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Hancock Whitney Corp

HWCBelow value

Held by 1 superinvestor.

Price$75.38
Margin of safety−3%
Holders1
Total value$19.0M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
—
Net margin
—
ROE
10.9%
FCF margin
—

Fundamentals data incomplete — read with care.

What makes a business high quality

Valuation · value band

Margin of safety

$78/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$75
cheaperpricier

Zero-growth floor

$48

Central IV

$78

Optimistic top

$96

Hancock Whitney Corp (HWC): A conservative value band $48–$96 / sh (zero-growth floor to growth-capped optimistic top); central read about $78. Today’s price sits below that band (price $75 as of 2026-08-21).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $48

Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $50.61 – $95.81 · Greenwald zero-growth $58.68 · zero-growth base $58.68 · reproduction $40.59

Moat Commodity-like · terminal value 49% of present value · owner-earnings yield 7% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: 2025, 2024, 2023

Buffett owner-earnings value$48.01 – $58.68 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.

Reproduction value = tangible net assets $3.47B = $40.59 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023 · discount band 9%–11% · normalized tax 20% (Average effective tax rate over 3 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 6% · OE FY 2025, 2024, 2023 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $19.0M combined · this quarter +0 opened / -0 exited

This quarter1 added
Holders 1 → 1 · last 4q
  • Ray Dalio
    Value$19.0MWeight (prev→now)0.1% → 0.1% ▲

SEC 13F · notes

Written summary

Hancock Whitney Corp (HWC) is held by 1 of the superinvestors tracked on Compounder, with a combined $19.0M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.1% of the portfolio.

Over the latest quarter, 0 of the tracked filers opened a new position in HWC, 1 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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HWC's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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