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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 3.2x - 3.5x | 3.3x |
Selected Fwd Ps Multiple | 2.3x - 2.5x | 2.4x |
Fair Value | €7.49 - €8.28 | €7.89 |
Upside | -6.9% - 2.9% | -2.0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Pathward Financial, Inc. | - | NasdaqGS:CASH |
The PNC Financial Services Group, Inc. | - | NYSE:PNC |
WSFS Financial Corporation | - | NasdaqGS:WSFS |
Independent Bank Corp. | - | NasdaqGS:INDB |
Pacific Premier Bancorp, Inc. | - | NasdaqGS:PPBI |
Valley National Bancorp | - | DB:VNB |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
CASH | PNC | WSFS | INDB | PPBI | VNB | |||
NasdaqGS:CASH | NYSE:PNC | NasdaqGS:WSFS | NasdaqGS:INDB | NasdaqGS:PPBI | DB:VNB | |||
Historical Sales Growth | ||||||||
5Y CAGR | 10.5% | 5.3% | 10.1% | 5.4% | 5.0% | 7.3% | ||
3Y CAGR | 12.6% | 1.3% | 10.2% | 10.1% | -10.2% | 4.7% | ||
Latest Twelve Months | 6.5% | 3.1% | 4.4% | -5.2% | 40.6% | -13.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 26.4% | 34.2% | 28.1% | 31.2% | 23.8% | 30.3% | ||
Prior Fiscal Year | 25.0% | 24.7% | 29.0% | 33.8% | 6.5% | 26.5% | ||
Latest Fiscal Year | 23.5% | 26.5% | 26.8% | 29.4% | 25.6% | 23.6% | ||
Latest Twelve Months | 24.6% | 26.9% | 26.7% | 28.9% | 24.5% | 24.1% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 2.7x | 3.7x | 3.3x | 5.1x | 3.7x | 3.5x | ||
LTM P/E Ratio | 10.8x | 13.8x | 12.5x | 17.5x | 15.0x | 14.6x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 2.7x | 3.7x | 5.1x | |||||
Historical LTM P/S Ratio | 2.9x | 3.5x | 4.5x | |||||
Selected Price / Sales Multiple | 3.2x | 3.3x | 3.5x | |||||
(x) LTM Sales | 1,520 | 1,520 | 1,520 | |||||
(=) Equity Value | 4,833 | 5,088 | 5,342 | |||||
(/) Shares Outstanding | 560.3 | 560.3 | 560.3 | |||||
Implied Value Range | 8.63 | 9.08 | 9.53 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 7.39 | 7.78 | 8.17 | 8.05 | ||||
Upside / (Downside) | -8.2% | -3.3% | 1.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | CASH | PNC | WSFS | INDB | PPBI | VNB | |
Value of Common Equity | 1,970 | 77,409 | 3,349 | 3,359 | 2,190 | 5,263 | |
(/) Shares Outstanding | 23.6 | 395.6 | 56.8 | 50.1 | 97.1 | 560.3 | |
Implied Stock Price | 83.62 | 195.69 | 58.98 | 67.04 | 22.56 | 9.39 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 83.62 | 195.69 | 58.98 | 67.04 | 22.56 | 8.05 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |