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Report printed: 4/3/2019

Wells Fargo
NYSE:WFC

SNOWFLAKE DESCRIPTION
Flawless balance sheet 6 star dividend payer. 

COMPANY DESCRIPTION
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking
services to individuals, businesses, and institutions. The last earnings update was 34 days ago. More info.
WFC SHARE PRICE AND EVENTS

1M 3M 1Y 3Y 5Y Max

2015 2016 2017 2018 2019

Max: US$65.93

Min: US$49.58

Oct 17 Jan 18 Apr 18 Jul 18

Earnings Update Exec/Board Change Exec/Board Change Downsizing Exec/Board Change

Strategy Management Other Dividend Financial

7 DAY RETURNS  1 YEAR RETURNS

-1.6%
NYSE:WFC
5%
US BANKS
2.3%
US MARKET
-7.4%
NYSE:WFC
-5.8%
US BANKS
9.4%
US MARKET

WFC SHAREHOLDER RETURN 1 YEAR RETURN VS INDUSTRY AND MARKET

  7 30 90 1 3 Year 5 Year WFC underperformed the Banks industry which
Day Day Day Year returned -5.8% over the past year.
Wells Fargo -1.6% -3.6% 2.7% -7.4% 1.5% -1.3%
WFC underperformed the Market in United States of
(WFC)
America which returned 9.4% over the past year.
US Banks 5% -3.2% 10.9% -5.8% 48.2% 40.7%
US Market 2.3% 1.7% 15.1% 9.4% 39.4% 46.7%
PRICE VOLATILITY

WFC
 
Industry

5YR VOLATILITY VS MARKET

RELATED COMPANIES

JPMorgan Chase Bank of America

NYSE:JPM NYSE:BAC

Citigroup
NYSE:C
WFC VALUE
 Is Wells Fargo undervalued based on future cash flows and its price relative to the stock market?

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS 

Future cash
flow value $56.75
Undervalued About right

Current
share price $48.21

 Raw Data

CURRENT DISCOUNT CURRENT DISCOUNT CHECKS 

15%
Wells Fargo's share price is below the future
cash flow value, but not at a moderate discount
Share price is (< 20%).
$48.21 vs Future
cash flow value Wells Fargo's share price is below the future
of $56.75 cash flow value, but not at a substantial discount
(< 40%).
PRICE RELATIVE TO MARKET 

PRICE BASED ON PAST EARNINGS PRICE BASED ON EXPECTED GROWTH

30x 2x

60x
0x

0x

4x
PE 11.2x PEG 2.2x
Banks Market WFC WFC

 Raw Data  Raw Data

Wells Fargo is good value based on earnings Wells Fargo is poor value based on expected
compared to the US Banks industry average. growth next year.
Wells Fargo is good value based on earnings
compared to the United States of America
market.

PRICE BASED ON VALUE OF ASSETS

10x
20x
0x

PB 1.3x
Banks Market WFC

 Raw Data

Wells Fargo is overvalued based on assets

compared to the US Banks industry average.
WFC FUTURE PERFORMANCE
 How is Wells Fargo expected to perform in the next 1 to 3 years based on estimates from 22 analysts?

5%
EARNINGS GROWTH VS LOW RISK SAVINGS 
Expected annual
growth in
Wells Fargo's earnings growth is expected to
earnings. exceed the low risk savings rate of 2.7%.

GROWTH VS MARKET CHECKS 

Wells Fargo's earnings growth is positive but

not above the United States of America market
average.
Wells Fargo's revenue growth is positive but
not above the United States of America market
average.

ANNUAL GROWTH RATES COMPARISON

Wells Fargo Banks Market Low risk savings

14.2%

7.1%
5.0% 5.4%
4.2%
1.2%
Earnings Growth Revenue Growth
 Raw Data
ANALYSTS GROWTH EXPECTATIONS
$100B

USD

Actual Estimated

$0
2015 2016 2017 2018 2019 2020 2021 2022

Revenue Cash Flow Earnings

 Raw Data

HIGH GROWTH CHECKS 

Wells Fargo's earnings are expected to grow by 5% yearly, however this is not considered high
growth (20% yearly).
Wells Fargo's revenue is expected to grow by 1.2% yearly, however this is not considered high
growth (20% yearly).
PAST AND FUTURE EARNINGS PER SHARE
$7

USD

$3
2015 2016 2017 2018 2019 2020 2021 2022

Historical Range of past estimates Analyst's Estimate Range of estimates

 Raw Data

PERFORMANCE IN 3 YEARS 

20.
0%
Wells Fargo is not expected to efficiently use
shareholders’ funds in the future (Return on
Equity less than 20%).
+3 years
0.0%

13.5%
Return
on Equity
Banks Wells Fargo
WFC PAST PERFORMANCE
  How has Wells Fargo performed over the past 5 years?

PAST EARNINGS GROWTH PAST EARNINGS GROWTH ANALYSIS 

Wells Fargo's year on year earnings growth

Wells Fargo Banks Market
rate was negative over the past 5 years,
43.8% however the most recent earnings are above
average.
26.5% Wells Fargo's 1-year earnings growth
exceeds its 5-year average (0.7% vs -1.7%)
12.4%
0.7% Wells Fargo's earnings growth has not
exceeded the US Banks industry average in the
past year (0.7% vs 43.8%).
-1.7%
Past 5 years Last 1 year

EARNINGS AND REVENUE HISTORY

$100B
USD

$0
2013 2014 2015 2016 2017 2018 2019

Revenue Earnings Operating Expenses

 Raw Data
PERFORMANCE LAST YEAR 

12% 1% -%
Return Return Return
on Equity on Assets on Capital
Banks
Wells Fargo

Wells Fargo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Wells Fargo used its assets more efficiently than the US Banks industry average last year based on
Return on Assets.
Unable to establish if Wells Fargo improved its use of capital last year versus 3 years ago (Return on
Capital Employed) due to insufficient past data.
WFC HEALTH
 How is Wells Fargo's financial position? (This company is analysed differently as a bank or financial institution)

NET WORTH 

Short term
Long term
$2T Net worth
USD

Net worth

$0
2012 2013 2014 2015 2016 2017 2018 2 Liabilities Assets

BALANCE SHEET

ASSETS LIABILITIES AND SHARES

0. 5 0. 5

Debt

Cash + Short term

Long term + Investments Accounts
Other Assets Payable

Shares

Other
Receivables
Liabilities
HISTORICAL DEBT 

$500B

USD

$0
2013 2014 2015 2016 2017 2018 2019

Debt Net worth (Equity) Cash

 Raw Data

BANK ANALYSIS 

This company is a bank or financial institution, which is analysed accordingly below.

Wells Fargo has an acceptable proportion of non-loan assets held.

Wells Fargo's liabilities are made up of primarily low risk sources of funding.
Loans at Wells Fargo are broadly funded by customer deposits.
Wells Fargo's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to
fund lending).
Wells Fargo has a sufficient allowance for bad loans.
Wells Fargo has an acceptable level of bad loans (less than 2%).
WFC DIVIDENDS
 What is Wells Fargo's current dividend yield, its reliability and sustainability?

ANNUAL DIVIDEND INCOME DIVIDEND AMOUNT 

3.73%
Wells Fargo's pays a higher dividend yield
than the bottom 25% of dividend payers in United
States of America (1.45%).
Wells Fargo's dividend is above the markets
top 25% of dividend payers in United States of
America (3.68%).

Current annual
income from
Wells Fargo
dividends.
Estimated to be
4.05% next year.

ANNUALIZED HISTORICAL AND FUTURE DIVIDENDS

15% $3

7.47%
DPS

2.88%
0.63%

0% $0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

WFC yield WFC annual DPS Banks Market

 Raw Data

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.
CURRENT PAYOUT TO SHAREHOLDERS  FUTURE PAYOUT TO SHAREHOLDERS 

to you to you

38% 37%
Now +3 yrs
Retaine Retaine
Wells F Wells Fa

Dividends paid are well covered by earnings Dividends after 3 years are expected to be
(2.6x coverage). well covered by earnings (2.7x coverage).
WFC MANAGEMENT
 What is the CEO of Wells Fargo's salary, the management and board of directors tenure and is there insider trading?

CEO

C. Parker
AGE 63
TENURE AS CEO 0.1 years

CEO BIO
Mr. C. Allen Parker serves as Interim CEO, President and Director of Wells Fargo & Company since
March 28, 2019. Mr. Parker served as the Senior Executive Vice President and General Counsel of Wells
Fargo & Company since March 27, 2017 until March 28, 2019. Mr. Parker served as Partner of
Corporate Department and as Member of the Corporate Governance and Board Advisory Practice at
Cravath, Swaine & Moore LLP. He was employed in a number of leadership positions during his more
than 25 years stay with Cravath, Swaine & Moore LLP. He served as Presiding Partner of Cravath,
Swaine & Moore LLP from January 1, 2013 to January 1, 2017. He was responsible for strategic planning,
risk management, financial analysis and reporting, business development and the management of
Cravath, Swaine & Moore LLP's 86 partners and more than 1,200 employees. He served as Deputy
Presiding Partner at Cravath, Swaine & Moore LLP from January 1, 2007 to January, 2013. He joined
Cravath, Swaine & Moore LLP in 1984 and served as its Partner from June 1990 to March 2017. He
specializes in complex syndicated loan transactions, primarily in the context of acquisition financings
and leveraged recapitalizations. He has extensive experience in a broad range of finance, banking
and related matters, including syndicated loan transactions, acquisition financings and leveraged
recapitalizations, as well as extensive experience in a broad range of corporate advisory matters. Mr.
Parker’s clients have included JPMorgan Chase, Citigroup, Covenant House, DreamWorks Animation,
DreamWorks Studios, Kissinger Associates and Permira. Earlier in his career, he served in a clerkship
with Hon. Amalya Kearse of the U.S. Court of Appeals for the Second Circuit. Mr. Parker received a B.A.
degree magna cum laude from Duke University in 1977 and an M.A. from the University of Chicago in
1980. He earned a J.D. magna cum laude from Columbia Law School, where he was a Harlan Fiske
Stone Scholar and Notes and Comments Editor of the Law Review in 1983. He is a member of the New
York State Bar Association and of the New York City Bar Association, where he served on the
Corporation Law Committee from 2009 to 2012.

CEO COMPENSATION 
 Total Compensation Salary Wells Fargo's Earnings

Insufficient data for C. to compare compensation growth.

Insufficient data for C. to establish whether their remuneration is reasonable compared to companies
of similar size in United States of America.

MANAGEMENT TEAM TENURE BOARD OF DIRECTORS TENURE

Average tenure and age of the Wells Fargo Average tenure and age of the Wells Fargo
management team in years: board of directors in years:

3.4
AVERAGE TENURE
55.5
AVERAGE AGE
2.2
AVERAGE TENURE
64
AVERAGE AGE

The tenure for the Wells Fargo management The average tenure for the Wells Fargo
team is about average. board of directors is less than 3 years, this
suggests a new board.
MANAGEMENT TEAM
BOARD OF DIRECTORS
John Shrewsberry Avid Modjtabai
TITLE TITLE Betsy Duke C. Parker
Senior EVP & CFO Senior EVP of Payments TITLE TITLE
COMPENSATION COMPENSATION Chairman of the Board Interim CEO
$13M $10M COMPENSATION AGE
AGE AGE $631K 63
52 56 AGE TENURE
TENURE TENURE 65 0.1 yrs
4.9 yrs 12 yrs TENURE
1.3 yrs
Perry Pelos Mary Mack
TITLE TITLE Henry Jordan Don James
Senior Executive Vice Head of Consumer TITLE TITLE

President of Wholesale Banking Chairman & CEO of Wells Independent Director

Fargo Capital Finance COMPENSATION
Banking COMPENSATION
COMPENSATION $9M AGE $358K
62 AGE
$9M AGE
AGE 55 69
TENURE
54 TENURE
10.3 yrs
 TENURE 2.2 yrs
10.2 yrs
John Baker Jim Quigley
TITLE TITLE
C. Parker Titi Cole Independent Director Independent Director
TITLE TITLE
COMPENSATION COMPENSATION
Interim CEO Head of Operations & $350K $417K
AGE Executive VP AGE AGE
63 TENURE
69 66
TENURE 2 yrs TENURE TENURE
0.1 yrs 10.3 yrs 5.5 yrs
Rich Levy Scott Dillon Zan Vautrinot Ron Sargent
TITLE TITLE
TITLE TITLE
Executive VP Chief Technology Officer Independent Director Independent Director
AGE TENURE
COMPENSATION COMPENSATION
60 3.2 yrs $348K $359K
AGE AGE
Hope Hardison John Campbell 58 62
TITLE TITLE
TENURE TENURE
Chief Administrative Head of Investor 4.2 yrs 2.2 yrs
Officer Relations
AGE AGE
53 84
Ted Craver Maria Morris
TITLE TITLE
TENURE
Independent Director Independent Director
3.7 yrs COMPENSATION COMPENSATION
$404K $413K
AGE AGE
66 55
TENURE TENURE
1.3 yrs 1.3 yrs

WHO OWNS THIS COMPANY?

General
Public Institutions

Individual Insiders Public Companies General Public Institutions

RECENT INSIDER TRADING 

0-3 months

3-6 months

6-9 months 
9-12 months 
SOLD BOUGHT
Sold by companies Sold by individuals Bought by companies Bought by individuals

No 3 month insider trading information.

RECENT INSIDER TRANSACTIONS

Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. Aug 18 Sell Avid Modjtabai Individual  17. Aug 18 17. Aug 18 -100,000 $58.71 $-5,871,000
14. Aug 18 Sell Hope Hardison Individual  13. Aug 18 13. Aug 18 -25,000 $58.01 $-1,450,250
25. May 18 Sell Petros Pelos Individual  24. May 18 24. May 18 -25,567 $54.76 $-1,400,049
WFC NEWS

SIMPLY WALL ST NEWS

How Do Analysts See Wells Fargo & Company (NYSE:WFC) Performing Over The Next Few Years?
The latest earnings announcement Wells Fargo & Company (NYSE:WFC) released in December 2018a … company

Simply Wall St - 3 days ago – Full article

Intrinsic Calculation For Wells Fargo & Company (NYSE:WFC) Shows Investors Are Overpaying
Valuing WFC, a bank stock, can be daunting since these financial companies have cash flows that are impacted by
regulations that are not imposed upon other industries. … The tiered capital structure is common for banks to abide by, in
order to ensure they maintain a sufficient level of cash for their customers.

Simply Wall St - 7 months ago – Full article

Wells Fargo & Company (NYSE:WFC) Delivered A Better ROE Than The Industry, Here’s Why
Wells Fargo & Company (NYSE:WFC) performed in-line with its diversified banks industry on the basis of its ROE –
producing a return of10.71% relative to the peer average of 8.45% over the past 12 months. … If WFC borrows debt to invest
in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity,
which is great on the surface

Simply Wall St - 8 months ago – Full article

Why These Fundamentals Make Wells Fargo & Company’s (NYSE:WFC) More Attractive
Wells Fargo & Company (NYSE:WFC) is a large-cap stock operating in the financial services sector with a market cap of
US$260.36b. … As major financial institutions return to health after the Global Financial Crisis, we are seeing an increase in
k t fid d d t di f th “t bi t f il” b ki t k Th B l III f i d t
WFC COMPANY INFO
DESCRIPTION
Wells Fargo & Company, a diversified financial services company, provides retail,
commercial, and corporate banking services to individuals, businesses, and institutions. It
operates through three segments: Community Banking, Wholesale Banking, and Wealth and
Investment Management. The company also engages in the wholesale banking, mortgage
banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities
brokerage and investment banking, computer and data processing, trust, investment advisory,
mortgage-backed securities, and venture capital investment services. As of February 7, 2019, it
operated through 7,800 locations, 13,000 ATMs, and the Internet and mobile banking, as well as has
offices in 37 countries and territories. Wells Fargo & Company was founded in 1852 and is
headquartered in San Francisco, California.

DETAILS
Name: Wells Fargo & Company
Ticker: WFC
Exchange: NYSE
Founded: 1852
Market Cap: $218,967,497,242
Shares outstanding: 4,541,951,820
Website: http://www.wellsfargo.com
Address: Wells Fargo & Company
420 Montgomery Street,
San Francisco,
California, 94163,
United States
LISTINGS
Exchange Ticker Security Exchange Country Currency Listed
Symbol Symbol on
 NYSE WFC Common Stock New York Stock US USD 02.
Exchange Jan
1968
 DB NWT Common Stock Deutsche Boerse AG DE EUR 02.
Jan
1968
 XTRA NWT Common Stock XETRA Trading Platform DE EUR 02.
Jan
1968
 LSE 0R2F Common Stock London Stock Exchange GB USD 02.
Jan
1968
 SWX WFC Common Stock SIX Swiss Exchange CH CHF 02.
Jan
1968
 WBAG WFC Common Stock Wiener Boerse AG AT EUR 02.
Jan
1968
 SNSE WFC Common Stock Santiago Stock CL USD 02.
Exchange Jan
1968
 BMV WFC * Common Stock Bolsa Mexicana de MX MXN 02.
Valores Jan
1968
NYSE WFC.PRN DEP SHS REPSTG 1 New York Stock US USD 13.
Exchange Aug
2012
NYSE WFC.PRO DEP1/1000PF CL A New York Stock US USD 15.
Exchange Nov
2012
NYSE WFC.PRP DEP1/1000PF CL A New York Stock US USD 19.
Exchange Mar
2013
NYSE WFC.PRQ DEP SHS 1/1000 A New York Stock US USD 16. Jul
Exchange 2013
NYSE WFC.PRR DEP 1/1000 PFD A New York Stock US USD 13.
Exchange Dec
2013
NYSE WFC.PRT DEP SHS 1/1000 T New York Stock US USD 17. Jul
Exchange 2014
NYSE WFC.PRY NON CUM PFD Y New York Stock US USD 18.
Exchange Apr
2017
NYSE WFC.PRX PFD SER X CL A New York Stock US USD 10. Jun
Exchange 2016
NYSE WFC.PRW PFD SER W CL A New York Stock US USD 21. Jan
Exchange 2016
NYSE WFC.PRV DEP PFD V 1/1000 New York Stock US USD 10.
 Exchange Sep
2015
NYSE WFC.PRL PERP PFD CNV A New York Stock US USD 15.
Exchange Apr
2008
BOVESPA WFCO34 BDR EACH REPR 1 COM SH Bolsa de Valores de Sao BR BRL 03.
Paulo Jan
2012
BASE WFC CEDEAR EACH 5 REP 1 COM Buenos Aires Stock AR ARS 26. Jul
USD1.666666 Exchange 2001
DB NWT2 7.98%-FR PERP PRF CL 'A' SRS K Deutsche Boerse AG DE USD 08.
USD1000 Jan
2009

NUMBER OF EMPLOYEES CURRENT STAFF

300,000

258,700
2013 2014 2015 2016 2017 20182019 Wells Fargo
employees.
Employees

INDUSTRY COMPANY ANALYSIS AND FINANCIAL DATA STATUS

Industry: Diversified Banks Area Date (UTC time)
Sector: Banks Company Analysis updated: 2019/04/02 23:48
End of day share price update: 2019/04/02 00:00
Last estimates confirmation: 2019/04/02
Last earnings filing: 2019/02/27
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31

All dates and times in UTC. All financial data

provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a

yearly period but updated quarterly. This is
known as Trailing Twelve Month (TTM) or Last
Twelve Month (LTM) Data. Learn more here.
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