Origin Bancorp, Inc. (OBK)

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
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
FSUN	430	FirstSun Capital B	552	12.04	12.04	4.14	4.14	4.45	4.53

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.44	8.98	7.12	5.99	7.36	6.55
Full Range Median Multiple	10.73	9.47	8.20	7.05	7.91	7.09
Industry Multiple	11.74	10.37	9.22	8.10	9.42	8.35
Market Implied Multiple	21.03	18.51	13.53	11.70	28.89	14.53
Company (OBK) Multiple	17.96	15.80	11.56	10.00	24.69	12.41
(*) Net Income / EBITDA / Revenue	60	68	94	109	44	87
Winsorized Enterprise Value	N/A	N/A	668	650	324	572
Full Range Median Enterprise Value	N/A	N/A	769	765	347	620
(-) Net Debt	8	8	8	8	8	8
Winsorized Equity Value	626	612	660	642	315	564
Full Range Median Equity Value	643	645	761	757	339	611
(/) Shares Outstanding	31	31	31	31	31	31
Winsorized Fair Value	$20.08	$19.61	$21.17	$20.57	$10.10	$18.07
Full Range Median Fair Value	$20.63	$20.69	$24.40	$24.27	$10.87	$19.60
Current Price	$40.44	$40.44	$40.44	$40.44	$40.44	$40.44
Upside / Downside	-50.34%	-51.50%	-47.66%	-49.13%	-75.01%	-55.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.06	$13.73	$14.82	$14.40	$7.07	$12.65
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy