U.S. Bancorp PERP PFD SER A (USB-PA)

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
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
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.74	6.23	11.94	10.25	9.44	8.76
Full Range Median Multiple	6.80	6.24	12.26	10.89	10.80	9.72
Industry Multiple	6.72	6.36	26.15	26.00	35.04	23.81
Market Implied Multiple	168.82	156.53	122.75	112.67	120.93	123.87
Company (USB-PA) Multiple	10.47	9.71	8.68	7.97	8.55	8.76
(*) Net Income / EBITDA / Revenue	7,188	7,752	9,978	10,871	10,128	9,887
Winsorized Enterprise Value	N/A	N/A	119,109	111,441	95,591	86,597
Full Range Median Enterprise Value	N/A	N/A	122,323	118,354	109,332	96,150
(-) Net Debt	11,347	11,347	11,347	11,347	11,347	11,347
Winsorized Equity Value	41,267	48,286	107,762	100,094	84,244	75,250
Full Range Median Equity Value	48,873	48,366	110,976	107,007	97,985	84,803
(/) Shares Outstanding	1,557	1,557	1,557	1,557	1,557	1,557
Winsorized Fair Value	$26.50	$31.01	$69.21	$64.29	$54.11	$48.33
Full Range Median Fair Value	$31.39	$31.06	$71.28	$68.73	$62.93	$54.47
Current Price	$779.35	$779.35	$779.35	$779.35	$779.35	$779.35
Upside / Downside	-96.60%	-96.02%	-91.12%	-91.75%	-93.06%	-93.80%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.55	$21.71	$48.45	$45.00	$37.87	$33.83
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy