United Overseas Bank Limited (U11.SI)

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
601658.SS	17	Postal Savings Ban	45,558	7.83	7.26	-	-	4.37	5.56
601998.SS	18	China CITIC Bank C	44,105	6.80	6.24	11.94	10.89	10.33	10.82
USB	19	U.S. Bancorp	42,549	10.47	9.71	8.68	7.97	8.55	8.76
USB-PA	20	U.S. Bancorp PERP	42,549	10.47	9.71	8.68	7.97	8.55	8.76
USB-PS	21	U.S. Bancorp Depos	42,549	10.47	9.71	8.68	7.97	8.55	8.76
SBERP.ME	22	Sberbank of Russia	40,379	2.08	1.83	13.06	13.06	1.79	1.40
600016.SS	23	China Minsheng Ban	39,153	5.74	6.23	93.24	103.01	106.16	103.01
U11.SI	24	United Overseas Ba	37,244	5.14	4.41	0.91	0.91	1.77	1.77
2388.HK	25	BOC Hong Kong (Hol	36,586	4.74	4.31	-1.40	-1.40	-1.18	-1.24
601818.SS	26	China Everbright B	36,210	4.93	4.80	50.71	49.16	40.51	49.16
NBS.L	27	Nationwide Buildin	34,498	0.34	0.28	7.99	3.21	138.09	7.89
PNC	28	The PNC Financial	33,803	12.19	12.52	12.39	11.03	11.26	10.69
ICICIBANK.BO	29	ICICI Bank Limited	33,766	18.06	13.80	9.90	7.16	13.20	10.18
000001.SZ	30	Ping An Bank Co.,	31,862	5.10	4.65	31.43	28.86	26.21	28.86
TFC	31	Truist Financial C	29,756	11.64	11.03	13.67	13.38	16.07	14.66
NDA-FI.HE	32	Nordea Bank Abp	27,735	9.07	6.77	29.10	22.79	31.35	23.84

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.80	6.24	11.94	10.89	10.80	9.47
Full Range Median Multiple	7.83	6.77	12.39	11.03	12.23	10.43
Industry Multiple	8.00	7.26	23.04	22.03	30.36	20.88
Market Implied Multiple	5.24	4.51	0.95	0.95	1.84	1.83
Company (U11.SI) Multiple	5.14	4.41	0.91	0.91	1.77	1.77
(*) Net Income / EBITDA / Revenue	9,029	10,504	27,349	27,349	14,060	14,120
Winsorized Enterprise Value	N/A	N/A	326,469	297,762	151,780	133,685
Full Range Median Enterprise Value	N/A	N/A	338,875	301,758	171,995	147,328
(-) Net Debt	-21,451	-21,451	-21,451	-21,451	-21,451	-21,451
Winsorized Equity Value	61,389	65,531	347,921	319,213	173,232	155,136
Full Range Median Equity Value	70,737	71,115	360,326	323,209	193,447	168,779
(/) Shares Outstanding	1,288	1,288	1,288	1,288	1,288	1,288
Winsorized Fair Value	$47.66	$50.87	$270.10	$247.81	$134.48	$120.44
Full Range Median Fair Value	$54.91	$55.21	$279.73	$250.91	$150.18	$131.03
Current Price	$36.74	$36.74	$36.74	$36.74	$36.74	$36.74
Upside / Downside	29.72%	38.47%	635.16%	574.50%	266.04%	227.80%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$33.36	$35.61	$189.07	$173.47	$94.14	$84.30
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY