Wintrust Financial Corporation (WTFC)

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
BPOP	133	Popular, Inc.	4,351	10.84	9.87	4.93	4.53	4.59	4.56
WBS	134	Webster Financial	4,338	10.55	8.13	8.27	6.42	7.91	6.75
YESBANK.BO	135	Yes Bank Limited	4,333	23.50	23.50	17.49	17.49	18.70	17.49
JYSK.CO	136	Jyske Bank A/S	4,332	8.16	6.56	68.24	56.12	66.56	57.88
FIBIH.TA	137	F.I.B.I. Holdings	4,314	6.15	4.66	4.99	3.98	4.96	4.03
DIB.AE	138	Dubai Islamic Bank	4,212	8.55	7.49	22.66	22.69	11.52	9.47
CBKD.IL	139	Commercial Interna	4,211	4.16	2.98	-0.49	-0.34	-0.45	-0.34
WTFC	140	Wintrust Financial	4,170	11.28	9.16	8.19	6.80	8.21	7.36
FIBI.TA	141	First Internationa	4,169	10.36	8.34	-12.20	-9.76	-11.79	-10.12
TPEIR.AT	142	Piraeus Financial	4,062	6.91	6.91	2.01	2.01	2.37	2.17
UMBF	143	UMB Financial Corp	4,039	14.63	11.68	12.39	9.86	11.75	11.66
2890.TW	144	SinoPac Financial	3,990	13.38	11.65	6.60	5.72	5.86	6.18
IOB.BO	145	Indian Overseas Ba	3,957	17.29	17.29	15.54	15.54	11.01	15.54
601997.SS	146	Bank of Guiyang Co	3,953	4.12	4.22	44.76	46.04	38.53	46.04
0023.HK	147	The Bank of East A	3,845	4.29	4.61	-1.78	-1.55	-1.67	-1.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.36	7.20	8.27	6.42	7.91	6.75
Full Range Median Multiple	9.46	7.81	12.39	9.86	11.01	9.47
Industry Multiple	10.21	9.13	18.90	17.31	16.71	16.52
Market Implied Multiple	12.43	10.09	8.95	7.43	8.98	8.05
Company (WTFC) Multiple	11.28	9.16	8.19	6.80	8.21	7.36
(*) Net Income / EBITDA / Revenue	786	968	1,187	1,431	1,184	1,321
Winsorized Enterprise Value	N/A	N/A	9,824	9,193	9,372	8,919
Full Range Median Enterprise Value	N/A	N/A	14,716	14,118	13,036	12,515
(-) Net Debt	860	860	860	860	860	860
Winsorized Equity Value	6,571	6,970	8,964	8,333	8,512	8,059
Full Range Median Equity Value	7,434	7,560	13,856	13,257	12,176	11,655
(/) Shares Outstanding	67	67	67	67	67	67
Winsorized Fair Value	$98.15	$104.10	$133.89	$124.46	$127.13	$120.36
Full Range Median Fair Value	$111.03	$112.92	$206.95	$198.01	$181.86	$174.07
Current Price	$145.93	$145.93	$145.93	$145.93	$145.93	$145.93
Upside / Downside	-32.74%	-28.66%	-8.25%	-14.71%	-12.88%	-17.52%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$68.70	$72.87	$93.72	$87.13	$88.99	$84.25
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy