	-3,797	-3,797
Winsorized Equity Value	14,012	11,783	59,106	57,336	196,395	26,947
Full Range Median Equity Value	17,007	14,966	69,488	61,871	197,513	28,806
(/) Shares Outstanding	639	639	639	639	639	639
Winsorized Fair Value	$21.93	$18.44	$92.50	$89.73	$307.35	$42.17
Full Range Median Fair Value	$26.62	$23.42	$108.74	$96.82	$309.10	$45.08
Current Price	$239.14	$239.14	$239.14	$239.14	$239.14	$239.14
Upside / Downside	-90.83%	-92.29%	-61.32%	-62.48%	28.52%	-82.37%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.35	$12.91	$64.75	$62.81	$215.14	$29.52
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy