Recently I got asked this question in an interview and I did not know how to answer. I am aware that valuation in FIG is complex compared to the rest of banks.
I know a DCF for a bank can be problematic (most revenue comes from interest, how to input interest expense in the WACC...)
What methods and multiples are good to value a commercial bank?
Sorry for the very basic take on this because I am not in FIG either, but it is typically price to tangible book. Also price to equity value per share which is expected dividends / cost of equity - growth. Obv not using WACC since it is just equity. You are typically going to be looking at different variations of dividend discount. Expected growth EPS would also use ROE which is an important metric for a bank.
Hope that is somewhat useful, I'm no expert.
DDM
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