Bank of America Corporation

Analyst Listings

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Jefferies Kenneth Usdin
Buckingham Research James Mitchell
Nomura Research Steven Chubak
Credit Suisse Susan Roth Katzke
Bernstein Research John E. McDonald
Deutsche Bank Research Matthew O’Connor
Oppenheimer Chris Kotowski
Atlantic Equities Christopher Wheeler
Drexel Hamilton David Hilder
Evercore ISI Glenn Schorr
Guggenheim Securities Eric Wasserstrom
RBC Capital Markets Joe Morford
Wells Fargo Securities Matthew H. Burnell
FBR Capital Markets & Co Paul J. Miller
Sandler O’Neill & Partners Jeffery J. Harte
Keefe Bruyette & Woods Christopher M. Mutascio
Raymond James Michael Rose
BMO Capital Markets James Fotheringham
Societe Generale Murali Gopal
Portales Partners LLC Charles Peabody

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Primary Input Data

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Derived Input Data

Derived Input Label



Equational Form
Net Income NI 15,888  17,906 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE 3,154 7,271 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 256,205 266,840 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 6.20% 6.71% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv 12,734 10,635 NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR  80.15% 59.39% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE -0.85% -1.19% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket 7,935 193,848 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
  4.97%   3.99% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP    2.50%    2.50%

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value


multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016


\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}


\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})


\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}

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