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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.6x - 2.9x | 2.7x |
| Selected Fwd Ps Multiple | 2.1x - 2.4x | 2.3x |
| Fair Value | $16.25 - $17.97 | $17.11 |
| Upside | -9.2% - 0.3% | -4.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ameris Bancorp | - | NYSE:ABCB |
| FB Financial Corporation | - | NYSE:FBK |
| ServisFirst Bancshares, Inc. | - | NYSE:SFBS |
| CVB Financial Corp. | - | NasdaqGS:CVBF |
| United Community Banks, Inc. | - | NYSE:UCB |
| Fulton Financial Corporation | - | NasdaqGS:FULT |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ABCB | FBK | SFBS | CVBF | UCB | FULT | |||
| NYSE:ABCB | NYSE:FBK | NYSE:SFBS | NasdaqGS:CVBF | NYSE:UCB | NasdaqGS:FULT | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.8% | 4.6% | 9.7% | 0.9% | 9.9% | 6.8% | ||
| 3Y CAGR | 1.3% | -10.4% | 6.7% | 1.4% | 6.6% | 6.8% | ||
| Latest Twelve Months | 15.5% | -6.7% | 11.7% | -7.3% | 12.1% | 11.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.9% | 23.9% | 52.6% | 41.8% | 30.3% | 27.1% | ||
| Prior Fiscal Year | 28.7% | 25.3% | 50.4% | 40.4% | 22.5% | 26.7% | ||
| Latest Fiscal Year | 33.1% | 26.2% | 49.5% | 39.5% | 27.1% | 24.3% | ||
| Latest Twelve Months | 33.1% | 26.2% | 49.5% | 39.5% | 27.1% | 24.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.7x | 4.9x | 9.8x | 5.1x | 3.7x | 2.9x | ||
| LTM P/E Ratio | 11.0x | 18.6x | 19.8x | 12.9x | 13.7x | 11.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.7x | 4.9x | 9.8x | |||||
| Historical LTM P/S Ratio | 2.6x | 2.9x | 3.0x | |||||
| Selected Price / Sales Multiple | 2.6x | 2.7x | 2.9x | |||||
| (x) LTM Sales | 1,148 | 1,148 | 1,148 | |||||
| (=) Equity Value | 2,997 | 3,155 | 3,312 | |||||
| (/) Shares Outstanding | 182.2 | 182.2 | 182.2 | |||||
| Implied Value Range | 16.45 | 17.31 | 18.18 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.45 | 17.31 | 18.18 | 17.91 | ||||
| Upside / (Downside) | -8.2% | -3.3% | 1.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABCB | FBK | SFBS | CVBF | UCB | FULT | |
| Value of Common Equity | 3,961 | 2,164 | 4,490 | 2,577 | 3,360 | 3,263 | |
| (/) Shares Outstanding | 68.8 | 46.7 | 54.6 | 139.6 | 119.4 | 182.2 | |
| Implied Stock Price | 57.57 | 46.36 | 82.26 | 18.46 | 28.13 | 17.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 57.57 | 46.36 | 82.26 | 18.46 | 28.13 | 17.91 | |
| 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 | |