` Comparison: BY vs MTB - Alpha Spread

BY
vs
MTB

Over the past 12 months, BY has underperformed MTB, delivering a return of +13% compared to the MTB's +21% growth.

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BY
MTB
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Valuation Comparison

BY Intrinsic Value
38.95 USD
Undervaluation 20%
Intrinsic Value
Price
MTB Intrinsic Value
275.695 USD
Undervaluation 20%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Byline Bancorp Inc
NYSE:BY
31.2 USD
M&T Bank Corp
NYSE:MTB
219.335 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
BY, MTB

Revenue
www.alphaspread.com
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Byline Bancorp Inc
Revenue
M&T Bank Corp
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
BY, MTB

Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Byline Bancorp Inc
NYSE:BY
FCF is not applicable for financial companies
M&T Bank Corp
NYSE:MTB
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

BY
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Operating Margin

BY
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Net Margin

BY
29.1%
MTB
27.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
M&T Bank Corp

FCF Margin

BY
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROE

BY
11%
MTB
9.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
M&T Bank Corp

ROA

BY
1.4%
MTB
1.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
M&T Bank Corp

ROIC

BY
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROCE

BY
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
Byline Bancorp Inc
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BY, MTB

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Performance Gap
BY, MTB

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BY
MTB
Difference
www.alphaspread.com

Performance By Year
BY, MTB

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Compare BY to other stocks
PNC
PNC Financial Services Group I...
More expensive
vs BY
TFC
Truist Financial Corp
Cheaper
vs BY
HBAN
Huntington Bancshares Inc
Cheaper
vs BY
FITB
Fifth Third Bancorp
More expensive
vs BY
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett