Federated Hermes, Inc. (FHI)

Industry: Asset Management 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
FIDZX	112	Fidelity Advisor I	2,055	-	-	0.48	0.47	0.65	0.63
AMG	113	Affiliated Manager	2,042	12.88	9.38	7.36	6.59	13.23	15.94
FDVAX	114	Fidelity Advisor D	2,041	-	-	5.16	4.51	8.83	7.70
FCIT.L	115	F&C Investment Tru	1,913	4.03	3.30	11.03	11.03	69.70	3.45
SOF.BR	116	Sofina S.A.	1,854	10.97	10.17	23.70	25.42	-	10.50
AINTX	117	Ariel Internationa	1,755	-	-	2.77	2.40	3.72	2.72
OIIEX	118	Optimum Internatio	1,755	14.57	14.57	7.63	7.63	10.25	10.31
FHI	119	Federated Hermes,	1,743	10.30	9.89	7.08	6.76	7.49	7.65
BGF	120	Blackstone/GSO FLo	1,697	11.07	9.59	15.53	14.83	11.72	11.43
VIISX	121	Virtus KAR Interna	1,641	-	-	5.34	5.67	6.77	7.98
VRISX	122	Virtus KAR Interna	1,641	-	-	7.79	8.28	9.89	11.65
YAFIX	123	AMG Funds - AMG Ya	1,626	25.15	24.81	8.88	8.03	11.19	9.64
KLCIX	124	Federated Hermes K	1,624	-	-	0.18	0.17	0.20	0.18
PHYS	125	Sprott Physical Go	1,615	3.26	2.33	3.26	2.33	1.72	2.33
ANIM.MI	126	Anima Holding S.p.	1,585	7.48	6.73	5.66	5.26	12.37	5.98
ALLFG.AS	127	Allfunds Group plc	1,560	-	-	1.00	1.00	0.77	1.37

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.22	8.06	5.34	5.26	7.80	5.98
Full Range Median Multiple	11.02	9.49	5.66	5.67	9.36	7.70
Industry Multiple	11.18	10.11	7.05	6.91	11.50	6.79
Market Implied Multiple	10.78	10.35	7.41	7.08	7.84	8.01
Company (FHI) Multiple	10.30	9.89	7.08	6.76	7.49	7.65
(*) Net Income / EBITDA / Revenue	381	397	548	574	518	507
Winsorized Enterprise Value	N/A	N/A	2,924	3,016	4,039	3,031
Full Range Median Enterprise Value	N/A	N/A	3,099	3,256	4,846	3,905
(-) Net Debt	-45	-45	-45	-45	-45	-45
Winsorized Equity Value	3,514	3,197	2,969	3,061	4,085	3,076
Full Range Median Equity Value	4,198	3,764	3,145	3,302	4,891	3,951
(/) Shares Outstanding	76	76	76	76	76	76
Winsorized Fair Value	$46.52	$42.32	$39.31	$40.53	$54.08	$40.73
Full Range Median Fair Value	$55.57	$49.83	$41.63	$43.71	$64.75	$52.30
Current Price	$54.37	$54.37	$54.37	$54.37	$54.37	$54.37
Upside / Downside	-14.44%	-22.17%	-27.70%	-25.46%	-0.54%	-25.09%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$32.56	$29.62	$27.52	$28.37	$37.85	$28.51
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy