Global Banks Undervalued over 20% based on DCF

Swedbank

Market Cap: SEK 427.2b

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

KB Financial Group

Market Cap: ₩59.6t

Provides financial products and services in South Korea, the United States, New Zealand, China, Cambodia, the United Kingdom, Indonesia, and internationally.

CTBC Financial Holding

Market Cap: NT$1.3t

Engages in corporate and personal finance, life insurance, and other businesses in Taiwan, Asia, and North America.

ABN AMRO Bank

Market Cap: €33.8b

Provides various banking products and financial services to retail, private, and corporate banking clients in the Netherlands, rest of Europe, the United States, Asia, and internationally.

M&T Bank

Market Cap: US$36.6b

Operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States.

Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna

Market Cap: zł136.8b

Provides various banking products and services in Poland and internationally.

Huntington Bancshares

Market Cap: US$36.1b

Operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services.

Shinhan Financial Group

Market Cap: ₩50.6t

Provides financial products and services in South Korea, Vietnam, and Japan.

Resona Holdings

Market Cap: JP¥5.5t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

Citizens Financial Group

Market Cap: US$31.1b

Operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions in the United States.

Svenska Handelsbanken

Market Cap: SEK 295.2b

Provides various banking products and services for private and corporate customers primarily in Sweden, the United Kingdom, Norway, the Netherlands, and internationally.

Sumitomo Mitsui Trust Group

Market Cap: JP¥4.8t

Operates as a trust bank in Japan and internationally.

Credicorp

Market Cap: US$29.6b

Provides various banking services and products in Peru, Bermuda, Colombia, Bolivia, Panama, Chile, the United States, the Cayman Islands, and Mexico.

TS Financial Holding

Market Cap: NT$909.2b

Provides various financial products and services.

Regions Financial

Market Cap: US$26.9b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

Bank Rakyat Indonesia (Persero)

Market Cap: Rp468.3t

Provides various banking products and services in Indonesia and internationally.

AIB Group

Market Cap: €22.4b

Provides banking and financial products and services to personal, business, and corporate customers in the Republic of Ireland, the United Kingdom, and internationally.

First Citizens BancShares

Market Cap: US$25.3b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

Hana Financial Group

Market Cap: ₩35.3t

Through its subsidiaries, provides financial services in South Korea, Hong Kong, Singapore, the United States, Japan, China, Indonesia, the United Kingdom, Canada, and internationally.

KeyCorp

Market Cap: US$24.4b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

China Minsheng Banking

Market Cap: CN¥147.4b

Provides banking products and services in the People's Republic of China.

Bank Mandiri (Persero)

Market Cap: Rp385.5t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Malaysia, Hong Kong, Timor Leste, Shanghai, England, and the Cayman Islands.

Bank of Ireland Group

Market Cap: €17.7b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

Banco de Sabadell

Market Cap: €17.5b

Provides banking products and services in Spain, the United Kingdom, and Mexico.

Erste Bank Polska

Market Cap: zł73.9b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

E.SUN Financial Holding Company

Market Cap: NT$603.3b

Offers various financial banking products and services in Taiwan.

Eurobank

Market Cap: €16.2b

Provides retail, corporate and private banking, asset management, treasury and capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.

Banco Comercial Português

Market Cap: €16.1b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

Krung Thai Bank

Market Cap: ฿614.9b

Engages in commercial banking business in Thailand and internationally.

East West Bancorp

Market Cap: US$18.5b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Bank Polska Kasa Opieki

Market Cap: zł66.9b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Kasikornbank

Market Cap: ฿585.4b

Provides commercial banking products and services in Thailand and internationally.

Bank of Hangzhou

Market Cap: CN¥117.3b

Provides various banking products and services in China.

Bankinter

Market Cap: €15.0b

Provides various banking products and services to individuals, corporates, and small- and medium-sized enterprises in Spain, Luxembourg, Portugal, and Ireland.

Pinnacle Financial Partners

Market Cap: US$16.1b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

BAWAG Group

Market Cap: €13.9b

Operates as a holding company for BAWAG P.S.K.