First Citizens BancShares, Inc. (FCNCA)

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
601169.SS	54	Bank of Beijing Co	16,615	4.43	4.19	66.80	63.29	74.64	62.71
BANKBARODA.BO	55	Bank of Baroda Lim	16,549	6.95	3.09	10.80	10.80	10.53	10.80
PNB.BO	56	Punjab National Ba	16,300	7.61	7.61	4.80	2.19	4.97	2.19
YKBNK.IS	57	Yapi ve Kredi Bank	15,892	6.45	4.10	22.19	14.26	16.87	14.66
DANSKE.CO	58	Danske Bank A/S	15,728	9.19	7.60	36.05	26.39	37.68	26.42
0011.HK	59	Hang Seng Bank Lim	15,551	7.54	8.28	4.05	2.69	4.67	4.27
AKBNK.IS	60	Akbank T.A.S.	14,587	6.77	4.42	22.96	15.90	15.81	10.78
FCNCA	61	First Citizens Ban	14,531	9.88	7.13	18.67	13.72	20.53	15.41
UNIONBANK.BO	62	Union Bank of Indi	14,442	5.72	5.72	4.62	4.62	4.85	4.62
316140.KS	63	Woori Financial Gr	14,410	5.11	4.30	18.33	16.85	13.70	15.72
RAW.DE	64	Raiffeisen Bank In	14,331	-	-	25.62	24.34	12.61	28.09
0QKG.L	65	Schweizerische Nat	14,315	0.04	0.04	4.79	5.04	-	5.06
024110.KS	66	Industrial Bank of	14,076	6.09	5.36	61.54	54.81	61.02	60.38
FRYA.F	67	Swedbank AB (publ)	14,045	8.28	8.28	19.91	19.91	22.44	20.92
TVC	68	Tennessee Valley A	13,672	-	-	-	-	0.02	0.02
TVE	69	Tennessee Valley A	13,672	-	-	-	-	0.02	0.02

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.27	4.36	18.33	14.26	11.57	10.78
Full Range Median Multiple	6.61	4.89	19.91	15.90	13.15	10.80
Industry Multiple	6.18	5.25	23.26	20.09	19.99	17.78
Market Implied Multiple	11.98	8.65	20.15	14.81	22.15	16.63
Company (FCNCA) Multiple	9.88	7.13	18.67	13.72	20.53	15.41
(*) Net Income / EBITDA / Revenue	2,326	3,223	3,302	4,494	3,004	4,002
Winsorized Enterprise Value	N/A	N/A	60,510	64,085	34,748	43,160
Full Range Median Enterprise Value	N/A	N/A	65,757	71,466	39,510	43,204
(-) Net Debt	38,675	38,675	38,675	38,675	38,675	38,675
Winsorized Equity Value	14,594	14,051	21,835	25,410	-3,927	4,485
Full Range Median Equity Value	15,380	15,766	27,082	32,791	835	4,529
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$1,135.76	$1,093.49	$1,699.35	$1,977.50	$-305.61	$349.08
Full Range Median Fair Value	$1,196.98	$1,226.98	$2,107.68	$2,551.97	$64.95	$352.49
Current Price	$2,169.35	$2,169.35	$2,169.35	$2,169.35	$2,169.35	$2,169.35
Upside / Downside	-47.65%	-49.59%	-21.67%	-8.84%	-114.09%	-83.91%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$795.03	$765.45	$1,189.54	$1,384.25	$-213.93	$244.36
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy