Amerant Bancorp Inc. (AMTB)

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
OCFC	399	OceanFirst Financi	673	12.56	11.60	23.01	21.22	29.91	23.81
DCOM	400	Dime Community Ban	670	21.99	20.79	4.07	3.72	2.48	3.92
1983.HK	401	Luzhou Bank Co., L	664	3.90	3.90	5.92	5.92	1.59	3.99
PRK	402	Park National Corp	661	14.88	13.46	11.31	10.26	11.08	10.76
SASR	403	Sandy Spring Banco	661	76.32	108.62	22.96	27.23	-	-
8522.T	404	The Bank of Nagoya	656	10.69	8.19	-20.69	-16.74	-17.83	-8.01
8361.T	405	The Ogaki Kyoritsu	656	6.64	5.09	-23.37	-20.78	-4.15	-8.56
AMTB	406	Amerant Bancorp In	653	12.03	6.59	20.21	13.08	23.55	11.17
BRKL	407	Brookline Bancorp,	650	11.93	10.76	13.62	12.21	13.58	13.80
STBA	408	S&T Bancorp, Inc.	649	8.26	5.30	7.12	4.59	4.32	4.39
KLNMA.IS	409	Türkiye Kalkinma	647	14.44	7.98	18.32	9.89	15.51	9.90
EGBN	410	Eagle Bancorp, Inc	645	-	-	-	-	-	-
JSFB.NS	411	Jana Small Finance	635	12.24	10.23	12.51	12.51	16.77	10.96
MORG.OL	412	Sparebanken Møre	627	5.27	4.81	39.39	36.11	41.41	36.68
CVBF	413	CVB Financial Corp	626	12.76	12.41	9.48	9.24	10.04	9.87
SFNC	414	Simmons First Nati	626	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.93	8.19	11.31	9.89	11.08	9.90
Full Range Median Multiple	12.24	10.23	12.51	10.26	12.33	10.33
Industry Multiple	16.30	17.16	15.25	13.90	14.67	12.81
Market Implied Multiple	13.01	7.13	20.94	13.55	24.41	11.58
Company (AMTB) Multiple	12.03	6.59	20.21	13.08	23.55	11.17
(*) Net Income / EBITDA / Revenue	67	122	89	137	76	160
Winsorized Enterprise Value	N/A	N/A	1,002	1,354	842	1,586
Full Range Median Enterprise Value	N/A	N/A	1,109	1,405	938	1,655
(-) Net Debt	989	989	989	989	989	989
Winsorized Equity Value	794	996	13	365	-147	597
Full Range Median Equity Value	815	1,244	120	416	-52	666
(/) Shares Outstanding	42	42	42	42	42	42
Winsorized Fair Value	$19.10	$23.95	$0.32	$8.77	$-3.53	$14.36
Full Range Median Fair Value	$19.60	$29.92	$2.87	$9.99	$-1.24	$16.02
Current Price	$20.84	$20.84	$20.84	$20.84	$20.84	$20.84
Upside / Downside	-8.34%	14.92%	-98.48%	-57.91%	-116.94%	-31.10%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.37	$16.76	$0.22	$6.14	$-2.47	$10.05
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy