Banco BMG S.A. (BMGB4.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
SRBNK.OL	288	SpareBank 1 SR-Ban	1,259	6.78	6.12	-	-	-	23.43
NISP.JK	289	PT Bank OCBC NISP	1,258	6.38	5.65	6.20	5.58	6.17	5.87
8410.T	290	Seven Bank, Ltd.	1,258	16.54	18.13	-14.56	-15.08	-13.83	-9.80
WAFD	291	WaFd, Inc.	1,251	10.53	9.98	11.82	11.49	11.40	11.56
ARION-SDB.ST	292	Arion banki hf.	1,242	7.58	3.55	13.90	11.56	11.53	11.87
IF.MI	293	Banca IFIS S.p.A.	1,233	2.72	1.93	8.17	5.46	3.09	6.55
TKBP.SW	294	Thurgauer Kantonal	1,233	9.64	9.16	21.39	16.10	16.87	15.67
BMGB4.SA	295	Banco BMG S.A.	1,225	7.33	7.71	26.18	24.38	38.23	-
SUPV.BA	296	Grupo Supervielle	1,223	-	-	99.15	84.77	-	-
BFL.AX	297	BSP Financial Grou	1,216	5.27	4.66	-	-	0.73	0.68
FBP	298	First BanCorp.	1,207	10.55	8.09	6.80	5.33	6.85	5.47
2558.HK	299	Jinshang Bank Co.,	1,202	2.05	2.05	8.15	8.15	3.98	4.37
ITAUCORP.SN	300	Itaú Corpbanca	1,196	7.78	6.67	-	-	-	-
FBC	301	Flagstar Bancorp,	1,178	6.61	5.76	48.92	58.02	12.23	14.67
ISB.IC	302	Íslandsbanki hf.	1,174	8.83	8.83	18.63	18.63	18.48	19.28
BNLI.JK	303	PT Bank Permata Tb	1,165	58.76	43.74	46.01	37.21	36.15	38.30

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.18	5.94	11.82	11.49	6.85	9.05
Full Range Median Multiple	7.68	6.39	13.90	11.56	11.40	11.72
Industry Multiple	11.43	9.59	26.29	23.84	11.59	13.14
Market Implied Multiple	9.02	9.49	28.21	26.27	41.19	-
Company (BMGB4.SA) Multiple	7.33	7.71	26.18	24.38	38.23	-
(*) Net Income / EBITDA / Revenue	58	55	48	52	33	-13
Winsorized Enterprise Value	N/A	N/A	571	596	227	-114
Full Range Median Enterprise Value	N/A	N/A	672	600	377	-147
(-) Net Debt	839	839	839	839	839	839
Winsorized Equity Value	417	328	-268	-243	-612	-952
Full Range Median Equity Value	446	353	-167	-239	-462	-986
(/) Shares Outstanding	105	105	105	105	105	105
Winsorized Fair Value	$3.95	$3.11	$-2.54	$-2.30	$-5.81	$-9.03
Full Range Median Fair Value	$4.23	$3.35	$-1.58	$-2.27	$-4.38	$-9.35
Current Price	$4.97	$4.97	$4.97	$4.97	$4.97	$4.97
Upside / Downside	-20.45%	-37.43%	-151.05%	-146.32%	-216.80%	-281.69%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.77	$2.18	$-1.78	$-1.61	$-4.06	$-6.32
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy