Customers Bancorp, Inc 5.375% S (CUBB)

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
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
8381.T	390	The San-in Godo Ba	791	9.88	8.41	1.79	1.49	1.34	1.20
47T.F	391	TISCO Financial Gr	783	11.88	11.72	11.06	10.92	11.51	11.71

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.88	10.44	8.91	7.69	10.20	8.92
Full Range Median Multiple	13.20	11.19	10.33	9.39	11.51	10.67
Industry Multiple	16.12	14.68	12.79	12.02	16.28	12.91
Market Implied Multiple	4.13	3.68	29.40	29.40	-	21.85
Company (CUBB) Multiple	3.93	3.51	28.92	28.92	-	21.49
(*) Net Income / EBITDA / Revenue	177	198	73	73	-363	98
Winsorized Enterprise Value	N/A	N/A	651	562	-3,703	877
Full Range Median Enterprise Value	N/A	N/A	755	686	-4,181	1,049
(-) Net Debt	1,419	1,419	1,419	1,419	1,419	1,419
Winsorized Equity Value	2,096	2,067	-768	-858	-5,122	-542
Full Range Median Equity Value	2,329	2,214	-665	-733	-5,601	-370
(/) Shares Outstanding	32	32	32	32	32	32
Winsorized Fair Value	$64.82	$63.91	$-23.76	$-26.52	$-158.38	$-16.77
Full Range Median Fair Value	$72.02	$68.46	$-20.55	$-22.67	$-173.18	$-11.44
Current Price	$22.54	$22.54	$22.54	$22.54	$22.54	$22.54
Upside / Downside	187.59%	183.53%	-205.41%	-217.64%	-802.67%	-174.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$45.38	$44.74	$-16.63	$-18.56	$-110.87	$-11.74
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy