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Tuesday, January 16, 2018

M&T Bank Corp Valuation – December 2015 Update $MTB

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Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – November 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how M&T Bank Corp (MTB) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): M&T Bank Corporation (M&T) is a bank holding company for M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. The Business Banking segment provides deposit, lending, cash management and other financial services. The Commercial Banking segment offers credit products and banking services for middle-market and commercial customers. Its Commercial Real Estate segment provides credit and deposit services. The Discretionary Portfolio segment includes investment and trading securities, loans and other assets, and borrowed funds. The Residential Mortgage Banking segment originates and services residential mortgage loans. The Retail Banking segment offers a range of services to consumers through delivery channels. It operates over 800 retail and commercial branches, and 1,600 automated teller machines.

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Sep15
Long-Term Debt $10,174,290,000
Total Assets $97,797,060,000
Intangible Assets $3,531,504,000
Total Liabilities $84,875,130,000
Shares Outstanding (Diluted Average) 133,376,000

Earnings Per Share History

Next Fiscal Year Estimate $7.43
Dec14 $7.42
Dec13 $8.20
Dec12 $7.54
Dec11 $6.35
Dec10 $5.69
Dec09 $2.89
Dec08 $5.01
Dec07 $5.95
Dec06 $7.37
Dec05 $6.73
Dec04 $6.00
Dec03 $4.95
Dec02 $4.78
Dec01 $3.82
Dec00 $3.44
Dec99 $3.28
Dec98 $2.62
Dec97 $2.53
Dec96 $2.11
Dec95 $1.80

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $7.52
Dec14 $7.39
Dec13 $6.97
Dec12 $6.06
Dec11 $5.28
Dec10 $4.95
Dec09 $4.92
Dec08 $6.03
Dec07 $6.42
Dec06 $6.43
Dec05 $5.73
Dec04 $5.01
Dec03 $4.37
Dec02 $3.91
Dec01 $3.36
Dec00 $3.02
Dec99 $2.70

Recommended Reading:

Other ModernGraham posts about the company

The Best Companies of the Banking Industry – October 2015
5 Undervalued Companies for Enterprising Investors Near 52 Week Lows – October 2015
19 Best Stocks For Value Investors This Week – 8/29/15
M&T Bank Corporation Analysis – August 2015 Update $MTB
M&T Bank Corporation Quarterly Valuation – May 2015 $MTB

Other ModernGraham posts about related companies

KeyCorp Valuation – November 2015 Update $KEY
State Street Corp Valuation – November 2015 Update $STT
BB&T Corporation Valuation – November 2015 Update $BBT
PNC Financial Services Group Valuation – November 2015 Update $PNC
SunTrust Banks Inc. Valuation – November 2015 Update $STI
U.S. Bancorp Valuation – November 2015 Update $USB
Starwood Property Trust Inc. Valuation – October 2015 Update $STWD
The Best Companies of the Banking Industry – October 2015
Comerica Inc. Valuation – October 2015 Update $CMA
Bank of New York Mellon Corporation Analysis – October 2015 Update $BK


The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.


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