Global Banks Undervalued over 20% based on DCF

Bank of America

Market Cap: US$341.9b

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

Wells Fargo

Market Cap: US$248.6b

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

HSBC Holdings

Market Cap: UK£165.4b

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

Royal Bank of Canada

Market Cap: CA$259.4b

Operates as a diversified financial service company worldwide.

Mitsubishi UFJ Financial Group

Market Cap: JP¥25.3t

Operates as the bank holding company, that engages in a range of financial businesses in Japan, the United States, Europe, Asia/Oceania, and internationally.

Citigroup

Market Cap: US$169.9b

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

China Merchants Bank

Market Cap: CN¥1.1t

Provides various banking products and services.

Banco Santander

Market Cap: €119.2b

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

Toronto-Dominion Bank

Market Cap: CA$173.6b

Provides various financial products and services in Canada, the United States, and internationally.

DBS Group Holdings

Market Cap: S$144.6b

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: €90.7b

Provides retail banking, wholesale banking, and asset management services primarily in Spain, Mexico, Turkey, South America, rest of Europe, the United States, and Asia.

Sumitomo Mitsui Financial Group

Market Cap: JP¥15.3t

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

Postal Savings Bank of China

Market Cap: HK$770.4b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

Bank of Montreal

Market Cap: CA$112.2b

Provides diversified financial services primarily in North America.

Mizuho Financial Group

Market Cap: JP¥11.7t

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

PNC Financial Services Group

Market Cap: US$74.2b

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

Barclays

Market Cap: UK£52.5b

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

Bank of Nova Scotia

Market Cap: CA$96.3b

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

U.S. Bancorp

Market Cap: US$69.3b

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

Canadian Imperial Bank of Commerce

Market Cap: CA$93.7b

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.

Industrial Bank

Market Cap: CN¥486.5b

Provides banking services in the People’s Republic of China.

Lloyds Banking Group

Market Cap: UK£49.2b

Provides a range of banking and financial products and services in the United Kingdom and internationally.

Crédit Agricole

Market Cap: €51.4b

Provides retail, corporate, insurance, and investment banking products and services in France and internationally.

Oversea-Chinese Banking

Market Cap: S$75.3b

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

Shanghai Pudong Development Bank

Market Cap: CN¥420.4b

Shanghai Pudong Development Bank Co., Ltd.

NatWest Group

Market Cap: UK£43.3b

Provides banking and financial products and services in the United Kingdom and internationally.

Truist Financial

Market Cap: US$55.2b

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

Société Générale Société anonyme

Market Cap: €45.9b

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

Nordea Bank Abp

Market Cap: €45.7b

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

BOC Hong Kong (Holdings)

Market Cap: HK$396.3b

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

Commerzbank

Market Cap: €41.1b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally.

KBC Group

Market Cap: €40.2b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

United Overseas Bank

Market Cap: S$59.6b

Provides banking products and services worldwide.

Standard Chartered

Market Cap: UK£32.7b

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

JAPAN POST BANK

Market Cap: JP¥6.2t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

National Bank of Canada

Market Cap: CA$57.6b

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