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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.1x - 3.4x | 3.3x |
| Selected Fwd Ps Multiple | 2.6x - 2.9x | 2.7x |
| Fair Value | €25.60 - €28.29 | €26.95 |
| Upside | -5.9% - 4.0% | -0.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Pacific Premier Bancorp, Inc. | - | NasdaqGS:PPBI |
| WSFS Financial Corporation | - | NasdaqGS:WSFS |
| Banner Corporation | - | NasdaqGS:BANR |
| Hope Bancorp, Inc. | - | NasdaqGS:HOPE |
| United Community Banks, Inc. | - | NYSE:UCB |
| First Interstate BancSystem, Inc. | - | DB:4FB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| PPBI | WSFS | BANR | HOPE | UCB | 4FB | |||
| NasdaqGS:PPBI | NasdaqGS:WSFS | NasdaqGS:BANR | NasdaqGS:HOPE | NYSE:UCB | DB:4FB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.0% | 10.1% | 2.1% | -2.1% | 9.9% | 8.3% | ||
| 3Y CAGR | -10.2% | 10.2% | -1.4% | -7.0% | 6.6% | 13.0% | ||
| Latest Twelve Months | 38.5% | 6.3% | -1.4% | -15.2% | 12.1% | -6.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 24.2% | 28.0% | 28.8% | 29.8% | 30.3% | 25.4% | ||
| Prior Fiscal Year | 6.5% | 29.0% | 30.1% | 24.8% | 22.5% | 25.9% | ||
| Latest Fiscal Year | 25.6% | 26.8% | 28.1% | 21.8% | 27.1% | 24.3% | ||
| Latest Twelve Months | 25.6% | 26.8% | 28.1% | 21.8% | 27.1% | 24.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.5x | 3.2x | 3.8x | 2.8x | 3.8x | 3.3x | ||
| LTM P/E Ratio | 13.5x | 11.8x | 13.4x | 12.9x | 14.1x | 13.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.8x | 3.5x | 3.8x | |||||
| Historical LTM P/S Ratio | 3.1x | 4.0x | 4.5x | |||||
| Selected Price / Sales Multiple | 3.1x | 3.3x | 3.4x | |||||
| (x) LTM Sales | 932 | 932 | 932 | |||||
| (=) Equity Value | 2,907 | 3,060 | 3,213 | |||||
| (/) Shares Outstanding | 104.5 | 104.5 | 104.5 | |||||
| Implied Value Range | 27.81 | 29.28 | 30.74 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.76 | 27.12 | 28.47 | 27.20 | ||||
| Upside / (Downside) | -5.3% | -0.3% | 4.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PPBI | WSFS | BANR | HOPE | UCB | 4FB | |
| Value of Common Equity | 2,110 | 3,105 | 2,257 | 1,281 | 3,422 | 3,070 | |
| (/) Shares Outstanding | 96.4 | 58.6 | 34.5 | 120.8 | 119.4 | 104.5 | |
| Implied Stock Price | 21.88 | 53.03 | 65.50 | 10.61 | 28.65 | 29.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 21.88 | 53.03 | 65.50 | 10.61 | 28.65 | 27.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |