QCRH
QCR Holdings, Inc.
$97.21
Banks, Insurers & Asset Managers
85%
P/Tangible Book × ROE Quality
Moderate
·
Conviction
Fair Value
Trading 19.9% below fair value
You pay
$97.21
Bear
$77.80
Fair
$121.38
Bull
$147.53
Bear
$77.80
-20.0%
ROTCE 9.9% → 1.33x TBV
Fair
$121.38
+24.9%
ROTCE 13.2% → 2.08x TBV
Bull
$147.53
+51.8%
ROTCE 15.1% → 2.52x TBV
Adjust Assumptions
13.2%
8.4%
Key Value Driver
ROTCE (13.2%) vs. cost of equity (8.4%)
Implied Market Multiple
1.66x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (8 analysts)
$112.67
Divergence from AlphaVal
8%
Summary
With ROTCE of 13.2% vs. 8.4% cost of equity, fair P/TBV is 2.08x on $58.49 tangible book, implying $121.38 per share.
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly