Market Comparison Valuation

Type of Institution Bank(fin co) \ Metric Company Name Share Price (15 Jun/11) # Shares O/S (M) Market Value ($$ B) Enterprise  Value ($$ B) Trailing P/E Forward P/E Price/Sales Price/Book Total Common Equity Enterprise Value/ Rev Return on Assets, TTM Return on Equity, TTM Revenue ($$ M), TTM Rev/Sh, TTM Market Value/ Revenue Net Income (ttm) ($$ M) Effective Tax Rate Book Value Per Share Market Value/ Book Value Rev/BV # Empl Rev/# empl ($$ K) Net Income/# empl ($$ K) Rev/#brnch ($M) # brnch Market Value/ brnch ($$ M) Dvd/sh 5 Yr Avg Dividend Yield Dividend Yield Payout rto (Div/NI) Est CF (ttm) Est CF/Sh Est FCF Est FCF/Sh
Large  BMO BMO Bank of Montreal $60.04 565.69 $34.20 ($53.03) 11.98 10.23 2.92 1.77 $19,357.91 -4.48 0.76% 14.26% $11,840 $20.93 2.89 $2,850 $34.22 1.75 0.61 38,715 $305.82 $73.61 $9.63 1,230 $27.80 $2.80 N/A 4.66% 55.58% $1,160 $2.05
Cdn Chtrd BNS Scotiabank $57.23 1,048 $61.94 ($48.67) 12.93 11.47 4.08 2.37 $25,560.72 -3.18 0.90% 17.21% $15,310 $14.61 4.05 $4,640 $24.39 2.35 0.60 73,558 $208.14 $63.08 $14.95 1,024 $60.49 $1.99 N/A 3.48% 44.95% ($9,010) ($8.60)
Bank CM Canadian Imperial Bank of Commerce $76.77 392.1 $30.48 ($48.57) 12.33 9.64 2.7 2.3 $13,123.59 -4.29 0.73% 16.64% $11,320 $28.87 2.69 $2,450 $33.47 2.29 0.86 41,928 $269.99 $58.43 $10.29 1,100 $27.71 $3.48 N/A 4.53% 55.69% ($15,660) ($39.94)
Large  NA National Bank of Canada $77.59 162.7 $12.60 ($28.05) 11.94 10.32 2.96 2.02 $6,320.90 -6.51 0.81% 15.70% $4,310 $26.49 2.92 $1,070 $38.85 2.00 0.68 18,492 $233.07 $57.86 $9.75 442 $28.51 $2.56 N/A 3.30% 38.93% $10,530 $64.72
Cdn Chtrd RY RBC Financial Group $53.78 1,424 $77.19 ($140.03) 14.07 10.67 3.47 2.18 $35,507.08 -6.23 0.85% 14.10% $22,480 $15.79 3.43 $5,480 $24.94 2.16 0.63 73,076 $307.62 $74.99 $12.76 1,762 $43.81 $2.00 N/A 3.72% 51.96% ($7,440) ($5.23)
Bank TD Toronto Dominion $78.48 877.1 $69 ($21.17) 14.25 10.62 3.73 1.86 $37,548.65 -1.12 0.86% 12.45% $18,910 $21.56 3.62 $4,860 $42.81 1.83 0.50 68,158 $277.44 $71.30 $16.78 1,127 $61 $2.49 N/A 3.17% 44.94% ($1,510) ($1.72)
Cdn Rgnl CWB Canadian Western Bank $30.10 67.89 $2.23 $2.42 14.14 12.44 5.22 2.07 $995.27 5.59 1.36% 14.68% $432.46 $6.37 5.16 $158.89   $14.66 2.05 0.43 1,828 $236.58 $86.92 $11.09 39 $57.18 $0.62 N/A 2.06% 26.49% $227.64 $3.35      
Bank LB Laurentian Bank of Canada $44.63 23.92 $1.07 ($2.82) 9.36 8.37 1.57 1.03 $1,055.83 -4.08 0.54% 10.30% $691.08 $28.89 1.55 $114.02   $44.14 1.01 0.65 3,700 $186.78 $30.82 $4.43 156 $6.86 $1.50 N/A 3.36% 31.47% ($286.54) ($11.98)      
U.S. BOH Bank of Hawaii $45.20 48.02 $2.16 $3.33 12.59 13.26 3.62 2.19 $1,001.70 5.53 1.37% 17.93% $601.77 $12.53 3.59 $173.57 $20.86 2.17 0.60 2,381 $252.74 $72.90 $7.25 83 $26.02 $1.80 N/A 3.98% 49.80% $222.87 $4.64
Regional BOKF BOK Financial $53.86 68.21 $3.52 $4.15 14 12.2 3.08 1.38 $2,567.42 3.6 1.07% 10.25% $1,150.00 $16.86 3.06 $249.68 $37.64 1.43 0.45 4,533 $253.70 $55.08 $5.84 197 $17.87 $1.02 1.70% 1.89% 27.87% $750.03 $11.00
Bank CBSH Commerce Bancshares $40.73 86.82 $3.55 $3.33 15 13.67 3.66 1.73 $2,060.24 3.41 1.29% 11.96% $976.76 $11.25 3.63 $236.62 $23.73 1.72 0.47 4,813 $202.94 $49.16 $2.64 370 $9.59 $0.92 N/A 2.26% 33.76% $827.89 $9.54
U.S. CFR Cullen/Frost Bankers $55.37 60.67 $3.39 $1.67 15.82 14.46 4.2 1.62 $2,077.95 2.06 1.23% 10.52% $811.12 $13.37 4.18 $212.04 $34.25 1.62 0.39 3,777 $214.75 $56.14 $7.37 110 $30.82 $1.81 N/A 3.27% 51.79% $410.58 $6.77
Regional CVBF CVB Financial $8.52 106.08 $0.90 $1.71 14.2 11.51 3.56 1.39 $654.51 6.68 0.96% 9.70% $256.32 $2.42 3.51 $63.19 $6.17 1.38 0.39 763 $335.94 $82.82 $5.57 46 $19.57 $0.34 N/A 3.99% 57.08% $66.76 $0.63
Bank CYN City National  $52.47 52.16 $2.79 $2.55 18.04 12.83 3.07 1.41 $1,974.78 2.75 0.76% 8.01% $924.73 $17.73 3.02 $153.10 $37.86 1.39 0.47 3,258 $283.83 $46.99 $12.67 73 $38.22 $0.60 N/A 1.14% 20.44% $663.00 $12.71
U.S. EWBC East West Bancorp $18.61 146.55 $2.73 $2.68 17.44 10.46 3.52 1.33 $2,075.15 3.43 0.94% 8.77% $781.13 $5.33 3.49 $157.02 $14.16 1.31 0.38 2,080 $375.54 $75.49 $5.79 135 $20.22 $0.08 N/A 0.43% 7.47% $766.29 $5.23
Regional FFIN First Financial Bankshares $32.44 31.33 $1.02 $0.91 16.32 14.88 5.62 2.23 $458.36 4.95 1.70% 13.85% $182.98 $5.84 5.57 $60.94 $14.63 2.22 0.40 1,000 $182.98 $60.94 $3.81 48 $21.25 $0.84 N/A 2.59% 43.19% $84.69 $2.70
Bank FMBI First Midwest Bancorp $11.47 73.14 $0.85 $0.74 N/A 13.82 3.68 0.94 $914.98 3.13 0.72% -0.10% $237.71 $3.25 3.58 ($17.65) $12.51 0.92 0.26 1,845 $128.84 ($9.57) $2.50 95 $8.95 $0.04 4.80% 0.35% -16.58% $187.85 $2.57
U.S. GBCI Glacier Bancorp $13.34 71.92 $0.96 $2.22 22.57 13.34 4.06 1.15 $840.03 9.33 0.65% 5.07% $237.43 $3.30 4.04 $42.54 $11.68 1.14 0.28 1,517 $156.51 $28.04 $2.24 106 $9.06 $0.52 N/A 3.90% 87.91% $357.92 $4.98
Regional IBOC International Bancshares $15.69 67.78 $1.06 $3.17 8.97 8.81 2.12 0.85 $1,272.91 6.21 1.14% 9.09% $511.10 $7.54 2.07 $118.33 $18.78 0.84 0.40 2,964 $172.44 $39.92 $1.83 280 $3.79 $0.38 2.40% 2.42% 21.77% $111.85 $1.65
Bank ONB Old National Bancorp Capital $10.35 88.69 $0.98 $1.39 20.95 11.63 2.69 1.01 $921.49 3.75 0.56% 4.85% $369.83 $4.17 2.65 $44.58 $10.39 1.00 0.40 2,491 $148.47 $17.90 $2.15 172 $5.70 $0.28 N/A 2.71% 55.70% $117.43 $1.32
U.S. PRK Park National $62.14 15.28 $0.96 $2.02 13.79 11 3.42 1.51 $642.68 7.07 1.03% 10.21% $286.39 $18.74 3.35 $69.00 $42.06 1.48 0.45 1,969 $145.45 $35.04 $1.98 145 $6.62 $3.76 N/A 6.05% 83.26% $115.91 $7.59
Regional PRSP Prosperity Bancshares $41.96 46.68 $1.97 $2.23 15.04 13.15 5.49 1.35 $1,477.42 6.11 1.38% 9.14% $364.64 $7.81 5.40 $130.59 $31.65 1.33 0.25 1,672 $218.09 $78.10 $2.31 158 $12.47 $0.66 N/A 1.57% 23.59% $189.10 $4.05
Bank TCBI Texas Capital Bancshares $24.47 39.34 $0.91 $0.94 22.33 13.3 3.89 1.69 $575.94 3.99 0.72% 7.97% $236.44 $6.01 3.85 $41.66 $14.64 1.67 0.41 699 $338.25 $59.60 $26.27 9 $101.11 $0.00 N/A 0.00% 0.00% -$120.97 ($3.07)
U.S. UMBF UMB Financial $40.40 40.06 $1.64 $1.00 17.05 13.79 2.5 1.54 $1,066.40 1.5 0.80% 9.08% $664.68 $16.59 2.47 $95.69 $26.62 1.52 0.62 3355 $198.12 $28.52 $4.92 135 $12.15 $0.77 N/A 1.91% 32.24% $205.70 $5.13
Regional WABC Westamerica Bancorp $47.48 29.12 $1.37 $1.23 14.93 14.22 5.45 2.53 $554.74 4.8 1.93% 17.45% $255.39 $8.77 5.36 $93.38 $19.05 2.49 0.46 1,006 $253.87 $92.82 $2.63 97 $14.12 $1.44 2.70% 3.03% 2.10% $112.13 $3.85
Bank WTFC Wintrust Financial $30.89 32.31 $1.08 $1.58 30.05 13.73 2.37 0.77 $1,297.57 3.46 0.47% 4.52% $458.16 $14.18 2.36 $36.62   $40.16 0.77 0.35 2588 $177.03 $14.15 $5.87 78 $13.85 $0.18 N/A 0.58% 15.88% $395.39 $12.24      
Subject Co. ATB ATB Financial Group 1 $1,964.00 0.72% 10.11% $1,018.79 $1,018.79 $198.56 0.23 $1,964.00 0.52 5,000 $203.76 $39.71 $6.17 165  
ATB (ATB Adjusted for tax, other[s]) 1 $1,964.00 $169.72 $1,964.00 0.52 5,000 $203.76 $33.94 $6.17 165
Average Big Six Canadian $47.49 -$56.59 12.92 10.49 3.31 2.08 $22,903.14 -4.301667 0.82% 15.06% $14,028 $21 3.27 $3,558 #DIV/0! $33 2.06 $1 52321 $267 $67 $12 $1,114 $41.52 $3 #DIV/0! 3.81% 48.67% ($3,655) $2
Average Canadian Western Bank & Laurentian $1.65 -$0.20 11.75 10.41 3.40 1.55 $1,025.55 0.755 0.95% 12.49% $561.77 $17.63 3.35 $136.46 #DIV/0! $29.40 1.53 $0.54 2764 $211.68 $58.87 $7.76 $97.50 $32.02 $1.06 #DIV/0! 2.71% 28.98% ($29.45) ($4.31)
Average Canada $36.03 -$42.49 12.63 10.47 3.33 1.95 $17,433.74 -3.0375 0.85% 14.42% $10,661.69 $20.44 3.29 $2,702.86 #DIV/0! $32.19 1.93 $0.62 39932 $253.18 $64.63 $11.21 $860.00 $39.15 $2.18 #DIV/0! 3.54% 43.75% ($2,748.61) $0.33
Average USA $1.77 $2.05 17.01 12.78 3.67 1.48 $1,246.35 4.5422222 1.04% 9.35% $517.03 $9.76 3.62 $108.94 #DIV/0! $23.16 1.47 $0.41 2373 $224.42 $49.11 $5.76 $129.83 $20.63 $0.86 $0.03 2.34% 33.18% $303.58 $5.20
Average of All Above $11.44 -$11.66 15.60 12.07 3.56 1.62 $6,227.08 2.21 0.98% 10.91% $3,638 $13 3.52 $907 #DIV/0! $26 1.61 $0 13929 $233 $54 $7 $355 $26.33 $1 $0 2.71% 36.43% ($636) $4
Market Value/Branch
Valuation metrics applied to ATB Trailing P/E (Market Value to Net Income)   Price to Sales Price to Book
Average Big Six Canadian $2,192.17   $3,372.19 $4,091.67 $6,851.17
           
Average CWB & Laurentian $1,994.16   $3,458.79 $3,044.20 $5,283.17
           
Average Canada $2,142.66   $3,393.84 $3,829.80 $6,459.17
           
Average USA $2,886.07   $3,735.56 $2,904.54 $3,404.20
           
Average of All Above $2,648.18   $3,630.42 $3,189.23 $4,344.19
Valuation metrics applied to ATB Trailing P/E (Mkt V to NI) Price to Sales Price to Book
Average Big Six Canadian $2,192.17 $3,372.19 $4,091.67
Average CWB & Laurentian $1,994.16 $3,458.79 $3,044.20
Average Canada $2,142.66 $3,393.84 $3,829.80
Average USA $2,886.07 $3,735.56 $2,904.54
Average of All Above $2,648.18 $3,630.42 $3,189.23