Zions Bancorporation, National Association

DB:ZB1 Stock Report

Market Cap: €8.3b

Zions Bancorporation National Association Valuation

Is ZB1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ZB1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ZB1 (€55.72) is trading below our estimate of fair value (€102.94)

Significantly Below Fair Value: ZB1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZB1?

Key metric: As ZB1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ZB1. This is calculated by dividing ZB1's market cap by their current earnings.
What is ZB1's PE Ratio?
PE Ratio13.6x
EarningsUS$646.00m
Market CapUS$8.79b

Price to Earnings Ratio vs Peers

How does ZB1's PE Ratio compare to its peers?

The above table shows the PE ratio for ZB1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.5x
CBK Commerzbank
9.1x8.2%€18.8b
PB Prosperity Bancshares
17.7x13.3%US$7.9b
CBSH Commerce Bancshares
18.7x0.3%US$9.2b
SNV Synovus Financial
24.7x32.9%US$7.9b
ZB1 Zions Bancorporation National Association
13.6x6.3%€8.8b

Price-To-Earnings vs Peers: ZB1 is good value based on its Price-To-Earnings Ratio (13.6x) compared to the peer average (17.4x).

Price to Earnings Ratio vs Industry

How does ZB1's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ZB1 13.6xIndustry Avg. 7.4xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ZB1 is expensive based on its Price-To-Earnings Ratio (13.6x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is ZB1's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZB1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.6x
Fair PE Ratio10.9x

Price-To-Earnings vs Fair Ratio: ZB1 is expensive based on its Price-To-Earnings Ratio (13.6x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ZB1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€56.39
€53.22
-5.6%
7.1%€64.59€47.50n/a20
Nov ’25€47.51
€50.41
+6.1%
6.2%€56.08€43.21n/a21
Oct ’25€42.04
€46.77
+11.2%
6.1%€52.09€42.21n/a21
Sep ’25€44.16
€46.68
+5.7%
6.5%€52.00€40.35n/a22
Aug ’25€47.47
€47.79
+0.7%
7.5%€53.56€38.79n/a22
Jul ’25€40.08
€42.92
+7.1%
8.3%€52.15€36.32n/a22
Jun ’25€38.75
€42.90
+10.7%
8.2%€52.02€36.23n/a22
May ’25€38.87
€42.97
+10.6%
8.1%€52.20€36.36n/a22
Apr ’25€39.60
€42.85
+8.2%
7.9%€52.14€37.24n/a21
Mar ’25€36.40
€42.65
+17.2%
7.7%€51.63€36.88n/a21
Feb ’25€38.80
€42.69
+10.0%
10.0%€53.36€29.44n/a21
Jan ’25€40.20
€36.88
-8.3%
16.0%€52.66€29.06n/a21
Dec ’24€32.60
€34.33
+5.3%
15.6%€53.00€26.50n/a21
Nov ’24€29.00
€35.41
+22.1%
15.5%€54.80€27.40€47.5122
Oct ’24€32.00
€36.46
+13.9%
14.8%€54.86€29.32€42.0421
Sep ’24€32.60
€34.19
+4.9%
12.4%€41.06€24.63€44.1618
Aug ’24€34.60
€33.25
-3.9%
11.9%€40.72€24.43€47.4718
Jul ’24€25.00
€33.41
+33.7%
23.3%€59.81€23.92€40.0819
Jun ’24€25.80
€34.99
+35.6%
22.0%€60.11€24.97€38.7519
May ’24€23.80
€35.36
+48.6%
20.8%€58.86€26.26€38.8719
Apr ’24€27.60
€47.24
+71.2%
19.3%€59.60€28.42€39.6019
Mar ’24€47.45
€52.61
+10.9%
7.4%€59.56€42.15€36.4019
Feb ’24€48.44
€52.13
+7.6%
7.1%€59.17€41.87€38.8019
Jan ’24€45.61
€55.50
+21.7%
9.0%€63.97€46.09€40.2020
Dec ’23€49.21
€57.54
+16.9%
8.3%€65.79€48.38€32.6019
Nov ’23€52.38
€59.73
+14.0%
8.3%€68.84€50.62€29.0020

Analyst Forecast: Target price is lower than the current share price.

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