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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.4x - 2.6x | 2.5x |
| Selected Fwd Ps Multiple | 2.0x - 2.3x | 2.1x |
| Fair Value | $48.54 - $53.65 | $51.09 |
| Upside | 17.3% - 29.6% | 23.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Western Alliance Bancorporation | - | NYSE:WAL |
| Comerica Incorporated | - | NYSE:CMA |
| Cadence Bank | - | NYSE:CADE |
| UMB Financial Corporation | - | NasdaqGS:UMBF |
| F.N.B. Corporation | - | NYSE:FNB |
| Zions Bancorporation, National Association | - | NasdaqGS:ZION |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| WAL | CMA | CADE | UMBF | FNB | ZION | |||
| NYSE:WAL | NYSE:CMA | NYSE:CADE | NasdaqGS:UMBF | NYSE:FNB | NasdaqGS:ZION | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 22.7% | -0.5% | 13.1% | 8.0% | 5.4% | 1.8% | ||
| 3Y CAGR | 15.2% | -1.6% | 23.7% | 7.5% | 7.2% | -1.4% | ||
| Latest Twelve Months | 18.0% | -8.8% | 49.1% | 10.4% | 1.1% | 2.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 39.0% | 28.2% | 29.7% | 26.6% | 30.8% | 27.3% | ||
| Prior Fiscal Year | 27.8% | 24.4% | -0.5% | 24.6% | 31.8% | 21.5% | ||
| Latest Fiscal Year | 25.7% | 21.0% | 29.9% | 28.1% | 30.3% | 23.8% | ||
| Latest Twelve Months | 25.7% | 21.0% | 29.9% | 28.1% | 30.3% | 23.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.2x | 2.1x | 2.8x | 4.0x | 2.7x | 2.0x | ||
| LTM P/E Ratio | 8.7x | 10.1x | 9.4x | 14.3x | 9.0x | 8.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.1x | 2.7x | 4.0x | |||||
| Historical LTM P/S Ratio | 2.0x | 2.5x | 3.1x | |||||
| Selected Price / Sales Multiple | 2.4x | 2.5x | 2.6x | |||||
| (x) LTM Sales | 3,058 | 3,058 | 3,058 | |||||
| (=) Equity Value | 7,286 | 7,670 | 8,053 | |||||
| (/) Shares Outstanding | 147.9 | 147.9 | 147.9 | |||||
| Implied Value Range | 49.27 | 51.86 | 54.45 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 49.27 | 51.86 | 54.45 | 41.39 | ||||
| Upside / (Downside) | 19.0% | 25.3% | 31.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | WAL | CMA | CADE | UMBF | FNB | ZION | |
| Value of Common Equity | 6,772 | 6,780 | 4,851 | 6,312 | 4,130 | 6,121 | |
| (/) Shares Outstanding | 109.1 | 131.4 | 183.5 | 72.7 | 359.7 | 147.9 | |
| Implied Stock Price | 62.10 | 51.62 | 26.43 | 86.88 | 11.48 | 41.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 62.10 | 51.62 | 26.43 | 86.88 | 11.48 | 41.39 | |
| 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 | |