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Royal Bank of Canada
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=== Multiples Approach === {| class="wikitable" !Competitors !P/Ex !P/Bx |- |Bank of America Corp |9.10 |0.9 |- |BMO Bank of Montreal |9.34 |1.29 |- |Citi Group |7.14 |0.49 |- |HSBC Holdings |6.94 |0.9 |- |JPMorgan Chase & Co. |10.41 |1.5 |- |Toronto-Dominion Bank |10.73 |1.41 |- |Wells Fargo & Co. |11.00 |0.9 |- |'''Average''' |'''9.24''' |'''1.06''' |- |'''Median''' |'''9.34''' |'''0.90''' |} {| class="wikitable" ! colspan="5" |Calculating the price based on P/E multiple |- |P/E |Earnings |Shares |'''Price''' |Market cap |- |9.24x |15,794.00 |1,406.00 |'''103.76''' |145,891.43 |} {| class="wikitable" ! colspan="5" |Calculating the price based on P/B multiple |- |P/B |Book Value |Shares |'''Price''' |Market cap |- |1.06x |108,175.00 |1,406.00 |'''81.22''' |114,201.89 |} For the multiples approach, the average P/E and P/B ratio was calculated using a basket of P/E and P/B ratios of competitors. Based on the P/E multiple, the price is CAD 103.76 which is at a 23% discount to the current market price. Based on the P/B multiple, the price is CAD 81.22 which is at a 37.5% discount to the current market price. [[File:Valuation.png|center|frameless|700x700px]]
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