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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 4.0x - 4.4x | 4.2x |
| Selected Fwd Ps Multiple | 2.9x - 3.2x | 3.1x |
| Fair Value | $23.46 - $25.93 | $24.69 |
| Upside | -21.1% - -12.8% | -17.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Shore Bancshares, Inc. | - | NasdaqGS:SHBI |
| John Marshall Bancorp, Inc. | - | NasdaqCM:JMSB |
| MVB Financial Corp. | - | NasdaqCM:MVBF |
| First Bancorp | - | NasdaqGS:FBNC |
| USCB Financial Holdings, Inc. | - | NasdaqGM:USCB |
| MetroCity Bankshares, Inc. | - | NasdaqGS:MCBS |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SHBI | JMSB | MVBF | FBNC | USCB | MCBS | |||
| NasdaqGS:SHBI | NasdaqCM:JMSB | NasdaqCM:MVBF | NasdaqGS:FBNC | NasdaqGM:USCB | NasdaqGS:MCBS | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 27.1% | 1.9% | 4.0% | 4.1% | 12.2% | 6.9% | ||
| 3Y CAGR | 36.2% | -5.9% | 5.0% | 3.0% | 7.9% | 2.6% | ||
| Latest Twelve Months | 37.9% | 50.8% | -3.0% | -9.5% | 34.2% | 19.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.9% | 32.8% | 21.1% | 31.2% | 29.6% | 44.3% | ||
| Prior Fiscal Year | 8.7% | 13.3% | 15.4% | 26.8% | 26.0% | 43.1% | ||
| Latest Fiscal Year | 22.3% | 31.8% | 13.5% | 22.7% | 31.0% | 45.8% | ||
| Latest Twelve Months | 24.5% | 32.2% | 13.1% | 25.0% | 32.8% | 46.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.8x | 5.1x | 2.1x | 5.6x | 4.1x | 5.3x | ||
| LTM P/E Ratio | 11.4x | 15.7x | 15.9x | 22.3x | 12.5x | 11.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.1x | 4.1x | 5.6x | |||||
| Historical LTM P/S Ratio | 3.8x | 5.0x | 6.0x | |||||
| Selected Price / Sales Multiple | 4.0x | 4.2x | 4.4x | |||||
| (x) LTM Sales | 144 | 144 | 144 | |||||
| (=) Equity Value | 574 | 605 | 635 | |||||
| (/) Shares Outstanding | 25.4 | 25.4 | 25.4 | |||||
| Implied Value Range | 22.61 | 23.80 | 24.99 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 22.61 | 23.80 | 24.99 | 29.75 | ||||
| Upside / (Downside) | -24.0% | -20.0% | -16.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHBI | JMSB | MVBF | FBNC | USCB | MCBS | |
| Value of Common Equity | 552 | 277 | 301 | 1,931 | 339 | 756 | |
| (/) Shares Outstanding | 33.4 | 14.2 | 13.0 | 41.4 | 20.0 | 25.4 | |
| Implied Stock Price | 16.54 | 19.48 | 23.14 | 46.62 | 16.89 | 29.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.54 | 19.48 | 23.14 | 46.62 | 16.89 | 29.75 | |
| 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 | |