Territorial Bancorp Valuation

Is 9TB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9TB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9TB (€10.2) is trading below our estimate of fair value (€27.32)

Significantly Below Fair Value: 9TB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9TB?

Key metric: As 9TB is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 9TB. This is calculated by dividing 9TB's market cap by their current book value.
What is 9TB's PB Ratio?
PB Ratio	0.4x
Book	US$248.74m
Market Cap	US$95.05m

9TB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does 9TB's PB Ratio compare to its peers?

The above table shows the PB ratio for 9TB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.6x
MBK Merkur PrivatBank KgaA	0.4x	8.6%	€108.9m
UBK UmweltBank	0.9x	n/a	€225.7m
BSBK Bogota Financial	0.8x	n/a	US$103.0m
PCZ ProCredit Holding	0.4x	10.7%	€451.2m
9TB Territorial Bancorp	0.4x	125.9%	€95.1m

Price-To-Book vs Peers: 9TB is good value based on its Price-To-Book Ratio (0.4x) compared to the peer average (0.6x).

Price to Book Ratio vs Industry

How does 9TB's PB Ratio compare vs other companies in the European Banks Industry?

6 Companies	Price / Book	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: 9TB is good value based on its Price-To-Book Ratio (0.4x) compared to the European Banks industry average (0.8x).

Price to Book Ratio vs Fair Ratio

What is 9TB's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9TB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.4x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 9TB's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Eurobank Ergasias Services and Holdings

€7.6b

Provides retail banking, corporate and private banking, asset management, treasury, capital market, and other services primarily in Greece, rest of Europe, and internationally.

EFGD

€2.02

1.3%

23.9%

UniCredit

€55.2b

Provides commercial banking services in Italy, Germany, Central Europe, and Eastern Europe.

CRIN

€36.07

-5.1%

46.1%

Société Générale Société anonyme

€20.4b

Provides banking and financial services to individuals, corporates, and institutional clients in Europe and internationally.

SGE

€25.43

-2.8%

12.9%