US Bancorp

Analyst Listings

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

Broker Analyst Analyst Email
Oppenheimer Ben Chittenden
Nomura Research Bill Carcache
Atlantic Equities Christopher Wheeler
Drexel Hamilton David Hilder
Raymond James David Long
Susquehanna Financial Group Jack Micenko
Compass Point Research Jesus Bueno
Bernstein Research John E. McDonald
Evercore ISI John Pancari
RBC Capital Markets Jon Arfstrom
Jefferies Kenneth Usdin
Piper Jaffray Kevin J. Barker
Wells Fargo Securities Matthew H. Burnell
Deutsche Bank Research Matthew O’Connor
Societe Generale Murali Gopal
FBR Capital Markets & Co Paul J. Miller
CRT Capital Group Peter J. Winter
Sandler O’Neill & Partners R. Scott Siefers
Credit Suisse Susan Roth Katzke
Stephens Inc Terry McEvoy

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Primary Input Data

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Derived Input Data

Derived Input Label



Equational Form
Net Income NI  5,855 5,870 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE 3,206 4,754 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 46,817 47,933 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 12.51% 12.25% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv  2,649 1,116 NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR 45.24% 19.01% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE -0.66% -0.39% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket 104,220 113,323 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
5.66% 2.33% 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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