CFR // Cullen/Frost Bankers Inc.

Financials • Major Banks

$160.30 ▲ +2.70 (+1.71%)

MKT CAP: $9.97B • VOL: 509.9K

52W L $119 52W H $171

PIOTROSKI

7 / 9

CFR // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

CFR // Cullen/Frost Bankers Inc.

GROSS MARGIN

—

OP MARGIN

75.0%

ROIC %

3.4%

MKT CAP

$9.97B

UPSTREAM INPUTS ──► CFR OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
CFR ★	Cullen/Frost Bankers Inc.	$160.30	$9.97B	—	75.0%	3.4%	26.0x	+14.4%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc. (Class A)	$834,640.73	$1.23T	—	27.8%	11.5%	9.7x	+3.9%	CFR VS BRK-A <GO>
BRK-B	Berkshire Hathaway Inc.	$556.11	$1.23T	—	27.8%	11.5%	10.0x	+3.9%	CFR VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$340.58	$905.33B	—	42.0%	17.7%	9.5x	+13.2%	CFR VS JPM <GO>
V	Visa Inc.	$425.51	$760.28B	—	60.0%	32.3%	28.9x	+11.3%	CFR VS V <GO>
BAC	Bank of America Corporation	$49.57	$342.04B	—	32.9%	2.5%	30.2x	+6.8%	CFR VS BAC <GO>