Good (Bad) Banks and Good (Bad) Investments: At the right price.
Musings on Markets
MAY 7, 2023
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.). The other was that the bank regulatory framework operated effectively , preventing banks from overreaching on risk or being under capitalized.