Capital One Financial Corp.

Analyst Listings

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

Broker

Analyst

Analyst Email

Guggenheim Securities	Tony Butler	tony.butler@guggenheimpartners.com
Credit Suisse	Vamil Divan	vamil.divan@credit-suisse.com
Wells Fargo Securities	Andrew M. Casey	andrew.casey@wellsfargo.com
Oppenheimer	Ben Chittenden	cdonat@sandleroneill.com
Stifel Nicolaus	Christopher C. Brendler	ccbrendler@stifel.com
Sandler O’Neill & Partners	Christopher R. Donat	cdonat@sandleroneill.com
Drexel Hamilton	David Hilder	dhilder@drexelhamilton.com
Evercore ISI	David Raso	draso@isigrp.com
Longbow Research	Eli Lustgarten	elustgarten@longbowresearch.com
BMO Capital Markets	James Fotheringham	james.fotheringham@bmo.com
RBC Capital Markets	Jason Arnold	jason.arnold@rbccm.com
BMO Capital Markets	Joel Tiss	joel.tiss@bmo.com
Jefferies	John Hecht	jhecht@jefferies.com
Evercore ISI	John Pancari	john.pancari@evercoreisi.com
Bernstein Research	Kevin St. Pierre	kevin.st-pierre@bernstein.com
William Blair	Lawrence T. De Maria	ldemaria@williamblair.com
Credit Suisse	Moshe Orenbuch	moshe.orenbuch@credit-suisse.com
Atlantic Equities	Richard Radbourne	r.radbourne@atlantic-equities.com
Keefe Bruyette & Woods	Sanjay Sakhrani	ssakhrani@kbw.com
DA Davidson	Arren Cyganovich	acyganovich@dadco.com
Oppenheimer	Ben Chittenden	benjamin.chittenden@opco.com
Nomura Research	Bill Carcache	bill.carcache@nomura.com
Drexel Hamilton	David Hilder	dhilder@drexelhamilton.com
Deutsche Bank Research	David Ho	david.ho@db.com
Guggenheim Securities	Eric Wasserstrom	eric.wasserstrom@guggenheimpartners.com
CRT Capital Group	Henry J. Coffey Jr.	hcoffey@sterneageecrt.com
RBC Capital Markets	Jason Arnold	jason.arnold@rbccm.com
Wells Fargo Securities	Matthew H. Burnell	matt.burnell@wellsfargo.com
William Blair	Robert Napoli	bnapoli@williamblair.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	3,992	3,746	$NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid$
Cash Flow From Equity	CFE	1,761	3,516	$CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI$
Total Equity	TE	47,284	47,514	$TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt$
Return on Equity	ROE	8.44%	7.88%	$ROE\,=\,\frac { NI}{TE}$
Net Investment	NetInv	2,231	230	$NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}$
Investment Rate	IR	55.89%	6.14%	$IR\,=\,\frac {NetInv}{NI}$
Cost of Equity	COE	2.87%	2.40%	$COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta$
Enterprise value	EV_Market	33,721	75,471	$EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash$
Long-Run Growth	g = IR x ROIC	4.72%	0.48%	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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