Bank of New York

Analyst Listings

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

Broker	Analyst	Analyst Email
Credit Suisse	Ashley Serrao	ashley.serrao@credit-suisse.com
Deutsche Bank Research	Brian Bedell	brian.bedell@db.com
Keefe Bruyette & Woods	Brian Kleinhanzl	bkleinhanzl@kbw.com
Portales Partners LLC	Charles Peabody	cwp@portalespartners.com
Raymond James	David Long	david.j.long@raymondjames.com
Morningstar	Erin Davis	erin.davis@morningstar.com
RBC Capital Markets	Gerard Cassidy	gerard.cassidy@rbccm.com
Evercore ISI	Glenn Schorr	glenn.schorr@evercoreisi.com
Buckingham Research	James Mitchell	jmitchell@buckresearch.com
Sandler O’Neill & Partners	Jeffery J. Harte	jharte@sandleroneill.com
Jefferies	Kenneth Usdin	kusdin@jefferies.com
Bernstein Research	Luke Montgomery	lucas.montgomery@bernstein.com
Argus Research	Steve Biggar	stephen_biggar@sandp.com

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Primary Input Data

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Derived Input Data

Derived Input	Label	2015 Value	2016 Value	Equational Form
Net Income	NI	3,115	3,495	$NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid$
Cash Flow From Equity	CFE	2,843	2,890	$CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI$
Total Equity	TE	38,975	39,580	$TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt$
Return on Equity	ROE	7.99%	8.83%	$ROE\,=\,\frac { NI}{TE}$
Net Investment	NetInv	272	605	$NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}$
Investment Rate	IR	8.73%	17.31%	$IR\,=\,\frac {NetInv}{NI}$
Cost of Equity	COE	-0.48%	-0.52%	$COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta$
Enterprise value	EV_Market	(75,004)	(3,860)	$EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash$
Long-Run Growth	g = IR x ROIC	0.70%	1.53%	Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
Long-Run Growth	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		Single-stage multiple g solution		Two-stage valuation model g solution
Equational Form	12/31/2015	12/31/2016	12/31/2015	12/31/2016	12/31/2015	12/31/2016
PRICE/EARNINGS $\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}$
PRICE/CASH EARNINGS $\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})$
PRICE/BOOK VALUE $\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}$

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