Peoples Bancorp of North Carolina, Inc. (PEBK)

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
FCCO	684	First Community Co	107	11.63	10.14	5.62	4.70	7.28	6.97
CALB	685	California BanCorp	107	21.12	21.29	12.04	10.88	2.42	2.63
ISBA	686	Isabella Bank Corp	106	14.28	13.25	13.17	12.28	12.73	13.15
AMAR.JK	687	PT Bank Amar Indon	104	12.35	9.26	6.26	4.65	7.47	4.79
PLBC	688	Plumas Bancorp	102	10.24	9.03	4.76	4.21	6.62	4.45
HGSB.OL	689	Haugesund Spareban	101	4.58	4.58	21.24	21.24	22.85	21.70
LEVL	690	Level One Bancorp,	100	9.19	9.19	3.55	3.55	4.42	3.69
PEBK	691	Peoples Bancorp of	98	9.70	9.14	5.46	5.18	6.98	5.75
FCBP	692	First Choice Banco	98	8.26	5.83	2.92	2.28	2.91	3.81
BABP.JK	693	PT Bank MNC Intern	97	23.66	17.68	-2.72	-2.25	-3.69	-2.91
5863.TWO	694	Taipei Star Bank	97	8.40	8.40	13.12	13.12	3.55	7.46
BMAS.JK	695	PT Bank Maspion In	96	-	-	-	-	299.31	-
ATLO	696	Ames National Corp	96	11.25	11.51	10.28	10.50	9.70	11.31
BRIV3.SA	697	Banco Alfa de Inve	96	318.67	584.08	-	-	22.99	6.16
GRLA.CO	698	GrønlandsBANKEN A	95	6.89	6.24	-1.10	-1.01	-1.34	-1.06
UBK.DE	699	UmweltBank AG	95	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.24	9.19	6.26	4.70	6.95	4.79
Full Range Median Multiple	11.25	9.26	8.27	7.60	7.38	6.16
Industry Multiple	35.42	54.65	9.30	8.74	33.52	7.83
Market Implied Multiple	11.58	10.91	6.75	6.40	8.63	7.11
Company (PEBK) Multiple	9.70	9.14	5.46	5.18	6.98	5.75
(*) Net Income / EBITDA / Revenue	17	18	25	26	19	23
Winsorized Enterprise Value	N/A	N/A	153	122	133	112
Full Range Median Enterprise Value	N/A	N/A	203	196	141	143
(-) Net Debt	-29	-29	-29	-29	-29	-29
Winsorized Equity Value	172	163	182	150	162	140
Full Range Median Equity Value	189	165	231	225	170	172
(/) Shares Outstanding	5	5	5	5	5	5
Winsorized Fair Value	$32.36	$30.83	$34.33	$28.33	$30.54	$26.45
Full Range Median Fair Value	$35.55	$31.07	$43.63	$42.46	$32.07	$32.44
Current Price	$36.60	$36.60	$36.60	$36.60	$36.60	$36.60
Upside / Downside	-11.60%	-15.78%	-6.19%	-22.61%	-16.57%	-27.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$22.65	$21.58	$24.03	$19.83	$21.37	$18.51
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy