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Fairly valued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 78.49 Fair value 91.49 One-star price 106.64
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (78.49) to the one-star price (106.64).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 85.53 |
| Price - 12 month high | 97.75 |
| Price - 12 month low | 72.78 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 12.46 |
| Market capitalization | 262,451.77 |
| 12 Month High price date | 5 JAN 2026 |
| 12 Month Low price date | 15 MAY 2026 |
| Volume - avg. trading volume for the last 3 months | 13.91 |
| Price - 1 Day % Change | -0.42% |
| Price - 13 week price percent change | -2.69% |
| Price - 26 week price percent change | 5.84% |
| Price - 5 Day % Change | 3.47% |
| Price - 52 week price percent change | -2.03% |
| Price - YTD price percent change | -9.31% |
| Price % Change Month To Date | 6.31% |
| EPS excluding extraordinary items - most recent fiscal year | 6.260 |
| EPS excluding extraordinary items - trailing 12 month | 7.090 |
| EPS Normalized - most recent fiscal year | 6.361 |
| Revenue/share - most recent fiscal year | 25.815 |
| Revenue/share - trailing 12 month | 28.136 |
| Book value per share - most recent fiscal year | 53.194 |
| Book value per share - most recent quarter | 52.858 |
| Book value (tangible) per share - most recent fiscal year | 49.067 |
| Book value (tangible) per share - most recent quarter | 48.922 |
| Cash per share - most recent fiscal year | 56.331 |
| Cash per share - most recent quarter | 60.320 |
| Cash Flow per share - most recent fiscal year | 10.166 |
| Cash Flow per share - trailing 12 month | 10.979 |
| Dividend per share - most recent fiscal year | 1.700 |
| Dividends per share - trailing 12 month | 1.850 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 6.340 |
| EPS Basic excluding extraordinary items - trailing 12 month | 7.190 |
| EPS including extraordinary items - most recent fiscal year | 6.340 |
| EPS including extraordinary items - trailing 12 month | 7.180 |
| Free Cash Flow per share - trailing 12 month | 10.979 |
| P/E excluding extraordinary items, most recent fiscal year | 12.33 |
| P/E Normalized, most recent fiscal year | 12.29 |
| Price to sales - most recent fiscal year | 3.11 |
| Price to Tangible Book - most fiscal year | 2.06 |
| Price to Free Cash Flow per Share - most recent fiscal year | 7.96 |
| Price to Cash Flow per share - trailing 12 month | 7.96 |
| Price to Book - most recent fiscal year | 1.65 |
| P/E excluding extraordinary items high, trailing 12 months | 15.88 |
| P/E excluding extraordinary items low, trailing 12 months | 11.33 |
| Net Debt, LFI | 1,763,155.00 |
| Net Debt, LFY | 1,677,719.00 |
| Dividend Yield - 5 Year Average | 2.15% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.15% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.12% |
| Free Cash Flow - most recent fiscal year | 32,960.00 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | 27.16% |
| Total debt/total equity - most recent fiscal year | 1,011.77% |
| LT debt/equity - most recent quarter | — |
| Total debt/total equity - most recent quarter | 1,093.01% |
| Free Cash Flow - trailing 12 month | 34,040.00 |
| Payout ratio - trailing 12 month | 26.09% |
| Revenue - most recent fiscal year | 83,699.00 |
| Revenue - trailing 12 month | 87,230.00 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 25,199.00 |
| Earnings before taxes - trailing 12 month | 27,652.00 |
| Net Income available to common - most recent fiscal year | 20,285.00 |
| Net Income available to common - trailing 12 months | 21,977.00 |
| Earnings before taxes Normalized - most recent fiscal year | 25,586.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 7.12 |
| Net Profit Margin % - 1st historical fiscal year | 25.52% |
| Net Profit Margin % - trailing 12 month | 26.71% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 31.70% |
| Pretax margin - 1st historical fiscal year | 30.11% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | 28.61% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 18.84% |
| Free Operating Cash Flow/Revenue, TTM | 39.02% |
| Net Profit Margin - 5 year average | 24.17% |
| Return on average assets - most recent fiscal year | 1.06% |
| Return on average assets - trailing 12 month | 1.06% |
| Return on average equity - most recent fiscal year | 13.08% |
| Return on average equity - trailing 12 month | 14.28% |
| Return on average assets - 5 year average | 1.00% |
| Return on average equity - 5 year average | 12.02% |
| Net Income/employee - most recent fiscal year | 104,185.37 |
| Revenue/employee - most recent fiscal year | 408,287.80 |
| Revenue growth rate, 5 year | 2.42% |
| EPS growth rate, 5 year | 70.85% |
| Growth rate% - dividend, 3 year | 15.62% |
| Revenue/share (5 yr growth) | 7.52% |
| Growth rate% - Revenue, 3 year | 4.02% |
| Growth rate% - EPS, 3 year | 24.17% |
| Book value per share growth rate, 5 year | 6.04% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Wells Fargo's quarter was pretty steady. Revenue and NII were slightly soft, but credit quality came in better than expected and profitability continued to improve following removal of the Fed's long-standing asset cap.
WFC shares declined on Friday after the bank reported lower-than-expected quarterly revenue and a decline in net interest income, the key measure of what a bank makes on loans.
We are taking profit on a bank holding in the International Equities Portfolio.
WFC surged higher in October after the bank reported its third-quarter earnings ahead of expectations, a common theme in the sector recently. WFC repurchased $3.5 billion of common stock in the third quarter, bringing its nine-month total to more than $15 billion, or a 60% increase from a year ago - a strong tailwind for the share price.
WFC reported quarterly earnings on Friday, and shares fell ~6% on the result, and while they’ve recovered, the trends were mixed for the 3rd largest bank in the US based on total assets. The bank's Net Interest Income (NII), which measures the difference between interest revenues and interest expenses, came in at $11.92bn for the quarter, missing consensus by less than 2%. Revenue was a touch soft, and expenses a touch higher which weighed on margins.
WFC reported a strong 3rd quarter revenue of $US20.9bn, an impressive +7% increase on the same period last year. The gain was propelled by an 8% rise in net interest income to $13.1 billion, primarily attributed to higher interest rates. Profits increased +61% year over year to $US5.7bn, affirming the bank's growth trajectory – nothing not to like in these numbers apart from what comes next if/when bond yields stabilise or decline.
Again we’re looking at a stock weighing on our portfolio’s performance with WFC showing us an almost -16% paper loss after tumbling with the US Banking Sector as the regional names came under fire due to savaged bond prices. In hindsight, we should have locked in profits but that’s now irrelevant, what matters is the plan going through the remainder of 2023/4.
I’m sure all subscribers are aware of the collapse of Silicon Valley Bank (SIVB US) and subsequent acceleration to the downside by the US Banking Sector – the regionals have already corrected a painful -56% with the plunge over the last week just an extension of a bearish trend which has been unfolding since early 2022. Global indices and especially those in the US are not as heavily skewed to the Banking Sector as the ASX with the S&P500’s entire Financial Sector only making up just over 10% of the index, less than half of the local market.
The MM International Equities Portfolio had a positive week up by +0.41% including the impact of a stronger AUD which took a significant 2.13% away from portfolio returns. Cash sits at 4% having added HCA Healthcare (HCA US) to the portfolio last week with the position rallying ~6% since purchase. Elsewhere, Wells Fargo (WFC US) +5.89% had a solid week on a good...
The MM International Equities Portfolio had a soft week down by -5.89%, pretty much in line with broader markets although the currency was a help. Cash sits at 9%. PayPal (PYPL) was the weakest link down -14.5% however the banks in the US were also hit in line with our own, we own Wells Fargo (WFC) in the space which fell 13.95%. Chinese tech bounced with JD.com (JD US) +5.83% and Tencent (700 HK) +6.86%.
MM is neutral WFC ~$US80
MM is neutral towards WFC
MM are selling WFC US in the International Equities Portfolio, taking a profit around $US73
MM is long and bullish WFC
MM has turned more cautious on WFC above $US60
MM is cautiously bullish toward WFC
MM is long and bullish toward WFC
MM is now neutral toward Wells Fargo (WFC US)
MM are reducing WFC in the International Equities Portfolio, by 3% around $US55.00
MM is looking to take profit on our WFC position above $US60
Wells Fargo is a premier, North American-focused banking titan that commands a $2.25 trillion balance sheet and the third-highest deposit market share in the United States. The bank uses a dense, expansive network of 4,079 branches to champion retail consumers and the middle market, where the firm has built a particularly strong reputation. Following the removal of its federal asset cap in 2025, the firm is set to deploy its legacy excess liquidity to expand each of its foursegments: consumer & business lending, commercial banking, corporate & investment banking, and wealth & investment management.
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