Report
Colin Plunkett
EUR 101.80 For Business Accounts Only

Defying Our Bearish Thesis, Silicon Valley Bank Continues to Perform

Silicon Valley Bank had an excellent 2017, and our thesis that the bank would struggle as venture capital deal activity declined has so far been wrong. Adjusting for the impact of tax-related impairments, Silicon Valley Bank earned $2.89 per share. Using data from PitchBook, total venture capital deal value grew 66% while the number of deals declined 6% for the fourth quarter. The trend of a few select later-stage companies attracting the lion’s share of new capital continues. As management ment...
Underlying
SVB Financial Group

SVB Financial Group is a financial services company, as well as a bank holding company and a financial holding company. The company provides commercial and private banking products and services through its principal subsidiary, Silicon Valley Bank. The company has three segments: Global Commercial Bank, which comprises of its Commercial Bank, its Private Equity Division, SVB Wine, SVB Analytics and its Debt Fund Investments; SVB Private Bank, which provides a range of personal financial solutions for consumers; and SVB Capital, which focuses primarily on funds management.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Colin Plunkett

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