Apologies, just looked at thes ervice of the report.
Perhaps you are right. BBT is fairly valued and WFC, PNC and USB are undervalued. But why spend so much time moaning here and go talk up those banks on their boards?
And yes, tangible book is a fine metric, and as you concede, BBT is not really unfairly valued. It just appears to you that the others are undervalued, and comparatively BBT overvalued versus its brethren.
Good luck to you and perhaps you should pair trade them.