ACNB Corporation (ACNB)

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
FMAO	599	Farmers & Merchant	185	10.76	9.60	10.07	8.98	10.51	10.46
BCBP	600	BCB Bancorp, Inc.	185	53.71	78.65	102.14	145.18	20.30	187.35
GNTY	601	Guaranty Bancshare	182	13.35	12.12	10.26	9.39	10.25	10.32
SSBK	602	Southern States Ba	182	9.62	9.62	6.18	6.18	5.86	6.49
MYFW	603	First Western Fina	180	17.62	19.73	10.85	11.86	13.14	14.07
CFFI	604	C&F Financial Corp	179	8.31	7.76	6.01	5.71	6.16	6.36
FLIC	605	The First of Long	178	17.04	20.35	25.82	30.60	34.89	45.05
ACNB	606	ACNB Corporation	178	13.97	12.16	16.92	14.73	10.57	16.68
FMTY14.MX	607	Fibra Mty, S.A.P.I	177	6.57	6.57	15.15	15.15	14.31	84.38
FNLC	608	The First Bancorp,	176	9.23	8.94	10.21	9.87	9.30	10.42
DHANBANK.BO	609	Dhanlaxmi Bank Lim	175	11.68	10.26	11.94	9.35	10.60	9.35
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	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.23	8.94	10.14	9.17	9.78	9.83
Full Range Median Multiple	9.62	9.60	10.24	9.37	10.38	10.37
Industry Multiple	13.51	14.92	16.53	19.56	11.35	29.07
Market Implied Multiple	15.67	13.65	18.10	15.76	11.30	17.85
Company (ACNB) Multiple	13.97	12.16	16.92	14.73	10.57	16.68
(*) Net Income / EBITDA / Revenue	33	38	47	54	76	48
Winsorized Enterprise Value	N/A	N/A	479	497	740	471
Full Range Median Enterprise Value	N/A	N/A	484	508	785	497
(-) Net Debt	341	341	341	341	341	341
Winsorized Equity Value	303	337	139	157	399	131
Full Range Median Equity Value	316	362	143	168	445	156
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$29.10	$32.37	$13.30	$15.05	$38.32	$12.54
Full Range Median Fair Value	$30.31	$34.75	$13.75	$16.10	$42.70	$15.01
Current Price	$49.40	$49.40	$49.40	$49.40	$49.40	$49.40
Upside / Downside	-41.10%	-34.47%	-73.09%	-69.53%	-22.43%	-74.61%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.37	$22.66	$9.31	$10.54	$26.82	$8.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy