Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd (002839.SZ)

Industry: Banks - Regional Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
BFL.AX	297	BSP Financial Grou	1,216	5.27	4.66	-	-	0.73	0.68
FBP	298	First BanCorp.	1,207	10.55	8.09	6.80	5.33	6.85	5.47
2558.HK	299	Jinshang Bank Co.,	1,202	2.05	2.05	8.15	8.15	3.98	4.37
ITAUCORP.SN	300	Itaú Corpbanca	1,196	7.78	6.67	-	-	-	-
FBC	301	Flagstar Bancorp,	1,178	6.61	5.76	48.92	58.02	12.23	14.67
ISB.IC	302	Íslandsbanki hf.	1,174	8.83	8.83	18.63	18.63	18.48	19.28
BNLI.JK	303	PT Bank Permata Tb	1,165	58.76	43.74	46.01	37.21	36.15	38.30
002839.SZ	304	Jiangsu Zhangjiaga	1,162	5.35	4.66	14.12	12.02	11.88	12.02
601528.SS	305	Zhejiang Shaoxing	1,159	5.19	4.53	23.73	18.33	19.99	18.12
7337.T	306	Hirogin Holdings,	1,148	11.50	10.27	6.74	6.74	5.77	3.51
KTKBANK.BO	307	The Karnataka Bank	1,147	5.67	4.74	0.24	0.20	0.21	0.20
7189.T	308	Nishi-Nippon Finan	1,132	9.77	8.56	3.13	2.29	6.47	6.10
8334.T	309	The Gunma Bank, Lt	1,131	9.89	8.30	1.19	1.06	1.20	0.61
9889.HK	310	Dongguan Rural Com	1,131	5.42	5.60	-	-	18.38	21.77
TRMK	311	Trustmark Corporat	1,130	10.77	9.85	6.99	6.43	7.52	7.28
BJBR.JK	312	PT Bank Pembanguna	1,121	8.07	8.90	19.70	20.03	19.52	24.81

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.78	6.67	6.90	6.59	6.66	5.79
Full Range Median Multiple	8.07	8.09	7.57	7.45	7.19	6.69
Industry Multiple	11.07	9.37	15.85	15.20	11.25	11.80
Market Implied Multiple	5.50	4.79	14.25	12.13	12.00	12.13
Company (002839.SZ) Multiple	5.35	4.66	14.12	12.02	11.88	12.02
(*) Net Income / EBITDA / Revenue	279	320	308	362	366	362
Winsorized Enterprise Value	N/A	N/A	2,124	2,384	2,437	2,094
Full Range Median Enterprise Value	N/A	N/A	2,332	2,696	2,630	2,422
(-) Net Debt	2,857	2,857	2,857	2,857	2,857	2,857
Winsorized Equity Value	2,168	2,133	-733	-473	-420	-762
Full Range Median Equity Value	2,251	2,589	-524	-161	-227	-434
(/) Shares Outstanding	347	347	347	347	347	347
Winsorized Fair Value	$6.25	$6.15	$-2.11	$-1.36	$-1.21	$-2.20
Full Range Median Fair Value	$6.49	$7.46	$-1.51	$-0.46	$-0.65	$-1.25
Current Price	$4.42	$4.42	$4.42	$4.42	$4.42	$4.42
Upside / Downside	41.38%	39.13%	-147.78%	-130.83%	-127.36%	-149.71%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.37	$4.30	$-1.48	$-0.95	$-0.85	$-1.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy