Red River Bancshares, Inc. (RRBI)

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
FCBC	610	First Community Ba	174	12.91	11.98	3.04	2.84	3.32	3.08
NOBU.JK	611	PT Bank Nationalno	173	8.97	6.00	0.26	0.19	0.27	0.20
LNKB	612	LINKBANCORP, Inc.	172	6.95	6.95	6.75	6.75	9.19	7.61
CZFS	613	Citizens Financial	172	8.49	7.84	12.67	11.73	10.80	11.79
8364.T	614	The Shimizu Bank,	169	7.40	7.40	-45.62	-45.62	-23.58	-
MFX.L	615	Manx Financial Gro	167	1.81	1.33	4.02	3.42	4.62	4.89
SBANK.OL	616	Sbanken ASA	166	15.03	15.25	28.65	29.24	28.36	30.45
RRBI	617	Red River Bancshar	165	10.55	9.77	7.35	6.78	7.42	7.26
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.79	7.40	6.98	6.62	7.22	6.96
Full Range Median Multiple	8.97	7.84	7.65	6.70	7.60	7.61
Industry Multiple	9.37	8.28	8.25	7.62	8.29	8.15
Market Implied Multiple	12.21	11.30	8.60	7.94	8.68	8.49
Company (RRBI) Multiple	10.55	9.77	7.35	6.78	7.42	7.26
(*) Net Income / EBITDA / Revenue	41	44	54	58	53	55
Winsorized Enterprise Value	N/A	N/A	377	387	386	380
Full Range Median Enterprise Value	N/A	N/A	413	392	407	416
(-) Net Debt	-32	-32	-32	-32	-32	-32
Winsorized Equity Value	357	325	409	420	418	412
Full Range Median Equity Value	365	344	445	424	439	448
(/) Shares Outstanding	7	7	7	7	7	7
Winsorized Fair Value	$54.02	$49.10	$61.86	$63.40	$63.17	$62.33
Full Range Median Fair Value	$55.12	$52.04	$67.30	$64.03	$66.28	$67.67
Current Price	$75.02	$75.02	$75.02	$75.02	$75.02	$75.02
Upside / Downside	-27.99%	-34.56%	-17.55%	-15.49%	-15.80%	-16.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$37.81	$34.37	$43.30	$44.38	$44.22	$43.63
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy