Texas Capital Bancshares Inc. Common Stock (TCBI): valor razonable

Tesis ACCE

Texas Capital Bancshares is a Dallas-based regional bank whose core business is commercial lending to middle-market companies and a private wealth and trust unit that runs through its Texas Capital Bank franchise. The bank's edge is an unusually disciplined, relationship-driven commercial book in one of the fastest-growing business markets in the country, which has kept revenue growing at 8.6% against a regional banking peer group that has mostly struggled to grow at all. The obvious near-term driver is operating leverage: at a 36.7% operating margin and a 12.0x trailing P/E, falling funding costs or a steeper rate curve would flow through quickly to earnings. The stock looks interesting now because it trades at 11.1x forward earnings on a 10.2% ROE, a combination that prices in little growth for a bank still compounding its top line. The 66/100 score and the absence from major indices suggest the market is not paying much attention, which is worth checking against the credit quality of the commercial book before anyone takes a view.