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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 0.6x - 0.7x | 0.7x |
| Selected Fwd P/E Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | €14.14 - €15.63 | €14.89 |
| Upside | -0.4% - 10.1% | 4.8% |
| Benchmarks | - | Full Ticker |
| Podravska banka d.d. | - | ZGSE:PDBA |
| Hrvatska postanska banka d.d. | - | ZGSE:HPB |
| Istarska kreditna banka Umag d.d. | - | ZGSE:IKBA |
| Zagrebacka banka d.d. | - | ZGSE:ZABA |
| Agram banka d.d. | - | ZGSE:KBZ |
| Slatinska Banka d.d. | - | ZGSE:SNBA |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| PDBA | HPB | IKBA | ZABA | KBZ | SNBA | |||
| ZGSE:PDBA | ZGSE:HPB | ZGSE:IKBA | ZGSE:ZABA | ZGSE:KBZ | ZGSE:SNBA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 21.3% | 30.1% | 26.1% | 18.7% | 11.7% | 27.2% | ||
| 3Y CAGR | 54.8% | 39.7% | 37.4% | 40.8% | 17.0% | 26.9% | ||
| Latest Twelve Months | 8.0% | -22.3% | -12.9% | -1.3% | -0.9% | 1634.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 17.3% | 50.2% | 36.2% | 40.6% | 32.5% | 25.1% | ||
| Prior Fiscal Year | 20.9% | 40.4% | 43.6% | 51.3% | 36.4% | 9.5% | ||
| Latest Fiscal Year | 31.4% | 34.9% | 44.7% | 52.2% | 38.2% | 9.7% | ||
| Latest Twelve Months | 29.2% | 31.3% | 41.3% | 52.7% | 37.7% | 161.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.4x | 2.7x | 2.5x | 7.9x | 3.5x | 0.8x | ||
| LTM P/E Ratio | 8.1x | 8.6x | 6.0x | 15.0x | 9.3x | 0.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 6.0x | 8.6x | 15.0x | |||||
| Historical LTM P/E Ratio | -9.7x | 5.5x | 16.8x | |||||
| Selected P/E Multiple | 0.6x | 0.7x | 0.7x | |||||
| (x) LTM Net Income | 25 | 25 | 25 | |||||
| (=) Equity Value | 16 | 17 | 17 | |||||
| (/) Shares Outstanding | 0.9 | 0.9 | 0.9 | |||||
| Implied Value Range | 17.57 | 18.50 | 19.42 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.57 | 18.50 | 19.42 | 14.20 | ||||
| Upside / (Downside) | 23.8% | 30.3% | 36.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PDBA | HPB | IKBA | ZABA | KBZ | SNBA | |
| Value of Common Equity | 57 | 559 | 70 | 8,326 | 78 | 13 | |
| (/) Shares Outstanding | 0.7 | 2.0 | 0.1 | 320.2 | 1.9 | 0.9 | |
| Implied Stock Price | 86.00 | 276.00 | 476.00 | 26.00 | 40.00 | 14.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 86.00 | 276.00 | 476.00 | 26.00 | 40.00 | 14.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |