Added to YB: 2024-04-26
Pitch date: 2024-03-10
SBNY [bullish]
Signature Bank
-15.38%
current return
Author Info
No bio for this author
Company Info
As of March 12, 2023, Signature Bank went out of business. Previously, the company provided digital assets banking services and comprised of certain loan portfolios.
Market Cap
$40.5M
Pitch Price
$1.30
Price Target
33.19 (+2917%)
Dividend
N/A
EV/EBITDA
N/A
P/E
0.03
EV/Sales
N/A
Sector
Banks
Category
special_situation
Signature Bank - $SBNY
SBNY: FDIC receivership w/ $33B CRE loans in JVs (Blackstone, Related, Santander). 90%+ recovery expected on performing loans over 7yrs. $1.4B/yr interest to estate. Prefs have 6.3x upside, common 7.5x, unsecureds 2.2x. Alignment w/ partners, improving rates & longer liquidation period drive returns. Risks: faster sales & lower recoveries, credit deterioration, higher rates.
Read full article (6 min)