Ohio Valley Banc Corp. (OVBC)

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
SBTE.OL	729	SpareBank 1 Telema	75	5.02	4.32	13.85	13.18	15.29	13.51
FNCB	730	FNCB Bancorp, Inc.	75	8.50	8.52	41.65	56.16	14.65	17.97
RVSB	731	Riverview Bancorp,	75	23.91	27.83	12.15	13.52	20.53	22.41
MELG.OL	732	Melhus Sparebank	75	3.17	2.85	15.47	13.97	19.36	14.25
BFIN	733	BankFinancial Corp	73	64.70	86.86	-	-	14.21	128.63
FFSB.OL	734	Flekkefjord Spareb	72	1.41	1.09	15.65	15.65	16.37	14.11
EFSI	735	Eagle Financial Se	72	45.32	54.71	36.42	42.27	-	54.79
OVBC	736	Ohio Valley Banc C	71	15.65	15.02	14.14	13.18	-	15.14
EVBN	737	Evans Bancorp, Inc	70	20.08	21.55	35.19	31.58	-	27.58
BLFY	738	Blue Foundry Banco	69	-	-	-	-	-	-
OVLY	739	Oak Valley Bancorp	69	13.75	12.89	10.20	9.66	-	10.11
LARK	740	Landmark Bancorp,	69	12.46	13.30	8.60	9.37	-	10.57
OPHC	741	OptimumBank Holdin	69	3.06	3.06	1.79	1.79	1.72	1.85
CVCY	742	Central Valley Com	68	9.99	8.77	1,339.02	3,600.64	-	-
TRSB.OL	743	Trøndelag Spareba	68	7.73	7.73	29.77	29.77	45.88	32.14
CBFV	744	CB Financial Servi	66	61.52	61.52	35.06	35.06	-	55.55

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.24	8.64	15.47	13.97	14.97	14.25
Full Range Median Multiple	11.22	10.83	15.65	15.65	15.83	17.97
Industry Multiple	20.04	22.50	122.68	297.89	18.50	31.04
Market Implied Multiple	16.95	16.27	15.08	14.05	-	16.14
Company (OVBC) Multiple	15.65	15.02	14.14	13.18	-	15.14
(*) Net Income / EBITDA / Revenue	11	12	16	17	-	15
Winsorized Enterprise Value	N/A	N/A	240	233	-	207
Full Range Median Enterprise Value	N/A	N/A	243	261	-	261
(-) Net Debt	45	45	45	45	45	45
Winsorized Equity Value	103	100	195	187	-45	161
Full Range Median Equity Value	125	126	198	215	-45	215
(/) Shares Outstanding	5	5	5	5	5	5
Winsorized Fair Value	$21.84	$21.28	$41.35	$39.76	$-9.65	$34.24
Full Range Median Fair Value	$26.52	$26.67	$41.96	$45.73	$-9.65	$45.72
Current Price	$40.06	$40.06	$40.06	$40.06	$40.06	$40.06
Upside / Downside	-45.48%	-46.88%	3.21%	-0.74%	-124.10%	-14.54%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.29	$14.90	$28.94	$27.83	$-6.76	$23.97
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy