Preferred Bank (PFBC)

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
CBTX	438	CBTX, Inc.	523	9.81	9.12	-0.06	-0.04	-	-
RBCAA	439	Republic Bancorp,	514	11.18	10.40	5.77	5.37	6.73	5.84
UVSP	440	Univest Financial	513	9.91	8.34	9.14	7.74	8.05	7.96
8386.T	441	The Hyakujushi Ban	513	9.17	6.65	-9.08	-7.38	-6.25	-3.09
MCB	442	Metropolitan Bank	511	12.22	10.88	12.70	11.71	26.46	10.51
BFST	443	Business First Ban	510	8.51	6.53	7.22	5.55	6.87	5.82
8336.T	444	The Musashino Bank	501	9.43	7.93	1.06	0.93	1.08	0.49
PFBC	445	Preferred Bank	501	8.68	7.64	6.06	5.34	5.49	5.39
7384.T	446	Procrea Holdings,	500	25.47	25.47	-	-	-30.11	-
BHRB	447	Burke & Herbert Ba	487	8.67	5.94	8.84	5.83	8.99	7.13
TBKCP	448	Triumph Financial,	478	129.45	180.65	25.85	29.42	217.86	99.01
7381.T	449	CCI Group, Inc.	478	9.61	9.07	-78.99	-78.99	-21.34	-34.14
UTKARSHBNK.BO	450	Utkarsh Small Fina	477	-	-	-	-	-	-
LHFG.BK	451	LH Financial Group	476	6.98	7.36	9.37	9.67	11.66	11.69
ALBRK.IS	452	Albaraka Türk Kat	469	1.67	0.63	1.79	0.79	6.13	0.77
CLBK	453	Columbia Financial	467	230.13	345.14	49.63	61.73	27.48	131.54

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.52	8.14	8.84	5.83	8.05	7.13
Full Range Median Multiple	9.71	8.70	8.99	6.78	8.52	7.55
Industry Multiple	34.44	45.29	13.14	13.87	32.13	28.08
Market Implied Multiple	9.29	8.17	6.49	5.72	5.88	5.76
Company (PFBC) Multiple	8.68	7.64	6.06	5.34	5.49	5.39
(*) Net Income / EBITDA / Revenue	129	147	185	210	204	208
Winsorized Enterprise Value	N/A	N/A	1,632	1,223	1,642	1,483
Full Range Median Enterprise Value	N/A	N/A	1,659	1,422	1,738	1,569
(-) Net Debt	-	-	-	-	-	-
Winsorized Equity Value	1,229	1,192	1,632	1,223	1,642	1,483
Full Range Median Equity Value	1,253	1,276	1,659	1,422	1,738	1,569
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$99.20	$96.29	$131.78	$98.72	$132.55	$119.73
Full Range Median Fair Value	$101.18	$103.01	$133.97	$114.83	$140.31	$126.66
Current Price	$96.74	$96.74	$96.74	$96.74	$96.74	$96.74
Upside / Downside	2.54%	-0.47%	36.22%	2.04%	37.02%	23.77%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$69.44	$67.40	$92.24	$69.10	$92.79	$83.81
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy