Orange County Bancorp, Inc. (OBT)

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
8551.T	618	The Kita-Nippon Ba	164	6.11	4.89	-24.23	-20.71	-21.53	-12.71
OPBK	619	OP Bancorp	163	8.79	7.86	7.65	6.70	7.60	8.09
CZNC	620	Citizens & Norther	159	11.22	10.33	7.92	7.28	8.79	7.74
ESQ	621	Esquire Financial	157	16.71	12.73	8.59	6.62	8.30	6.96
NECB	622	Northeast Communit	157	6.20	4.78	6.98	5.05	6.56	5.10
USCB	623	USCB Financial Hol	156	10.77	10.77	8.05	8.05	7.22	8.16
ISTR	624	Investar Holding C	155	9.89	8.77	9.64	8.85	9.91	9.48
OBT	625	Orange County Banc	155	9.25	7.31	3.00	2.36	2.81	2.45
BRBS	626	Blue Ridge Banksha	153	83.94	103.39	53.00	62.16	1,542.89	-
RBNC	627	Reliant Bancorp, I	152	10.38	7.26	5.65	3.94	6.10	4.40
8542.T	628	Tomato Bank, Ltd.	151	15.77	15.53	-17.87	-16.45	-24.03	-16.45
FRBK	629	Republic First Ban	148	33.46	41.34	29.57	29.57	15.97	13.96
BVIC.JK	630	PT Bank Victoria I	145	12.38	12.38	33.86	33.86	476.56	37.91
HNVR	631	Hanover Bancorp, I	145	14.38	12.19	6.94	5.18	7.08	7.44
PKBK	632	Parke Bancorp, Inc	142	7.47	7.17	2.12	2.05	1.77	2.07
SKUE.OL	633	Skue Sparebank	142	2.02	1.51	12.33	9.48	11.22	9.57

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	8.77	7.92	6.70	7.60	7.59
Full Range Median Multiple	10.77	10.33	8.05	7.28	8.30	7.91
Industry Multiple	16.63	17.39	14.79	14.52	162.30	10.07
Market Implied Multiple	10.91	8.62	4.24	3.33	3.97	3.46
Company (OBT) Multiple	9.25	7.31	3.00	2.36	2.81	2.45
(*) Net Income / EBITDA / Revenue	36	46	49	62	52	60
Winsorized Enterprise Value	N/A	N/A	386	416	396	453
Full Range Median Enterprise Value	N/A	N/A	392	453	432	473
(-) Net Debt	-190	-190	-190	-190	-190	-190
Winsorized Equity Value	377	404	576	606	586	643
Full Range Median Equity Value	391	475	582	642	622	662
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$28.29	$30.27	$43.20	$45.43	$43.91	$48.22
Full Range Median Fair Value	$29.34	$35.64	$43.66	$48.17	$46.63	$49.66
Current Price	$29.74	$29.74	$29.74	$29.74	$29.74	$29.74
Upside / Downside	-4.85%	1.81%	45.29%	52.78%	47.66%	62.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$19.80	$21.19	$30.24	$31.80	$30.74	$33.75
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY