First Busey Corporation (BUSE)

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
PACW	345	PacWest Bancorp	966	-	-	-	-	-	-
LOB	346	Live Oak Bancshare	965	23.18	20.41	7.09	6.34	5.37	7.37
7327.T	347	Daishi Hokuetsu Fi	956	9.27	7.69	-8.33	-7.22	-3.07	-3.29
HOPE	348	Hope Bancorp, Inc.	945	26.83	32.09	9.32	10.01	6.71	18.67
SKBNK.IS	349	Sekerbank T.A.S.	941	5.77	5.77	2.01	2.01	2.76	2.20
7173.T	350	Tokyo Kiraboshi Fi	940	6.00	4.42	-16.47	-11.71	-20.92	-7.74
8304.T	351	Aozora Bank, Ltd.	939	14.42	14.53	-15.39	-15.75	-9.36	-11.20
BUSE	352	First Busey Corpor	932	15.33	15.27	9.26	9.06	5.20	10.68
VATN.SW	353	Valiant Holding AG	922	13.22	12.62	37.42	35.89	42.21	39.24
6190.HK	354	Bank of Jiujiang C	912	0.38	0.38	-43.27	-43.27	-	-2.77
MONET.PR	355	MONETA Money Bank,	907	13.06	11.10	25.23	25.36	12.85	11.84
5258.KL	356	Bank Islam Malaysi	903	9.35	9.35	6.87	6.87	8.08	7.74
8382.T	357	The Chugoku Bank,	894	8.73	8.49	-20.32	-20.88	-11.54	-20.88
HTLF	358	Heartland Financia	894	29.63	32.88	-	-	9.03	63.04
BEES3.SA	359	Banestes S.A. - Ba	890	7.18	6.37	3.68	3.32	3.70	4.28
0RE6.L	360	Walliser Kantonalb	882	10.86	9.96	25.88	14.00	15.42	23.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.31	8.92	6.98	6.61	6.71	7.74
Full Range Median Multiple	10.11	9.66	8.20	8.44	8.08	11.84
Industry Multiple	12.71	12.57	14.69	12.98	11.79	19.72
Market Implied Multiple	16.16	16.10	9.75	9.53	5.48	11.24
Company (BUSE) Multiple	15.33	15.27	9.26	9.06	5.20	10.68
(*) Net Income / EBITDA / Revenue	103	103	174	178	309	151
Winsorized Enterprise Value	N/A	N/A	1,212	1,173	2,076	1,166
Full Range Median Enterprise Value	N/A	N/A	1,425	1,499	2,498	1,783
(-) Net Debt	35	35	35	35	35	35
Winsorized Equity Value	956	919	1,178	1,139	2,042	1,131
Full Range Median Equity Value	1,037	995	1,390	1,465	2,463	1,748
(/) Shares Outstanding	68	68	68	68	68	68
Winsorized Fair Value	$14.06	$13.53	$17.32	$16.75	$30.03	$16.65
Full Range Median Fair Value	$15.26	$14.63	$20.45	$21.55	$36.23	$25.72
Current Price	$24.40	$24.40	$24.40	$24.40	$24.40	$24.40
Upside / Downside	-42.37%	-44.56%	-29.00%	-31.35%	23.09%	-31.78%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.84	$9.47	$12.13	$11.73	$21.02	$11.65
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy