Global Banks Undervalued over 20% based on DCF

JPMorgan Chase

Market Cap: US$934.6b

Operates as a bank and financial holding company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia Pacific, Latin America, and the Caribbean.

Bank of America

Market Cap: US$431.4b

Through its subsidiaries, provides various financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide.

HSBC Holdings

Market Cap: UK£262.2b

Engages in the provision of banking and financial products and services worldwide.

Royal Bank of Canada

Market Cap: CA$392.4b

Operates as a diversified financial service company worldwide.

Wells Fargo

Market Cap: US$253.5b

A financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally.

Mitsubishi UFJ Financial Group

Market Cap: JP¥39.2t

Provides various financial products and services in Japan, the United States, Europe, the Middle East, Asia, Oceania, and internationally.

Citigroup

Market Cap: US$220.8b

A diversified financial service holding company, provides various financial products and services to consumers, corporations, governments, and institutions.

Banco Santander

Market Cap: €182.0b

Provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

DBS Group Holdings

Market Cap: S$214.7b

Provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally.

Banco Bilbao Vizcaya Argentaria

Market Cap: €137.1b

Provides various financial services in Spain, Mexico, Turkey, South America, Europe, the United States, and Asia.

Sumitomo Mitsui Financial Group

Market Cap: JP¥24.8t

Provides banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania.

UniCredit

Market Cap: €124.4b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

Mizuho Financial Group

Market Cap: JP¥19.7t

Engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

Oversea-Chinese Banking

Market Cap: S$138.8b

Provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally.

Bank of Nova Scotia

Market Cap: CA$147.0b

Provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally.

Canadian Imperial Bank of Commerce

Market Cap: CA$146.3b

A diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.

PNC Financial Services Group

Market Cap: US$97.0b

Operates as a diversified financial services company in the United States.

U.S. Bancorp

Market Cap: US$96.7b

A financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States.

Barclays

Market Cap: UK£66.7b

Provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia.

Lloyds Banking Group

Market Cap: UK£64.4b

Provides a range of banking and financial products and services for retail and commercial customers in the United Kingdom.

JAPAN POST BANK

Market Cap: JP¥11.2t

Provides financial products and services in Japan and internationally.

Nordea Bank Abp

Market Cap: €58.6b

Offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally.

BOC Hong Kong (Holdings)

Market Cap: HK$532.3b

An investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally.

China CITIC Bank

Market Cap: CN¥451.0b

Provides various banking products and services in the People’s Republic of China and internationally.

Standard Chartered

Market Cap: UK£47.9b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Société Générale Société anonyme

Market Cap: €55.7b

Provides banking and financial services to individuals, corporates, and institutional clients in Europe and internationally.

Truist Financial

Market Cap: US$61.6b

A financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States.

National Bank of Canada

Market Cap: CA$83.8b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

KBC Group

Market Cap: €51.9b

Provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Erste Group Bank

Market Cap: €47.5b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.

United Overseas Bank

Market Cap: S$67.2b

Provides banking products and services worldwide.

Fifth Third Bancorp

Market Cap: US$49.7b

Operates as the bank holding company for Fifth Third Bank, National Association that provides a range of financial products and services in the United States.

DNB Bank

Market Cap: NOK 451.4b

Provides financial services to individuals and businesses in Norway and internationally.

Danske Bank

Market Cap: DKK 298.6b

Provides various banking products and services to corporate, institutional, and international clients.

Skandinaviska Enskilda Banken

Market Cap: SEK 424.7b

Provides corporate, retail, investment, and private banking services.

Swedbank

Market Cap: SEK 419.8b

Provides banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.