Limestone Bancorp, Inc. (LMST)

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
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	-
PFBI	763	Premier Financial	58	6.25	4.97	2.10	1.84	3.52	4.07
CBNA	764	Chain Bridge Banco	57	54.93	54.93	26.32	26.32	26.62	26.86
LMST	765	Limestone Bancorp,	57	8.99	10.37	7.34	6.06	6.69	7.67
ICBK	766	County Bancorp, In	57	11.46	10.08	6.94	6.37	8.30	9.36
PNBK	767	Patriot National B	57	-	-	-	-	-	-
TBNK	768	Territorial Bancor	54	-	-	-	-	-	13.46
HSPG.OL	769	Høland og Setskog	52	1.82	1.74	30.78	29.19	31.83	32.18
HMNF	770	HMN Financial, Inc	52	18.99	21.41	-	-	18.02	5.41
BVFL	771	BV Financial, Inc.	51	13.75	12.46	11.94	10.42	8.76	10.86
FHIPO14.MX	772	Fideicomiso Irrevo	51	13.99	15.66	-	-	39.59	-
RBKB	773	Rhinebeck Bancorp,	51	51.95	61.10	34.29	39.32	-	53.17

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.61	11.63	14.21	13.87	18.02	13.46
Full Range Median Multiple	13.87	14.06	21.56	21.89	21.14	16.54
Industry Multiple	32.95	42.63	20.91	20.71	21.18	50.70
Market Implied Multiple	9.43	10.88	7.56	6.23	6.88	7.89
Company (LMST) Multiple	8.99	10.37	7.34	6.06	6.69	7.67
(*) Net Income / EBITDA / Revenue	19	16	39	48	43	38
Winsorized Enterprise Value	N/A	N/A	560	662	779	508
Full Range Median Enterprise Value	N/A	N/A	849	1,045	914	624
(-) Net Debt	119	119	119	119	119	119
Winsorized Equity Value	239	191	441	543	660	389
Full Range Median Equity Value	263	231	730	927	795	505
(/) Shares Outstanding	8	8	8	8	8	8
Winsorized Fair Value	$31.30	$25.03	$57.76	$71.20	$86.49	$50.92
Full Range Median Fair Value	$34.43	$30.25	$95.71	$121.40	$104.18	$66.15
Current Price	$23.42	$23.42	$23.42	$23.42	$23.42	$23.42
Upside / Downside	33.64%	6.86%	146.62%	204.02%	269.29%	117.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$21.91	$17.52	$40.43	$49.84	$60.54	$35.65
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY