May 21, 2019

Banks specific market implied market growth is derived from the Gordon growth model. We use the Gordon growth model as banks have a predicted dividend payout year on year.

*Implied growth rates derived from dividend growth model, FCF model and residual income model when applicable

Disclaimer: The information provided here is for educational purposes only and should not be considered for investment or any other purposes other than educational ones. These results are support material for teaching purposes. We make certain assumptions in our calculations and these numbers and ratio might differ based on changes in these assumptions. We will disclose more information on our calculation methodology shortly.