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

Return to top of page


Primary Input Data

Return to top of page


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
EVMarket (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.
g = % \Delta GDP    2.50%   2.50%

Return to top of page


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

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}

Return to top of page