Running a comps on ( SYF ), using Alliance Data Systems ( ADS ), American Express ( AXP ), Capital One Financial ( COF ), and Discover Financial ( DFS ) as the comparable companies yields a 30% upside, on a net income and tangible book value basis. Please note that ADS has a negative TBV due to the high goodwill on its balance sheet, and as a result was excluded from the P/TBV calculations.