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The image presents a page from the 2016 Future of Financials Conference report by Bank of America Merrill Lynch, focusing on the price objective and valuation framework for various companies. The page is divided into sections, each featuring a company name, a brief description, and a detailed analysis of their price objective and valuation framework. * **Bank of Hawaii Corp. (BOH)** + Description: The company uses an equal-weighted three-factor valuation framework (P/E, P/TBV, DCF) to arrive at its $75 PO and assign a 2.2x multiple to 2Q17E TBV, representing a premium to peers. + Analysis: The 17x multiple on 2017E EPS is equal to the peer median given average EPS growth relative to peers. DCF assumes a two-stage cost of capital of 9.8% and a terminal growth rate of 3%. * **BankUnited, Inc. (BKU)** + Description: To arrive at its $37 price objective, the company has employed an equal-weighted three-factor valuation methodology that incorporates target P/TBV, P/E, and DCF. + Analysis: The target P/TBV value multiple of 1.5x on 2017E TBV and a P/E target multiple of 16x '17 EPS, based on BKU's above-average growth relative to peers. DCF assumes a two-stage cost of capital of 7.9% and 9.3% and a terminal growth rate of 6%. * **BB&T Corporation (BBT)** + Description: The company uses a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at its $45 PO and assign a 1.6x multiple to 2017E TBV and 14.5x multiple on 2017E EPS. + Analysis: The weighted P/E and P/TBV factors equally at 40%, and the DCF analysis by 20%. * **Capital Bank Financial Corp. (CBF)** + Description: The company's PO is based on an equal-weighted, two-factor valuation methodology that assumes an OS38 PWe assumes a 20.0x P/2017e EPS and a target P/TBV of 1.6x to 2017E tangible book given its forecast above peer EPS growth. + Analysis: Downside risks to the PO are an inability to deploy excess capital and create value through acquisitions. In summary, the page provides a detailed analysis of the price objective and valuation framework for various companies, including Bank of Hawaii Corp., BankUnited, Inc., BB&T Corporation, and Capital Bank Financial Corp. Each section includes a brief description of the company and a detailed analysis of their valuation framework, highlighting the strengths and weaknesses of each approach.