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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.6x - 8.4x | 8.0x |
| Selected Fwd P/E Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | €5.04 - €5.57 | €5.30 |
| Upside | -30.5% - -23.2% | -26.8% |
| Benchmarks | - | Full Ticker |
| Eurobank Ergasias Services and Holdings S.A. | - | ATSE:EUROB |
| Piraeus Financial Holdings S.A. | - | ATSE:TPEIR |
| Aktia Pankki Oyj | - | HLSE:AKTIA |
| Erste Group Bank AG | - | DB:EBO |
| Bank of Cyprus Holdings Public Limited Company | - | ATSE:BOCHGR |
| Optima bank S.A. | - | ATSE:OPTIMA |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| EUROB | TPEIR | AKTIA | EBO | BOCHGR | OPTIMA | |||
| ATSE:EUROB | ATSE:TPEIR | HLSE:AKTIA | DB:EBO | ATSE:BOCHGR | ATSE:OPTIMA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 62.9% | 31.6% | 4.2% | 16.8% | NM- | NM- | ||
| 3Y CAGR | 64.3% | NM- | 4.3% | 19.0% | 157.7% | 140.8% | ||
| Latest Twelve Months | 8.5% | 1.0% | -22.1% | -2.2% | -6.3% | 19.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -48.8% | -48.2% | 31.7% | 32.1% | 4.7% | 47.5% | ||
| Prior Fiscal Year | 51.6% | 34.2% | 29.0% | 28.3% | 47.9% | 56.3% | ||
| Latest Fiscal Year | 48.2% | 40.2% | 25.5% | 27.7% | 47.8% | 59.9% | ||
| Latest Twelve Months | 48.0% | 40.0% | 23.9% | 27.8% | 47.4% | 61.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.8x | 3.2x | 2.5x | 2.9x | 2.7x | 6.4x | ||
| LTM P/E Ratio | 8.4x | 8.0x | 10.4x | 10.5x | 5.8x | 10.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 5.8x | 8.4x | 10.5x | |||||
| Historical LTM P/E Ratio | 6.5x | 6.7x | 6.9x | |||||
| Selected P/E Multiple | 7.6x | 8.0x | 8.4x | |||||
| (x) LTM Net Income | 152 | 152 | 152 | |||||
| (=) Equity Value | 1,153 | 1,214 | 1,274 | |||||
| (/) Shares Outstanding | 221.3 | 221.3 | 221.3 | |||||
| Implied Value Range | 5.21 | 5.48 | 5.76 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.21 | 5.48 | 5.76 | 7.25 | ||||
| Upside / (Downside) | -28.1% | -24.3% | -20.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EUROB | TPEIR | AKTIA | EBO | BOCHGR | OPTIMA | |
| Value of Common Equity | 11,930 | 8,535 | 735 | 31,826 | 2,937 | 1,604 | |
| (/) Shares Outstanding | 3,648.3 | 1,249.2 | 73.2 | 388.1 | 435.7 | 221.3 | |
| Implied Stock Price | 3.27 | 6.83 | 10.04 | 82.00 | 6.74 | 7.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.27 | 6.83 | 10.04 | 82.00 | 6.74 | 7.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |