Bread Financial Holdings, Inc. (ADS)

Industry: Financial - Credit Services 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
ALLY	13	Ally Financial Inc	15,316	19.22	20.02	13.37	14.61	10.99	28.04
8593.T	14	Mitsubishi HC Capi	13,803	10.82	8.79	25.10	18.31	55.13	38.93
3360.HK	15	Far East Horizon L	9,475	3.11	2.69	23.33	11.35	5.41	5.52
BAJFINANCE.BO	16	Bajaj Finance Limi	8,103	33.90	25.59	36.90	28.00	35.41	29.05
SC	17	Santander Consumer	7,105	4.14	3.10	7.27	5.96	10.31	8.00
RECLTD.BO	18	REC Limited	6,485	5.69	4.63	27.60	22.71	26.68	22.74
OMF	19	OneMain Holdings,	6,129	9.56	9.36	23.68	23.31	27.02	30.53
ADS	20	Bread Financial Ho	5,661	8.99	9.03	-1.62	-1.67	-1.49	-
SHRIRAMFIN.BO	21	Shriram Finance Li	4,927	11.75	8.63	18.15	13.15	15.43	13.77
1606.HK	22	China Development	4,781	2.21	1.73	14.36	13.28	11.69	9.12
CGABL	23	The Carlyle Group	4,715	8.37	8.37	4.37	4.37	-	-
JSM	24	Navient Corporatio	4,714	-	-	1.86	1.71	1.94	1.04
SOFI	25	SoFi Technologies,	4,442	48.33	48.33	32.74	32.74	51.34	76.18
CHOLAHLDNG.BO	26	Cholamandalam Fina	4,205	15.89	12.85	28.58	23.11	22.33	27.91
WU	27	The Western Union	4,101	3.42	3.35	4.63	4.90	5.30	6.00
2666.HK	28	Genertec Universal	3,935	2.39	1.72	5.48	2.54	1.45	0.86

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.03	6.50	14.36	13.15	11.34	11.44
Full Range Median Multiple	8.97	8.50	18.15	13.28	13.56	18.25
Industry Multiple	12.77	11.37	17.83	14.67	20.03	21.26
Market Implied Multiple	8.99	9.03	-1.62	-1.67	-1.49	-
Company (ADS) Multiple	8.99	9.03	-1.62	-1.67	-1.49	-
(*) Net Income / EBITDA / Revenue	294	293	695	674	752	-6
Winsorized Enterprise Value	N/A	N/A	9,976	8,865	8,526	-69
Full Range Median Enterprise Value	N/A	N/A	12,606	8,953	10,196	-110
(-) Net Debt	-3,764	-3,764	-3,764	-3,764	-3,764	-3,764
Winsorized Equity Value	2,065	1,903	13,740	12,629	12,290	3,695
Full Range Median Equity Value	2,634	2,488	16,370	12,717	13,960	3,654
(/) Shares Outstanding	47	47	47	47	47	47
Winsorized Fair Value	$44.40	$40.92	$295.49	$271.60	$264.29	$79.47
Full Range Median Fair Value	$56.64	$53.51	$352.05	$273.49	$300.21	$78.59
Current Price	$56.80	$56.80	$56.80	$56.80	$56.80	$56.80
Upside / Downside	-21.83%	-27.96%	420.22%	378.17%	365.31%	39.91%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$31.08	$28.64	$206.84	$190.12	$185.01	$55.63
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	Don’t Buy