Zions Bancorporation, National Association

ZION

Financial ServicesBanks - RegionalNASDAQ

$62.73

Market Cap: $9.23B

Zions Bancorporation, National Association (ZION) Valuation Summary

Updated May 9, 2026 00:42

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$106.45 – $283.90	$154.94	+147.0%
Growth Exit 10Y	$136.75 – $355.77	$197.13	+214.3%
EBITDA Exit 5Y	$98.09 – $208.81	$148.88	+137.3%
EBITDA Exit 10Y	$127.66 – $269.47	$188.30	+200.2%
▸ Trading Multiples
P/E	$74.50 – $85.51	$75.14	+19.8%
EV/EBITDA	$76.02 – $101.97	$84.87	+35.3%
EV/Revenue	$65.39 – $126.06	$85.32	+36.0%
▸ PEG
PEG Fair Value	$59.13 – $59.13	$59.13	-5.7%
▸ Earnings Power Value
Earnings Power Value	$95.76 – $137.51	$113.19	+80.4%
▸ Dividend Discount
Dividend Discount	$26.49 – $68.46	$39.54	-37.0%

Valuation History

DCF Analysis

Fair Value

$154.94

Market Price

$62.73

Upside / Downside

+147.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 13.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $154.94 per share, suggesting ZION is undervalued by 147.0% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	794	835	867	985	1,118	1,146
(−) Net Interest	769	808	840	954	1,083	1,110
(+) D&A	145	132	123	130	145	148
EBITDA	1,709	1,775	1,829	2,068	2,346	2,405

(−) Tax	179	188	195	221	252	258
(−) CapEx	137	144	150	170	193	198
(−) ΔWC	402	21	16	60	68	69
Free Cash Flow (FCFF)	991	1,422	1,468	1,617	1,834	1,880

Terminal Value						28,509
WACC / Discount Rate	9.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	18,451

Enterprise Value	24,260
Projection Period	5,810	23.9%
Terminal Value	18,451	76.1%

(−) Current Net Debt	1,459

Equity Value	22,801
(/) Outstanding Shares	147

Fair Price	$154.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.1%	$194	$210	$229	$253	$284
8.1%	$162	$173	$185	$200	$219
9.1%	$138	$146	$155	$165	$177
10.1%	$121	$126	$133	$140	$148
11.1%	$106	$111	$116	$121	$127

Current price: $62.73. Green = undervalued, Red = overvalued.

Fair Value

$197.13

Market Price

$62.73

Upside / Downside

+214.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 4.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (60% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $197.13 per share, suggesting ZION is undervalued by 214.3% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	794	835	867	985	1,118	1,251	1,377	1,491	1,588	1,664	1,705
(−) Net Interest	769	808	840	954	1,083	1,211	1,333	1,444	1,538	1,611	1,652
(+) D&A	145	132	123	130	145	159	175	194	215	236	242
EBITDA	1,709	1,775	1,829	2,068	2,346	2,621	2,885	3,128	3,341	3,511	3,599

(−) Tax	179	188	195	221	252	281	310	335	357	374	384
(−) CapEx	137	144	150	170	193	216	238	258	275	288	295
(−) ΔWC	402	21	16	60	68	67	64	58	49	38	39
Free Cash Flow (FCFF)	991	1,422	1,468	1,617	1,834	2,057	2,273	2,477	2,660	2,811	2,881

Terminal Value											43,702
WACC / Discount Rate	9.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	1,274	1,291	1,290	1,270	1,230	18,304

Enterprise Value	30,468
Projection Period	12,164	39.9%
Terminal Value	18,304	60.1%

(−) Current Net Debt	1,459

Equity Value	29,009
(/) Outstanding Shares	147

Fair Price	$197.13

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.1%	$258	$275	$296	$322	$356
8.1%	$213	$224	$238	$253	$273
9.1%	$181	$188	$197	$207	$219
10.1%	$156	$161	$168	$175	$183
11.1%	$137	$141	$145	$150	$156

Current price: $62.73. Green = undervalued, Red = overvalued.

Fair Value

$148.88

Market Price

$62.73

Upside / Downside

+137.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 13.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (75% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.3x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $148.88 per share, suggesting ZION is undervalued by 137.3% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

EV/EBITDA Exit Multiple

11.28x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	794	835	867	985	1,118	1,146
(−) Net Interest	769	808	840	954	1,083	1,110
(+) D&A	145	132	123	130	145	148
EBITDA	1,709	1,775	1,829	2,068	2,346	2,405

(−) Tax	179	188	195	221	252	—
(−) CapEx	137	144	150	170	193	—
(−) ΔWC	402	21	16	60	68	—
Free Cash Flow (FCF)	991	1,422	1,468	1,617	1,834	—

Peers' EBITDA Multiple						11.3x
Terminal Value						27,129
WACC / Discount Rate	9.09%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	17,557

Enterprise Value	23,367
Projection Period	5,810	24.9%
Terminal Value	17,557	75.1%

(−) Current Net Debt	1,459
Equity Value	21,908
(÷) Outstanding Shares	147M
Fair Price	$149	+137.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.3x	9.3x	11.3x	13.3x	15.3x
7.1%	$116	$139	$162	$186	$209
8.1%	$111	$133	$155	$178	$200
9.1%	$107	$128	$149	$170	$191
10.1%	$102	$122	$143	$163	$183
11.1%	$98	$117	$137	$156	$175

Current price: $62.73. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$188.29

Market Price

$62.73

Upside / Downside

+200.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 4.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.3x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $188.30 per share, suggesting ZION is undervalued by 200.2% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

EV/EBITDA Exit Multiple

11.28x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	794	835	867	985	1,118	1,251	1,377	1,491	1,588	1,664	1,705
(−) Net Interest	769	808	840	954	1,083	1,211	1,333	1,444	1,538	1,611	1,652
(+) D&A	145	132	123	130	145	159	175	194	215	236	242
EBITDA	1,709	1,775	1,829	2,068	2,346	2,621	2,885	3,128	3,341	3,511	3,599

(−) Tax	179	188	195	221	252	281	310	335	357	374	—
(−) CapEx	137	144	150	170	193	216	238	258	275	288	—
(−) ΔWC	402	21	16	60	68	67	64	58	49	38	—
Free Cash Flow (FCF)	991	1,422	1,468	1,617	1,834	2,057	2,273	2,477	2,660	2,811	—

Peers' EBITDA Multiple											11.3x
Terminal Value											40,596
WACC / Discount Rate	9.09%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	1,274	1,291	1,290	1,270	1,230	17,003

Enterprise Value	29,167
Projection Period	12,164	41.7%
Terminal Value	17,003	58.3%

(−) Current Net Debt	1,459
Equity Value	27,708
(÷) Outstanding Shares	147M
Fair Price	$188	+200.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.3x	9.3x	11.3x	13.3x	15.3x
7.1%	$171	$196	$220	$245	$269
8.1%	$159	$181	$203	$226	$248
9.1%	$147	$168	$188	$209	$229
10.1%	$137	$156	$174	$193	$212
11.1%	$128	$145	$162	$179	$196

Current price: $62.73. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$75.14

Market Price

$62.73

Upside / Downside

+19.8%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Zions Bancorporation, National Association (ZION) has a fair value of $75.14 based on 8 comparable companies in the Banks - Regional industry.

P/E Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Zions Bancorporation, National AssociationZION	9,231	10.4x	12.8x
Wintrust Financial CorporationWTFC	10,195	13.1x	14.9x
UMB Financial CorporationUMBF	9,966	14.4x	14.6x
Popular, Inc.BPOP	9,684	12.1x	17.5x
Old National BancorpONB	9,389	13.6x	13.6x
Western Alliance BancorporationWAL	8,945	9.4x	11.7x
Cullen/Frost Bankers, Inc.CFR	8,719	14.0x	15.9x
Commerce Bancshares, Inc.CBSH	7,622	12.7x	14.4x
Pinnacle Financial Partners, Inc.PNFP	7,583	12.2x	14.6x
Industry Median		12.9x	14.6x
(*) Profit after tax		899	719
Equity Value		11,595	10,519
(/) Outstanding shares		147	147
Fair Price		$79	$71

Selected Fair Value (avg of trailing + forward)

$75.14

+19.8%

Fair Value

$84.87

Market Price

$62.73

Upside / Downside

+35.3%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Zions Bancorporation, National Association (ZION) has a fair value of $84.87 based on 8 comparable companies in the Banks - Regional industry.

EV/EBITDA Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Zions Bancorporation, National AssociationZION	9,231	8.3x	13.2x
Wintrust Financial CorporationWTFC	10,195	11.8x	20.3x
UMB Financial CorporationUMBF	9,966	12.1x	33.3x
Popular, Inc.BPOP	9,684	10.8x	16.1x
Old National BancorpONB	9,389	15.4x	30.0x
Western Alliance BancorporationWAL	8,945	9.8x	16.5x
Cullen/Frost Bankers, Inc.CFR	8,719	5.4x	7.5x
Commerce Bancshares, Inc.CBSH	7,622	12.8x	16.5x
Pinnacle Financial Partners, Inc.PNFP	7,583	7.8x	12.8x
Industry Median		11.3x	16.5x
(*) EBITDA		1,291	810
= Enterprise Value		14,564	13,334
(-) Net Debt		1,459	1,459
Equity Value		13,105	11,875
(/) Outstanding shares		147	147
Fair Price		$89	$81

Selected Fair Value (avg of trailing + forward)

$84.87

+35.3%

Fair Value

$85.32

Market Price

$62.73

Upside / Downside

+36.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Zions Bancorporation, National Association (ZION) has a fair value of $85.32 based on 8 comparable companies in the Banks - Regional industry.

EV/Revenue Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zions Bancorporation, National AssociationZION	9,231	2.2x	3.4x
Wintrust Financial CorporationWTFC	10,195	3.4x	5.8x
UMB Financial CorporationUMBF	9,966	2.9x	7.9x
Popular, Inc.BPOP	9,684	2.5x	3.7x
Old National BancorpONB	9,389	4.0x	7.9x
Western Alliance BancorporationWAL	8,945	2.2x	3.8x
Cullen/Frost Bankers, Inc.CFR	8,719	1.6x	2.2x
Commerce Bancshares, Inc.CBSH	7,622	4.6x	5.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	2.2x	3.7x
Industry Median		2.7x	4.8x
(*) Revenue		4,944	3,103
= Enterprise Value		13,191	14,837
(-) Net Debt		1,459	1,459
Equity Value		11,732	13,378
(/) Outstanding shares		147	147
Fair Price		$80	$91

Selected Fair Value (avg of trailing + forward)

$85.32

+36.0%

PEG Fair Value

Fair Value

$59.13

Market Price

$62.73

Upside / Downside

-5.7%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 9.2% plus 2.9% dividend yield, the company has a fair value of $59.13 based on NTM EPS (FY2026) of $6.42. The current PEG ratio is 1.06.

PEG Ratio

1.06Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 9.8 ÷ (6.4% + 2.9%) = 1.06

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	6.4%
Dividend Yield	+2.9%
Adjusted Growth (clamped 8–25%)	9.2%
Fair P/E	9.2x
NTM EPS (FY2026)	$6.42
Fair Value	$59.13

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$6.01	—	—
FY2026E	$6.42	+6.9%	11
FY2027E	$6.76	+5.3%	12
FY2028E	$7.23	+6.9%	5

3Y Forward EPS CAGR: 6.4%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$1.1B	$6.79	—
FY2022	$907.0M	$5.79	-14.7%
FY2023	$680.0M	$4.35	-24.9%
FY2024	$784.0M	$4.95	+13.8%
FY2025	$899.0M	$6.01	+21.4%

4Y Historical EPS CAGR: -3.0%

Earnings Power Value

Fair Value

$113.19

Market Price

$62.73

Upside / Downside

+80.4%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 9.1% and normalized earnings of $1.6B, the company has a fair value of $113.19 per share. The EPV range is $95.76 – $137.51 based on WACC sensitivity (7.6% – 10.6%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,647	1,647	1,647
(/) WACC	10.6%	9.1%	7.6%
Enterprise Value	15,551	18,116	21,695
(-) Net debt	1,459	1,459	1,459
Equity Value	14,092	16,657	20,236
(/) Outstanding shares	147	147	147
Fair Price	$95.76	$113.19	$137.51

Dividend Discount Model

Fair Value

$39.54

Market Price

$62.73

Upside / Downside

-37.0%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.0% and projected dividend growth of 6.3%, the fair value is $39.54 per share. The DDM range is $26.49 – $68.46 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.79

Dividend Yield

2.85%

Payout Ratio

29.3%

Dividend Coverage

3.42x

FCF Payout Ratio26.8%

DPS CAGR (4Y)2.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.79	29.3%	+6.1%
2024	$1.68	31.6%	-11.7%
2023	$1.91	41.5%	+6.6%
2022	$1.79	29.7%	+9.9%
2021	$1.63	23.1%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.90	6.3%	0.9262	$1.76
2027	$2.02	6.3%	0.8578	$1.73
2028	$2.15	6.3%	0.7945	$1.71
2029	$2.28	6.3%	0.7358	$1.68
2030	$2.43	6.3%	0.6815	$1.65
Terminal Value	$2.49 DPS	2.5%		$31.01

PV of Projected Dividends$8.53

PV of Terminal Value$31.01

Fair Value per Share$39.54

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	4.3%	5.3%	6.3%	7.3%	8.3%
6.0%	$57	$60	$63	$66	$68
7.0%	$44	$46	$49	$51	$53
8.0%	$36	$38	$40	$41	$43
9.0%	$31	$32	$33	$35	$36
10.0%	$26	$28	$29	$30	$31

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Zions Bancorporation, National Association (ZION) Valuation Summary

Updated May 9, 2026 00:42

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$106.45 – $283.90	$154.94	+147.0%
Growth Exit 10Y	$136.75 – $355.77	$197.13	+214.3%
EBITDA Exit 5Y	$98.09 – $208.81	$148.88	+137.3%
EBITDA Exit 10Y	$127.66 – $269.47	$188.30	+200.2%
▸ Trading Multiples
P/E	$74.50 – $85.51	$75.14	+19.8%
EV/EBITDA	$76.02 – $101.97	$84.87	+35.3%
EV/Revenue	$65.39 – $126.06	$85.32	+36.0%
▸ PEG
PEG Fair Value	$59.13 – $59.13	$59.13	-5.7%
▸ Earnings Power Value
Earnings Power Value	$95.76 – $137.51	$113.19	+80.4%
▸ Dividend Discount
Dividend Discount	$26.49 – $68.46	$39.54	-37.0%

Valuation History

DCF Analysis

Fair Value

$154.94

Market Price

$62.73

Upside / Downside

+147.0%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	794	835	867	985	1,118	1,146
(−) Net Interest	769	808	840	954	1,083	1,110
(+) D&A	145	132	123	130	145	148
EBITDA	1,709	1,775	1,829	2,068	2,346	2,405

(−) Tax	179	188	195	221	252	258
(−) CapEx	137	144	150	170	193	198
(−) ΔWC	402	21	16	60	68	69
Free Cash Flow (FCFF)	991	1,422	1,468	1,617	1,834	1,880

Terminal Value						28,509
WACC / Discount Rate	9.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	18,451

Enterprise Value	24,260
Projection Period	5,810	23.9%
Terminal Value	18,451	76.1%

(−) Current Net Debt	1,459

Equity Value	22,801
(/) Outstanding Shares	147

Fair Price	$154.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.1%	$194	$210	$229	$253	$284
8.1%	$162	$173	$185	$200	$219
9.1%	$138	$146	$155	$165	$177
10.1%	$121	$126	$133	$140	$148
11.1%	$106	$111	$116	$121	$127

Current price: $62.73. Green = undervalued, Red = overvalued.

Fair Value

$197.13

Market Price

$62.73

Upside / Downside

+214.3%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	794	835	867	985	1,118	1,251	1,377	1,491	1,588	1,664	1,705
(−) Net Interest	769	808	840	954	1,083	1,211	1,333	1,444	1,538	1,611	1,652
(+) D&A	145	132	123	130	145	159	175	194	215	236	242
EBITDA	1,709	1,775	1,829	2,068	2,346	2,621	2,885	3,128	3,341	3,511	3,599

(−) Tax	179	188	195	221	252	281	310	335	357	374	384
(−) CapEx	137	144	150	170	193	216	238	258	275	288	295
(−) ΔWC	402	21	16	60	68	67	64	58	49	38	39
Free Cash Flow (FCFF)	991	1,422	1,468	1,617	1,834	2,057	2,273	2,477	2,660	2,811	2,881

Terminal Value											43,702
WACC / Discount Rate	9.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	1,274	1,291	1,290	1,270	1,230	18,304

Enterprise Value	30,468
Projection Period	12,164	39.9%
Terminal Value	18,304	60.1%

(−) Current Net Debt	1,459

Equity Value	29,009
(/) Outstanding Shares	147

Fair Price	$197.13

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
7.1%	$258	$275	$296	$322	$356
8.1%	$213	$224	$238	$253	$273
9.1%	$181	$188	$197	$207	$219
10.1%	$156	$161	$168	$175	$183
11.1%	$137	$141	$145	$150	$156

Current price: $62.73. Green = undervalued, Red = overvalued.

Fair Value

$148.88

Market Price

$62.73

Upside / Downside

+137.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 13.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (75% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.3x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $148.88 per share, suggesting ZION is undervalued by 137.3% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

EV/EBITDA Exit Multiple

11.28x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	794	835	867	985	1,118	1,146
(−) Net Interest	769	808	840	954	1,083	1,110
(+) D&A	145	132	123	130	145	148
EBITDA	1,709	1,775	1,829	2,068	2,346	2,405

(−) Tax	179	188	195	221	252	—
(−) CapEx	137	144	150	170	193	—
(−) ΔWC	402	21	16	60	68	—
Free Cash Flow (FCF)	991	1,422	1,468	1,617	1,834	—

Peers' EBITDA Multiple						11.3x
Terminal Value						27,129
WACC / Discount Rate	9.09%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	17,557

Enterprise Value	23,367
Projection Period	5,810	24.9%
Terminal Value	17,557	75.1%

(−) Current Net Debt	1,459
Equity Value	21,908
(÷) Outstanding Shares	147M
Fair Price	$149	+137.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.3x	9.3x	11.3x	13.3x	15.3x
7.1%	$116	$139	$162	$186	$209
8.1%	$111	$133	$155	$178	$200
9.1%	$107	$128	$149	$170	$191
10.1%	$102	$122	$143	$163	$183
11.1%	$98	$117	$137	$156	$175

Current price: $62.73. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$188.29

Market Price

$62.73

Upside / Downside

+200.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Zions Bancorporation, National Association's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -28.6% to 4.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 30, DIO 60). At a 9.1% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.3x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $188.30 per share, suggesting ZION is undervalued by 200.2% at the current price of $62.73.

FCFF Present Value Calculation

WACC

9.09%

3% – 20%

EV/EBITDA Exit Multiple

11.28x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	794	835	867	985	1,118	1,251	1,377	1,491	1,588	1,664	1,705
(−) Net Interest	769	808	840	954	1,083	1,211	1,333	1,444	1,538	1,611	1,652
(+) D&A	145	132	123	130	145	159	175	194	215	236	242
EBITDA	1,709	1,775	1,829	2,068	2,346	2,621	2,885	3,128	3,341	3,511	3,599

(−) Tax	179	188	195	221	252	281	310	335	357	374	—
(−) CapEx	137	144	150	170	193	216	238	258	275	288	—
(−) ΔWC	402	21	16	60	68	67	64	58	49	38	—
Free Cash Flow (FCF)	991	1,422	1,468	1,617	1,834	2,057	2,273	2,477	2,660	2,811	—

Peers' EBITDA Multiple											11.3x
Terminal Value											40,596
WACC / Discount Rate	9.09%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	949	1,248	1,181	1,192	1,239	1,274	1,291	1,290	1,270	1,230	17,003

Enterprise Value	29,167
Projection Period	12,164	41.7%
Terminal Value	17,003	58.3%

(−) Current Net Debt	1,459
Equity Value	27,708
(÷) Outstanding Shares	147M
Fair Price	$188	+200.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.3x	9.3x	11.3x	13.3x	15.3x
7.1%	$171	$196	$220	$245	$269
8.1%	$159	$181	$203	$226	$248
9.1%	$147	$168	$188	$209	$229
10.1%	$137	$156	$174	$193	$212
11.1%	$128	$145	$162	$179	$196

Current price: $62.73. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$75.14

Market Price

$62.73

Upside / Downside

+19.8%

Verdict

Undervalued

P/E Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Zions Bancorporation, National AssociationZION	9,231	10.4x	12.8x
Wintrust Financial CorporationWTFC	10,195	13.1x	14.9x
UMB Financial CorporationUMBF	9,966	14.4x	14.6x
Popular, Inc.BPOP	9,684	12.1x	17.5x
Old National BancorpONB	9,389	13.6x	13.6x
Western Alliance BancorporationWAL	8,945	9.4x	11.7x
Cullen/Frost Bankers, Inc.CFR	8,719	14.0x	15.9x
Commerce Bancshares, Inc.CBSH	7,622	12.7x	14.4x
Pinnacle Financial Partners, Inc.PNFP	7,583	12.2x	14.6x
Industry Median		12.9x	14.6x
(*) Profit after tax		899	719
Equity Value		11,595	10,519
(/) Outstanding shares		147	147
Fair Price		$79	$71

Selected Fair Value (avg of trailing + forward)

$75.14

+19.8%

Fair Value

$84.87

Market Price

$62.73

Upside / Downside

+35.3%

Verdict

Undervalued

EV/EBITDA Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Zions Bancorporation, National AssociationZION	9,231	8.3x	13.2x
Wintrust Financial CorporationWTFC	10,195	11.8x	20.3x
UMB Financial CorporationUMBF	9,966	12.1x	33.3x
Popular, Inc.BPOP	9,684	10.8x	16.1x
Old National BancorpONB	9,389	15.4x	30.0x
Western Alliance BancorporationWAL	8,945	9.8x	16.5x
Cullen/Frost Bankers, Inc.CFR	8,719	5.4x	7.5x
Commerce Bancshares, Inc.CBSH	7,622	12.8x	16.5x
Pinnacle Financial Partners, Inc.PNFP	7,583	7.8x	12.8x
Industry Median		11.3x	16.5x
(*) EBITDA		1,291	810
= Enterprise Value		14,564	13,334
(-) Net Debt		1,459	1,459
Equity Value		13,105	11,875
(/) Outstanding shares		147	147
Fair Price		$89	$81

Selected Fair Value (avg of trailing + forward)

$84.87

+35.3%

Fair Value

$85.32

Market Price

$62.73

Upside / Downside

+36.0%

Verdict

Undervalued

EV/Revenue Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Zions Bancorporation, National AssociationZION	9,231	2.2x	3.4x
Wintrust Financial CorporationWTFC	10,195	3.4x	5.8x
UMB Financial CorporationUMBF	9,966	2.9x	7.9x
Popular, Inc.BPOP	9,684	2.5x	3.7x
Old National BancorpONB	9,389	4.0x	7.9x
Western Alliance BancorporationWAL	8,945	2.2x	3.8x
Cullen/Frost Bankers, Inc.CFR	8,719	1.6x	2.2x
Commerce Bancshares, Inc.CBSH	7,622	4.6x	5.9x
Pinnacle Financial Partners, Inc.PNFP	7,583	2.2x	3.7x
Industry Median		2.7x	4.8x
(*) Revenue		4,944	3,103
= Enterprise Value		13,191	14,837
(-) Net Debt		1,459	1,459
Equity Value		11,732	13,378
(/) Outstanding shares		147	147
Fair Price		$80	$91

Selected Fair Value (avg of trailing + forward)

$85.32

+36.0%

PEG Fair Value

Fair Value

$59.13

Market Price

$62.73

Upside / Downside

-5.7%

Verdict

Overvalued

PEG Ratio

1.06Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 9.8 ÷ (6.4% + 2.9%) = 1.06

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	6.4%
Dividend Yield	+2.9%
Adjusted Growth (clamped 8–25%)	9.2%
Fair P/E	9.2x
NTM EPS (FY2026)	$6.42
Fair Value	$59.13

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$6.01	—	—
FY2026E	$6.42	+6.9%	11
FY2027E	$6.76	+5.3%	12
FY2028E	$7.23	+6.9%	5

3Y Forward EPS CAGR: 6.4%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$1.1B	$6.79	—
FY2022	$907.0M	$5.79	-14.7%
FY2023	$680.0M	$4.35	-24.9%
FY2024	$784.0M	$4.95	+13.8%
FY2025	$899.0M	$6.01	+21.4%

4Y Historical EPS CAGR: -3.0%

Earnings Power Value

Fair Value

$113.19

Market Price

$62.73

Upside / Downside

+80.4%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,647	1,647	1,647
(/) WACC	10.6%	9.1%	7.6%
Enterprise Value	15,551	18,116	21,695
(-) Net debt	1,459	1,459	1,459
Equity Value	14,092	16,657	20,236
(/) Outstanding shares	147	147	147
Fair Price	$95.76	$113.19	$137.51

Dividend Discount Model

Fair Value

$39.54

Market Price

$62.73

Upside / Downside

-37.0%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.79

Dividend Yield

2.85%

Payout Ratio

29.3%

Dividend Coverage

3.42x

FCF Payout Ratio26.8%

DPS CAGR (4Y)2.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.79	29.3%	+6.1%
2024	$1.68	31.6%	-11.7%
2023	$1.91	41.5%	+6.6%
2022	$1.79	29.7%	+9.9%
2021	$1.63	23.1%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.90	6.3%	0.9262	$1.76
2027	$2.02	6.3%	0.8578	$1.73
2028	$2.15	6.3%	0.7945	$1.71
2029	$2.28	6.3%	0.7358	$1.68
2030	$2.43	6.3%	0.6815	$1.65
Terminal Value	$2.49 DPS	2.5%		$31.01

PV of Projected Dividends$8.53

PV of Terminal Value$31.01

Fair Value per Share$39.54

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	4.3%	5.3%	6.3%	7.3%	8.3%
6.0%	$57	$60	$63	$66	$68
7.0%	$44	$46	$49	$51	$53
8.0%	$36	$38	$40	$41	$43
9.0%	$31	$32	$33	$35	$36
10.0%	$26	$28	$29	$30	$31