JPMorgan Chase & Company

Income Statement
Year ended December 31,
(in millions)
Revenue
Investment banking fees
Principal transactions(a)
Lending- and deposit-related fees
Asset management, administration and commissions
Securities gains
Mortgage fees and related income
Card income
Other income(b)
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Consumer, excluding credit card
Credit card
Total consumer
Wholesale
Total provision for credit losses
Noninterest expense
Compensation expense
Noncompensation expense:
Occupancy
Technology, communications and equipment
Professional and outside services
Marketing
Other(a)(b)
Total noncompensation expense
Total noninterest expense
Income tax expense
Income before income tax expense
Income tax expense
Effective tax rate
Net Income

Actual
2012
$

2013

5,808
5,536
6,196
13,868
2,110
8,687
5,658
4,258
52,121
44,910
97,031

302 $
3,444
3,746
(361)
3,385 $

30,585

3,925
5,224
7,429
2,577
14,989
34,144
64,729

6,354
10,141
5,945
15,106
667
5,205
6,022
3,847
53,287
43,319
96,606

(1,871) $
2,179
308
(83)
225 $

30,810

3,693
5,425
7,641
2,500
20,398
39,657
70,467

Forecast
2014
6,542
10,531
5,801
15,931
77
3,563
6,020
2,106
50,571
43,634
94,205

2015
$

419
3,079
3,498
(359)
3,139 $

30,160

3,909
5,804
7,705
2,550
11,146
31,114
61,274

6,751 $
10,408
5,694
15,509
202
2,513
5,924
3,032
50,033
43,510
93,543 $

3,827

2016

2017

7,101 $
10,408
5,536
16,116
206
1,666
6,019
2,921
49,973
44,815
94,789 $

7,469
10,408
5,383
16,747
209
1,105
6,115
2,815
50,251
46,608
96,859

$4,018

$4,018

29,750 $

29,479 $

29,210

3,768
6,193
7,002
2,708
9,593
29,264
59,014 $

3,722
6,555
6,875
2,755
8,851
28,758
58,237 $

3,676
6,938
6,751
2,803
8,166
28,335
57,545

28,917 $
7,633
26.40%

25,914 $
7,991
30.80%

29,792 $
8,030
27.00%

30,702 $
6,260
20.39%

32,533 $
8,507
26.15%

35,295
9,229
26.15%

21,284

17,923

21,762

24,442 $

24,027 $

26,067

(in millions besides per share data)

Earnings per share data
Net Income
Less: Perferred Stock Dividends
NI Applicable to Common Equity
Less: Dividends & Undistributed Earnings
allocated to participating securities
Net Income Applicable to Common Shareholders
Total WA Basic Shares Outstanding
Net Income per Share - Basic
Net Income Applicable to Common Shareholders
Total WA Basic Shares Outstanding
Add: Employee Stock Options, SARs, and Warrants
Total WA Diluted Shares Outstanding
Net Income Per Share - Diluted
Dividend Info
Cash Dividends Declared Per Share
Payout Ratio
Retention Ratio
ROE and Growth Rate
Return on Common Equity ("ROE")
Implied growth rate

$
$
$

Actual
2013
17,923 $
805
$17,118

752
19,885 $
3,809.4
5.22 $

513
16,605 $
3,782.4
4.39 $

543
20,094 $
3,763.5
5.34 $

521
22,406
3,700.4
6.06

521
$21,991
3,664.8
$6.00

521
$24,031
3,629.6
$6.62

19,885
3,809.4
12.8
3,822.2
5.20

16,605
3,782.4
32.5
3,814.9
4.35

20,094
3,763.5
34.0
3,797.5
5.29

22,406
3,700.4
32.4
3,732.8
6.00

$21,991
3,664.8
32.4
3,697.2
$5.95

$24,031
3,629.6
32.4
3,662.0
$6.56

1.20
23.0%
77.0%

1.44
32.8%
67.2%

1.58
29.6%
70.4%

2012
21,284
647
$20,637

10.9%
8.4%

9.1%
6.1%

Forecast
2014
21,762
1,125
$20,637

10.6%
7.4%

2015
24,442 $
1,515
$22,927

2016
24,027 $
1,515
$22,512

2017
26,067
1,515
$24,552

1.72 $
28.4%
71.6%

1.80 $
30.0%
70.0%

1.99
30%
70.0%

11.3%
8.1%

10.6%
7.4%

10.9%
7.6%

Forecast
2018
$

7,856 $
10,408
5,233
17,402
213
732
6,213
2,712
50,771
48,006
98,777 $

2019
8,264
10,408
5,088
18,083
217
486
6,313
2,613
51,472
48,966
100,438

$4,018

$4,018

28,944 $

28,680

3,631
7,344
6,628
2,851
7,535
27,990
56,934 $

3,587
7,773
6,508
2,901
6,952
27,721
56,402

2020
$

8,692
10,408
4,947
18,790
221
322
6,414
2,518
52,313
49,946
102,259

$4,018

28,419

3,543
8,227
6,391
2,951
6,414
27,527
55,946

37,825 $
9,890
26.15%

40,018 $
10,464
26.15%

42,294
11,059
26.15%

27,935 $

29,554

31,236

Forecast
2018
$
27,935 $
1,515
$26,420

2019
29,554
1,515
$28,039

2020
31,236
1,515
$29,721

521
$25,899
3,594.7
$7.20

521
$27,518
3,560.1
$7.73

521
$29,200
3,525.9
$8.28

$25,899
3,594.7
32.4
3,627.1
$7.14

$27,518
3,560.1
32.4
3,592.5
$7.66

$29,200
3,525.9
32.4
3,558.3
$8.21

2.16 $
30%
70.0%

2.32 $
30%
70.0%

2.48
30%
70.0%

11.2%
7.8%

11.3%
7.9%

11.4%
8.0%

JPMorgan Chase & Company

Balance Sheet
Actual
December 31, (in millions)
Assets
Current Assets
Cash and Cash Equivalents
Net Receivables
Total Current Assets

2012

Liabilities
Current Liabilities
Deposits
Accounts payable
Short/Current Portion Long Term Debt
Total Current Liabilities
Trading Liabilities
Long Term Debt
Minority Interests
Total liabilities
Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
APIC
Accum. OCI
Stockholders' equity
Total liabilities and SE

2014

2015

2016

2017

Forecast
2018

2019

2020

471,833 $
60,933
532,766 $

603,938 $
65,160
669,098 $

728,111 $
70,079
798,190 $

573,080 $
46,605
619,685 $

613,834 $
60,000
673,834 $

669,310 $
60,000
729,310 $

725,588 $
60,000
785,588 $

782,216 $
60,000
842,216 $

838,906
60,000
898,906

733,796
(21,936)
711,860

738,418
(16,264)
722,154

757,336
(14,185)
743,151

837,299
(13,555)
823,744

862,418
(13,962)
848,456

888,291
(14,380)
873,910

914,939
(14,812)
900,127

942,387
(15,256)
927,131

970,659
(15,714)
954,945

940,197
14,519
48,175
7,614
2,235
101,775
2,359,141 $

840,132
14,891
48,081
9,614
1,618
110,101
2,415,689 $

857,427
15,133
47,647
7,436
1,192
102,098
2,572,274 $

733,387
14,362
47,325
6,608
1,015
105,572
2,351,698

711,385
14,319
47,045
6,442
782
105,572
2,407,836

690,044
14,275
46,767
6,281
603
105,572
2,466,762

669,343
14,232
46,491
6,123
465
105,572
2,527,940

649,262
14,189
46,216
5,970
358
105,572
2,590,914

629,784
14,146
45,943
5,820
276
105,572
2,655,392

1,193,593 $
195,240
322,106
1,710,939

1,287,765 $
194,491
267,005
1,749,261

1,363,427 $
206,939
288,667
1,859,033

1,279,715
177,638
189,345
1,646,698

1,318,106
177,638
189,345
1,685,089

1,357,650
177,638
189,345
1,724,633

1,398,379
177,638
189,345
1,765,362

1,440,331
177,638
189,345
1,807,314

1,483,540
177,638
189,345
1,850,523

380,942
63,191
2,155,072 $

137,744
267,889
49,617
2,204,511 $

152,815
276,379
52,320
2,340,547 $

126,897
288,651
41,879
2,104,125 $

126,897
300,197
36,855
2,149,039 $

126,897
312,205
32,434
2,196,168 $

126,897
324,693
28,543
2,245,495 $

126,897
337,681
25,119
2,297,010 $

126,897
351,188
22,105
2,350,714

9,058
4,105
104,223
(12,002)
94,604
4,081
204,069
2,359,141 $

11,158
4,105
115,756
(14,847)
93,828
1,178
211,178
2,415,689 $

20,063
4,105
129,977
(17,856)
93,270
2,168
231,727
2,572,274 $

26,068
4,105
146,420
(21,691)
92,500
171
247,573
2,351,698

26,068
4,105
163,239
(26,423)
91,809
0
258,798
2,407,836

26,068
4,105
181,485
(32,188)
91,124
0
270,594
2,466,762

26,068
4,105
201,039
(39,210)
90,443
0
282,446
2,527,941

26,068
4,105
221,727
(47,764)
89,767
0
293,904
2,590,914

26,068
4,105
243,592
(58,184)
89,097
0
304,678
2,655,392

$
$

Loans
Allowance for loan losses
Loans, net of ALL
Other Long Term Investments
Premises and equipment
Goodwill
Mortgage servicing rights
Other intangible assets
Other assets
Total assets

2013

Relative Valuation
Company
JPM
WFC
BAC
USB
PNC
C
GS
MS
COP
BNY
Average
Median

Stock Price

EPS

57.82
48.09
12.13
39.46
82.82
38.99
146.91
24.00
65.73
34.93

BV

6.00
4.15
1.31
3.16
7.38
5.40
12.14
2.90
7.07
2.71

Trailing P/E
60.46
33.83
22.54
23.28
81.86
69.46
171.45
34.97
89.09
32.70

9.64
11.59
9.26
12.49
11.22
7.22
12.10
8.28
9.30
12.89
10.40
10.43

P/BV
0.96
1.42
0.54
1.70
1.01
0.56
0.86
0.69
0.74
1.07
0.95
0.91

ROE
11.30%
12.34%
6.36%
13.04%
9.00%
7.99%
7.10%
8.48%
8.69%
8.30%
9.15%
8.59%

St. Dev
8.6%
9.2%
14.4%
7.0%
8.2%
14.9%
9.2%
10.8%
11.2%
7.0%
10.04%
9.17%

SUMMARY OUTPUT
Regression Statistics
Multiple R
95.1%
R Square
90.3%
Adjusted R Square
87.6%
Standard Error
13.1%
Observations
10
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

2
7
9

SS
1.1194360089
0.11957783
1.2390138389

MS
F
Significance F
0.5597180045 32.76548865 0.0002792613
0.0170825471

Coefficients
0.4288544654
11.552950034
-5.303221168

Standard Error
0.370539737
2.4709092781
1.889304135

t Stat
P-value
Lower 95%
1.1573777996
0.28508029 -0.4473327828
4.6755864879 0.002272554
5.710178031
-2.8069706038 0.026259934 -9.7707155445

Upper 95%
1.3050417136
17.395722036
-0.8357267922

Lower 95.0%
-0.4473327828
5.710178031
-9.7707155445

RESIDUAL OUTPUT
Observation
1
2
3
4
5
6
7
8
9
10

Predicted Y
Residuals
1.1475346343
-0.1911998675
1.3691307923
0.0523885692
0.4000168687
0.1381375235
1.5656061199
0.1294110622
1.0341048374
-0.022377498
0.5613776901 -4.7428058E-005
0.7622595489
0.0946083426
0.8350746102
-0.1487720652
0.8397039625
-0.1019107198
1.0184336377
0.0497620809

Standard Residuals
-1.6587598231
0.4544985046
1.1984159669
1.1227093067
-0.1941366129
-0.0004114634
0.8207773347
-1.290676232
-0.8841293129
0.4317123314

Company
MS
JPM
COF
PNC
C
WFC
BNY
USB
GS
BAC
Average
Median

(Under) / Over %
(17.8%)
(16.7%)
(12.1%)
(2.2%)
(0.0%)
3.8%
4.9%
8.3%
12.4%
34.5%
1.5%
1.9%

Predicted P/BV
0.84
1.15
0.84
1.03
0.56
1.37
1.02
1.57
0.76
0.40
0.95
0.93

Upper 95.0%
1.3050417136
17.395722036
-0.835726792

JPMorgan Chase & Co.

Sensitivity Analysis

Dividend Discount Model

Growth Phase

Beta
Risk-Free Rate
Market Risk Premium
Cost of Equity
Stable Phase
Beta
Risk-Free Rate
Market Risk Premium
Cost of Equity
Stable Phase growth rate
Dividends
Present Value Factor
Present Value
2-Stage DDM Valuation

1.20
1.74%
5.61%
8.50%

Equity
Risk
Premium

1.10
2%
5%
7.50%
4.50%
2016
1.80
1.08
1.66
$65.93

Terminal Value
1-Stage DDM Valuation
$61.31

2017
1.99
1.18
1.69

2018
2.16
1.28
1.69

2019
2.32
1.39
1.67

2020 Terminal Value

2.48
86.54
1.50
1.50
1.65
57.56

Equity
Risk
Premium

LT Growth

5.00%
5.10%
5.20%
5.30%
5.40%
5.50%
5.61%
5.70%
5.80%

1.00
71.25
70.93
70.61
70.30
69.99
69.68
69.34
69.06
68.76

1.05
70.46
70.13
69.80
69.48
69.16
68.84
68.49
68.20
67.89

1.10
69.68
69.34
69.00
68.67
68.34
68.01
67.64
67.35
67.03

5.00%
5.10%
5.20%
5.30%
5.40%
5.50%
5.61%
5.70%
5.80%

1.50%
68.81
68.45
68.09
67.73
67.37
67.01
66.62
66.31
65.96

1.74%
68.09
67.73
67.37
67.02
66.66
66.31
65.93
65.62
65.27

1.90%
67.61
67.25
66.90
66.55
66.20
65.85
65.47
65.16
64.82

3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%

1.00
48.52
50.97
53.73
56.85
60.42
64.54
69.34
75.02
81.83

1.05
47.94
50.36
53.08
56.16
59.68
63.74
68.49
74.09
80.81

1.10
47.36
49.75
52.43
55.48
58.95
62.96
67.64
73.18
79.81

1.15
68.91
68.56
68.22
67.87
67.53
67.19
66.82
66.51
66.18

Beta
1.20
68.16
67.80
67.44
67.08
66.73
66.38
66.00
65.69
65.35

1.25
67.41
67.04
66.67
66.31
65.95
65.59
65.20
64.88
64.52

1.30
66.67
66.29
65.92
65.55
65.17
64.81
64.40
64.08
63.72

1.35
65.95
65.56
65.17
64.79
64.41
64.04
63.62
63.29
62.92

1.40
65.23
64.83
64.44
64.05
63.66
63.28
62.86
62.51
62.14

Risk-Free Rate
2.10%
2.30%
2.50%
67.02
66.43
65.85
66.67
66.08
65.51
66.31
65.74
65.17
65.97
65.39
64.82
65.62
65.05
64.49
65.28
64.71
64.15
64.90
64.34
63.78
64.59
64.03
63.48
64.26
63.70
63.15

2.70%
65.28
64.94
64.60
64.26
63.93
63.59
63.23
62.93
62.61

2.90%
64.72
64.38
64.04
63.71
63.37
63.05
62.69
62.39
62.07

3.10%
64.15
63.82
63.49
63.16
62.83
62.50
62.15
61.86
61.54

1.30
45.15
47.41
49.96
52.85
56.15
59.96
64.40
69.66
75.96

1.35
44.61
46.85
49.36
52.22
55.48
59.24
63.62
68.81
75.03

1.40
44.09
46.29
48.78
51.59
54.81
58.52
62.86
67.97
74.12

1.15
46.80
49.15
51.80
54.80
58.24
62.20
66.82
72.28
78.83

Beta
1.20
46.24
48.56
51.18
54.14
57.53
61.44
66.00
71.39
77.86

1.25
45.69
47.98
50.56
53.49
56.84
60.69
65.20
70.52
76.90

S&P
6-mo
1-Yr
3- Yr

JPM
(6.0%)
(11.9%)
22.4%

WFC
(10.6%)
(5.2%)
25.3%

BAC
(5.7%)
(7.0%)
53.6%

USB
(14.0%)
(10.6%)
27.0%

(4.9%)
(8.7%)
25.6%
Adj Close

Date
2/1/2016
1/4/2016
12/1/2015
11/2/2015
10/1/2015
9/1/2015
8/3/2015
7/1/2015
6/1/2015
5/1/2015
4/1/2015
3/2/2015
2/2/2015
1/2/2015
12/1/2014
11/3/2014
10/1/2014
9/2/2014
8/1/2014
7/1/2014
6/2/2014
5/1/2014
4/1/2014
3/3/2014
2/3/2014
1/2/2014
12/2/2013
11/1/2013
10/1/2013
9/3/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013

S&P
1,853.44
1,940.24
2,043.94
2,080.41
2,079.36
1,920.03
1,972.18
2,103.84
2,063.11
2,107.39
2,085.51
2,067.89
2,104.50
1,994.99
2,058.90
2,067.56
2,018.05
1,972.29
2,003.37
1,930.67
1,960.23
1,923.57
1,883.95
1,872.34
1,859.45
1,782.59
1,848.36
1,805.81
1,756.54
1,681.55
1,632.97
1,685.73
1,606.28
1,630.74

JPM
56.54
59.50
65.59
66.24
63.82
60.13
63.22
67.59
66.39
64.45
61.98
58.97
59.65
52.93
60.52
58.18
58.49
57.87
57.11
55.40
54.97
53.01
53.40
57.55
53.87
52.48
55.08
53.89
48.54
48.33
47.24
52.11
49.00
50.67

WFC

49.56
49.84
53.94
54.68
53.36
50.61
52.56
56.66
55.07
54.79
53.59
52.91
53.29
50.16
52.97
52.64
50.96
49.79
49.37
48.52
50.10
48.40
46.98
47.07
43.93
42.62
42.68
41.38
39.85
38.57
38.35
40.33
38.26
37.59

BAC

13.96
14.14
16.83
17.38
16.73
15.54
16.24
17.77
16.92
16.35
15.79
15.25
15.62
14.97
17.67
16.79
16.90
16.80
15.80
14.98
15.09
14.86
14.86
16.88
16.21
16.43
15.27
15.51
13.69
13.53
13.83
14.30
12.60
13.37

USB

39.80
40.06
42.67
43.63
41.93
40.77
41.84
44.67
42.88
42.35
42.11
42.90
43.57
40.94
43.91
42.94
41.39
40.64
40.84
40.60
41.84
40.52
39.17
41.16
39.30
37.95
38.59
37.25
35.49
34.74
34.10
35.23
34.12
32.88

4/1/2013
3/1/2013
2/1/2013
1/2/2013
12/3/2012
11/1/2012
10/1/2012
9/4/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/3/2012
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009

1,597.57
1,569.19
1,514.68
1,498.11
1,426.19
1,416.18
1,412.16
1,440.67
1,406.58
1,379.32
1,362.16
1,310.33
1,397.91
1,408.47
1,365.68
1,312.41
1,257.60
1,246.96
1,253.30
1,131.42
1,218.89
1,292.28
1,320.64
1,345.20
1,363.61
1,325.83
1,327.22
1,286.12
1,257.64
1,180.55
1,183.26
1,141.20
1,049.33
1,101.60
1,030.71
1,089.41
1,186.69
1,169.43
1,104.49
1,073.87
1,115.10
1,095.63
1,036.19
1,057.08
1,020.62
987.48
919.32

45.49
43.78
45.13
43.40
40.28
37.63
38.18
36.81
33.78
32.74
32.22
29.90
38.76
41.20
35.16
33.42
29.58
27.55
30.92
26.56
33.12
35.67
35.88
37.90
39.99
40.19
40.70
39.18
36.94
32.57
32.77
33.10
31.62
35.03
31.79
34.37
36.98
38.82
36.41
33.78
36.10
36.81
36.19
37.92
37.61
33.45
29.47

34.93
34.02
32.27
32.04
31.22
30.15
30.57
31.33
30.88
30.48
30.15
28.90
29.94
30.58
27.95
25.98
24.51
23.00
22.93
21.35
23.10
24.62
24.73
25.00
25.55
27.83
28.25
28.35
27.10
23.79
22.74
21.92
20.55
24.16
22.30
24.99
28.80
27.07
23.78
24.69
23.44
24.35
23.85
24.43
23.85
21.16
20.99

12.05
11.92
10.99
11.07
11.35
9.63
9.10
8.63
7.80
7.16
7.98
7.17
7.90
9.32
7.77
6.94
5.41
5.29
6.63
5.94
7.94
9.42
10.63
11.39
11.90
12.92
13.84
13.30
12.92
10.60
11.08
12.68
12.05
13.57
13.89
15.21
17.23
17.25
16.09
14.66
14.54
15.30
14.07
16.33
16.96
14.26
12.73

31.21
31.82
31.68
30.86
29.78
29.90
30.78
31.79
30.79
30.87
29.63
28.49
29.46
29.01
26.76
25.68
24.62
23.48
23.18
21.33
20.92
23.49
22.99
22.95
23.15
23.70
24.75
24.10
24.07
21.18
21.56
19.26
18.49
21.24
19.86
21.25
23.74
22.95
21.78
22.20
19.93
21.31
20.51
19.31
19.93
17.99
15.79

5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10/1/2008
9/2/2008
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
11/1/2007
10/1/2007
9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/30/2005

919.14
872.81
797.87
735.09
825.88
903.25
896.24
968.75
1,166.36
1,282.83
1,267.38
1,280.00
1,400.38
1,385.59
1,322.70
1,330.63
1,378.55
1,468.36
1,481.14
1,549.38
1,526.75
1,473.99
1,455.27
1,503.35
1,530.62
1,482.37
1,420.86
1,406.82
1,438.24
1,418.30
1,400.63
1,377.94
1,335.85
1,303.82
1,276.66
1,270.20
1,270.09
1,310.61
1,294.87
1,280.66
1,280.08
1,248.29

31.89
28.52
22.93
19.71
22.00
26.87
26.98
35.15
39.49
32.55
34.36
28.69
35.96
39.85
35.63
33.72
39.32
35.89
37.51
38.65
37.37
36.31
35.90
39.21
41.95
42.17
38.88
39.69
40.93
38.54
36.93
37.86
37.21
36.18
36.15
33.01
33.51
35.66
32.46
32.07
30.99
30.68

22.06
17.27
12.29
10.45
16.02
24.98
24.48
28.58
31.50
25.40
25.13
19.72
22.89
24.45
23.92
24.03
27.73
24.56
26.38
27.41
28.71
29.45
26.97
28.09
28.83
28.44
27.29
27.50
28.47
27.96
27.71
28.32
28.23
27.12
28.01
25.97
25.69
26.39
24.54
24.66
23.76
23.94

10.86
8.61
6.57
3.80
6.32
13.53
15.27
22.71
32.88
28.68
30.31
21.99
30.73
33.92
34.25
35.31
39.23
36.66
40.40
42.28
44.03
43.83
41.01
42.28
43.86
43.54
43.64
43.48
44.48
45.17
45.55
45.10
44.85
43.09
42.68
39.84
40.09
40.92
37.33
37.18
35.86

16.87
16.01
12.84
12.54
13.00
21.91
23.22
25.66
31.00
27.09
26.03
23.72
27.82
28.41
27.13
26.51
27.81
26.27
27.03
27.09
26.58
26.11
24.17
26.59
27.57
27.39
27.89
28.12
28.07
28.53
26.23
26.39
25.91
24.76
24.71
23.84
23.58
24.02
23.30
23.36
22.60
22.59

PNC

C
(4.4%)
(4.3%)
47.9%

GS
(20.4%)
(18.6%)
1.8%

MS
(15.1%)
(15.0%)
10.5%

COF
(24.6%)
(26.8%)
18.4%

BK
(16.0%)
(16.2%)
33.7%

(10.0%)
(7.8%)
38.2%

Adj Close
PNC

86.09
86.65
94.75
94.95
89.73
88.17
90.07
97.05
94.04
94.08
90.19
91.17
89.92
82.67
88.71
85.06
84.01
82.74
81.93
79.82
85.62
81.98
80.80
83.16
78.17
76.35
73.74
73.14
69.89
68.44
68.27
71.84
68.48
67.27

GS

42.48
42.58
51.69
54.02
53.10
49.50
53.37
58.33
55.07
53.92
53.11
51.32
52.21
46.77
53.89
53.75
53.31
51.60
51.43
48.70
46.89
47.35
47.68
47.37
48.40
47.21
51.85
52.66
48.54
48.26
48.08
51.86
47.71
51.71

159.65
161.56
180.23
190.02
186.86
173.17
187.96
203.67
207.36
204.78
194.47
186.10
187.91
170.16
191.31
185.96
186.92
180.60
176.21
169.55
164.22
156.74
156.22
160.16
162.70
159.88
172.68
164.58
156.19
153.62
147.72
158.75
146.38
156.86

MS

25.71
25.88
31.62
34.10
32.78
31.17
34.09
38.43
38.24
37.65
36.78
35.04
35.14
33.19
37.98
34.44
34.21
33.74
33.49
31.56
31.46
30.03
30.10
30.23
29.87
28.62
30.37
30.31
27.82
26.05
24.90
26.30
23.57
24.99

COF

64.59
65.20
71.72
78.01
78.00
71.70
76.87
79.98
86.55
82.21
79.16
77.17
77.06
71.39
80.50
81.13
80.42
79.30
79.73
76.98
79.95
76.35
71.24
74.39
70.79
67.77
73.53
68.75
65.63
65.70
61.69
65.68
59.77
57.98

BK

35.50
36.22
41.02
43.63
41.45
38.81
39.45
43.02
41.44
42.81
41.81
39.58
38.49
35.41
39.71
39.19
37.90
37.74
38.18
38.04
36.36
33.53
32.86
34.07
30.89
30.85
33.57
32.38
30.55
28.87
28.44
30.07
26.70
28.61

63.74
62.04
58.20
57.65
54.04
52.03
53.94
58.12
57.26
54.44
55.92
56.20
60.68
58.64
54.12
53.57
52.14
49.01
48.56
43.27
45.02
48.75
53.20
55.71
55.64
55.90
54.76
53.25
53.80
47.71
47.76
45.91
45.09
52.52
49.89
55.40
59.34
52.63
47.39
48.86
46.45
50.17
43.07
42.67
37.40
32.19
33.98

46.40
43.99
41.74
41.93
39.33
34.37
37.16
32.52
29.53
26.96
27.23
26.34
32.82
36.30
33.10
30.50
26.12
27.29
31.36
25.43
30.82
38.06
41.32
40.84
45.54
43.85
46.43
47.82
46.93
41.67
41.37
38.79
36.81
40.68
37.30
39.29
43.36
40.18
33.73
32.94
32.84
40.78
40.58
48.02
49.61
31.45
29.47

140.92
141.97
144.48
142.17
122.65
113.25
117.18
108.84
101.22
96.18
91.38
91.23
109.24
117.99
109.23
105.43
85.53
90.67
103.22
89.09
109.50
126.79
125.02
132.20
141.49
148.60
153.45
152.98
157.22
145.99
150.32
134.88
127.74
140.35
122.16
134.25
134.78
158.39
145.13
137.74
156.38
157.14
157.27
170.38
152.92
150.60
135.97

21.37
21.16
21.71
21.95
18.37
16.20
16.69
16.03
14.37
13.08
13.92
12.75
16.49
18.68
17.64
17.74
14.35
14.03
16.73
12.78
16.55
21.04
21.72
22.80
24.68
25.73
27.96
27.69
25.59
23.00
23.39
23.16
23.17
25.33
21.74
25.39
28.30
27.39
26.35
25.04
27.63
29.48
29.98
28.78
26.99
26.56
26.52

54.71
52.03
48.32
53.28
54.80
54.49
56.87
53.89
53.43
53.35
51.62
48.51
52.34
52.59
47.74
43.12
39.86
42.09
42.98
37.31
43.35
44.94
48.58
51.09
51.41
48.81
46.75
45.19
39.94
34.94
34.93
37.07
35.49
39.63
37.73
38.66
40.59
38.72
35.30
34.42
35.80
35.82
34.13
33.32
34.77
28.58
20.37

26.86
26.50
25.69
25.71
24.21
22.55
23.28
21.20
21.12
19.94
20.44
18.96
22.02
22.35
20.47
18.64
18.32
17.91
19.58
17.00
18.90
22.96
23.31
25.58
26.35
27.05
27.53
28.29
27.28
24.38
22.63
23.51
21.83
22.56
22.14
24.39
27.92
27.61
25.50
26.01
24.94
23.75
23.77
25.76
26.31
24.29
25.96

39.89
34.76
25.57
23.86
28.39
42.16
45.40
57.36
63.66
61.31
60.75
48.11
54.13
58.43
54.69
51.24
54.72
54.20
60.44
59.57
55.73
57.59
54.54
58.06
59.86
60.10
57.87
58.93
59.32
59.10
56.43
55.90
57.37
56.06
56.10
55.14
54.15
56.16
52.46
54.83
50.55
47.81

36.91
30.26
25.10
14.88
35.22
66.41
82.05
135.10
200.48
185.63
182.69
161.04
210.33
239.73
203.21
224.94
267.25
276.09
312.29
387.88
432.03
433.98
426.14
469.33
498.61
485.77
465.11
456.33
494.56
499.67
444.86
445.57
441.22
438.38
424.82
424.29
433.53
439.24
411.06
403.58
401.12
417.91

133.32
118.20
97.52
83.78
73.86
77.20
72.26
84.62
116.75
149.55
167.86
159.21
160.59
174.20
150.28
154.13
181.31
195.05
205.57
224.87
196.28
159.40
170.56
195.94
208.66
197.62
186.49
182.09
191.48
179.62
175.52
171.01
152.14
133.68
137.37
134.96
135.42
143.80
140.52
126.49
126.46
114.12

28.21
21.99
21.12
18.12
18.76
14.67
13.49
15.98
20.78
36.89
35.67
32.35
39.66
43.58
40.75
37.56
44.00
47.08
46.74
59.63
55.63
55.07
56.40
61.25
62.10
61.34
57.32
54.52
60.25
59.06
55.24
55.44
52.69
47.55
48.06
45.49
42.91
46.27
45.02
42.75
44.04
40.48

22.75
15.55
11.37
11.19
14.33
28.84
31.12
35.03
45.67
39.53
37.18
33.76
42.74
46.74
43.41
40.60
47.81
41.37
46.66
57.38
58.12
56.57
61.88
68.60
69.77
64.92
65.97
67.34
70.27
67.14
68.06
69.31
68.72
63.86
67.55
74.63
72.29
75.64
70.30
76.48
72.70
75.41

24.60
22.57
24.93
19.56
22.72
24.68
26.32
28.75
28.17
29.93
30.70
32.49
38.25
37.39
35.64
37.47
39.73
41.42
40.74
41.50
37.30
34.16
35.96
36.92
36.14
36.06
35.94
36.01
35.46
34.70
31.33
30.29
30.88
29.55
29.43
28.01
28.91
30.58
31.16
29.60
27.50
27.35

JPM
Raw Beta
0.67
0.33
Adj Beta
Risk-Free Rate
Market Risk Premium
Expected Return
St. Dev.
Sharpe Ratio

1.31
1.31
1.00
1.20
1.74%
5.61%
8.5%
8.6%
0.78

WFC
1.21
1.21

BAC
2.04
2.04

USB
0.94
0.94

1.14

1.70

0.96

8.1%
9.2%
0.70

11.3%
14.4%
0.66

7.1%
7.0%
0.77
Returns

S&P
(4.5%)
(5.1%)
(1.8%)
0.1%
8.3%
(2.6%)
(6.3%)
2.0%
(2.1%)
1.0%
0.9%
(1.7%)
5.5%
(3.1%)
(0.4%)
2.5%
2.3%
(1.6%)
3.8%
(1.5%)
1.9%
2.1%
0.6%
0.7%
4.3%
(3.6%)
2.4%
2.8%
4.5%
3.0%
(3.1%)
4.9%
(1.5%)
2.1%

JPM
(5.0%)
(9.3%)
(1.0%)
3.8%
6.1%
(4.9%)
(6.5%)
1.8%
3.0%
4.0%
5.1%
(1.1%)
12.7%
(12.5%)
4.0%
(0.5%)
1.1%
1.3%
3.1%
0.8%
3.7%
(0.7%)
(7.2%)
6.8%
2.6%
(4.7%)
2.2%
11.0%
0.4%
2.3%
(9.3%)
6.3%
(3.3%)
11.4%

WFC

(0.6%)
(7.6%)
(1.3%)
2.5%
5.4%
(3.7%)
(7.2%)
2.9%
0.5%
2.2%
1.3%
(0.7%)
6.2%
(5.3%)
0.6%
3.3%
2.4%
0.8%
1.8%
(3.2%)
3.5%
3.0%
(0.2%)
7.2%
3.1%
(0.1%)
3.1%
3.8%
3.3%
0.6%
(4.9%)
5.4%
1.8%
7.6%

BAC

(1.3%)
(16.0%)
(3.2%)
3.9%
7.7%
(4.3%)
(8.6%)
5.1%
3.5%
3.6%
3.5%
(2.4%)
4.4%
(15.3%)
5.3%
(0.7%)
0.6%
6.3%
5.5%
(0.8%)
1.6%
0.0%
(12.0%)
4.1%
(1.3%)
7.6%
(1.5%)
13.2%
1.2%
(2.2%)
(3.3%)
13.5%
(5.8%)
11.0%

USB

(0.6%)
(6.1%)
(2.2%)
4.1%
2.9%
(2.6%)
(6.3%)
4.2%
1.3%
0.6%
(1.8%)
(1.5%)
6.4%
(6.8%)
2.2%
3.8%
1.8%
(0.5%)
0.6%
(3.0%)
3.3%
3.5%
(4.9%)
4.7%
3.5%
(1.7%)
3.6%
5.0%
2.1%
1.9%
(3.2%)
3.2%
3.8%
5.3%

1.8%
3.6%
1.1%
5.0%
0.7%
0.3%
(2.0%)
2.4%
2.0%
1.3%
4.0%
(6.3%)
(0.7%)
3.1%
4.1%
4.4%
0.9%
(0.5%)
10.8%
(7.2%)
(5.7%)
(2.1%)
(1.8%)
(1.4%)
2.8%
(0.1%)
3.2%
2.3%
6.5%
(0.2%)
3.7%
8.8%
(4.7%)
6.9%
(5.4%)
(8.2%)
1.5%
5.9%
2.9%
(3.7%)
1.8%
5.7%
(2.0%)
3.6%
3.4%
7.4%
0.0%

3.9%
(3.0%)
4.0%
7.7%
7.0%
(1.4%)
3.7%
9.0%
3.2%
1.6%
7.8%
(22.9%)
(5.9%)
17.2%
5.2%
13.0%
7.4%
(10.9%)
16.4%
(19.8%)
(7.1%)
(0.6%)
(5.3%)
(5.2%)
(0.5%)
(1.3%)
3.9%
6.1%
13.4%
(0.6%)
(1.0%)
4.7%
(9.7%)
10.2%
(7.5%)
(7.0%)
(4.7%)
6.6%
7.8%
(6.4%)
(1.9%)
1.7%
(4.6%)
0.8%
12.4%
13.5%
(7.6%)

2.7%
5.4%
0.7%
2.6%
3.5%
(1.4%)
(2.4%)
1.5%
1.3%
1.1%
4.3%
(3.5%)
(2.1%)
9.4%
7.6%
6.0%
6.6%
0.3%
7.4%
(7.6%)
(6.2%)
(0.4%)
(1.1%)
(2.1%)
(8.2%)
(1.5%)
(0.3%)
4.6%
13.9%
4.6%
3.7%
6.7%
(14.9%)
8.3%
(10.8%)
(13.2%)
6.4%
13.8%
(3.7%)
5.3%
(3.7%)
2.1%
(2.3%)
2.4%
12.7%
0.8%
(4.9%)

1.1%
8.5%
(0.7%)
(2.5%)
17.9%
5.8%
5.5%
10.7%
8.9%
(10.3%)
11.3%
(9.2%)
(15.3%)
20.1%
11.9%
28.2%
2.2%
(20.2%)
11.6%
(25.1%)
(15.8%)
(11.4%)
(6.6%)
(4.3%)
(7.9%)
(6.7%)
4.1%
2.9%
21.9%
(4.4%)
(12.6%)
5.2%
(11.3%)
(2.3%)
(8.6%)
(11.7%)
(0.1%)
7.2%
9.7%
0.8%
(4.9%)
8.7%
(13.8%)
(3.8%)
18.9%
12.0%
17.2%

(1.9%)
0.4%
2.7%
3.6%
(0.4%)
(2.9%)
(3.2%)
3.3%
(0.3%)
4.2%
4.0%
(3.3%)
1.5%
8.4%
4.2%
4.3%
4.8%
1.3%
8.7%
2.0%
(10.9%)
2.2%
0.2%
(0.9%)
(2.3%)
(4.2%)
2.7%
0.1%
13.6%
(1.7%)
11.9%
4.2%
(13.0%)
6.9%
(6.5%)
(10.5%)
3.4%
5.4%
(1.9%)
11.4%
(6.5%)
3.9%
6.2%
(3.1%)
10.8%
13.9%
(6.4%)

5.3%
9.4%
8.5%
(11.0%)
(8.6%)
0.8%
(7.5%)
(16.9%)
(9.1%)
1.2%
(1.0%)
(8.6%)
1.1%
4.8%
(0.6%)
(3.5%)
(6.1%)
(0.9%)
(4.4%)
1.5%
3.6%
1.3%
(3.2%)
(1.8%)
3.3%
4.3%
1.0%
(2.2%)
1.4%
1.3%
1.6%
3.2%
2.5%
2.1%
0.5%
0.0%
(3.1%)
1.2%
1.1%
0.0%
2.5%

11.8%
24.4%
16.3%
(10.4%)
(18.1%)
(0.4%)
(23.2%)
(11.0%)
21.3%
(5.3%)
19.7%
(20.2%)
(9.8%)
11.8%
5.7%
(14.2%)
9.5%
(4.3%)
(2.9%)
3.4%
2.9%
1.2%
(8.5%)
(6.5%)
(0.5%)
8.5%
(2.0%)
(3.0%)
6.2%
4.4%
(2.4%)
1.7%
2.8%
0.1%
9.5%
(1.5%)
(6.0%)
9.9%
1.2%
3.5%
1.0%

27.7%
40.5%
17.7%
(34.8%)
(35.9%)
2.0%
(14.3%)
(9.3%)
24.0%
1.1%
27.5%
(13.9%)
(6.4%)
2.2%
(0.4%)
(13.3%)
12.9%
(6.9%)
(3.7%)
(4.5%)
(2.5%)
9.2%
(4.0%)
(2.5%)
1.3%
4.2%
(0.8%)
(3.4%)
1.8%
0.9%
(2.1%)
0.3%
4.1%
(3.2%)
7.8%
1.1%
(2.6%)
7.5%
(0.5%)
3.8%
(0.7%)

26.2%
30.9%
73.1%
(40.0%)
(53.3%)
(11.4%)
(32.8%)
(30.9%)
14.6%
(5.3%)
37.8%
(28.4%)
(9.4%)
(1.0%)
(3.0%)
(10.0%)
7.0%
(9.3%)
(4.5%)
(4.0%)
0.4%
6.9%
(3.0%)
(3.6%)
0.7%
(0.2%)
0.4%
(2.3%)
(1.5%)
(0.9%)
1.0%
0.6%
4.1%
1.0%
7.1%
(0.6%)
(2.0%)
9.6%
0.4%
3.7%

5.4%
24.7%
2.4%
(3.6%)
(40.7%)
(5.6%)
(9.5%)
(17.2%)
14.4%
4.1%
9.8%
(14.8%)
(2.1%)
4.7%
2.3%
(4.7%)
5.8%
(2.8%)
(0.2%)
1.9%
1.8%
8.0%
(9.1%)
(3.6%)
0.7%
(1.8%)
(0.8%)
0.2%
(1.6%)
8.8%
(0.6%)
1.9%
4.6%
0.2%
3.6%
1.1%
(1.8%)
3.1%
(0.3%)
3.3%
0.1%

PNC
1.13
1.13

C
2.35
2.35

GS
1.46
1.46

MS
1.62
1.62

COF
1.57
1.57

BK
0.96
0.96

1.09

1.90

1.31

1.42

1.38

0.97

7.8%
8.2%
0.74

12.4%
14.9%
0.72

9.1%
9.2%
0.80

9.7%
10.8%
0.73

9.5%
11.2%
0.69

7.2%
7.0%
0.78

MS

COF

Returns
PNC

(0.6%)
(8.5%)
(0.2%)
5.8%
1.8%
(2.1%)
(7.2%)
3.2%
(0.0%)
4.3%
(1.1%)
1.4%
8.8%
(6.8%)
4.3%
1.3%
1.5%
1.0%
2.7%
(6.8%)
4.4%
1.5%
(2.8%)
6.4%
2.4%
3.5%
0.8%
4.7%
2.1%
0.2%
(5.0%)
4.9%
1.8%
5.5%

(0.2%)
(17.6%)
(4.3%)
1.7%
7.3%
(7.2%)
(8.5%)
5.9%
2.1%
1.5%
3.5%
(1.7%)
11.7%
(13.2%)
0.3%
0.8%
3.3%
0.3%
5.6%
3.9%
(1.0%)
(0.7%)
0.7%
(2.1%)
2.5%
(9.0%)
(1.5%)
8.5%
0.6%
0.4%
(7.3%)
8.7%
(7.7%)
11.4%

GS

(1.2%)
(10.4%)
(5.2%)
1.7%
7.9%
(7.9%)
(7.7%)
(1.8%)
1.3%
5.3%
4.5%
(1.0%)
10.4%
(11.1%)
2.9%
(0.5%)
3.5%
2.5%
3.9%
3.2%
4.8%
0.3%
(2.5%)
(1.6%)
1.8%
(7.4%)
4.9%
5.4%
1.7%
4.0%
(7.0%)
8.4%
(6.7%)
11.3%

(0.7%)
(18.2%)
(7.3%)
4.0%
5.2%
(8.6%)
(11.3%)
0.5%
1.5%
2.4%
5.0%
(0.3%)
5.9%
(12.6%)
10.3%
0.7%
1.4%
0.8%
6.1%
0.3%
4.8%
(0.2%)
(0.4%)
1.2%
4.4%
(5.7%)
0.2%
8.9%
6.8%
4.6%
(5.3%)
11.6%
(5.7%)
16.9%

(0.9%)
(9.1%)
(8.1%)
0.0%
8.8%
(6.7%)
(3.9%)
(7.6%)
5.3%
3.9%
2.6%
0.1%
7.9%
(11.3%)
(0.8%)
0.9%
1.4%
(0.5%)
3.6%
(3.7%)
4.7%
7.2%
(4.2%)
5.1%
4.5%
(7.8%)
7.0%
4.8%
(0.1%)
6.5%
(6.1%)
9.9%
3.1%
6.0%

BK

(2.0%)
(11.7%)
(6.0%)
5.3%
6.8%
(1.6%)
(8.3%)
3.8%
(3.2%)
2.4%
5.6%
2.8%
8.7%
(10.8%)
1.3%
3.4%
0.4%
(1.1%)
0.4%
4.6%
8.4%
2.0%
(3.5%)
10.3%
0.1%
(8.1%)
3.7%
6.0%
5.8%
1.5%
(5.4%)
12.7%
(6.7%)
6.5%

2.7%
6.6%
1.0%
6.7%
3.9%
(3.5%)
(7.2%)
1.5%
5.2%
(2.6%)
(0.5%)
(7.4%)
3.5%
8.4%
1.0%
2.8%
6.4%
0.9%
12.2%
(3.9%)
(7.6%)
(8.4%)
(4.5%)
0.1%
(0.5%)
2.1%
2.8%
(1.0%)
12.8%
(0.1%)
4.0%
1.8%
(14.1%)
5.3%
(10.0%)
(6.6%)
12.8%
11.0%
(3.0%)
5.2%
(7.4%)
16.5%
0.9%
14.1%
16.2%
(5.3%)
(14.8%)

5.5%
5.4%
(0.5%)
6.6%
14.4%
(7.5%)
14.3%
10.1%
9.6%
(1.0%)
3.4%
(19.7%)
(9.6%)
9.7%
8.5%
16.8%
(4.3%)
(13.0%)
23.3%
(17.5%)
(19.0%)
(7.9%)
1.2%
(10.3%)
3.8%
(5.6%)
(2.9%)
1.9%
12.6%
0.7%
6.6%
5.4%
(9.5%)
9.0%
(5.1%)
(9.4%)
7.9%
19.1%
2.4%
0.3%
(19.5%)
0.5%
(15.5%)
(3.2%)
57.7%
6.7%
(20.2%)

(0.7%)
(1.7%)
1.6%
15.9%
8.3%
(3.4%)
7.7%
7.5%
5.2%
5.3%
0.2%
(16.5%)
(7.4%)
8.0%
3.6%
23.3%
(5.7%)
(12.2%)
15.9%
(18.6%)
(13.6%)
1.4%
(5.4%)
(6.6%)
(4.8%)
(3.2%)
0.3%
(2.7%)
7.7%
(2.9%)
11.4%
5.6%
(9.0%)
14.9%
(9.0%)
(0.4%)
(14.9%)
9.1%
5.4%
(11.9%)
(0.5%)
(0.1%)
(7.7%)
11.4%
1.5%
10.8%
2.0%

1.0%
(2.5%)
(1.1%)
19.5%
13.3%
(2.9%)
4.1%
11.6%
9.8%
(6.0%)
9.2%
(22.7%)
(11.8%)
5.9%
(0.6%)
23.6%
2.3%
(16.2%)
31.0%
(22.8%)
(21.3%)
(3.1%)
(4.8%)
(7.6%)
(4.1%)
(8.0%)
1.0%
8.2%
11.2%
(1.6%)
1.0%
(0.0%)
(8.5%)
16.5%
(14.4%)
(10.3%)
3.3%
3.9%
5.2%
(9.4%)
(6.3%)
(1.7%)
4.2%
6.6%
1.6%
0.1%
(6.0%)

5.2%
7.7%
(9.3%)
(2.8%)
0.6%
(4.2%)
5.5%
0.8%
0.2%
3.3%
6.4%
(7.3%)
(0.5%)
10.2%
10.7%
8.2%
(5.3%)
(2.1%)
15.2%
(13.9%)
(3.5%)
(7.5%)
(4.9%)
(0.6%)
5.3%
4.4%
3.4%
13.2%
14.3%
0.0%
(5.8%)
4.4%
(10.4%)
5.0%
(2.4%)
(4.8%)
4.8%
9.7%
2.6%
(3.9%)
(0.1%)
4.9%
2.4%
(4.2%)
21.7%
40.3%
(10.5%)

1.4%
3.1%
(0.1%)
6.2%
7.4%
(3.1%)
9.8%
0.4%
5.9%
(2.4%)
7.8%
(13.9%)
(1.4%)
9.1%
9.8%
1.7%
2.3%
(8.6%)
15.2%
(10.1%)
(17.7%)
(1.5%)
(8.9%)
(2.9%)
(2.6%)
(1.7%)
(2.7%)
3.7%
11.9%
7.7%
(3.7%)
7.7%
(3.2%)
1.9%
(9.2%)
(12.6%)
1.1%
8.3%
(2.0%)
4.3%
5.0%
(0.1%)
(7.7%)
(2.1%)
8.3%
(6.4%)
5.5%

14.7%
36.0%
7.1%
(15.9%)
(32.7%)
(7.1%)
(20.8%)
(9.9%)
3.8%
0.9%
26.3%
(11.1%)
(7.4%)
6.8%
6.7%
(6.4%)
1.0%
(10.3%)
1.5%
6.9%
(3.2%)
5.6%
(6.1%)
(3.0%)
(0.4%)
3.9%
(1.8%)
(0.7%)
0.4%
4.7%
0.9%
(2.6%)
2.3%
(0.1%)
1.7%
1.8%
(3.6%)
7.1%
(4.3%)
8.5%
5.7%

22.0%
20.6%
68.7%
(57.7%)
(47.0%)
(19.1%)
(39.3%)
(32.6%)
8.0%
1.6%
13.4%
(23.4%)
(12.3%)
18.0%
(9.7%)
(15.8%)
(3.2%)
(11.6%)
(19.5%)
(10.2%)
(0.4%)
1.8%
(9.2%)
(5.9%)
2.6%
4.4%
1.9%
(7.7%)
(1.0%)
12.3%
(0.2%)
1.0%
0.6%
3.2%
0.1%
(2.1%)
(1.3%)
6.9%
1.9%
0.6%
(4.0%)

12.8%
21.2%
16.4%
13.4%
(4.3%)
6.8%
(14.6%)
(27.5%)
(21.9%)
(10.9%)
5.4%
(0.9%)
(7.8%)
15.9%
(2.5%)
(15.0%)
(7.0%)
(5.1%)
(8.6%)
14.6%
23.1%
(6.5%)
(13.0%)
(6.1%)
5.6%
6.0%
2.4%
(4.9%)
6.6%
2.3%
2.6%
12.4%
13.8%
(2.7%)
1.8%
(0.3%)
(5.8%)
2.3%
11.1%
0.0%
10.8%

28.3%
4.1%
16.5%
(3.4%)
27.9%
8.7%
(15.6%)
(23.1%)
(43.7%)
3.4%
10.3%
(18.4%)
(9.0%)
7.0%
8.5%
(14.6%)
(6.6%)
0.7%
(21.6%)
7.2%
1.0%
(2.3%)
(7.9%)
(1.4%)
1.2%
7.0%
5.1%
(9.5%)
2.0%
6.9%
(0.4%)
5.2%
10.8%
(1.1%)
5.7%
6.0%
(7.3%)
2.8%
5.3%
(2.9%)
8.8%

46.3%
36.8%
1.6%
(21.9%)
(50.3%)
(7.3%)
(11.2%)
(23.3%)
15.5%
6.3%
10.1%
(21.0%)
(8.6%)
7.7%
6.9%
(15.1%)
15.6%
(11.3%)
(18.7%)
(1.3%)
2.7%
(8.6%)
(9.8%)
(1.7%)
7.5%
(1.6%)
(2.0%)
(4.2%)
4.7%
(1.4%)
(1.8%)
0.9%
7.6%
(5.5%)
(9.5%)
3.2%
(4.4%)
7.6%
(8.1%)
5.2%
(3.6%)

9.0%
(9.5%)
27.4%
(13.9%)
(8.0%)
(6.2%)
(8.4%)
2.0%
(5.9%)
(2.5%)
(5.5%)
(15.0%)
2.3%
4.9%
(4.9%)
(5.7%)
(4.1%)
1.7%
(1.8%)
11.3%
9.2%
(5.0%)
(2.6%)
2.2%
0.2%
0.4%
(0.2%)
1.5%
2.2%
10.8%
3.4%
(1.9%)
4.5%
0.4%
5.1%
(3.1%)
(5.5%)
(1.9%)
5.3%
7.6%
0.5%

JPM vs. S&P Monthly Returns

Dec 2005 - Feb 2016
30.0%

20.0%

f(x)==0.434815754
R
1.3051281956x + 0.0032867662
10.0%

(20.0%)

(15.0%)

(10.0%)

(5.0%)

0.0%
0.0%

(10.0%)

(20.0%)

(30.0%)

5.0%

10.0%

15.0%

4
6
3
7
2
1
10
8
11
9
5

7
2
3
6
5
1
10
8
11
9
4

8
7
1
5
6
2
11
10
9
4
3

S&P
JPM
WFC
BAC
USB
PNC
C
GS
MS
COF
BK

6-mo
1-Yr
3- Yr
(6.0%)
(11.9%)
22.4%
(10.6%)
(5.2%)
25.3%
(5.7%)
(7.0%)
53.6%
(14.0%)
(10.6%)
27.0%
(4.9%)
(8.7%)
25.6%
(4.4%)
(4.3%)
47.9%
(20.4%)
(18.6%)
1.8%
(15.1%)
(15.0%)
10.5%
(24.6%)
(26.8%)
18.4%
(16.0%)
(16.2%)
33.7%
(10.0%)
(7.8%)
38.2%

1
2
3
4
5
6
7
8
9
10
11

PNC
USB
WFC
S&P
BK
JPM
BAC
GS
COF
C
MS

6-mo
(4.4%)
(4.9%)
(5.7%)
(6.0%)
(10.0%)
(10.6%)
(14.0%)
(15.1%)
(16.0%)
(20.4%)
(24.6%)

1-Yr
(4.3%)
(8.7%)
(7.0%)
(11.9%)
(7.8%)
(5.2%)
(10.6%)
(15.0%)
(16.2%)
(18.6%)
(26.8%)

3- Yr
47.9%
25.6%
53.6%
22.4%
38.2%
25.3%
27.0%
10.5%
33.7%
1.8%
18.4%

FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited)
As of or for the year ended December 31,
(in millions, except per share, ratio,
headcount data and where otherwise noted)
Selected income statement data
Total net revenue
Total noninterest expense
Pre-provision profit
Provision for credit losses
Income before income tax expense
Income tax expense
Net income
Earnings per share data
Net income: Basic
Diluted
Average shares: Basic
Diluted
Market and per common share data
Market capitalization
Common shares at period-end
Share price(a)
High
Low
Close
Book value per share
Tangible book value per share ("TBVPS")(b)
Cash dividends declared per share
Selected ratios and metrics
Return on common equity ("ROE")
Return on tangible common equity
("ROTCE")(b)
Return on assets ("ROA")
Overhead ratio
Loans-to-deposits ratio
High quality liquid assets ("HQLA") (in
billions)(c)
Common equity tier 1 ("CET1") capital
ratio(d)
Tier 1 capital ratio (d)
Total capital ratio(d)
Tier 1 leverage ratio(d)
Selected balance sheet data (period-end)

Trading assets
Securities(e)
Loans
Total assets
Deposits
Long-term debt(f)
Common stockholders' equity
Total stockholders' equity
Headcount
Credit quality metrics
Allowance for credit losses
Allowance for loan losses to total retained
loans
Allowance for loan losses to retained loans
excluding purchased credit-impaired
loans(g)
Nonperforming assets
Net charge-offs
Net charge-off rate

2014
$

2015

94,205 $
61,274
32,931
3,139
29,792
8,030
21,762 $

93,543
59,014
34,529
3,827
30,702
6,260
24,442

5.34 $
5.29
3,763.50
3,797.50

6.05
6.00
3,700.40
3,732.80

232,472 $
3,714.80

241,899
3,663.50

63.49 $
52.97
62.58
57.07
44.69
1.58

70.08
54.37
66.03
60.46
48.13
1.72

10%

11%

13
0.89
65
56

13
0.99

600 $

496

10.20%
11.60
13.10
7.60

11.80%
13.50
15.00

398,988 $
348,004
757,336
2,573,126
1,363,427
276,836
212,002
232,065
241,359

14,807
1.90%

1.55
7,967
4,759
0.65%

343,839
290,827
837,299
2,351,698
1,279,715
288,651
221,505
247,573
234,598

Created by EDGAR Online, Inc.

JPMORGAN CHASE & CO
TABLE25
Form Type: 10-K
Period End: Dec 31, 2014
Date Filed: Feb 24, 2015
Segment Results - Managed Basis(a)
The following table su

indicated.
Year ended December
31,
(in millions)
Consumer & Community
Banking
Investment Bank
Commercial Banking
Asset Management
Corporate
Total

Year ended December

31,
(in millions, except
ratios)
Consumer & Community
Banking
Investment Bank
Commercial Banking
Asset Management
Corporate
Total

Line of Business
Consumer & Community Banking
Corporate & Investment Bank
Commercial Banking
Asset Management
Corporate

Total Net Revenue

2014
$

44,368
34,633
6,882
12,028
12
97,923

45.3%
35.4%
7.0%
12.3%
0.0%
100.0%

Provision for credit losses

2014
$

3,520
(161)
(189)
4
(35)
3,139

112.1%
(5.1%)
(6.0%)
0.1%
(1.1%)
100.0%

Net Revenue
45.3%
35.4%
7.0%
12.3%
0.0%

Noninterest Expense
41.8%
38.0%
4.4%
13.9%
1.9%

Total noninterest expense

2014
$

25,609
23,273
2,695
8,538
1,159
61,274

41.8%
38.0%
4.4%
13.9%
1.9%
100.0%

Net income/(loss)
2014
$

Provision
112.1%
(5.1%)
(6.0%)
0.1%
(1.1%)

9,185
6,925
2,635
2,153
864
21,762

Net Income
42.2%
31.8%
12.1%
9.9%
4.0%

42.2%
31.8%
12.1%
9.9%
4.0%
100.0%

Pre-provision profit/(loss)
2014
$

18,759
11,360
4,187
3,490
(1,147)
36,649

Return on equity
2014
18%
10
18
23
NM
10%

51.2%
31.0%
11.4%
9.5%
(3.1%)
100.0%

Two-Stage Dividend Discount Model

Two-Stage Dividend Discou

This model is designed to value the equity in a firm, wit

period of higher growth and a subsequent pe
Assumptions
1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
3. The dividend payout ratio is consistent with the expected growth rate.
The user has to define the following inputs:
1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity

Page

Two-Stage Dividend Discount Model

Inputs to the model

Current Earnings per share =

$6.00

Current Dividends per share =

$1.76

Enter length of extraordinary growth period =

Do you want to enter cost of equity directly?
If yes, enter the cost of equity =
If no, enter the inputs to the cost of equity
Beta of the stock =

1.2

Riskfree rate=

1.74%

Risk Premium=

5.61%

Do you want to use the historical growth rate?

If yes, enter EPS from five years ago =
Do you have an outside estimate of growth ?
If yes, enter the estimated growth:
Do you want to calculate the growth rate from fundamentals?
If yes, enter the following inputs:
Net Income Currently =

$24,442.00

Book Value of Equity =

$221,505.00

Tax Rate on Income=

30.00%

The following will be the inputs to the fundamental growth formulation:

ROE =

11.55%

(in percent)

Retention =

70.67%

(in percent)

Do you want to change any of these inputs for the high growth period?
If yes, specify the values for these inputs (Please enter all variables)
ROE =

11.55%

(in percent)

Retention =

70.67%

(in percent)

Do you want to change any of these inputs for the stable growth period?
Page

Two-Stage Dividend Discount Model

If yes, specify the values for these inputs

ROE =

10.00%

(in percent)

Specify weights to be assigned to each of these growth rates:

Historical Growth Rate =
Outside Prediction of Growth =
Fundamental Estimate of Growth =
Enter growth rate in stable growth period?
Stable payout ratio from fundamentals is =
Do you want to change this payout ratio?
If yes, enter the stable payout ratio=
Will the beta to change in the stable period?
If yes, enter the beta for stable period =
Before reviewing the output, check to see if any warnings appear on the next page.

Warnings

Page

Two-Stage Dividend Discount Model

Output from the progra

Cost of Equity =

8.47%

Page

Two-Stage Dividend Discount Model

Current Earnings per share=

$6.00

Growth Rate in Earnings per share

Growth Rate
Historical Growth =

8.67%

Outside Estimates =

7.50%

Fundamental Growth =

8.16%

Weighted Average

8.10%

Payout Ratio for high growth phase=

The dividends for the high growth phase are shown below (upto 10 years)
Dividends

$1.90

$2.06

Growth Rate in Stable Phase =

Payout Ratio in Stable Phase =
Cost of Equity in Stable Phase =
Price at the end of growth phase =
Present Value of dividends in high growth phase =
Present Value of Terminal Price =
Value of the stock =

Estimating the value of growth

Page

Two-Stage Dividend Discount Model

Value of assets in place =

Value of stable growth =
Value of extraordinary growth =
Value of the stock =
Growth Rate
: First phase
-1.90%
-0.90%
0.10%
1.10%
2.10%
3.10%
4.10%
5.10%
6.10%
7.10%
8.10%
9.10%
10.10%
11.10%
12.10%
13.10%
14.10%

Page

Extraordinary
Growth
($13.98)
($12.06)
($10.06)
($7.98)
($5.81)
($3.57)
($1.24)
$1.18
$3.69
$6.29
$8.99
$11.79
$14.69
$17.69
$20.80
$24.02
$27.36

Two-Stage Dividend Discount Model

vidend Discount Model

uity in a firm, with two stages of growth, an initial

a subsequent period of stable growth.

growth rate.

Page

Two-Stage Dividend Discount Model

s to the model
(in currency)
(in currency)
5

(in years)

No

(Yes or No)
(in percent)

(in percent)
(in percent)
No

(Yes or No)

$3.96

(in currency)

Yes

(Yes or No)

7.50%

(in percent)
Yes

Last year

(Yes or No)

(in currency)

$211,664.00 (in currency)

(in percent)

Yes

(Yes or No)

No

(Yes or No)
Page

Two-Stage Dividend Discount Model

40.00%

(in percent)

40.00%

(in percent)

20.00%

(in percent)

4.50%

(in percent)

55.00%

(in percent)

Yes

(Yes or No)

30.00%

(in percent)

Yes

(Yes or No)

1.1

he next page.

Warnings

Page

Two-Stage Dividend Discount Model

from the program

Page

Two-Stage Dividend Discount Model

Weight
40.00%
40.00%
20.00%

29.33%

$2.22

$2.40

$2.60

4.50%
30.00%
7.91%
$81.40
$8.71
$54.20
$62.91

Page

Two-Stage Dividend Discount Model

$22.25
$31.67
$8.99
$62.91
Growth period
0
1
2
3
4
5
6
7
8
9
10

Value
$1.23
$2.79
$4.35
$5.90
$7.45
$8.99
$10.53
$12.06
$13.59
$15.11
$16.63

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Name of company:
Date of valuation:

Inputsfromcurrentfinancials
NetIncome=
BookValueofEquity=
CurrentEarningspershare=
CurrentDividendspershare=
Doyouwanttonormalizethenetincome/earningspershare?
InputsforDiscountRate
Betaofthestock=
Riskfreerate=
RiskPremium=
InputsforHighGrowthPeriod
Lengthofhighgrowthperiod
Doyouwanttocalculatethegrowthratefromfundamentals?
Ifno,entertheexpectedgrowthrateinearningsinhighgrowthperiod=
Ifyes,thefollowingwillbetheinputstothefundamentalgrowthformulation:
ROE=
Retention=
Doyouwanttochangeanyoftheseinputsforthehighgrowthperiod?
Ifyes,specifythevaluesfortheseinputs(Pleaseenterallvariables)
ROE=
Retention=
Doyouwanttochangeanyoftheseinputsforthestablegrowthperiod?
Ifyes,specifythevaluesfortheseinputs
ROE=
Doyouwantmetograduallyadjustyourinputsduringthesecondhalf?
InputsforStableGrowthPeriod
Entergrowthrateinstablegrowthperiod?
Stablepayoutratiofromfundamentalsis=
Doyouwanttochangethispayoutratio?
Ifyes,enterthestablepayoutratio=
Willthebetatochangeinthestableperiod?
Ifyes,enterthebetaforstableperiod=

JP Morgan Chase
31-Dec-15
$24,406.00
$221,505.00
$6.00
$1.80
No

1.2044358911
1.74%
5.61%

Lastyear
$211,664.00
(incurrency)
(incurrency)

(inpercent)
(inpercent)

10
Yes

(YesorNo)

11.53%
70.01%
No

(inpercent)
(inpercent)

Yes

(inpercent)
(inpercent)

10.00%
Yes

(inpercent)

4.50%

(inpercent)

55.00%
Yes
30.00%

(inpercent)
(YesorNo)
(inpercent)

Yes
1.10

(YesorNo)

(incurrency)
(incurrency)

Bloomberg.com2/20/2016
AswathDamodaranwebsite2/20/2016

NormalizedEarningsCalculatio
Choosetheapproachtonormalizedearnings
Approach1:AverageNetIncomeoverlast5years
NetIncome
Approach2:Normalizedreturnonequity
NormalizedROE=

1
5
$18,976.00

22%

4
$21,284.00

3
$17,923.00

alizedEarningsCalculation
2
$21,762.00

Current
$24,406.00

Average
$20,870.20

Two-Stage Dividend Discount Model

Outputfromtheprogram
CostofEquity=

8.50%

NetIncome=

$24,406

EarningsperShare=

$6.00

GrowthrateinEPS=

8.07%

PayoutRatioforhighgrowthphase=

29.99%

Thedividendsforthehighgrowthphaseareshownbelow(upto10years)
1

ExpectedGrowthRate

8.07%

8.07%

Earningspershare

$6.49

$7.01

Payoutratio

29.99%

29.99%

Dividendspershare

$1.95

$2.10

CostofEquity

8.50%

8.50%

108.50%

117.72%

$1.79

$1.79

CumulativeCostofEquity
PresentValue

GrowthRateinStablePhase=

4.50%

Page

Two-Stage Dividend Discount Model

PayoutRatioinStablePhase=

30.00%

CostofEquityinStablePhase=

7.91%

Priceattheendofgrowthphase=

$108.45

PresentValueofdividendsinhighgrowthphase=
PresentValueofTerminalPrice=
Valueofthestock=

Estimatingthevalueofgrowth
Valueofassetsinplace=

$75.87

Valueofstablegrowth=

($20.71)

Valueofextraordinarygrowth=

$10.89

Valueofthestock=

$66.06

Page

Two-Stage Dividend Discount Model

utfromtheprogram

8.07%

8.07%

8.07%

7.36%

6.64%

$7.58

$8.19

$8.85

$9.50

$10.13

29.99%

29.99%

29.99%

29.99%

29.99%

$2.27

$2.46

$2.65

$2.85

$3.04

8.50%

8.50%

8.50%

8.38%

8.26%

127.72%

138.57%

150.34%

162.94%

176.41%

$1.78

$1.77

$1.77

$1.75

$1.72

Page

Two-Stage Dividend Discount Model

$17.29
$48.77
$66.06

Page

Two-Stage Dividend Discount Model

10

5.93%

5.21%

4.50%

$10.73

$11.29

$11.80

30.00%

30.00%

30.00%

$3.22

$3.39

$3.54

8.15%

8.03%

7.91%

190.77%

206.09%

222.39%

$1.69

$1.64

$1.59

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page