Banner Corporation (BANR)

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
ISBC	374	Investors Bancorp,	835	11.41	10.34	13.80	12.72	12.81	14.30
2845.TW	375	Far Eastern Intern	835	14.31	13.71	12.41	11.98	17.55	14.05
FBK	376	FB Financial Corpo	824	27.61	22.78	14.33	12.37	15.66	13.17
2139.HK	377	Bank of Gansu Co.,	821	2.99	3.31	2.13	3.19	1.26	2.32
EQUITASBNK.BO	378	Equitas Small Fina	820	-	-	-	-	48.61	-
BLX	379	Banco Latinoameric	818	7.64	6.06	7.50	6.00	7.72	6.06
BNII.JK	380	PT Bank Maybank In	817	9.85	10.24	8.22	8.38	20.71	10.81
BANR	381	Banner Corporation	814	11.88	10.65	7.64	7.00	7.29	7.31
7163.T	382	SBI Sumishin Net B	813	26.81	26.81	1.00	1.00	1.18	0.53
CUBB	383	Customers Bancorp,	811	3.93	3.51	28.92	28.92	-	21.49
UJJIVANSFB.BO	384	Ujjivan Small Fina	808	21.54	20.34	17.02	16.21	14.00	16.21
FFIN	385	First Financial Ba	803	19.85	18.80	15.54	14.69	19.06	15.35
PPBI	386	Pacific Premier Ba	802	14.51	8.43	9.60	6.56	10.05	4.59
RILBA.CO	387	Ringkjøbing Landb	800	14.94	12.32	12.72	10.40	13.11	10.53
PINE3.SA	388	Banco Pine S.A.	796	5.92	5.92	11.55	11.55	10.20	12.04
TFSL	389	TFS Financial Corp	792	40.39	39.68	58.90	58.49	62.53	68.85

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.86	10.29	11.98	10.97	12.96	11.43
Full Range Median Multiple	14.41	11.33	12.56	11.77	13.56	12.61
Industry Multiple	15.83	14.45	15.26	14.46	18.18	15.02
Market Implied Multiple	11.76	10.55	7.56	6.92	7.21	7.22
Company (BANR) Multiple	11.88	10.65	7.64	7.00	7.29	7.31
(*) Net Income / EBITDA / Revenue	191	212	252	275	264	263
Winsorized Enterprise Value	N/A	N/A	3,016	3,020	3,423	3,011
Full Range Median Enterprise Value	N/A	N/A	3,164	3,238	3,581	3,321
(-) Net Debt	-337	-337	-337	-337	-337	-337
Winsorized Equity Value	2,450	2,186	3,354	3,357	3,760	3,348
Full Range Median Equity Value	2,745	2,408	3,502	3,575	3,918	3,659
(/) Shares Outstanding	35	35	35	35	35	35
Winsorized Fair Value	$70.91	$63.27	$97.09	$97.19	$108.86	$96.92
Full Range Median Fair Value	$79.48	$69.69	$101.36	$103.50	$113.41	$105.91
Current Price	$64.87	$64.87	$64.87	$64.87	$64.87	$64.87
Upside / Downside	9.32%	-2.46%	49.66%	49.83%	67.81%	49.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$49.64	$44.29	$67.96	$68.03	$76.20	$67.85
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY