Amalgamated Financial Corp. (AMAL)

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
7322.T	458	San ju San Financi	460	9.96	8.12	0.04	0.04	0.02	0.02
GWB	459	Great Western Banc	459	9.32	8.51	0.22	0.22	0.27	0.20
MYS.AX	460	MyState Limited	456	10.72	10.44	20.05	20.05	16.83	20.21
SBSI	461	Southside Bancshar	454	12.20	12.19	5.72	5.31	37.41	8.96
ESAFSFB.BO	462	ESAF Small Finance	452	-	-	-	-	-	-
GABC	463	German American Ba	451	14.33	12.81	9.39	8.34	7.56	9.40
8399.T	464	Bank of The Ryukyu	450	8.04	6.90	-13.45	-11.60	-9.55	-5.92
AMAL	465	Amalgamated Financ	448	8.01	6.78	5.53	4.76	5.41	4.79
8388.T	466	The Awa Bank, Ltd.	446	8.91	8.51	-6.40	-6.18	-2.42	-3.14
CFB	467	CrossFirst Banksha	443	11.12	9.77	8.39	8.39	6.73	3.24
HAFC	468	Hanmi Financial Co	439	10.18	8.58	4.88	4.29	4.15	4.31
PGC	469	Peapack-Gladstone	431	14.16	14.24	9.91	9.80	9.56	10.83
LKFN	470	Lakeland Financial	420	16.90	16.32	13.24	12.86	12.84	13.46
FFIC	471	Flushing Financial	420	-	-	-	-	15.98	-
CFFN	472	Capitol Federal Fi	417	12.20	12.07	28.60	28.66	28.16	31.08
FBMS	473	The First Bancshar	413	14.29	12.76	11.32	11.32	13.83	11.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.72	9.77	8.39	8.34	8.56	8.96
Full Range Median Multiple	11.12	10.44	9.39	8.39	11.20	9.40
Industry Multiple	11.72	10.86	10.16	9.93	12.78	10.29
Market Implied Multiple	10.22	8.65	7.11	6.12	6.95	6.16
Company (AMAL) Multiple	8.01	6.78	5.53	4.76	5.41	4.79
(*) Net Income / EBITDA / Revenue	102	121	144	167	147	166
Winsorized Enterprise Value	N/A	N/A	1,204	1,390	1,256	1,484
Full Range Median Enterprise Value	N/A	N/A	1,347	1,398	1,643	1,557
(-) Net Debt	-25	-25	-25	-25	-25	-25
Winsorized Equity Value	1,096	1,181	1,229	1,415	1,281	1,510
Full Range Median Equity Value	1,138	1,261	1,372	1,424	1,668	1,583
(/) Shares Outstanding	30	30	30	30	30	30
Winsorized Fair Value	$36.32	$39.14	$40.74	$46.91	$42.46	$50.03
Full Range Median Fair Value	$37.70	$41.80	$45.48	$47.17	$55.29	$52.45
Current Price	$34.65	$34.65	$34.65	$34.65	$34.65	$34.65
Upside / Downside	4.83%	12.96%	17.57%	35.38%	22.53%	44.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$25.43	$27.40	$28.52	$32.84	$29.72	$35.02
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY