ConnectOne Bancorp, Inc. (CNOB)

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
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	-	-	-	-	-	-
BY	415	Byline Bancorp, In	624	10.00	7.99	10.33	8.48	8.86	8.52
CNOB	416	ConnectOne Bancorp	619	15.49	15.74	19.97	19.71	8.39	22.28
BJTM.JK	417	PT Bank Pembanguna	610	5.49	5.46	1.45	1.41	1.27	1.56
STEL	418	Stellar Bancorp, I	602	15.26	11.85	5.68	4.33	6.97	5.43
PEBO	419	Peoples Bancorp In	593	10.30	8.01	13.05	10.40	21.77	11.17
SRCE	420	1st Source Corpora	591	10.14	8.89	7.94	7.32	7.30	7.40
NBHC	421	National Bank Hold	589	12.09	11.14	5.65	5.20	5.75	6.12
OBK	422	Origin Bancorp, In	586	17.96	15.80	11.56	10.00	24.69	12.41
7389.T	423	Aichi Financial Gr	581	15.72	15.72	-119.48	-119.48	-2.68	-2.77
CSBBANK.BO	424	CSB Bank Limited	581	10.38	7.07	8.79	6.78	8.51	6.78

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.38	8.01	9.14	7.90	8.69	7.96
Full Range Median Multiple	12.09	8.89	9.91	8.86	9.45	9.19
Industry Multiple	11.70	9.80	12.01	10.14	14.07	10.57
Market Implied Multiple	16.86	17.13	20.84	20.56	8.75	23.25
Company (CNOB) Multiple	15.49	15.74	19.97	19.71	8.39	22.28
(*) Net Income / EBITDA / Revenue	61	60	96	97	229	86
Winsorized Enterprise Value	N/A	N/A	879	770	1,989	686
Full Range Median Enterprise Value	N/A	N/A	953	864	2,164	793
(-) Net Debt	971	971	971	971	971	971
Winsorized Equity Value	636	483	-93	-201	1,018	-285
Full Range Median Equity Value	741	536	-18	-107	1,193	-179
(/) Shares Outstanding	38	38	38	38	38	38
Winsorized Fair Value	$16.63	$12.62	$-2.42	$-5.25	$26.60	$-7.45
Full Range Median Fair Value	$19.36	$14.01	$-0.48	$-2.80	$31.17	$-4.67
Current Price	$27.00	$27.00	$27.00	$27.00	$27.00	$27.00
Upside / Downside	-38.42%	-53.24%	-108.95%	-119.45%	-1.47%	-127.57%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.64	$8.84	$-1.69	$-3.68	$18.62	$-5.21
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy