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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.3x - 8.1x | 7.7x |
| Selected Fwd P/E Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | €11.38 - €12.58 | €11.98 |
| Upside | -10.6% - -1.1% | -5.8% |
| Benchmarks | - | Full Ticker |
| Banco Santander, S.A. | - | BME:SAN |
| Banco de Sabadell, S.A. | - | BME:SAB |
| CaixaBank, S.A. | - | BME:CABK |
| BPER Banca SpA | - | BIT:BPE |
| Raiffeisen Bank International AG | - | WBAG:RBI |
| Banco Bilbao Vizcaya Argentaria, S.A. | - | XTRA:BOY |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| SAN | SAB | CABK | BPE | RBI | BOY | |||
| BME:SAN | BME:SAB | BME:CABK | BIT:BPE | WBAG:RBI | XTRA:BOY | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 15.1% | 20.0% | 28.6% | 29.9% | 8.1% | 20.2% | ||
| 3Y CAGR | 16.5% | 59.0% | 3.5% | 38.7% | 12.9% | 34.0% | ||
| Latest Twelve Months | 12.9% | 42.1% | 21.6% | -7.7% | -20.1% | 26.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 16.3% | 16.9% | 34.6% | 27.8% | 30.0% | 26.3% | ||
| Prior Fiscal Year | 23.1% | 24.4% | 35.1% | 30.6% | 25.4% | 28.3% | ||
| Latest Fiscal Year | 23.5% | 30.3% | 37.2% | 27.2% | 20.2% | 30.6% | ||
| Latest Twelve Months | 23.5% | 30.3% | 37.2% | 27.2% | 20.2% | 30.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.9x | 2.5x | 3.5x | 2.0x | 0.9x | 2.3x | ||
| LTM P/E Ratio | 8.0x | 8.2x | 9.5x | 7.5x | 4.7x | 7.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 4.7x | 8.0x | 9.5x | |||||
| Historical LTM P/E Ratio | 5.8x | 7.6x | 14.0x | |||||
| Selected P/E Multiple | 7.3x | 7.7x | 8.1x | |||||
| (x) LTM Net Income | 9,666 | 9,666 | 9,666 | |||||
| (=) Equity Value | 70,800 | 74,527 | 78,253 | |||||
| (/) Shares Outstanding | 5,756.6 | 5,756.6 | 5,756.6 | |||||
| Implied Value Range | 12.30 | 12.95 | 13.59 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.30 | 12.95 | 13.59 | 12.73 | ||||
| Upside / (Downside) | -3.3% | 1.7% | 6.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAN | SAB | CABK | BPE | RBI | BOY | |
| Value of Common Equity | 95,694 | 14,170 | 52,321 | 10,309 | 7,961 | 73,253 | |
| (/) Shares Outstanding | 15,065.2 | 5,387.7 | 7,167.3 | 1,419.5 | 328.4 | 5,756.6 | |
| Implied Stock Price | 6.35 | 2.63 | 7.30 | 7.26 | 24.24 | 12.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.35 | 2.63 | 7.30 | 7.26 | 24.24 | 12.73 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |