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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.8x - 3.1x | 2.9x |
| Selected Fwd Ps Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | $40.27 - $44.51 | $42.39 |
| Upside | -5.0% - 5.0% | 0.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Westamerica Bancorporation | - | NasdaqGS:WABC |
| RBB Bancorp | - | NasdaqGS:RBB |
| Eagle Bancorp Montana, Inc. | - | NasdaqGM:EBMT |
| Timberland Bancorp, Inc. | - | NasdaqGM:TSBK |
| Heritage Commerce Corp | - | NasdaqGS:HTBK |
| Plumas Bancorp | - | NasdaqCM:PLBC |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| WABC | RBB | EBMT | TSBK | HTBK | PLBC | |||
| NasdaqGS:WABC | NasdaqGS:RBB | NasdaqGM:EBMT | NasdaqGM:TSBK | NasdaqGS:HTBK | NasdaqCM:PLBC | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.6% | -1.5% | 6.1% | 2.8% | 3.8% | 13.0% | ||
| 3Y CAGR | 10.9% | -9.0% | -4.2% | 2.4% | 2.3% | 14.2% | ||
| Latest Twelve Months | -10.7% | -19.9% | -3.6% | 2.7% | -4.1% | 9.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 44.4% | 35.1% | 15.6% | 35.9% | 29.6% | 36.8% | ||
| Prior Fiscal Year | 49.8% | 32.4% | 12.0% | 35.0% | 33.7% | 38.3% | ||
| Latest Fiscal Year | 47.3% | 25.4% | 12.1% | 32.7% | 23.8% | 35.2% | ||
| Latest Twelve Months | 46.8% | 25.4% | 12.1% | 33.0% | 24.1% | 35.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 4.5x | 2.7x | 1.7x | 3.0x | 3.2x | 3.0x | ||
| LTM P/E Ratio | 9.7x | 10.5x | 13.6x | 9.0x | 13.1x | 8.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.7x | 3.0x | 4.5x | |||||
| Historical LTM P/S Ratio | 2.9x | 3.4x | 3.8x | |||||
| Selected Price / Sales Multiple | 2.8x | 2.9x | 3.1x | |||||
| (x) LTM Sales | 84 | 84 | 84 | |||||
| (=) Equity Value | 234 | 247 | 259 | |||||
| (/) Shares Outstanding | 5.9 | 5.9 | 5.9 | |||||
| Implied Value Range | 39.54 | 41.62 | 43.70 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.54 | 41.62 | 43.70 | 42.39 | ||||
| Upside / (Downside) | -6.7% | -1.8% | 3.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | WABC | RBB | EBMT | TSBK | HTBK | PLBC | |
| Value of Common Equity | 1,288 | 281 | 133 | 232 | 552 | 251 | |
| (/) Shares Outstanding | 26.7 | 17.7 | 7.8 | 7.9 | 61.6 | 5.9 | |
| Implied Stock Price | 48.23 | 15.82 | 17.07 | 29.40 | 8.96 | 42.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.23 | 15.82 | 17.07 | 29.40 | 8.96 | 42.39 | |
| 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 | |