Western New England Bancorp, Inc. (WNEB)

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
BMRC	643	Bank of Marin Banc	136	39.14	49.28	11.16	13.59	4.85	15.85
FELLOW.HE	644	Fellow Pankki Oyj	136	0.40	0.30	-1.91	-1.49	-1.67	-1.61
FDBC	645	Fidelity D & D Ban	135	9.72	8.11	3.08	2.63	3.24	3.05
CNBKA	646	Century Bancorp, I	135	14.28	12.60	8.74	7.93	12.47	9.60
CSTR	647	CapStar Financial	134	13.02	10.39	5.31	4.11	-	4.24
INPC.JK	648	PT Bank Artha Grah	132	40.38	40.38	-14.42	-14.42	-181.33	-24.10
BBHI.JK	649	PT Allo Bank Indon	132	59.12	30.08	42.73	18.75	40.80	19.35
WNEB	650	Western New Englan	130	18.09	16.95	12.92	12.12	15.47	13.76
LCNB	651	LCNB Corp.	127	8.96	8.59	9.92	9.70	8.49	9.63
FRAF	652	Franklin Financial	126	13.20	12.65	8.67	7.99	6.99	8.88
CFBK	653	CF Bankshares Inc.	125	9.40	10.29	-0.14	-0.15	-0.25	-0.15
EBMT	654	Eagle Bancorp Mont	124	9.95	10.58	9.80	10.22	12.51	16.30
FINW	655	FinWise Bancorp	124	16.66	16.66	9.84	9.84	9.50	12.20
LBC	656	Luther Burbank Cor	123	11.14	12.12	5.12	4.42	137.18	10.28
MCBC	657	Macatawa Bank Corp	123	8.08	7.50	51.72	77.75	6.67	-
TOTG.OL	658	Totens Sparebank	123	7.07	6.85	12.46	14.55	-	46.30

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.95	10.39	9.27	8.84	8.49	9.63
Full Range Median Multiple	11.14	10.58	9.82	9.77	9.00	10.28
Industry Multiple	17.37	15.76	14.88	15.12	24.27	14.15
Market Implied Multiple	19.59	18.35	13.91	13.05	16.66	14.81
Company (WNEB) Multiple	18.09	16.95	12.92	12.12	15.47	13.76
(*) Net Income / EBITDA / Revenue	13	14	20	21	17	19
Winsorized Enterprise Value	N/A	N/A	186	189	142	182
Full Range Median Enterprise Value	N/A	N/A	197	209	151	194
(-) Net Debt	18	18	18	18	18	18
Winsorized Equity Value	133	148	168	171	124	164
Full Range Median Equity Value	149	151	179	191	133	176
(/) Shares Outstanding	20	20	20	20	20	20
Winsorized Fair Value	$6.60	$7.36	$8.36	$8.52	$6.19	$8.14
Full Range Median Fair Value	$7.39	$7.49	$8.92	$9.51	$6.61	$8.74
Current Price	$13.00	$13.00	$13.00	$13.00	$13.00	$13.00
Upside / Downside	-49.20%	-43.37%	-35.67%	-34.46%	-52.40%	-37.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.62	$5.15	$5.85	$5.96	$4.33	$5.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy