Provident Financial Holdings, Inc. (PROV)

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
KRE.CO	752	Kreditbanken A/S	63	8.36	6.80	6.50	5.25	6.61	5.26
VABK	753	Virginia National	62	15.75	13.77	12.26	10.74	-	12.74
FUSB	754	First US Bancshare	62	12.54	10.98	8.72	7.98	7.86	9.47
NKSH	755	National Bankshare	62	21.76	24.61	14.70	16.19	-	19.66
BOCH	756	Bank of Commerce H	61	13.62	10.48	3.02	2.58	4.06	7.56
SSBI	757	Summit State Bank	61	-	-	-	-	15.78	-
FFNW	758	First Financial No	61	185.91	292.59	40.08	37.14	42.27	355.66
PROV	759	Provident Financia	60	16.87	17.18	21.56	21.89	24.27	30.10
7150.T	760	The Shimane Bank,L	59	8.66	8.66	-29.33	-29.33	-25.74	-12.26
PBHC	761	Pathfinder Bancorp	59	10.82	10.80	14.21	13.87	-	16.54
BBC.AX	762	BNK Banking Corpor	58	-	-	-	-	8.66	-
PFBI	763	Premier Financial	58	6.25	4.97	2.10	1.84	3.52	4.07
CBNA	764	Chain Bridge Banco	57	54.93	54.93	26.32	26.32	26.62	26.86
LMST	765	Limestone Bancorp,	57	8.99	10.37	7.34	6.06	6.69	7.67
ICBK	766	County Bancorp, In	57	11.46	10.08	6.94	6.37	8.30	9.36
PNBK	767	Patriot National B	57	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.14	10.43	7.34	6.37	7.86	9.36
Full Range Median Multiple	12.00	10.64	8.72	7.98	8.08	9.47
Industry Multiple	29.92	38.25	12.93	12.21	13.04	43.17
Market Implied Multiple	17.15	17.46	21.70	22.03	24.42	30.29
Company (PROV) Multiple	16.87	17.18	21.56	21.89	24.27	30.10
(*) Net Income / EBITDA / Revenue	6	6	12	12	11	9
Winsorized Enterprise Value	N/A	N/A	90	77	86	83
Full Range Median Enterprise Value	N/A	N/A	107	97	88	84
(-) Net Debt	164	164	164	164	164	164
Winsorized Equity Value	67	62	-73	-86	-78	-81
Full Range Median Equity Value	72	63	-56	-67	-75	-80
(/) Shares Outstanding	6	6	6	6	6	6
Winsorized Fair Value	$10.40	$9.56	$-11.33	$-13.37	$-12.01	$-12.54
Full Range Median Fair Value	$11.20	$9.76	$-8.70	$-10.34	$-11.64	$-12.39
Current Price	$16.01	$16.01	$16.01	$16.01	$16.01	$16.01
Upside / Downside	-35.03%	-40.30%	-170.80%	-183.48%	-175.00%	-178.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.28	$6.69	$-7.93	$-9.36	$-8.41	$-8.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy