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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 13.5x - 14.9x | 14.2x |
| Selected Fwd P/E Multiple | 11.6x - 12.9x | 12.2x |
| Fair Value | $52.53 - $58.06 | $55.30 |
| Upside | -17.8% - -9.2% | -13.5% |
| Benchmarks | - | Full Ticker |
| Old National Bancorp | - | NasdaqGS:ONB |
| MVB Financial Corp. | - | NasdaqCM:MVBF |
| Cadence Bank | - | NYSE:CADE |
| UMB Financial Corporation | - | NasdaqGS:UMBF |
| Hingham Institution for Savings | - | NasdaqGM:HIFS |
| Stock Yards Bancorp, Inc. | - | NasdaqGS:SYBT |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ONB | MVBF | CADE | UMBF | HIFS | SYBT | |||
| NasdaqGS:ONB | NasdaqCM:MVBF | NYSE:CADE | NasdaqGS:UMBF | NasdaqGM:HIFS | NasdaqGS:SYBT | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 17.0% | -5.1% | 17.0% | 12.6% | -6.2% | 11.6% | ||
| 3Y CAGR | 23.5% | -19.3% | 44.8% | 7.7% | -25.2% | 15.3% | ||
| Latest Twelve Months | -7.6% | -10.5% | 8958.0% | 26.1% | 6.9% | 6.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.9% | 21.4% | 29.7% | 26.6% | 49.4% | 32.9% | ||
| Prior Fiscal Year | 32.1% | 15.4% | -0.5% | 24.6% | 41.5% | 33.2% | ||
| Latest Fiscal Year | 29.7% | 13.5% | 29.9% | 28.1% | 43.0% | 33.4% | ||
| Latest Twelve Months | 29.7% | 13.5% | 29.9% | 28.1% | 43.0% | 33.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.3x | 1.4x | 2.9x | 4.1x | 7.9x | 5.6x | ||
| LTM P/E Ratio | 11.2x | 10.5x | 9.6x | 14.5x | 18.4x | 16.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 9.6x | 11.2x | 18.4x | |||||
| Historical LTM P/E Ratio | 13.3x | 16.8x | 25.1x | |||||
| Selected P/E Multiple | 13.5x | 14.2x | 14.9x | |||||
| (x) LTM Net Income | 115 | 115 | 115 | |||||
| (=) Equity Value | 1,548 | 1,630 | 1,711 | |||||
| (/) Shares Outstanding | 29.5 | 29.5 | 29.5 | |||||
| Implied Value Range | 52.55 | 55.32 | 58.09 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 52.55 | 55.32 | 58.09 | 63.94 | ||||
| Upside / (Downside) | -17.8% | -13.5% | -9.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ONB | MVBF | CADE | UMBF | HIFS | SYBT | |
| Value of Common Equity | 5,840 | 209 | 4,950 | 6,404 | 477 | 1,884 | |
| (/) Shares Outstanding | 319.0 | 12.9 | 183.5 | 72.7 | 2.2 | 29.5 | |
| Implied Stock Price | 18.31 | 16.15 | 26.97 | 88.14 | 218.94 | 63.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.31 | 16.15 | 26.97 | 88.14 | 218.94 | 63.94 | |
| 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 | |