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Good (Bad) Banks and Good (Bad) Investments: At the right price.

Musings on Markets

Consequently, you can only value the equity in a bank, and by extension, the only pricing multiples you can use to price banks are equity multiples (PE, Price to Book etc.).

Banking 86
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Earnings and Cash Flows: A Primer on Free Cash Flow

Musings on Markets

It turned the profitability corner in 2020, though FCFE stayed mildly negative that year, and in 2021, the FCFE also turned positive. However, you will wrestle with what items to include and which ones to exclude, when computing the FCFE for a firm.

Dividends 108