JPM · NYQ · Financial Services
JPMorgan Chase & Co.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 357.82
Market price
USD 340.58
Implied upside
+5.1%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 18.0%
- Payout
- 28%
- Cost of equity
- 9.18%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 342.4bn | USD 383.1bn | USD 424.7bn | USD 466.4bn | USD 507.3bn | USD 546.5bn | USD 583.0bn | USD 615.8bn | USD 644.1bn | USD 666.9bn |
| Return on equity | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
| Excess return | USD 30.3bn | USD 33.9bn | USD 37.6bn | USD 41.3bn | USD 44.9bn | USD 48.3bn | USD 51.6bn | USD 54.5bn | USD 57.0bn | USD 59.0bn |
| Present value | USD 27.7bn | USD 28.4bn | USD 28.9bn | USD 29.0bn | USD 28.9bn | USD 28.5bn | USD 27.9bn | USD 27.0bn | USD 25.8bn | USD 24.5bn |
| Book equity | USD 342.4bn |
| Present value of excess returns | USD 276.8bn |
| Terminal, growing at 2.50% | USD 376.1bn |
| Equity value | USD 995.3bn |
| Per share | USD 357.82 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.013 | Reported 1.020, pulled toward 1.0 (Blume) |
| Cost of equity | 9.18% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.