First US Bancshares, Inc. (FUSB)

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
HBNC	747	Horizon Bancorp, I	66	-	-	-	-	-	-
ASRV	748	AmeriServ Financia	64	19.05	21.47	10.12	11.16	-	17.39
UBFO	749	United Security Ba	63	14.15	13.77	5.85	5.57	4.68	6.57
ESXB	750	Community Bankers	63	10.66	8.84	7.10	6.40	7.25	6.73
MFNC	751	Mackinac Financial	63	15.11	11.57	-4.34	-3.69	-5.75	-6.04
KRE.CO	752	Kreditbanken A/S	63	8.36	6.80	6.50	5.25	6.61	5.26
VABK	753	Virginia National	62	15.75	13.77	12.26	10.74	-	12.74
FUSB	754	First US Bancshare	62	12.54	10.98	8.72	7.98	7.86	9.47
NKSH	755	National Bankshare	62	21.76	24.61	14.70	16.19	-	19.66
BOCH	756	Bank of Commerce H	61	13.62	10.48	3.02	2.58	4.06	7.56
SSBI	757	Summit State Bank	61	-	-	-	-	15.78	-
FFNW	758	First Financial No	61	185.91	292.59	40.08	37.14	42.27	355.66
PROV	759	Provident Financia	60	16.87	17.18	21.56	21.89	24.27	30.10
7150.T	760	The Shimane Bank,L	59	8.66	8.66	-29.33	-29.33	-25.74	-12.26
PBHC	761	Pathfinder Bancorp	59	10.82	10.80	14.21	13.87	-	16.54
BBC.AX	762	BNK Banking Corpor	58	-	-	-	-	8.66	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.88	11.18	10.12	10.74	6.93	12.74
Full Range Median Multiple	14.63	12.67	11.19	10.95	7.95	14.64
Industry Multiple	28.39	36.71	13.54	13.08	14.20	47.82
Market Implied Multiple	14.60	12.79	9.99	9.15	9.01	10.85
Company (FUSB) Multiple	12.54	10.98	8.72	7.98	7.86	9.47
(*) Net Income / EBITDA / Revenue	6	6	9	10	10	8
Winsorized Enterprise Value	N/A	N/A	92	107	70	107
Full Range Median Enterprise Value	N/A	N/A	102	109	80	122
(-) Net Debt	9	9	9	9	9	9
Winsorized Equity Value	77	71	83	97	60	97
Full Range Median Equity Value	82	81	92	99	71	113
(/) Shares Outstanding	6	6	6	6	6	6
Winsorized Fair Value	$13.31	$12.25	$14.21	$16.72	$10.40	$16.71
Full Range Median Fair Value	$14.03	$13.87	$15.88	$17.08	$12.17	$19.44
Current Price	$14.00	$14.00	$14.00	$14.00	$14.00	$14.00
Upside / Downside	-4.94%	-12.54%	1.50%	19.42%	-25.72%	19.36%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.32	$8.57	$9.95	$11.70	$7.28	$11.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy