MTB · NYQ · Financial Services
M&T Bank Corporation
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 234.39
Market price
USD 224.43
Implied upside
+4.4%
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
- 10.1%
- Payout
- 39%
- Cost of equity
- 8.11%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 26.3bn | USD 27.9bn | USD 29.4bn | USD 30.9bn | USD 32.4bn | USD 33.8bn | USD 35.1bn | USD 36.4bn | USD 37.6bn | USD 38.6bn |
| Return on equity | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% | 10.1% |
| Excess return | USD 533.4m | USD 564.5m | USD 595.4m | USD 625.7m | USD 655.3m | USD 683.8m | USD 711.1m | USD 736.8m | USD 760.6m | USD 782.5m |
| Present value | USD 493.3m | USD 483.0m | USD 471.2m | USD 458.1m | USD 443.7m | USD 428.3m | USD 412.0m | USD 394.8m | USD 377.1m | USD 358.8m |
| Book equity | USD 26.3bn |
| Present value of excess returns | USD 4.3bn |
| Terminal, growing at 2.50% | USD 6.6bn |
| Equity value | USD 37.2bn |
| Per share | USD 234.39 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.760 | Reported 0.642, pulled toward 1.0 (Blume) |
| Cost of equity | 8.11% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.