COMP <GO>

SAN vs MUFG // EV/EBITDA & P/E VALUATION

Banco Santander S.A. Sponsored ADR (Spain) (NYSE) VS. Mitsubishi UFJ Financial Group Inc. (NYSE) • 15-METRIC TALLY: SAN 0 — MUFG 6

■ METRIC PARITY

LAST: $11.19 (-4.77%) • MKT CAP: $170.08B

valuation

21.0x

LAST: $21.56 (-1.73%) • MKT CAP: $260.38B

valuation

21.0x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (SAN VS. MUFG) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	SAN	MUFG	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	1.10%	17.60%	-16.50	MUFG	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	8/9	-1.00	MUFG	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	32.7	48.5	-15.80	MUFG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.88	1.07	-0.19	MUFG	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	27.6x	+2.90	MUFG	/forward-pe <GO>
Enterprise Scale & Market Cap	$170.08B	$260.38B	-$90.30B	MUFG	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	SAN REV	MUFG REV	SAN GROSS %	MUFG GROSS %	SAN FCF	MUFG FCF
INSPECT INDIVIDUAL XBRL MODELS AT SAN FA <GO> AND MUFG FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

SAN // BETA 0.88

MUFG // BETA 1.07