JPM - JPMorgan Chase & Co.
Price:
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$338.78
DETAILS
HIGH:
$391.00
LOW:
$295.00
MEDIAN:
$332.00
CONSENSUS:
$338.78
UPSIDE:
10.58%
AlphaVal
Deterministic, archetype-aware fair value
Banks, Insurers & Asset Managers
90% confidence
Primary model: P/Tangible Book × ROE Quality
Adjust Assumptions
19.1%
9.9%
Key Value Driver
ROTCE (19.1%) vs. cost of equity (9.9%)
Implied Market Multiple
2.76x
Plain-Language Summary
Our base-case estimate uses P/Tangible Book × ROE Quality. We then blend that result with the average analyst price target of $338.78 from 61 analysts, using a 35% weight on analyst consensus. That produces an estimated intrinsic value of $303.29 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.
Dividend-based valuation: $439.85 (55% above our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.
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