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Cramer thinks one of the largest fines ever levied against a bank could send shares soaring. Huh?
JPMorgan Chase is in talks with government officials to settle federal and state mortgage probes for $11 billion – a massive amount of money and one of the largest fines ever levied against a financial institution.
Cramer couldn't be happier for shareholders!
That's right – the Mad Money host thinks it's good news – in fact very good news.
If the settlement is structured strategically, it could return JPM to normalized earnings. That, Cramer says, is a big deal for shareholders.
It means "We could then build an earnings model for the bank. And if we can build a model, we might be able to find out what JP Morgan's worth on an earnings basis. Currently we don't know what this bank can earn. "
On top of that, Cramer said a settlement has another very positive effect – it removes the government from the equation, significantly.
Therefore it's reasonable to think, "A deal could free JP Morgan to buy back a ton of stock and boost the dividend tremendously. What could that be worth? How about a ten multiple, adding almost ten points to the stock," Cramer said.
And Cramer believes there are other bullish catalysts for JPMorgan.
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"JP Morgan does better in a higher interest rate environment, one where the ten-year treasury goes to 4%,. That would add $4 billion to the bank's bottom line, making the company even more valuable," he said.
On top of all that, Cramer thinks that a settlement would make it all the more likely that CEO Jamie Dimon stays in the corner office. That too adds value.
Sure an $11 billion settlement is enormous, but Cramer said that should not spook shareholders. "If a settlement leads to certainty, that certainly should lead to a higher stock price. Therefore, I'm convinced $11 billion in fines is a real bargain," Cramer said.
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