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Western Alliance Bancorporation: Compelling Growth Story With Multiple Upside Triggers

Investment Summary: This article is on Western Alliance Bancorporation (NYSE:WAL), a growth-oriented commercial lender in the Southwest. The banks looks set to improve profitability supported by economic recovery in Last Vegas, industry-leading revenue performance and operating leverage supported by expense control. The credit profile of the bank looks excellent with limited exposure to residential mortgage and well poised to grow its loan portfolio by 20% annually over the next 3 years. It is also well set on a path to credit recovery with improving fundamentals that justifies premium valuation going forward.

Company Overview: Western Alliance Bancorporation is a multi-bank holding company with $8.6 bn in assets and operations spread across 41 locations. As of 6/30/2013 Western Alliance had:...

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