Banco da Amazônia S.A. (BAZA3.SA)

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
BSLI3.SA	242	BRB - Banco de Bra	1,709	4.80	4.28	-2.04	-1.85	-1.83	-1.81
VLK.AS	243	Van Lanschot Kempe	1,674	9.06	9.06	8.16	8.16	6.12	5.79
BDMN.JK	244	PT Bank Danamon In	1,669	6.32	6.05	8.70	8.61	7.54	9.79
RBLBANK.BO	245	RBL Bank Limited	1,667	31.31	30.68	38.63	37.92	17.27	8.55
0QQ4.L	246	Basellandschaftlic	1,630	1.44	1.32	11.22	11.22	20.29	11.94
ABCB	247	Ameris Bancorp	1,625	12.66	11.34	8.61	7.83	8.80	8.32
CRAV.PA	248	Caisse régionale	1,620	4.53	4.99	5.94	8.66	1.15	6.51
BAZA3.SA	249	Banco da Amazônia	1,612	3.93	3.12	4.05	3.52	6.53	3.60
0QLT.L	250	Graubündner Kanto	1,609	10.06	9.42	22.73	22.73	23.24	22.23
MING.OL	251	SpareBank 1 SMN	1,606	6.17	5.11	11.83	9.93	12.33	10.17
CIV.PA	252	Caisse régionale	1,604	3.51	3.62	2.47	2.24	0.50	1.26
IL0A.IR	253	Permanent TSB Grou	1,588	12.63	12.63	9.66	9.66	5.96	5.79
INDB	254	Independent Bank C	1,574	11.32	9.80	9.34	8.12	5.51	9.02
MTRO.L	255	Metro Bank PLC	1,568	9.96	9.96	-1.46	-1.46	-3.32	-1.63
HTH	256	Hilltop Holdings I	1,552	13.02	15.49	7.83	9.12	7.39	9.96
BRIS.JK	257	PT Bank Syariah In	1,538	16.00	10.21	11.86	8.10	13.40	8.48

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.06	9.06	8.70	8.61	7.39	8.48
Full Range Median Multiple	9.96	9.42	9.34	8.66	7.54	8.55
Industry Multiple	10.19	9.60	12.08	11.71	9.96	9.06
Market Implied Multiple	3.98	3.16	4.09	3.56	6.60	3.64
Company (BAZA3.SA) Multiple	3.93	3.12	4.05	3.52	6.53	3.60
(*) Net Income / EBITDA / Revenue	194	245	212	243	131	238
Winsorized Enterprise Value	N/A	N/A	1,842	2,094	970	2,018
Full Range Median Enterprise Value	N/A	N/A	1,977	2,106	989	2,034
(-) Net Debt	92	92	92	92	92	92
Winsorized Equity Value	1,761	2,218	1,750	2,002	878	1,926
Full Range Median Equity Value	1,936	2,307	1,885	2,015	897	1,942
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$173.44	$218.46	$172.37	$197.15	$86.46	$189.72
Full Range Median Fair Value	$190.65	$227.18	$185.68	$198.41	$88.36	$191.32
Current Price	$76.22	$76.22	$76.22	$76.22	$76.22	$76.22
Upside / Downside	127.55%	186.62%	126.15%	158.66%	13.43%	148.91%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$121.41	$152.93	$120.66	$138.01	$60.52	$132.81
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY