First Commonwealth Financial Corporation (FCF)

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
TFSL	389	TFS Financial Corp	792	40.39	39.68	58.90	58.49	62.53	68.85
8381.T	390	The San-in Godo Ba	791	9.88	8.41	1.79	1.49	1.34	1.20
47T.F	391	TISCO Financial Gr	783	11.88	11.72	11.06	10.92	11.51	11.71
VBTX	392	Veritex Holdings,	781	12.25	11.50	9.94	9.28	10.64	10.45
QIIK.QA	393	Qatar Internationa	777	12.47	11.66	12.62	11.46	7.33	11.99
FMBI	394	First Midwest Banc	751	11.59	9.93	5.23	4.57	5.77	4.91
BHLB	395	Berkshire Hills Ba	732	119.04	119.04	18.41	18.41	-	20.80
FCF	396	First Commonwealth	716	12.47	10.94	9.75	8.66	8.77	8.85
MCHB	397	Mechanics Bank	699	18.96	13.34	8.78	6.41	8.93	7.07
CASH	398	Pathward Financial	685	9.04	8.06	5.67	5.15	7.75	6.18
OCFC	399	OceanFirst Financi	673	12.56	11.60	23.01	21.22	29.91	23.81
DCOM	400	Dime Community Ban	670	21.99	20.79	4.07	3.72	2.48	3.92
1983.HK	401	Luzhou Bank Co., L	664	3.90	3.90	5.92	5.92	1.59	3.99
PRK	402	Park National Corp	661	14.88	13.46	11.31	10.26	11.08	10.76
SASR	403	Sandy Spring Banco	661	76.32	108.62	22.96	27.23	-	-
8522.T	404	The Bank of Nagoya	656	10.69	8.19	-20.69	-16.74	-17.83	-8.01

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.25	11.60	9.36	7.85	7.54	7.07
Full Range Median Multiple	12.47	11.66	10.50	9.77	8.34	10.45
Industry Multiple	25.72	26.66	14.26	13.89	13.41	14.28
Market Implied Multiple	12.77	11.21	9.99	8.87	8.99	9.07
Company (FCF) Multiple	12.47	10.94	9.75	8.66	8.77	8.85
(*) Net Income / EBITDA / Revenue	143	163	186	210	207	205
Winsorized Enterprise Value	N/A	N/A	1,746	1,647	1,563	1,452
Full Range Median Enterprise Value	N/A	N/A	1,958	2,051	1,729	2,147
(-) Net Debt	32	32	32	32	32	32
Winsorized Equity Value	1,755	1,894	1,714	1,615	1,531	1,420
Full Range Median Equity Value	1,786	1,904	1,926	2,019	1,696	2,115
(/) Shares Outstanding	105	105	105	105	105	105
Winsorized Fair Value	$16.75	$18.08	$16.36	$15.42	$14.61	$13.55
Full Range Median Fair Value	$17.05	$18.17	$18.38	$19.27	$16.19	$20.19
Current Price	$17.47	$17.47	$17.47	$17.47	$17.47	$17.47
Upside / Downside	-4.11%	3.49%	-6.37%	-11.75%	-16.36%	-22.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.73	$12.66	$11.45	$10.79	$10.23	$9.49
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy