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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 1.0x |
| Historical Pb Multiple | 1.1x - 1.8x | 1.5x |
| Fair Value | €27.89 - €30.83 | €29.36 |
| Upside | 1.1% - 11.7% | 6.4% |
| Benchmarks | - | Full Ticker |
| Alerus Financial Corporation | - | NasdaqCM:ALRS |
| Waterstone Financial, Inc. | - | NasdaqGS:WSBF |
| Banco Latinoamericano de Comercio Exterior, S. A. | - | NYSE:BLX |
| Horizon Bancorp, Inc. | - | NasdaqGS:HBNC |
| Northern Trust Corporation | - | NasdaqGS:NTRS |
| Merchants Bancorp | - | DB:3KD |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| ALRS | WSBF | BLX | HBNC | NTRS | 3KD | |||
| NasdaqCM:ALRS | NasdaqGS:WSBF | NYSE:BLX | NasdaqGS:HBNC | NasdaqGS:NTRS | DB:3KD | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -9.3% | -12.2% | 19.1% | -11.8% | 6.7% | 33.0% | ||
| 3Y CAGR | -30.1% | -35.9% | 48.6% | -25.9% | 9.8% | 11.2% | ||
| Latest Twelve Months | 442.1% | 73.0% | 13.9% | 171.4% | 12.1% | -27.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 15.9% | 17.4% | 66.0% | 29.2% | 20.9% | 51.7% | ||
| Prior Fiscal Year | 7.0% | 7.2% | 69.6% | 15.3% | 15.6% | 46.8% | ||
| Latest Fiscal Year | 8.7% | 13.8% | 71.9% | 19.0% | 23.8% | 43.9% | ||
| Latest Twelve Months | 15.3% | 15.4% | 72.0% | 24.5% | 21.4% | 34.9% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 10.1% | 9.8% | 10.7% | 9.5% | 12.8% | 24.9% | ||
| Prior Fiscal Year | 3.2% | 2.6% | 14.6% | 4.0% | 9.9% | 22.6% | ||
| Latest Twelve Months | 8.5% | 6.1% | 16.5% | 6.8% | 14.1% | 13.6% | ||
| Next Fiscal Year | 12.2% | #NUM! | 16.4% | 10.8% | 13.8% | 11.4% | ||
| Two Fiscal Years Forward | 11.0% | 6.2% | 15.8% | 11.9% | 14.4% | 13.5% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.3x | 2.1x | 5.5x | 4.0x | 3.2x | 2.5x | ||
| Price / LTM EPS | 15.0x | 13.4x | 7.7x | 16.2x | 14.8x | 7.1x | ||
| Price / Book | 1.1x | 0.8x | 1.2x | 1.1x | 2.1x | 0.9x | ||
| Price / Fwd Book | 1.1x | 0.9x | 1.1x | 1.0x | 2.1x | 0.8x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.8x | 1.1x | 2.1x | |||||
| Historical P/B Ratio | 1.1x | 1.5x | 1.8x | |||||
| Selected P/B Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) Book Value | 1,633 | 1,633 | 1,633 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALRS | WSBF | BLX | HBNC | NTRS | 3KD | |
| Value of Common Equity | 575 | 278 | 1,687 | 842 | 24,742 | 1,473 | |
| (/) Shares Outstanding | 25.4 | 18.8 | 36.8 | 50.3 | 190.7 | 45.9 | |
| Implied Stock Price | 22.65 | 14.81 | 45.86 | 16.74 | 129.77 | 32.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 22.65 | 14.81 | 45.86 | 16.74 | 129.77 | 27.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |