Kearny Financial Corp. (KRNY)

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
ORRF	491	Orrstown Financial	354	8.94	6.94	8.08	6.33	7.87	7.28
GSBC	492	Great Southern Ban	352	10.03	9.71	11.60	11.38	12.38	12.37
GNB.WA	493	Getin Noble Bank S	352	-	-	-	-	-5.44	-
MOFG	494	MidWestOne Financi	351	10.01	5.63	8.27	4.24	7.16	4.61
CPF	495	Central Pacific Fi	349	12.43	11.21	8.00	7.43	7.86	8.11
ALBAV.HE	496	Ålandsbanken Abp	347	10.42	9.12	13.94	12.60	16.89	14.40
CAC	497	Camden National Co	345	11.48	11.45	16.70	16.57	12.33	19.09
KRNY	498	Kearny Financial C	344	13.98	15.21	36.67	39.96	31.10	45.54
THFF	499	First Financial Co	341	9.04	8.44	7.29	6.75	7.41	7.71
SHBI	500	Shore Bancshares,	339	9.63	7.46	6.77	5.16	8.18	6.34
PFC	501	Premier Financial	339	13.99	12.81	19.96	19.90	-	348.81
TFBANK.ST	502	TF Bank AB (publ)	338	16.79	13.00	8.29	5.46	8.26	5.87
8343.T	503	The Akita Bank, Lt	336	8.34	6.98	-33.13	-32.92	-14.62	-4.05
MPB	504	Mid Penn Bancorp,	335	13.17	11.13	6.93	5.95	4.93	6.54
8541.T	505	The Ehime Bank, Lt	332	7.80	7.55	-43.02	-48.92	-	-10.72
HFWA	506	Heritage Financial	331	14.35	13.35	12.66	11.54	10.17	12.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.02	8.78	8.17	6.54	7.87	7.50
Full Range Median Multiple	10.22	9.42	8.28	7.09	8.18	7.91
Industry Multiple	11.17	9.63	10.71	9.44	9.40	37.77
Market Implied Multiple	16.72	18.20	38.66	42.13	32.79	48.02
Company (KRNY) Multiple	13.98	15.21	36.67	39.96	31.10	45.54
(*) Net Income / EBITDA / Revenue	29	27	41	37	48	33
Winsorized Enterprise Value	N/A	N/A	332	244	377	245
Full Range Median Enterprise Value	N/A	N/A	336	264	392	259
(-) Net Debt	1,076	1,076	1,076	1,076	1,076	1,076
Winsorized Equity Value	295	238	-745	-833	-700	-831
Full Range Median Equity Value	301	255	-740	-812	-685	-818
(/) Shares Outstanding	63	63	63	63	63	63
Winsorized Fair Value	$4.71	$3.79	$-11.87	$-13.27	$-11.15	$-13.25
Full Range Median Fair Value	$4.81	$4.07	$-11.80	$-12.95	$-10.91	$-13.03
Current Price	$7.86	$7.86	$7.86	$7.86	$7.86	$7.86
Upside / Downside	-40.10%	-51.76%	-250.98%	-268.86%	-241.90%	-268.57%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.30	$2.65	$-8.31	$-9.29	$-7.81	$-9.27
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy