Franklin Financial Services Corporation (FRAF)

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
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
ALTA	659	Altabancorp	123	18.36	15.79	11.07	9.85	11.28	26.82
AURG.OL	660	Aurskog Sparebank	123	4.56	3.88	19.64	16.64	20.30	17.01

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	9.84	9.84	11.28	11.24
Full Range Median Multiple	11.14	10.58	9.92	9.85	12.47	12.98
Industry Multiple	16.59	14.05	15.57	15.27	25.26	15.71
Market Implied Multiple	15.26	14.61	10.17	9.37	8.20	10.41
Company (FRAF) Multiple	13.20	12.65	8.67	7.99	6.99	8.88
(*) Net Income / EBITDA / Revenue	16	16	21	23	27	21
Winsorized Enterprise Value	N/A	N/A	211	229	300	236
Full Range Median Enterprise Value	N/A	N/A	213	230	332	272
(-) Net Debt	-21	-21	-21	-21	-21	-21
Winsorized Equity Value	156	170	232	250	321	256
Full Range Median Equity Value	175	173	234	250	353	293
(/) Shares Outstanding	4	4	4	4	4	4
Winsorized Fair Value	$34.66	$37.80	$51.58	$55.62	$71.39	$57.02
Full Range Median Fair Value	$38.81	$38.47	$51.94	$55.65	$78.42	$65.13
Current Price	$53.15	$53.15	$53.15	$53.15	$53.15	$53.15
Upside / Downside	-34.78%	-28.89%	-2.95%	4.64%	34.32%	7.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$24.26	$26.46	$36.11	$38.93	$49.97	$39.91
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy