I will be moving from a generalist team to an FIG group in the coming weeks and was wondering if any FIG monkeys had suggestions on reading materials or other methods to get up to speed on the space? For background, I have no experience in FIG and the group will largely focus on depositories.
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Bank and thrifts are very niche but interesting. Highly regulated so maybe dig through some “call reports”. Modeling will be heavily templated since they pull from SNL so not sure if it makes sense to dig in there.
Look at some larger transactions, look at the investor presentations and the fairness opinions to see how they think about valuation.
what's snl? s&p market intelligence?
Yes, I dated myself a bit there. It used to be called SNL
Where can I find this kind of info? Can you recommend some sources?
You can google “bank call reports” and find any bank and go from there. Start with super-regional banks maybe a Regions Bank. For investor presentations and fairness opinions, they will both be on the investor relations site - try the first citizens and CIT deal, then maybe the Truist deal
.
http://people.stern.nyu.edu/adamodar/pdfiles/papers/finfirm09.pdf
Page 7: Debt is a raw material; not capital
"In other words, debt is to a bank what steel is to a manufacturing company, something to be molded into other products which can then be sold at a higher price and yield a profit. Consequently, capital at financial service firms seems to be narrowly defined as including only equity capital. This definition of capital is reinforced by the regulatory authorities, who evaluate the equity capital ratios of banks and insurance firms"
Important foundational concept when valuing depositories/thrifts and quality short read from Damodaran
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