John Marshall Bancorp, Inc. (JMSB)

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
FBLA	709	FB Bancorp, Inc. C	87	-	-	266.47	266.47	51.76	-
HBMD	710	Howard Bancorp, In	87	15.57	11.26	12.66	10.01	14.00	11.27
FYNBK.CO	711	Fynske Bank A/S	87	11.56	9.81	2.84	2.36	4.03	2.42
OPOF	712	Old Point Financia	86	23.12	22.73	18.05	17.48	412.06	27.15
UNB	713	Union Bankshares,	86	9.99	10.07	7.82	8.03	7.03	9.04
MBCN	714	Middlefield Banc C	85	15.32	13.68	16.26	14.83	-	15.24
INSTA.OL	715	Instabank ASA	85	11.39	9.61	10.40	9.00	9.21	9.49
JMSB	716	John Marshall Banc	84	18.71	19.53	12.09	12.09	-	13.95
010050.KS	717	Woori Investment B	84	11.11	9.20	4.20	4.20	29.68	4.33
FXNC	718	First National Cor	84	35.71	38.58	24.26	25.28	-	40.71
AGRO.JK	719	PT Bank Raya Indon	83	100.40	101.13	50.24	48.49	-	84.40
8563.T	720	The Daito Bank, Lt	83	7.31	7.04	-19.51	-19.02	-22.87	-9.86
TCFC	721	The Community Fina	83	6.38	4.66	2.16	1.21	3.09	2.84
KOMP.OL	722	Komplett Bank ASA	82	173.42	385.55	3.48	3.64	2.44	8.08
FINOPB.BO	723	Fino Payments Bank	82	27.89	27.89	21.52	21.52	26.36	21.52
BBMD.JK	724	PT Bank Mestika Dh	77	24.91	23.40	17.99	16.84	15.26	18.13

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.44	10.66	11.53	9.51	9.21	9.49
Full Range Median Multiple	15.45	12.47	14.46	12.42	14.00	11.27
Industry Multiple	33.86	48.19	32.74	32.10	52.27	19.59
Market Implied Multiple	19.19	20.03	12.44	12.44	-	14.35
Company (JMSB) Multiple	18.71	19.53	12.09	12.09	-	13.95
(*) Net Income / EBITDA / Revenue	15	14	20	20	-	17
Winsorized Enterprise Value	N/A	N/A	230	189	-	164
Full Range Median Enterprise Value	N/A	N/A	288	248	-	195
(-) Net Debt	-34	-34	-34	-34	-34	-34
Winsorized Equity Value	197	150	264	223	34	198
Full Range Median Equity Value	227	176	322	282	34	229
(/) Shares Outstanding	14	14	14	14	14	14
Winsorized Fair Value	$13.88	$10.55	$18.54	$15.71	$2.39	$13.92
Full Range Median Fair Value	$15.95	$12.34	$22.65	$19.80	$2.39	$16.08
Current Price	$19.82	$19.82	$19.82	$19.82	$19.82	$19.82
Upside / Downside	-29.97%	-46.76%	-6.43%	-20.73%	-87.94%	-29.78%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.72	$7.39	$12.98	$11.00	$1.67	$9.74
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy