$First Citizens BancShares (FCNCA.US)$American company liste...

Revenue has continued to grow over the past 5 years, and increased 1.5 times in 2022, mainly due to large-scale mergers and acquisitions of Silicon Valley Bank's assets. Preferred stock dividends in 2022 accounted for 4.6% of net profit, with little impact. 2022 return on net assets 15.9%.

Revenue increased 89% in the first three quarters of 2023, and net profit increased 12 times to 10.9 billion dollars. Mainly, it confirmed M&A revenue of 9.54 billion yuan. Excluding this portion, net profit before tax increased by about 2 times.

The balance ratio has increased from 90.2% to 91.2% in the past 5 years, and is currently 90.5%. Goodwill and other intangible assets account for 3.4% of net assets. Common share capital increased after mergers and acquisitions.

Currently, the price-earnings ratio is 19.8, and the price-earnings ratio is TTM1.9. Excluding merger and acquisition proceeds, the price-earnings ratio is about 12, the net price-earnings ratio is 1.1, and the dividend ratio is 0.2%. Considering the problems that may arise from M&A assets in the future, there is a long-term risk of large confirmed earnings, and the temporary valuation is unattractive.