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ValueXVail 2012 - Kai Shih

ValueXVail 2012 - Kai Shih

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Published by VitaliyKatsenelson

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Published by: VitaliyKatsenelson on Jun 25, 2012
Copyright:Attribution Non-commercial

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07/28/2013

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Value-X Vail June 2012
kai@shihinvestments.com
Not the huge, risky mess you think it is
 
Valuation
Implied appreciation sounds large, but only means BAC returning topost-crisis prices, mid-2009 through mid-2011.
Consensus analyst: earnings more than double in 2 years.
* Based on 6/18 price of $7.76
Metric Multiple Implied Price &Appreciation
Tangible Book Value 1x $13 / 68%Mayo
s
2014 earnings est. 10x $12 / 55%
Mayo’s 2014 dividend est.
20x $17 / > 100%
Book Value 1x $20 / > 100%Consensus 2014 earnings est. 10x $15 / 93%
Mayo has a
sell rating
 
Cheap for a Reason?
Mortgage Litigation
Europe
JPM Trading Losses

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