Northwest Bancshares, Inc. (NWBI)

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
TSKB.IS	363	Türkiye Sinai Kal	871	2.84	1.58	15.59	8.66	13.92	8.65
DCBBANK.BO	364	DCB Bank Limited	870	5.96	5.16	4.45	3.86	4.10	3.86
NBTB	365	NBT Bancorp Inc.	863	13.14	12.10	8.62	7.94	6.63	8.94
TBBK	366	The Bancorp, Inc.	861	15.30	11.63	12.62	9.78	13.33	9.86
EFSC	367	Enterprise Financi	860	10.97	9.05	9.14	7.49	7.34	7.63
7380.T	368	Juroku Financial G	856	9.07	8.29	-44.87	-44.87	-75.22	-11.68
SBCF	369	Seacoast Banking C	854	18.22	16.00	15.62	13.39	18.62	16.45
NWBI	370	Northwest Bancshar	846	15.47	13.87	13.76	12.40	150.15	12.62
CCN.PA	371	Caisse Régionale	845	3.68	3.97	-	-	2.33	4.02
OFG	372	OFG Bancorp	844	9.68	7.34	8.50	6.72	9.17	7.17
6122.HK	373	Jilin Jiutai Rural	839	1.55	1.42	-	-	-	-4.09
ISBC	374	Investors Bancorp,	835	11.41	10.34	13.80	12.72	12.81	14.30
2845.TW	375	Far Eastern Intern	835	14.31	13.71	12.41	11.98	17.55	14.05
FBK	376	FB Financial Corpo	824	27.61	22.78	14.33	12.37	15.66	13.17
2139.HK	377	Bank of Gansu Co.,	821	2.99	3.31	2.13	3.19	1.26	2.32
EQUITASBNK.BO	378	Equitas Small Fina	820	-	-	-	-	48.61	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.38	7.81	9.14	7.94	9.17	8.14
Full Range Median Multiple	10.33	8.67	12.41	8.66	12.81	8.80
Industry Multiple	10.48	9.05	10.66	8.92	13.18	9.20
Market Implied Multiple	15.34	13.74	13.66	12.31	149.03	12.53
Company (NWBI) Multiple	15.47	13.87	13.76	12.40	150.15	12.62
(*) Net Income / EBITDA / Revenue	113	126	151	168	14	165
Winsorized Enterprise Value	N/A	N/A	1,384	1,334	127	1,344
Full Range Median Enterprise Value	N/A	N/A	1,878	1,454	178	1,452
(-) Net Debt	334	334	334	334	334	334
Winsorized Equity Value	1,060	986	1,050	1,000	-207	1,010
Full Range Median Equity Value	1,167	1,093	1,544	1,120	-156	1,118
(/) Shares Outstanding	141	141	141	141	141	141
Winsorized Fair Value	$7.51	$6.98	$7.44	$7.08	$-1.47	$7.15
Full Range Median Fair Value	$8.27	$7.74	$10.94	$7.93	$-1.11	$7.92
Current Price	$12.28	$12.28	$12.28	$12.28	$12.28	$12.28
Upside / Downside	-38.87%	-43.15%	-39.44%	-42.31%	-111.94%	-41.76%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.26	$4.89	$5.21	$4.96	$-1.03	$5.01
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy