ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAPAQARASATAUAVAWAXAYAZBABB
1
2
Model Introduction
3
1
4
Key Inputs1
5
Units ($ in millions)
6
Company name
New York Community Bancorp
7
TickerNYCB
8
Circuit breakerNo
9
Valuation date3/11/2024
10
Stub period80.6%
11
Latest shares of outstanding682,901,266
12
Md-year conventionNo
13
Fiscal year end12/31/2023
14
First fiscal year end12/31/2024
15
Date of latest 10K filing12/31/2022
16
Date of latest 10Q filing-
17
18
WACC Information
19
After tax cost of debt0.00%
20
Cost of equity13.07%
21
Weighted average cost of capital
0.00%
22
23
Final year multiples
24
Implied P/BV0.79 X
25
Implied P/TBV1.13 X
26
Entry P/BV0.34 X
27
Implied exit P/BV0.89 X
28
29
Other assumptions
30
Effective tax rate of New York Community Bancorp as of the latest filing
31
Use growth or margins?
(Not used in this file)
Margins
32
Circuit BreakerOn
33
34
Background and operations of New York Community Bancorp:
35
New York Community Bancorp is the parent organization of Flagstar Bank. The company went public way back in 1993 and has
36
since been growing through various organic and inorganic avenues. As of the end of 2022, the company had $90B of assets, $69B
37
of loans, deposits of $58.7B and total stockholders' equity of $8.8B. NYCB has leading positions in several national businesses,
38
including multi-family lending, mortgage originations and servicing, and warehouse lending. The company is the second largest
39
multi-national portfolio lender in the country and leading multi-family portfolio lender in the New York City region. NYCB operates
40
395 branches across nine sttes and 24-hour access to its ATM locations.
41
42
43
44
45
46
47
48
Case Manager
49
50
Active Case
(Not used in this file)
Base Case
51
52
53
Output:
54
Share price as of the valuation $ 3.25
55
DDM derived price $ 6.37
56
Analysis Undervalued
57
58
Additional notes:
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100