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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.7x - 2.9x | 2.8x |
| Selected Fwd Ps Multiple | 2.2x - 2.5x | 2.3x |
| Fair Value | $11.86 - $13.11 | $12.48 |
| Upside | -15.9% - -7.1% | -11.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Berkshire Hills Bancorp, Inc. | - | NYSE:BHLB |
| The First of Long Island Corporation | - | NasdaqCM:FLIC |
| German American Bancorp, Inc. | - | NasdaqGS:GABC |
| Capitol Federal Financial, Inc. | - | NasdaqGS:CFFN |
| First Mid Bancshares, Inc. | - | NasdaqGM:FMBH |
| First Commonwealth Financial Corporation | - | NYSE:FCF |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BHLB | FLIC | GABC | CFFN | FMBH | FCF | |||
| NYSE:BHLB | NasdaqCM:FLIC | NasdaqGS:GABC | NasdaqGS:CFFN | NasdaqGM:FMBH | NYSE:FCF | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -1.9% | -5.2% | 6.2% | -6.1% | 12.8% | 5.8% | ||
| 3Y CAGR | -4.7% | -11.4% | 3.4% | -7.6% | 12.8% | 5.1% | ||
| Latest Twelve Months | -1.0% | -9.2% | 0.9% | 533.0% | 16.5% | -4.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -15.8% | 32.9% | 33.6% | 34.7% | 25.8% | 31.7% | ||
| Prior Fiscal Year | 18.3% | 28.1% | 34.6% | 406.1% | 25.1% | 33.6% | ||
| Latest Fiscal Year | 16.2% | 20.1% | 33.5% | 22.9% | 24.7% | 31.8% | ||
| Latest Twelve Months | 16.2% | 20.1% | 33.5% | 28.0% | 24.7% | 31.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.8x | 2.9x | 5.1x | 3.6x | 2.3x | 3.2x | ||
| LTM P/E Ratio | 17.1x | 14.2x | 15.4x | 12.8x | 9.4x | 10.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.3x | 2.9x | 5.1x | |||||
| Historical LTM P/S Ratio | 3.2x | 3.4x | 4.1x | |||||
| Selected Price / Sales Multiple | 2.7x | 2.8x | 2.9x | |||||
| (x) LTM Sales | 449 | 449 | 449 | |||||
| (=) Equity Value | 1,191 | 1,254 | 1,317 | |||||
| (/) Shares Outstanding | 101.4 | 101.4 | 101.4 | |||||
| Implied Value Range | 11.75 | 12.37 | 12.98 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.75 | 12.37 | 12.98 | 14.11 | ||||
| Upside / (Downside) | -16.7% | -12.4% | -8.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BHLB | FLIC | GABC | CFFN | FMBH | FCF | |
| Value of Common Equity | 1,044 | 240 | 1,289 | 653 | 744 | 1,431 | |
| (/) Shares Outstanding | 45.6 | 22.6 | 37.4 | 129.8 | 24.0 | 101.4 | |
| Implied Stock Price | 22.90 | 10.62 | 34.45 | 5.03 | 31.02 | 14.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.90 | 10.62 | 34.45 | 5.03 | 31.02 | 14.11 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |