Intrinsic value of Byline Bancorp - BY

Previous Close

$23.85

  Intrinsic Value

$53.49

stock screener

  Rating & Target

str. buy

+124%

Previous close

$23.85

 
Intrinsic value

$53.49

 
Up/down potential

+124%

 
Rating

str. buy

We calculate the intrinsic value of BY 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  51.00
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
Revenue, $m
  242
  354
  503
  697
  942
  1,245
  1,612
  2,047
  2,555
  3,138
  3,799
  4,537
  5,353
  6,247
  7,216
  8,261
  9,378
  10,566
  11,824
  13,150
  14,543
  16,002
  17,527
  19,118
  20,775
  22,500
  24,294
  26,158
  28,096
  30,109
Variable operating expenses, $m
  84
  123
  176
  243
  329
  435
  563
  715
  892
  1,095
  1,326
  1,583
  1,868
  2,180
  2,518
  2,883
  3,273
  3,688
  4,127
  4,589
  5,075
  5,585
  6,117
  6,672
  7,250
  7,852
  8,478
  9,129
  9,805
  10,508
Fixed operating expenses, $m
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
  84
  86
  88
  90
  92
  94
  96
  98
  100
  103
  105
  107
  110
  112
  114
  117
  120
  122
  125
Total operating expenses, $m
  150
  191
  245
  314
  401
  509
  639
  792
  971
  1,176
  1,409
  1,667
  1,954
  2,268
  2,608
  2,975
  3,367
  3,784
  4,225
  4,689
  5,178
  5,690
  6,224
  6,782
  7,362
  7,966
  8,595
  9,249
  9,927
  10,633
Operating income, $m
  91
  162
  258
  383
  541
  737
  974
  1,255
  1,584
  1,962
  2,390
  2,869
  3,399
  3,978
  4,608
  5,286
  6,011
  6,782
  7,599
  8,460
  9,365
  10,312
  11,303
  12,336
  13,413
  14,533
  15,698
  16,909
  18,168
  19,476
EBITDA, $m
  593
  897
  1,304
  1,831
  2,499
  3,324
  4,323
  5,509
  6,893
  8,483
  10,283
  12,295
  14,521
  16,957
  19,601
  22,449
  25,495
  28,735
  32,166
  35,781
  39,580
  43,559
  47,718
  52,057
  56,577
  61,281
  66,173
  71,258
  76,542
  82,034
Interest expense (income), $m
  6
  161
  207
  290
  400
  542
  723
  946
  1,216
  1,537
  1,911
  2,340
  2,826
  3,370
  3,971
  4,629
  5,343
  6,112
  6,935
  7,810
  8,736
  9,712
  10,738
  11,812
  12,935
  14,107
  15,327
  16,597
  17,918
  19,291
  20,718
Earnings before tax, $m
  -70
  -45
  -31
  -17
  -1
  14
  28
  39
  48
  52
  50
  43
  29
  7
  -21
  -57
  -101
  -152
  -211
  -276
  -348
  -426
  -510
  -599
  -694
  -794
  -899
  -1,009
  -1,123
  -1,242
Tax expense, $m
  0
  0
  0
  0
  0
  4
  7
  11
  13
  14
  14
  12
  8
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -70
  -45
  -31
  -17
  -1
  10
  20
  29
  35
  38
  37
  31
  21
  5
  -21
  -57
  -101
  -152
  -211
  -276
  -348
  -426
  -510
  -599
  -694
  -794
  -899
  -1,009
  -1,123
  -1,242

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
Total assets, $m
  3,661
  5,359
  7,624
  10,562
  14,277
  18,869
  24,426
  31,021
  38,715
  47,550
  57,554
  68,740
  81,107
  94,646
  109,338
  125,161
  142,087
  160,092
  179,150
  199,239
  220,344
  242,451
  265,557
  289,661
  314,773
  340,906
  368,084
  396,334
  425,692
  456,200
Adjusted assets (=assets-cash), $m
  3,661
  5,359
  7,624
  10,562
  14,277
  18,869
  24,426
  31,021
  38,715
  47,550
  57,554
  68,740
  81,107
  94,646
  109,338
  125,161
  142,087
  160,092
  179,150
  199,239
  220,344
  242,451
  265,557
  289,661
  314,773
  340,906
  368,084
  396,334
  425,692
  456,200
Revenue / Adjusted assets
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
  0.066
Average production assets, $m
  5,020
  7,349
  10,455
  14,483
  19,578
  25,875
  33,494
  42,538
  53,089
  65,204
  78,923
  94,261
  111,221
  129,786
  149,934
  171,630
  194,841
  219,531
  245,665
  273,213
  302,153
  332,469
  364,153
  397,207
  431,642
  467,479
  504,747
  543,485
  583,743
  625,578
Working capital, $m
  -4,246
  -6,216
  -8,843
  -12,250
  -16,560
  -21,886
  -28,331
  -35,981
  -44,904
  -55,152
  -66,756
  -79,730
  -94,075
  -109,778
  -126,820
  -145,172
  -164,805
  -185,688
  -207,793
  -231,094
  -255,573
  -281,215
  -308,015
  -335,974
  -365,100
  -395,412
  -426,934
  -459,701
  -493,753
  -529,139
Total debt, $m
  3,834
  5,363
  7,401
  10,045
  13,389
  17,522
  22,522
  28,458
  35,383
  43,334
  52,338
  62,405
  73,536
  85,721
  98,944
  113,184
  128,418
  144,622
  161,774
  179,855
  198,849
  218,746
  239,541
  261,235
  283,835
  307,355
  331,815
  357,240
  383,662
  411,119
Total liabilities, $m
  3,295
  4,823
  6,862
  9,506
  12,850
  16,982
  21,983
  27,919
  34,843
  42,795
  51,798
  61,866
  72,996
  85,181
  98,404
  112,644
  127,878
  144,083
  161,235
  179,315
  198,309
  218,206
  239,001
  260,695
  283,296
  306,816
  331,275
  356,700
  383,123
  410,580
Total equity, $m
  366
  536
  762
  1,056
  1,428
  1,887
  2,443
  3,102
  3,871
  4,755
  5,755
  6,874
  8,111
  9,465
  10,934
  12,516
  14,209
  16,009
  17,915
  19,924
  22,034
  24,245
  26,556
  28,966
  31,477
  34,091
  36,808
  39,633
  42,569
  45,620
Total liabilities and equity, $m
  3,661
  5,359
  7,624
  10,562
  14,278
  18,869
  24,426
  31,021
  38,714
  47,550
  57,553
  68,740
  81,107
  94,646
  109,338
  125,160
  142,087
  160,092
  179,150
  199,239
  220,343
  242,451
  265,557
  289,661
  314,773
  340,907
  368,083
  396,333
  425,692
  456,200
Debt-to-equity ratio
  10.470
  10.010
  9.710
  9.510
  9.380
  9.290
  9.220
  9.170
  9.140
  9.110
  9.090
  9.080
  9.070
  9.060
  9.050
  9.040
  9.040
  9.030
  9.030
  9.030
  9.020
  9.020
  9.020
  9.020
  9.020
  9.020
  9.010
  9.010
  9.010
  9.010
Adjusted equity ratio
  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
  -70
  -45
  -31
  -17
  -1
  10
  20
  29
  35
  38
  37
  31
  21
  5
  -21
  -57
  -101
  -152
  -211
  -276
  -348
  -426
  -510
  -599
  -694
  -794
  -899
  -1,009
  -1,123
  -1,242
Depreciation, amort., depletion, $m
  502
  735
  1,045
  1,448
  1,958
  2,588
  3,349
  4,254
  5,309
  6,520
  7,892
  9,426
  11,122
  12,979
  14,993
  17,163
  19,484
  21,953
  24,566
  27,321
  30,215
  33,247
  36,415
  39,721
  43,164
  46,748
  50,475
  54,349
  58,374
  62,558
Funds from operations, $m
  431
  690
  1,014
  1,432
  1,956
  2,597
  3,370
  4,283
  5,344
  6,558
  7,929
  9,457
  11,143
  12,984
  14,972
  17,106
  19,383
  21,801
  24,356
  27,046
  29,868
  32,821
  35,906
  39,122
  42,470
  45,954
  49,576
  53,340
  57,251
  61,316
Change in working capital, $m
  -1,434
  -1,970
  -2,627
  -3,407
  -4,310
  -5,326
  -6,445
  -7,650
  -8,924
  -10,248
  -11,604
  -12,974
  -14,345
  -15,704
  -17,041
  -18,352
  -19,633
  -20,883
  -22,105
  -23,302
  -24,479
  -25,642
  -26,800
  -27,958
  -29,126
  -30,312
  -31,523
  -32,767
  -34,052
  -35,386
Cash from operations, $m
  1,866
  2,660
  3,641
  4,839
  6,266
  7,924
  9,814
  11,932
  14,267
  16,806
  19,533
  22,432
  25,488
  28,688
  32,013
  35,458
  39,016
  42,684
  46,461
  50,347
  54,347
  58,464
  62,705
  67,080
  71,597
  76,266
  81,098
  86,107
  91,303
  96,702
Maintenance CAPEX, $m
  -333
  -502
  -735
  -1,045
  -1,448
  -1,958
  -2,588
  -3,349
  -4,254
  -5,309
  -6,520
  -7,892
  -9,426
  -11,122
  -12,979
  -14,993
  -17,163
  -19,484
  -21,953
  -24,566
  -27,321
  -30,215
  -33,247
  -36,415
  -39,721
  -43,164
  -46,748
  -50,475
  -54,349
  -58,374
New CAPEX, $m
  -1,689
  -2,329
  -3,106
  -4,029
  -5,095
  -6,297
  -7,619
  -9,044
  -10,550
  -12,116
  -13,718
  -15,339
  -16,959
  -18,566
  -20,147
  -21,697
  -23,211
  -24,689
  -26,134
  -27,549
  -28,940
  -30,316
  -31,684
  -33,054
  -34,435
  -35,836
  -37,268
  -38,739
  -40,258
  -41,835
Cash from investing activities, $m
  -2,022
  -2,831
  -3,841
  -5,074
  -6,543
  -8,255
  -10,207
  -12,393
  -14,804
  -17,425
  -20,238
  -23,231
  -26,385
  -29,688
  -33,126
  -36,690
  -40,374
  -44,173
  -48,087
  -52,115
  -56,261
  -60,531
  -64,931
  -69,469
  -74,156
  -79,000
  -84,016
  -89,214
  -94,607
  -100,209
Free cash flow, $m
  -156
  -171
  -200
  -235
  -277
  -331
  -393
  -461
  -537
  -619
  -706
  -800
  -898
  -1,000
  -1,112
  -1,233
  -1,358
  -1,489
  -1,626
  -1,768
  -1,915
  -2,068
  -2,226
  -2,389
  -2,559
  -2,735
  -2,918
  -3,107
  -3,303
  -3,507
Issuance/(repayment) of debt, $m
  846
  1,529
  2,038
  2,644
  3,344
  4,133
  5,001
  5,936
  6,924
  7,952
  9,004
  10,067
  11,131
  12,185
  13,223
  14,240
  15,234
  16,204
  17,152
  18,081
  18,994
  19,897
  20,795
  21,694
  22,600
  23,520
  24,460
  25,425
  26,422
  27,457
Issuance/(repurchase) of shares, $m
  442
  215
  258
  311
  373
  449
  535
  631
  735
  846
  964
  1,087
  1,216
  1,348
  1,490
  1,640
  1,794
  1,953
  2,116
  2,285
  2,458
  2,636
  2,820
  3,010
  3,205
  3,408
  3,617
  3,834
  4,059
  4,292
Cash from financing (excl. dividends), $m  
  1,288
  1,744
  2,296
  2,955
  3,717
  4,582
  5,536
  6,567
  7,659
  8,798
  9,968
  11,154
  12,347
  13,533
  14,713
  15,880
  17,028
  18,157
  19,268
  20,366
  21,452
  22,533
  23,615
  24,704
  25,805
  26,928
  28,077
  29,259
  30,481
  31,749
Total cash flow (excl. dividends), $m
  1,132
  1,572
  2,097
  2,720
  3,440
  4,251
  5,144
  6,105
  7,122
  8,179
  9,261
  10,355
  11,449
  12,533
  13,601
  14,647
  15,669
  16,667
  17,642
  18,598
  19,537
  20,466
  21,389
  22,314
  23,246
  24,193
  25,159
  26,152
  27,178
  28,242
Retained Cash Flow (-), $m
  -442
  -215
  -258
  -311
  -373
  -459
  -556
  -660
  -769
  -884
  -1,000
  -1,119
  -1,237
  -1,354
  -1,490
  -1,640
  -1,794
  -1,953
  -2,116
  -2,285
  -2,458
  -2,636
  -2,820
  -3,010
  -3,205
  -3,408
  -3,617
  -3,834
  -4,059
  -4,292
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
  1
  2
  3
  5
  6
  8
  11
  15
  18
  23
  28
  34
  41
  48
  56
  65
  74
  84
  95
  106
  118
  131
  144
  158
  172
  187
  202
  219
  235
  253
Cash available for distribution, $m
  695
  1,358
  1,839
  2,409
  3,067
  3,792
  4,588
  5,446
  6,353
  7,295
  8,261
  9,236
  10,212
  11,179
  12,111
  13,008
  13,876
  14,715
  15,526
  16,313
  17,079
  17,829
  18,569
  19,305
  20,041
  20,785
  21,542
  22,318
  23,119
  23,950
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  600
  999
  1,136
  1,230
  1,274
  1,259
  1,196
  1,093
  961
  815
  665
  523
  397
  290
  204
  138
  90
  56
  34
  20
  11
  6
  3
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  31.5
  21.3
  15.1
  11.2
  8.5
  6.6
  5.3
  4.3
  3.5
  2.9
  2.4
  2.1
  1.8
  1.5
  1.3
  1.2
  1.0
  0.9
  0.8
  0.7
  0.6
  0.6
  0.5
  0.5
  0.4
  0.4
  0.3
  0.3
  0.3

Byline Bancorp, Inc. is a bank holding company. The Company operates through its subsidiary, Byline Bank (the Bank). Byline Bank is a full service commercial bank. The Bank operates through 56 branches in the Chicago metropolitan area. The Bank offers a broad range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors, and to consumers. The Bank also provides small ticket equipment leasing solutions. The Bank’s commercial lending groups include commercial real estate, commercial and industrial, syndications, and commercial deposits and cash management. It offers a variety of deposit products, including non-interest bearing accounts, money market deposit account, savings accounts, negotiable order of withdrawal account accounts and time deposits with maturities ranging from 7 days to 5 years. As of March 31, 2017, the Bank had total gross loans and leases outstanding of 2.1 billion and total deposits of 2.6 billion.

FINANCIAL RATIOS  of  Byline Bancorp (BY)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 0
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow -26
Price to Free Cash Flow -21.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 17%
Total Debt to Equity 17%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 23.5%
Return On Equity - 3 Yr. Avg. 2.5%
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 -1240%
Eff/ Tax Rate - 3 Yr. Avg. -413.3%
Payout Ratio 0%

BY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BY stock intrinsic value calculation we used $160 million for the last fiscal year's total revenue generated by Byline Bancorp. The default revenue input number comes from 2017 income statement of Byline 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 BY stock valuation model: a) initial revenue growth rate of 51% 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 15.8%, whose default value for BY is calculated based on our internal credit rating of Byline 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 Byline 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 BY stock the variable cost ratio is equal to 34.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $65 million in the base year in the intrinsic value calculation for BY 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 Byline Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Byline 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 BY stock is equal to 0.9%.

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 BY are equal to 2077.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Byline 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 BY is equal to -1757.4%. 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 Byline 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 29 million for Byline 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 Byline Bancorp at the current share price and the inputted number of shares is $0.7 billion.

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