The Bank of New York Mellon Corporation (BK)

Industry: Asset Management 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
FLATX	17	Fidelity Latin Ame	93,359	7.03	7.24	-	-	4.58	5.34
LGEN.L	18	Legal & General Gr	79,081	32.72	32.72	5.05	5.05	0.68	0.82
SCSCX	19	Touchstone Large C	72,575	9.70	9.44	-	-	4.01	3.87
CDOCX	20	Crawford Small Cap	69,989	11.26	13.58	-	-	17.53	30.99
CSXCX	21	Calvert US Large C	69,989	-	-	-	-	13.65	24.12
BN	22	Brookfield Corpora	53,938	92.90	54.47	10.75	9.20	19.30	16.19
GEMAX	23	Goldman Sachs Emer	46,726	0.17	0.17	-	-	17.84	28.77
BK	24	The Bank of New Yo	40,407	14.65	14.08	12.65	12.16	14.36	15.24
SGEM.L	25	ScotGems plc	34,179	0.35	0.35	0.00	0.00	0.00	0.00
DRUM.L	26	Drumz plc	31,771	0.26	0.26	-	-	-36.26	-33.01
HDGCX	27	The Hartford Divid	25,063	6.38	5.80	-	-	5.49	5.47
HFMIX	28	The Hartford MidCa	25,063	-	-	-	-	1.05	1.05
HFMSX	29	The Hartford MidCa	25,063	-	-	-	-	1.05	1.05
0P00000MO4.F	30	Vanguard Eurozone	24,890	8.55	8.55	9.20	9.20	119.02	114.54
0P00000W6B.F	31	Vanguard Eurozone	24,890	7.41	7.41	7.97	7.97	103.11	99.22
0P00001QSE.F	32	Vanguard Japan Sto	24,890	7.68	7.68	8.26	8.26	106.83	102.80

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.22	7.33	8.11	8.11	5.49	5.47
Full Range Median Multiple	7.54	7.54	8.26	8.26	13.65	16.19
Industry Multiple	15.37	12.31	8.24	7.93	31.86	33.40
Market Implied Multiple	16.31	15.68	13.68	13.15	15.54	16.49
Company (BK) Multiple	14.65	14.08	12.65	12.16	14.36	15.24
(*) Net Income / EBITDA / Revenue	5,243	5,453	8,413	8,752	7,408	6,980
Winsorized Enterprise Value	N/A	N/A	68,249	70,997	40,652	38,212
Full Range Median Enterprise Value	N/A	N/A	69,458	72,255	101,093	113,026
(-) Net Debt	29,596	29,596	29,596	29,596	29,596	29,596
Winsorized Equity Value	37,856	39,951	38,653	41,401	11,056	8,616
Full Range Median Equity Value	39,544	41,130	39,862	42,659	71,497	83,430
(/) Shares Outstanding	705	705	705	705	705	705
Winsorized Fair Value	$53.72	$56.69	$54.85	$58.75	$15.69	$12.23
Full Range Median Fair Value	$56.11	$58.36	$56.56	$60.53	$101.45	$118.39
Current Price	$121.33	$121.33	$121.33	$121.33	$121.33	$121.33
Upside / Downside	-55.73%	-53.28%	-54.80%	-51.58%	-87.07%	-89.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$37.60	$39.68	$38.39	$41.12	$10.98	$8.56
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy