| Growth Rate: | 2.00% | 2.00% | 2.00% | 3.00% | 3.00% | 3.00% | 4.00% | 4.00% | 4.00% | ||||||
| Required Rate of Return: | 8.00% | 9.00% | 10.00% | 8.00% | 9.00% | 10.00% | 8.00% | 9.00% | 10.00% | ||||||
| Adjusted Free Cash Flow II Projection using Mean of Averages for Proportion of Revenue: 'A' | $132,246.58 | Intrinsic or Fair Market Value: | $2,248,192 | $1,927,022 | $1,686,144 | $2,724,279 | $2,270,233 | $1,945,914 | $3,438,411 | $2,750,729 | $2,292,274 | ||||
| Adjusted Free Cash Flow II Projection using Mean of Averages for Proportion of Equity: 'B' | $95,387.09 | Intrinsic or Fair Market Value: | $1,621,581 | $1,389,926 | $1,216,185 | $1,964,974 | $1,637,478 | $1,403,553 | $2,480,064 | $1,984,052 | $1,653,376 | ||||
| Average of the Preceding Two Estimates 'A' & 'B'; 'C' | $113,816.84 | Intrinsic or Fair Market Value: | $1,934,886 | $1,658,474 | $1,451,165 | $2,344,627 | $1,953,856 | $1,674,733 | $2,959,238 | $2,367,390 | $1,972,825 | ||||
| Net Income Fully Taxed and Removing ABCP Recoveries or Losses FOR COMPARISON ONLY, NOT TRUE DFCF: 'D' | $169,716.00 | Intrinsic or Fair Market Value: | $2,885,172 | $2,473,005 | $2,163,879 | $3,496,150 | $2,913,458 | $2,497,250 | $4,412,616 | $3,530,093 | $2,941,744 | ||||
| Actual Adjusted Free Cash Flow II: 'E' | $43,363.00 | Intrinsic or Fair Market Value: | $737,171 | $631,861 | $552,878 | $893,278 | $744,398 | $638,056 | $1,127,438 | $901,950 | $751,625 | ||||
| Average of the Preceding Two Estimates, 'D' & 'E': 'F' | $106,539.50 | Intrinsic or Fair Market Value: | $1,811,172 | $1,552,433 | $1,358,379 | $2,194,714 | $1,828,928 | $1,567,653 | $2,770,027 | $2,216,022 | $1,846,685 | ||||
| Dividend Payout Using Adjusted Net Income, 'D', and average payout of CWB, LB: DIVIDEND DISCOUNT MODEL (DDM): 'G' | $49,217.64 | Intrinsic or Fair Market Value: | $836,700 | $717,171 | $627,525 | $1,013,883 | $844,903 | $724,202 | $1,279,659 | $1,023,727 | $853,106 | ||||
| Variation of DIVIDEND DISCOUNT MODEL (DDM), using figure immediately above, 'G', averaged with the average of Adjusted Free Cash Flow projections, 'C': 'H' | $81,517.24 | Intrinsic or Fair Market Value: | $1,385,793 | $1,187,823 | $1,039,345 | $1,679,255 | $1,399,379 | $1,199,468 | $2,119,448 | $1,695,559 | $1,412,965 | ||||
| Valuation metrics applied to ATB | Trailing P/E (Mkt V to NI) | Price to Sales | Price to Book | ||||||||||||
| Average Big Six Canadian | 2192.165 | 3372.1949 | 4091.666667 | ||||||||||||
| Average CWB & Laurentian | 1994.163 | 3458.79205 | 3044.2 | ||||||||||||
| Average Canada | 2142.6645 | 3393.844188 | 3829.8 | ||||||||||||
| Average USA | 2886.070496 | 3735.563333 | 2904.537778 | ||||||||||||
| Average of All Above | 2648.180578 | 3630.418981 | 3189.233846 | ||||||||||||
| Valuation metrics applied to ATB | Trailing P/E (Mkt V to NI) | Price to Sales | Price to Book | ||||||||||||
| Average Big Six Canadian | 2192.165 | 3372.1949 | 4091.666667 | ||||||||||||
| Average CWB & Laurentian | 1994.163 | 3458.79205 | 3044.2 | ||||||||||||
| Average Canada | 2142.6645 | 3393.844188 | 3829.8 | ||||||||||||
| Average USA | 2886.070496 | 3735.563333 | 2904.537778 | ||||||||||||
| Average of All Above | 2648.180578 | 3630.418981 | 3189.233846 |