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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.5x - 2.8x | 2.7x |
| Selected Fwd Ps Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | $15.11 - $16.70 | $15.91 |
| Upside | -9.2% - 0.4% | -4.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Westamerica Bancorporation | - | NasdaqGS:WABC |
| TriCo Bancshares | - | NasdaqGS:TCBK |
| The First Bancorp, Inc. | - | NasdaqGS:FNLC |
| Southern Missouri Bancorp, Inc. | - | NasdaqGM:SMBC |
| Preferred Bank | - | NasdaqGS:PFBC |
| RBB Bancorp | - | NasdaqGS:RBB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| WABC | TCBK | FNLC | SMBC | PFBC | RBB | |||
| NasdaqGS:WABC | NasdaqGS:TCBK | NasdaqGS:FNLC | NasdaqGM:SMBC | NasdaqGS:PFBC | NasdaqGS:RBB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.6% | 4.6% | 4.0% | 14.0% | 11.0% | -1.5% | ||
| 3Y CAGR | 10.9% | 4.4% | -2.5% | 12.2% | 12.8% | -9.0% | ||
| Latest Twelve Months | -9.6% | -1.2% | 0.4% | 8.4% | -0.5% | -19.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 44.0% | 30.0% | 39.1% | 34.2% | 50.7% | 35.1% | ||
| Prior Fiscal Year | 49.8% | 29.8% | 37.1% | 28.7% | 54.4% | 32.4% | ||
| Latest Fiscal Year | 47.3% | 29.5% | 33.9% | 31.1% | 47.7% | 25.4% | ||
| Latest Twelve Months | 47.3% | 29.5% | 33.9% | 31.0% | 47.7% | 25.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 4.6x | 3.4x | 3.5x | 3.5x | 4.0x | 2.8x | ||
| LTM P/E Ratio | 9.7x | 11.4x | 10.3x | 11.4x | 8.5x | 11.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.4x | 3.5x | 4.6x | |||||
| Historical LTM P/S Ratio | 2.6x | 2.8x | 3.8x | |||||
| Selected Price / Sales Multiple | 2.5x | 2.7x | 2.8x | |||||
| (x) LTM Sales | 105 | 105 | 105 | |||||
| (=) Equity Value | 267 | 281 | 295 | |||||
| (/) Shares Outstanding | 17.7 | 17.7 | 17.7 | |||||
| Implied Value Range | 15.07 | 15.86 | 16.65 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15.07 | 15.86 | 16.65 | 16.64 | ||||
| Upside / (Downside) | -9.4% | -4.7% | 0.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | WABC | TCBK | FNLC | SMBC | PFBC | RBB | |
| Value of Common Equity | 1,345 | 1,315 | 278 | 587 | 1,108 | 295 | |
| (/) Shares Outstanding | 26.7 | 33.0 | 11.2 | 11.3 | 13.2 | 17.7 | |
| Implied Stock Price | 50.35 | 39.87 | 24.83 | 52.07 | 83.98 | 16.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.35 | 39.87 | 24.83 | 52.07 | 83.98 | 16.64 | |
| 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 | |