For those struggling with the basic math on WFC's valuation post asset cap, here is a simple way to consider it: If WFC can grow at the aforementioned 4% per annum for a long time ahead (seems a reasonable figure to me), they would need to retain roughly 1/4 of the earnings to do if they can earn 15-16% on tangible equity. That leaves 75% distributable (again, over time, it's higher currently).

What's a company worth that can distribute 75% of their earnings and grow at 4%? If you pick a fair return is 10%, you'd capitalize its distributable free cash flow at 10%-4% = 6%. So if they have $5 of earning power per share, that's $3.75 of distributable cash flow, capitalized at 6% = $62.50/share. If you figure there is some excess capital on top of that, say it's $10 billion or ~$2.50/share, WFC would have a rough intrinsic value of $65.

You can play with the numbers as you see fit, factor in buybacks at current prices etc., but that is a helpful place to start, at least.