Intrinsic value of Great Western Bancorp - GWB

Previous Close

$41.64

  Intrinsic Value

$3.29

stock screener

  Rating & Target

str. sell

-92%

Previous close

$41.64

 
Intrinsic value

$3.29

 
Up/down potential

-92%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as GWB.

We calculate the intrinsic value of GWB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  0
  479
  529
  582
  637
  694
  754
  816
  880
  947
  1,017
  1,090
  1,165
  1,243
  1,325
  1,410
  1,498
  1,590
  1,685
  1,785
  1,889
  1,997
  2,110
  2,229
  2,352
  2,481
  2,616
  2,757
  2,905
  3,059
  3,221
Variable operating expenses, $m
 
  100
  111
  122
  133
  145
  158
  170
  184
  198
  213
  228
  243
  260
  277
  295
  313
  332
  352
  373
  395
  417
  441
  466
  492
  519
  547
  576
  607
  639
  673
Fixed operating expenses, $m
 
  133
  136
  139
  142
  145
  148
  151
  155
  158
  162
  165
  169
  173
  176
  180
  184
  188
  192
  197
  201
  205
  210
  214
  219
  224
  229
  234
  239
  244
  250
Total operating expenses, $m
  0
  233
  247
  261
  275
  290
  306
  321
  339
  356
  375
  393
  412
  433
  453
  475
  497
  520
  544
  570
  596
  622
  651
  680
  711
  743
  776
  810
  846
  883
  923
Operating income, $m
  0
  246
  283
  321
  362
  404
  448
  494
  542
  591
  643
  697
  753
  811
  872
  935
  1,001
  1,069
  1,141
  1,215
  1,293
  1,375
  1,460
  1,548
  1,641
  1,739
  1,840
  1,947
  2,059
  2,176
  2,298
EBITDA, $m
  14
  1,536
  1,708
  1,889
  2,077
  2,274
  2,479
  2,692
  2,914
  3,144
  3,384
  3,633
  3,892
  4,162
  4,442
  4,733
  5,036
  5,352
  5,682
  6,025
  6,383
  6,757
  7,147
  7,554
  7,980
  8,425
  8,890
  9,377
  9,887
  10,420
  10,978
Interest expense (income), $m
  45
  557
  556
  607
  660
  716
  774
  835
  897
  963
  1,031
  1,101
  1,175
  1,251
  1,330
  1,413
  1,499
  1,588
  1,681
  1,778
  1,879
  1,984
  2,094
  2,208
  2,328
  2,453
  2,584
  2,720
  2,863
  3,013
  3,169
Earnings before tax, $m
  214
  -311
  -274
  -286
  -299
  -312
  -326
  -341
  -356
  -372
  -388
  -405
  -422
  -440
  -459
  -478
  -498
  -519
  -540
  -563
  -586
  -609
  -634
  -660
  -687
  -714
  -743
  -773
  -805
  -837
  -871
Tax expense, $m
  69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  145
  -311
  -274
  -286
  -299
  -312
  -326
  -341
  -356
  -372
  -388
  -405
  -422
  -440
  -459
  -478
  -498
  -519
  -540
  -563
  -586
  -609
  -634
  -660
  -687
  -714
  -743
  -773
  -805
  -837
  -871

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,690
  9,976
  11,022
  12,118
  13,263
  14,457
  15,700
  16,994
  18,340
  19,738
  21,192
  22,702
  24,272
  25,904
  27,600
  29,366
  31,203
  33,116
  35,108
  37,185
  39,351
  41,610
  43,968
  46,431
  49,003
  51,692
  54,503
  57,443
  60,519
  63,738
  67,108
Adjusted assets (=assets-cash), $m
  11,690
  9,976
  11,022
  12,118
  13,263
  14,457
  15,700
  16,994
  18,340
  19,738
  21,192
  22,702
  24,272
  25,904
  27,600
  29,366
  31,203
  33,116
  35,108
  37,185
  39,351
  41,610
  43,968
  46,431
  49,003
  51,692
  54,503
  57,443
  60,519
  63,738
  67,108
Revenue / Adjusted assets
  0.000
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
Average production assets, $m
  126
  12,903
  14,257
  15,674
  17,155
  18,699
  20,308
  21,981
  23,722
  25,531
  27,411
  29,364
  31,395
  33,505
  35,700
  37,983
  40,359
  42,834
  45,411
  48,097
  50,898
  53,821
  56,871
  60,056
  63,384
  66,861
  70,497
  74,300
  78,279
  82,442
  86,801
Working capital, $m
  0
  -10,220
  -11,292
  -12,415
  -13,587
  -14,810
  -16,084
  -17,410
  -18,789
  -20,221
  -21,710
  -23,258
  -24,866
  -26,537
  -28,276
  -30,084
  -31,966
  -33,926
  -35,967
  -38,095
  -40,313
  -42,628
  -45,044
  -47,567
  -50,202
  -52,957
  -55,836
  -58,848
  -61,999
  -65,297
  -68,750
Total debt, $m
  241
  10,303
  11,245
  12,231
  13,262
  14,336
  15,455
  16,620
  17,831
  19,090
  20,398
  21,757
  23,170
  24,638
  26,165
  27,754
  29,407
  31,129
  32,922
  34,792
  36,741
  38,774
  40,897
  43,113
  45,428
  47,848
  50,378
  53,024
  55,792
  58,689
  61,722
Total liabilities, $m
  9,935
  8,978
  9,920
  10,906
  11,937
  13,011
  14,130
  15,295
  16,506
  17,765
  19,073
  20,432
  21,845
  23,313
  24,840
  26,429
  28,082
  29,804
  31,597
  33,467
  35,416
  37,449
  39,572
  41,788
  44,103
  46,523
  49,053
  51,699
  54,467
  57,364
  60,397
Total equity, $m
  1,755
  998
  1,102
  1,212
  1,326
  1,446
  1,570
  1,699
  1,834
  1,974
  2,119
  2,270
  2,427
  2,590
  2,760
  2,937
  3,120
  3,312
  3,511
  3,719
  3,935
  4,161
  4,397
  4,643
  4,900
  5,169
  5,450
  5,744
  6,052
  6,374
  6,711
Total liabilities and equity, $m
  11,690
  9,976
  11,022
  12,118
  13,263
  14,457
  15,700
  16,994
  18,340
  19,739
  21,192
  22,702
  24,272
  25,903
  27,600
  29,366
  31,202
  33,116
  35,108
  37,186
  39,351
  41,610
  43,969
  46,431
  49,003
  51,692
  54,503
  57,443
  60,519
  63,738
  67,108
Debt-to-equity ratio
  0.137
  10.330
  10.200
  10.090
  10.000
  9.920
  9.840
  9.780
  9.720
  9.670
  9.630
  9.580
  9.550
  9.510
  9.480
  9.450
  9.420
  9.400
  9.380
  9.360
  9.340
  9.320
  9.300
  9.290
  9.270
  9.260
  9.240
  9.230
  9.220
  9.210
  9.200
Adjusted equity ratio
  0.150
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  145
  -311
  -274
  -286
  -299
  -312
  -326
  -341
  -356
  -372
  -388
  -405
  -422
  -440
  -459
  -478
  -498
  -519
  -540
  -563
  -586
  -609
  -634
  -660
  -687
  -714
  -743
  -773
  -805
  -837
  -871
Depreciation, amort., depletion, $m
  14
  1,290
  1,426
  1,567
  1,715
  1,870
  2,031
  2,198
  2,372
  2,553
  2,741
  2,936
  3,139
  3,351
  3,570
  3,798
  4,036
  4,283
  4,541
  4,810
  5,090
  5,382
  5,687
  6,006
  6,338
  6,686
  7,050
  7,430
  7,828
  8,244
  8,680
Funds from operations, $m
  91
  980
  1,152
  1,282
  1,417
  1,558
  1,705
  1,857
  2,016
  2,182
  2,353
  2,532
  2,717
  2,910
  3,111
  3,320
  3,538
  3,764
  4,001
  4,247
  4,504
  4,773
  5,053
  5,346
  5,652
  5,972
  6,306
  6,657
  7,023
  7,407
  7,809
Change in working capital, $m
  -41
  -1,021
  -1,072
  -1,123
  -1,173
  -1,223
  -1,274
  -1,326
  -1,378
  -1,433
  -1,489
  -1,547
  -1,608
  -1,672
  -1,738
  -1,808
  -1,882
  -1,960
  -2,041
  -2,128
  -2,219
  -2,315
  -2,416
  -2,523
  -2,636
  -2,754
  -2,880
  -3,012
  -3,151
  -3,298
  -3,452
Cash from operations, $m
  132
  2,001
  2,224
  2,404
  2,590
  2,781
  2,979
  3,183
  3,395
  3,614
  3,842
  4,079
  4,325
  4,582
  4,849
  5,129
  5,420
  5,724
  6,042
  6,375
  6,723
  7,087
  7,469
  7,868
  8,287
  8,726
  9,186
  9,669
  10,174
  10,705
  11,262
Maintenance CAPEX, $m
  0
  -1,161
  -1,290
  -1,426
  -1,567
  -1,715
  -1,870
  -2,031
  -2,198
  -2,372
  -2,553
  -2,741
  -2,936
  -3,139
  -3,351
  -3,570
  -3,798
  -4,036
  -4,283
  -4,541
  -4,810
  -5,090
  -5,382
  -5,687
  -6,006
  -6,338
  -6,686
  -7,050
  -7,430
  -7,828
  -8,244
New CAPEX, $m
  -6
  -1,293
  -1,354
  -1,417
  -1,481
  -1,544
  -1,609
  -1,674
  -1,740
  -1,809
  -1,880
  -1,954
  -2,030
  -2,111
  -2,195
  -2,283
  -2,376
  -2,474
  -2,577
  -2,686
  -2,801
  -2,922
  -3,050
  -3,185
  -3,328
  -3,478
  -3,636
  -3,803
  -3,979
  -4,164
  -4,359
Cash from investing activities, $m
  -379
  -2,454
  -2,644
  -2,843
  -3,048
  -3,259
  -3,479
  -3,705
  -3,938
  -4,181
  -4,433
  -4,695
  -4,966
  -5,250
  -5,546
  -5,853
  -6,174
  -6,510
  -6,860
  -7,227
  -7,611
  -8,012
  -8,432
  -8,872
  -9,334
  -9,816
  -10,322
  -10,853
  -11,409
  -11,992
  -12,603
Free cash flow, $m
  -247
  -453
  -420
  -439
  -459
  -479
  -500
  -521
  -544
  -567
  -591
  -616
  -641
  -668
  -696
  -725
  -755
  -786
  -819
  -853
  -888
  -925
  -964
  -1,004
  -1,046
  -1,090
  -1,136
  -1,184
  -1,234
  -1,287
  -1,342
Issuance/(repayment) of debt, $m
  -4
  -5
  942
  986
  1,030
  1,075
  1,119
  1,165
  1,211
  1,259
  1,308
  1,359
  1,413
  1,469
  1,527
  1,589
  1,653
  1,722
  1,793
  1,869
  1,949
  2,033
  2,122
  2,216
  2,315
  2,420
  2,530
  2,646
  2,768
  2,897
  3,033
Issuance/(repurchase) of shares, $m
  -6
  1,314
  378
  395
  413
  432
  451
  470
  490
  511
  533
  556
  579
  603
  629
  655
  682
  710
  740
  770
  802
  835
  870
  906
  944
  983
  1,024
  1,067
  1,112
  1,159
  1,208
Cash from financing (excl. dividends), $m  
  126
  1,309
  1,320
  1,381
  1,443
  1,507
  1,570
  1,635
  1,701
  1,770
  1,841
  1,915
  1,992
  2,072
  2,156
  2,244
  2,335
  2,432
  2,533
  2,639
  2,751
  2,868
  2,992
  3,122
  3,259
  3,403
  3,554
  3,713
  3,880
  4,056
  4,241
Total cash flow (excl. dividends), $m
  -121
  856
  900
  943
  985
  1,027
  1,070
  1,113
  1,158
  1,203
  1,250
  1,299
  1,350
  1,404
  1,460
  1,519
  1,581
  1,646
  1,714
  1,787
  1,863
  1,944
  2,029
  2,119
  2,213
  2,313
  2,418
  2,529
  2,646
  2,770
  2,899
Retained Cash Flow (-), $m
  -92
  -1,314
  -378
  -395
  -413
  -432
  -451
  -470
  -490
  -511
  -533
  -556
  -579
  -603
  -629
  -655
  -682
  -710
  -740
  -770
  -802
  -835
  -870
  -906
  -944
  -983
  -1,024
  -1,067
  -1,112
  -1,159
  -1,208
Prev. year cash balance distribution, $m
 
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
Cash available for distribution, $m
 
  -452
  522
  547
  572
  596
  619
  643
  667
  692
  717
  744
  771
  801
  831
  864
  899
  936
  975
  1,017
  1,061
  1,108
  1,159
  1,212
  1,269
  1,330
  1,394
  1,462
  1,534
  1,611
  1,691
Discount rate, %
 
  15.50
  16.28
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.05
  25.25
  26.51
  27.84
  29.23
  30.69
  32.22
  33.83
  35.53
  37.30
  39.17
  41.13
  43.18
  45.34
  47.61
  49.99
  52.49
  55.11
  57.87
  60.76
  63.80
PV of cash for distribution, $m
 
  -392
  386
  341
  295
  251
  210
  172
  138
  108
  83
  63
  46
  33
  23
  16
  10
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  36.3
  26.7
  19.9
  15.0
  11.4
  8.8
  6.8
  5.3
  4.2
  3.3
  2.7
  2.1
  1.7
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Great Western Bancorp, Inc. is a full-service regional bank holding company. The Company is the holding company of the Great Western Bank (the Bank). As of September 30, 2016, the Company served customers through 173 branches in various markets in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. The Company focuses on business and agribusiness banking, complemented by retail banking and wealth management services. The Company's loan portfolio consists primarily of business loans, consisting of commercial and industrial loans (C&I), commercial real estate loans and agribusiness loans. The Company offers its business banking customers a focused range of financial products designed to meet the specific needs of their businesses, including loans, lines of credit, cash management services, online business deposit and wire transfer services, in addition to non-interest-bearing demand deposit and savings accounts, and corporate credit cards.

FINANCIAL RATIOS  of  Great Western Bancorp (GWB)

Valuation Ratios
P/E Ratio 16.9
Price to Sales 0
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 13.7%
Total Debt to Equity 13.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 29.7%

GWB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWB stock intrinsic value calculation we used $431 million for the last fiscal year's total revenue generated by Great Western Bancorp. The default revenue input number comes from 2017 income statement of Great Western Bancorp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GWB stock valuation model: a) initial revenue growth rate of 11.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.5%, whose default value for GWB is calculated based on our internal credit rating of Great Western Bancorp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Great Western Bancorp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GWB stock the variable cost ratio is equal to 20.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $130 million in the base year in the intrinsic value calculation for GWB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Great Western Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Great Western Bancorp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GWB stock is equal to 1.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GWB are equal to 2694.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Great Western Bancorp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GWB is equal to -2134.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Great Western Bancorp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 59 million for Great Western Bancorp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Great Western Bancorp at the current share price and the inputted number of shares is $2.5 billion.

RELATED COMPANIES Price Int.Val. Rating
EQBK Equity Bancsha 42.41 151.15  str.buy
UMBF UMB Financial 78.28 1.80  str.sell
EFSC Enterprise Fin 56.00 43.34  hold
WTBA West Bancorp 25.90 0.08  str.sell

COMPANY NEWS

▶ Best Defensive Stocks To Buy This May   [May-21-18 04:05PM  Simply Wall St.]
▶ Great Western Bancorp: Fiscal 2Q Earnings Snapshot   [Apr-26-18 08:51AM  Associated Press]
▶ A Preview Of Great Western Bancorp's Earnings   [Apr-25-18 03:43PM  Benzinga]
▶ Good Stocks To Protect Your Portfolio During A Bear Market   [Mar-19-18 04:05PM  Simply Wall St.]
▶ Great Western Bancorp beats 1Q profit forecasts   [07:09AM  Associated Press]
▶ Great Western Bancorp posts 4Q profit   [08:01AM  Associated Press]
▶ Great Western Bancorp misses Street 3Q forecasts   [Jul-27-17 09:34PM  Associated Press]
▶ KBE S&P bank index jumps five percent   [Jun-09-17 03:14PM  CNBC Videos]
▶ Great Western Bancorp misses Street 2Q forecasts   [07:32AM  Associated Press]
Financial statements of GWB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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