crease. Upside risks are higher-than-expected capital return, a general beta rally for bank stocks, and faster recognition of “normalized” earnings. SVB Financial Group (SIVB) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $165 price objective and assign a 1.8x multiple to our 2Q17E TBV

resents 14% of total revenues, down from 36% 2 years prior. Intermodal represents 22% of revenues, and Ag/Consumer/Gov’t represents 16% of revenues. SVB Financial Group (SIVB) Ebrahim H. Poonawala +1 646 743 0490 Research Analyst, MLPF&S Buy, PO $190 1Q investment thesis We view SIVB as the best positioned bank i

al Services Group Inc. Paypal Holdings Inc. Point72 Asset Management LP RELX PLC Rent-A-Center Inc. S&P Global Inc. S.A.C. Capital Advisors LP SVB Financial Group Shaw Industries Group Inc. State Bar of California Sterling National Bank Tax Foundation The Bank of New York Mellon Corp. The Kraft Heinz Co.