Commerce Bancshares, Inc.

AI-generated fair value estimate for this company.

Method: Excess-return/justified-P/TBV bank model: tangible book value ~$29.00/share (book value $30.45 less modest intangibles); normalized ROE 14%; 9.5% cost of equity; 5% long-term tangible book growth; implied justified P/TBV 2.00x.

Reasoning: Commerce Bancshares is one of the highest-quality, most conservatively run super-regional banks (top-quartile ROA/ROE, decades without a dividend cut), so a premium justified-P/TBV multiple reflecting its sustainably high excess returns on capital is the most defensible valuation approach.