Live Oak Bancshares, Inc. (LOB)

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
9677.HK	339	Weihai Bank Co., L	992	5.73	5.73	88.78	88.78	3.42	7.14
5832.T	340	Chugin Financial G	983	12.85	12.85	49.16	49.16	48.82	38.17
EBC	341	Eastern Bankshares	982	72.88	83.56	25.65	26.08	9.39	46.35
5844.T	342	Kyoto Financial Gr	974	21.30	18.05	5.51	4.93	8.45	3.43
8369.T	343	The Bank of Kyoto,	974	21.30	18.05	5.51	4.93	8.45	3.43
NONG.OL	344	SpareBank 1 Nord-N	974	4.70	4.15	10.08	8.76	11.51	8.82
PACW	345	PacWest Bancorp	966	-	-	-	-	-	-
LOB	346	Live Oak Bancshare	965	23.18	20.41	7.09	6.34	5.37	7.37
7327.T	347	Daishi Hokuetsu Fi	956	9.27	7.69	-8.33	-7.22	-3.07	-3.29
HOPE	348	Hope Bancorp, Inc.	945	26.83	32.09	9.32	10.01	6.71	18.67
SKBNK.IS	349	Sekerbank T.A.S.	941	5.77	5.77	2.01	2.01	2.76	2.20
7173.T	350	Tokyo Kiraboshi Fi	940	6.00	4.42	-16.47	-11.71	-20.92	-7.74
8304.T	351	Aozora Bank, Ltd.	939	14.42	14.53	-15.39	-15.75	-9.36	-11.20
BUSE	352	First Busey Corpor	932	15.33	15.27	9.26	9.06	5.20	10.68
VATN.SW	353	Valiant Holding AG	922	13.22	12.62	37.42	35.89	42.21	39.24
6190.HK	354	Bank of Jiujiang C	912	0.38	0.38	-43.27	-43.27	-	-2.77

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.06	10.16	9.32	9.06	8.45	8.82
Full Range Median Multiple	13.03	12.74	9.70	9.53	8.45	9.75
Industry Multiple	16.43	16.80	24.27	23.96	14.69	17.81
Market Implied Multiple	24.75	21.79	8.03	7.18	6.08	8.34
Company (LOB) Multiple	23.18	20.41	7.09	6.34	5.37	7.37
(*) Net Income / EBITDA / Revenue	70	79	116	130	154	112
Winsorized Enterprise Value	N/A	N/A	1,084	1,178	1,297	988
Full Range Median Enterprise Value	N/A	N/A	1,129	1,241	1,297	1,092
(-) Net Debt	-787	-787	-787	-787	-787	-787
Winsorized Equity Value	770	802	1,872	1,966	2,085	1,775
Full Range Median Equity Value	907	1,006	1,916	2,028	2,085	1,879
(/) Shares Outstanding	46	46	46	46	46	46
Winsorized Fair Value	$16.81	$17.53	$40.88	$42.94	$45.53	$38.78
Full Range Median Fair Value	$19.80	$21.98	$41.85	$44.30	$45.53	$41.05
Current Price	$37.60	$37.60	$37.60	$37.60	$37.60	$37.60
Upside / Downside	-55.29%	-53.39%	8.73%	14.20%	21.10%	3.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.77	$12.27	$28.62	$30.06	$31.87	$27.15
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy