BAC Model

	C	F	G	H
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5	Steady state shareholder cash - buybacks + dividends	22
6	Multiple on cash	20
7	Implied market cap	440
8	Shares outstanding	8.65
9	Implied Price per share	$ 51
10	Today's Price	$ 43
11	Upside	19%
12
13	All numbers in $B	2018	2019	2020
14	Total net revenue	91	91.2	86
15	Growth		0%	-6%
16	Noninterest expense	53	55	55
17	Pre-provision profit	38	36.2	31
18	Growth		-5%	-16%
19	Provision for losses	3.2	3.6	11
20	Income before tax	34.8	32.6	19
21	Taxes	6.4	5.3	1.1
22	Net income	28.4	27.3	18
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24	Buybacks - net of issuance	19	27	5.7
25	Dividends paid - common stock	5.4	6.1	6.2
26	Total return to shareholders	24.4	33.1	11.9
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