Western Alliance looks cheap against its earnings, trading at 8x, or 7x next year's, versus the usual 12x for banks. At 12x next year's $11.15 EPS, give or take 12%, fair value is $117.74-$149.85, leaving the $74.07 price 37% below the low end. This is a valuation read off reported earnings and estimates only, with no fundamental work. x.com