Hancock Whitney Corporation - 6 (HWCPZ)

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
ASB	208	Associated Banc-Co	2,148	24.10	27.02	23.37	24.65	12.91	35.93
CBSH	209	Commerce Bancshare	2,122	14.06	12.64	12.76	11.46	13.42	12.27
0440.HK	210	Dah Sing Financial	2,110	2.94	2.92	0.00	0.00	0.00	0.00
CHYM	211	Chime Financial, I	2,066	-	-	-	-	-	-
LLBN.SW	212	Liechtensteinische	2,059	7.47	6.33	-5.34	-5.34	-4.87	-4.94
CRLO.PA	213	Caisse régionale	2,021	3.85	0.98	33.95	33.95	24.43	10.13
HWC	214	Hancock Whitney Co	2,008	11.09	11.09	10.81	10.81	10.82	11.48
HWCPZ	215	Hancock Whitney Co	2,008	11.09	11.09	10.81	10.81	10.82	11.48
TBCG.L	216	TBC Bank Group PLC	2,002	1.95	1.49	2.00	1.51	2.15	1.63
TCBI	217	Texas Capital Banc	1,963	13.42	10.39	3.91	3.22	3.38	3.40
INTR	218	Inter & Co, Inc.	1,947	18.14	4.64	31.73	31.73	17.87	25.74
SECURITY.SN	219	Grupo Security S.A	1,943	12.02	12.02	27.70	27.70	56.64	30.43
CRAP.PA	220	Caisse Régionale	1,942	2.59	2.43	3.27	2.93	0.99	3.15
601187.SS	221	Xiamen Bank Co., L	1,939	6.38	5.92	65.54	79.86	51.93	60.23
5831.T	222	Shizuoka Financial	1,936	12.77	12.77	16.88	16.88	15.43	16.50
2066.HK	223	Shengjing Bank Co.	1,919	9.04	14.39	-33.25	-33.25	-9.74	-25.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.25	6.13	11.78	11.13	11.87	10.81
Full Range Median Multiple	10.07	8.36	14.82	14.17	13.17	11.88
Industry Multiple	9.99	8.93	19.33	20.39	17.50	17.57
Market Implied Multiple	4.24	4.24	5.67	5.67	5.68	6.02
Company (HWCPZ) Multiple	11.09	11.09	10.81	10.81	10.82	11.48
(*) Net Income / EBITDA / Revenue	483	483	642	642	641	605
Winsorized Enterprise Value	N/A	N/A	7,568	7,151	7,611	6,533
Full Range Median Enterprise Value	N/A	N/A	9,517	9,099	8,444	7,181
(-) Net Debt	1,592	1,592	1,592	1,592	1,592	1,592
Winsorized Equity Value	3,984	2,956	5,976	5,559	6,019	4,941
Full Range Median Equity Value	4,857	4,032	7,925	7,507	6,852	5,589
(/) Shares Outstanding	85	85	85	85	85	85
Winsorized Fair Value	$46.62	$34.59	$69.93	$65.05	$70.43	$57.82
Full Range Median Fair Value	$56.84	$47.19	$92.74	$87.85	$80.19	$65.41
Current Price	$23.97	$23.97	$23.97	$23.97	$23.97	$23.97
Upside / Downside	94.48%	44.31%	191.76%	171.37%	193.84%	141.22%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$32.63	$24.21	$48.95	$45.53	$49.30	$40.47
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY