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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.0x - 3.3x | 3.1x |
| Selected Fwd Ps Multiple | 2.6x - 2.9x | 2.7x |
| Fair Value | $39.70 - $43.88 | $41.79 |
| Upside | -21.2% - -12.9% | -17.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| First Business Financial Services, Inc. | - | NasdaqGS:FBIZ |
| First Commonwealth Financial Corporation | - | NYSE:FCF |
| First Mid Bancshares, Inc. | - | NasdaqGM:FMBH |
| Horizon Bancorp, Inc. | - | NasdaqGS:HBNC |
| QCR Holdings, Inc. | - | NasdaqGM:QCRH |
| Community Trust Bancorp, Inc. | - | NasdaqGS:CTBI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FBIZ | FCF | FMBH | HBNC | QCRH | CTBI | |||
| NasdaqGS:FBIZ | NYSE:FCF | NasdaqGM:FMBH | NasdaqGS:HBNC | NasdaqGM:QCRH | NasdaqGS:CTBI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.7% | 5.8% | 12.8% | -1.6% | 8.1% | 4.9% | ||
| 3Y CAGR | 6.8% | 5.1% | 12.8% | -7.1% | 6.3% | 1.6% | ||
| Latest Twelve Months | 6.6% | -4.0% | 16.5% | 1.9% | -2.1% | 6.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.2% | 31.7% | 25.8% | 30.1% | 32.0% | 35.5% | ||
| Prior Fiscal Year | 25.9% | 33.6% | 25.1% | 15.3% | 33.7% | 34.8% | ||
| Latest Fiscal Year | 29.3% | 31.8% | 24.7% | 19.0% | 34.5% | 34.9% | ||
| Latest Twelve Months | 29.3% | 31.8% | 24.7% | 19.0% | 34.5% | 34.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.7x | 3.5x | 2.6x | 3.6x | 3.7x | 3.8x | ||
| LTM P/E Ratio | 9.2x | 11.1x | 10.6x | 18.7x | 10.6x | 11.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.6x | 3.5x | 3.7x | |||||
| Historical LTM P/S Ratio | 3.5x | 3.6x | 3.8x | |||||
| Selected Price / Sales Multiple | 3.0x | 3.1x | 3.3x | |||||
| (x) LTM Sales | 238 | 238 | 238 | |||||
| (=) Equity Value | 709 | 746 | 783 | |||||
| (/) Shares Outstanding | 18.1 | 18.1 | 18.1 | |||||
| Implied Value Range | 39.16 | 41.22 | 43.28 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.16 | 41.22 | 43.28 | 50.36 | ||||
| Upside / (Downside) | -22.2% | -18.1% | -14.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FBIZ | FCF | FMBH | HBNC | QCRH | CTBI | |
| Value of Common Equity | 391 | 1,577 | 837 | 664 | 1,205 | 912 | |
| (/) Shares Outstanding | 8.3 | 101.5 | 24.0 | 44.0 | 16.9 | 18.1 | |
| Implied Stock Price | 47.15 | 15.54 | 34.90 | 15.08 | 71.32 | 50.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.15 | 15.54 | 34.90 | 15.08 | 71.32 | 50.36 | |
| 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 | |