Global Banks Undervalued over 20% based on DCF

Erste Group Bank

Market Cap: €33.3b

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

DNB Bank

Market Cap: NOK 390.5b

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

Skandinaviska Enskilda Banken

Market Cap: SEK 350.7b

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

Danske Bank

Market Cap: DKK 222.9b

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

China Everbright Bank

Market Cap: CN¥234.1b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

Swedbank

Market Cap: SEK 303.8b

Provides various 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: ₩41.5t

Provides various banking and related financial services to consumers and corporations in South Korea, the United States, New Zealand, China, Cambodia, the United Kingdom, Indonesia, and internationally.

Bank of Jiangsu

Market Cap: CN¥210.5b

Provides various banking products and services in China.

M&T Bank

Market Cap: US$29.1b

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: zł104.2b

Provides various banking products and services in Poland and internationally.

CTBC Financial Holding

Market Cap: NT$841.2b

Engages in the banking, bills financing, credit card, trust, insurance, securities, futures, venture capital, and other financial related business investment activities in Taiwan, Asia, and North America.

Fifth Third Bancorp

Market Cap: US$27.3b

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

Bank of Ningbo

Market Cap: CN¥188.1b

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

ABN AMRO Bank

Market Cap: €21.7b

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

OTP Bank Nyrt

Market Cap: Ft8.2t

Provides commercial banking services to individuals, municipalities, corporations, and enterprises.

First Citizens BancShares

Market Cap: US$23.7b

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.

Huntington Bancshares

Market Cap: US$23.5b

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

Resona Holdings

Market Cap: JP¥3.3t

Through its subsidiaries, provides retail and commercial banking products and services in Japan and internationally.

BNP Paribas Fortis

Market Cap: €18.3b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

Banco de Sabadell

Market Cap: €17.8b

Provides banking products and services to personal, business, and private customers in Spain and internationally.

BPER Banca

Market Cap: €17.4b

Provides banking products and services for individuals, and businesses and professionals in Italy and internationally.

Sumitomo Mitsui Trust Group

Market Cap: JP¥2.9t

Operates as a trust bank in Japan and internationally.

KeyCorp

Market Cap: US$19.0b

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

AIB Group

Market Cap: €15.2b

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

Bank Polska Kasa Opieki

Market Cap: zł57.7b

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

Bank of Ireland Group

Market Cap: €12.4b

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

Mashreqbank PSC

Market Cap: د.إ50.2b

Provides various banking and financial services to individuals and corporates.

Banco Comercial Português

Market Cap: €11.5b

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

ING Bank Slaski

Market Cap: zł45.0b

Together with our subsidiaries, provides various banking products and services for retail clients and businesses in Poland.

Kasikornbank

Market Cap: ฿398.0b

Provides commercial banking products and services in Thailand and internationally.

Shanghai Rural Commercial Bank

Market Cap: CN¥87.3b

Provides a range of banking products and services to individual and corporate customers in China.

mBank

Market Cap: zł41.8b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Banco Santander-Chile

Market Cap: CL$10.9t

Provides commercial and retail banking products and services in Chile.

Canara Bank

Market Cap: ₹993.7b

Provides various banking products and services in India and internationally.

First Horizon

Market Cap: US$10.8b

Operates as the bank holding company for First Horizon Bank that provides various financial services.

Piraeus Financial Holdings

Market Cap: €9.0b

Provides banking products and services in Greece and internationally.