National Bank Holdings Corporation (NBHC)

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
SFNC	414	Simmons First Nati	626	-	-	-	-	-	-
BY	415	Byline Bancorp, In	624	10.00	7.99	10.33	8.48	8.86	8.52
CNOB	416	ConnectOne Bancorp	619	15.49	15.74	19.97	19.71	8.39	22.28
BJTM.JK	417	PT Bank Pembanguna	610	5.49	5.46	1.45	1.41	1.27	1.56
STEL	418	Stellar Bancorp, I	602	15.26	11.85	5.68	4.33	6.97	5.43
PEBO	419	Peoples Bancorp In	593	10.30	8.01	13.05	10.40	21.77	11.17
SRCE	420	1st Source Corpora	591	10.14	8.89	7.94	7.32	7.30	7.40
NBHC	421	National Bank Hold	589	12.09	11.14	5.65	5.20	5.75	6.12
OBK	422	Origin Bancorp, In	586	17.96	15.80	11.56	10.00	24.69	12.41
7389.T	423	Aichi Financial Gr	581	15.72	15.72	-119.48	-119.48	-2.68	-2.77
CSBBANK.BO	424	CSB Bank Limited	581	10.38	7.07	8.79	6.78	8.51	6.78
QCRH	425	QCR Holdings, Inc.	580	10.51	9.07	8.46	7.56	7.43	8.24
FFWM	426	First Foundation I	563	-	-	-	-	-	-
AZA.ST	427	Avanza Bank Holdin	559	20.97	17.43	18.84	16.77	13.38	11.88
CIMBT.BK	428	CIMB Thai Bank Pub	556	5.01	4.97	6.31	5.17	18.93	6.31
8358.T	429	Suruga Bank Ltd.	553	10.95	9.87	-8.38	-8.21	-6.14	-4.19

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.38	8.89	8.46	7.32	8.39	7.40
Full Range Median Multiple	10.51	9.07	8.79	7.56	8.51	8.24
Industry Multiple	12.17	10.60	10.22	8.90	11.59	9.27
Market Implied Multiple	12.79	11.79	6.14	5.64	6.24	6.65
Company (NBHC) Multiple	12.09	11.14	5.65	5.20	5.75	6.12
(*) Net Income / EBITDA / Revenue	122	132	175	191	173	162
Winsorized Enterprise Value	N/A	N/A	1,485	1,397	1,447	1,199
Full Range Median Enterprise Value	N/A	N/A	1,541	1,443	1,469	1,334
(-) Net Debt	-480	-480	-480	-480	-480	-480
Winsorized Equity Value	1,264	1,174	1,964	1,877	1,927	1,678
Full Range Median Equity Value	1,279	1,197	2,021	1,922	1,949	1,813
(/) Shares Outstanding	38	38	38	38	38	38
Winsorized Fair Value	$33.18	$30.83	$51.58	$49.28	$50.61	$44.08
Full Range Median Fair Value	$33.60	$31.45	$53.07	$50.49	$51.18	$47.62
Current Price	$40.88	$40.88	$40.88	$40.88	$40.88	$40.88
Upside / Downside	-18.83%	-24.58%	26.18%	20.56%	23.80%	7.83%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$23.23	$21.58	$36.11	$34.50	$35.43	$30.86
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy