なぜ Bank of America Corporation（BAC）にDCFは適さないのか

Banks - Diversified · NYSE

キャッシュフローDCFは BAC に適したモデルではありません

Bank of America Corporation は銀行・保険または不動産企業です。標準的な割引キャッシュフローモデルはフリーキャッシュフローで企業を評価しますが、こうした企業ではフリーキャッシュフローが価値の明確な尺度になりません。銀行や保険会社は純資産（簿価）、株主資本利益率（ROE）、株価収益率（PER）で評価され、REIT（不動産投資信託）はフリーキャッシュフローではなく運用資金（FFO）と配当で評価されます。ここでフリーキャッシュフローDCFを適用すると誤解を招く数値になるため、表示されません。

代わりに BAC のPERバリュエーションを見る →

現在価格

$61.69

AI モート＆リスク分析BAC

競争上のモート

投資リスク

会社概要

Operating globally through its various subsidiaries, Bank of America Corporation offers a comprehensive range of banking and financial products and services. Its extensive clientele includes individual consumers, small and mid-market businesses, institutional investors, large corporations, and government bodies worldwide. The Consumer Banking division provides diverse options such as traditional and money market savings accounts, certificates of deposit, individual retirement accounts (IRAs), and both interest-bearing and non-interest-bearing checking accounts, in addition to investment products. This segment also issues credit and debit cards, originates residential mortgages and home equity loans, and offers direct and indirect financing for needs like automotive purchases, recreational vehicles, and personal loans. Within its Global Wealth & Investment Management segment, the company delivers investment management, brokerage, banking, and trust and retirement solutions. It also crafts tailored wealth management strategies, including specialized asset management services. The Global Banking segment furnishes a broad spectrum of lending products, including commercial loans, leases, commitment facilities, trade finance, and both commercial real estate and asset-based lending. Furthermore, it provides treasury solutions such as cash management, foreign exchange, short-term investment options, and merchant services, alongside working capital management guidance. This segment also engages in debt and equity underwriting, distribution, and advisory services related to mergers and acquisitions. Through its Global Markets segment, Bank of America performs market-making activities, offers financing, and provides securities clearing, settlement, and custody services. It also devises risk management products employing interest rate, equity, credit, currency, and commodity derivatives, as well as foreign exchange, fixed-income, and mortgage-related instruments. As of December 31, 2021, the corporation served approximately 67 million consumer and small business clients. Its widespread infrastructure comprised around 4,200 retail financial centers and approximately 16,000 ATMs, supplemented by digital banking platforms utilized by roughly 41 million active users. Founded in 1784, Bank of America is headquartered in Charlotte, North Carolina.

よくある質問

なぜ割引キャッシュフローモデルは Bank of America Corporation の評価に適さないのですか？

銀行である Bank of America Corporation は顧客の預金で資金を調達し、レバレッジを中核事業として運営しているため、DCFがフリーキャッシュフローとして扱う現金の動きは、実際には分配可能な余剰ではなく営業活動そのものです。データ提供会社は銀行の営業キャッシュフローをフリーキャッシュフローとして報告することが多く、その結果、DCFは企業が株主に還元できる現金を表さない数値で計算されてしまいます。銀行は代わりに貸借対照表から読み取ります。

Bank of America Corporation（BAC）は代わりにどのように評価するのですか？

Bank of America Corporation は株主資本利益率（ROE）と対比した株価純資産倍率（PBR）で読むほうが適しています。高く安定した株主資本利益率を稼ぐ銀行は、純資産に対するより高い倍率を裏付け、株価収益率（PER）と配当が残りの全体像を補います。BAC のPERビューが利益ベースの側面をカバーします。