Canandaigua National Corporation Financial Ratios — CNND

Profitability (USD)

	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Return on Common Equity (%)	17.81	16.58	15.69	14.85	15.08	14.86	15.55	13.05	13.97	13.19	12.76	11.97	11.84	10.8	16.06
Return on Assets (%)	1.13	1.1	1.05	1.01	1.04	1.02	1.09	0.95	1.03	1.01	1.02	0.96	0.95	0.86	1.3
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	12.19	11.88	10.2	7.74	7.66	8.66	10.12	- -	9.45	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	36.52	36.35	36.58	36.48	34.05	32.43	33.17	6.75	34.02	6.86	6.14	5.86	5.51	4.84	3.85
Operating Margin (%)	29.91	30.1	30.16	30.29	27.01	26.02	27.16	- -	26.86	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	9.88	33.29	31.58	32.62	13.11	18.51	37.46	-986.4	258.99	-1,965.92	- -	- -	- -	- -	- -
Pretax Margin (%)	29.91	30.1	30.16	30.29	27.01	26.02	27.16	24.48	26.86	28.23	28.95	28.21	28.91	30.46	31.61
Profit Margin (%)	21.85	21.83	22.24	22.02	19.92	19.2	20.1	18.07	18.7	19.02	19.29	18.69	18.85	17.28	24.65
Net Income to Common Margin (%)	21.85	21.83	22.24	22.02	19.92	19.2	20.1	18.07	18.7	19.02	19.29	18.69	18.85	17.28	24.65
Effective Tax Rate (%)	26.96	27.5	26.28	27.31	26.25	26.22	26	27.95	31.18	33.97	33.66	33.96	34.79	43.25	22
Dvd Payout Ratio (%)	23.88	25.88	28.15	30.61	30.62	30.73	29	34.79	48.79	17.04	32.15	33.25	32.37	36.61	25.08
Sustainable Growth Rate (%)	13.56	12.29	11.27	10.31	10.46	10.29	11.04	8.51	7.16	10.94	8.66	7.99	8	6.85	12.03

Credit (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Total Debt	21	21	52	94	77	61	52	58	56	60	196	249	212	290	357
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	21	21	52	94	77	61	52	58	56	60	196	249	212	290	357
Total Debt/EBITDA	1.19	1.13	2.67	4.55	3.25	2.39	1.78	9.58	1.63	8.62	29.74	37.74	32.26	47.09	63.7
Net Debt/EBITDA	-0.3	-1.06	0.77	2.57	1.88	0.92	0.64	-0.13	-0.02	2.94	22.46	30.25	12.76	38.04	51.41
Total Debt/EBIT	1.45	1.36	3.23	5.48	4.1	2.98	2.17	- -	2.06	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-0.37	-1.28	0.93	3.09	2.37	1.14	0.78	- -	-0.02	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.52	6.7	6.63	6.99	6.84	6.87	7.19	7.41	7.38	7.91	8	8.04	7.97	7.91	8.27
Long-Term Debt/Equity (%)	30.07	27.58	62.5	101.84	77.07	54.94	41.91	43.17	38.68	38.48	115.12	135.72	109.01	139.61	152.73
Long-Term Debt/Capital (%)	24.93	22.71	39.52	51.67	44.38	36.34	30.27	30.54	28.32	27.74	53.42	57.5	51.79	57.97	60.11
Long-Term Debt/Total Assets (%)	2.16	1.97	4.33	7.47	5.45	3.92	3.12	3.32	2.96	3.07	9.26	10.97	8.56	10.91	12.47
Total Debt/Equity (%)	30.07	27.58	62.5	101.84	77.07	54.94	41.91	43.17	38.68	38.48	115.12	135.72	109.01	139.61	152.73
Total Debt/Capital (%)	24.93	22.71	39.52	51.67	44.38	36.34	30.27	30.54	28.32	27.74	53.42	57.5	51.79	57.97	60.11
Total Debt/Total Assets (%)	2.16	1.97	4.33	7.47	5.45	3.92	3.12	3.32	2.96	3.07	9.26	10.97	8.56	10.91	12.47
Net Debt to Equity	-7.66	-25.85	18.04	57.5	44.54	21.08	15.13	-0.61	-0.47	13.12	86.93	108.78	43.13	112.8	123.26
Net Debt/Capital (%)	-9.24	-38.01	15.87	37.64	31.56	17.97	13.55	-0.62	-0.48	11.58	46.41	52.02	29.82	52.7	54.88
EBITDA	18	19	20	21	24	26	29	6	34	7	7	7	7	6	6
EBITDA-CapEx	18	19	20	21	20	23	25	2	33	5	5	3	5	4	4
Operating Income (Loss)	15	15	16	17	19	21	24	- -	27	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.52	6.7	6.63	6.99	6.84	6.87	7.19	7.41	7.38	7.91	8	8.04	7.97	7.91	8.27
Long-Term Debt/Equity (%)	30.07	27.58	62.5	101.84	77.07	54.94	41.91	43.17	38.68	38.48	115.12	135.72	109.01	139.61	152.73
Long-Term Debt/Capital (%)	24.93	22.71	39.52	51.67	44.38	36.34	30.27	30.54	28.32	27.74	53.42	57.5	51.79	57.97	60.11
Long-Term Debt/Total Assets (%)	2.16	1.97	4.33	7.47	5.45	3.92	3.12	3.32	2.96	3.07	9.26	10.97	8.56	10.91	12.47
Total Debt/Equity (%)	30.07	27.58	62.5	101.84	77.07	54.94	41.91	43.17	38.68	38.48	115.12	135.72	109.01	139.61	152.73
Total Debt/Capital (%)	24.93	22.71	39.52	51.67	44.38	36.34	30.27	30.54	28.32	27.74	53.42	57.5	51.79	57.97	60.11
Total Debt/Total Assets (%)	2.16	1.97	4.33	7.47	5.45	3.92	3.12	3.32	2.96	3.07	9.26	10.97	8.56	10.91	12.47
CFO/Total Liabilities	1.35	1.71	1.37	1.68	1.57	0.77	1.45	2.17	0.93	2.82	1.33	1.43	1.53	1.43	1.93
CFO/CapEx	- -	- -	- -	- -	5.71	4.09	5.03	8.74	10.16	22.92	20.02	8.4	18.33	15.11	26
Altman's Z-Score	0.23	0.23	0.25	0.26	0.23	0.25	0.26	0.21	0.28	0.24	0.24	0.23	0.22	0.22	0.24

Working Capital (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Accounts Receivable Turnover	12.13	10.87	8.91	8.41	10.45	11.93	13.49	13.93	15.23	14.77	15.57	16.91	17.28	17.03	16.96
Days Sales Outstanding	30.1	33.57	40.95	43.43	34.92	30.6	27.06	26.21	23.96	24.72	23.44	21.58	21.12	21.43	21.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Market Capitalization	83	81	155	167	98	156	161	170	245	242	256	267	263	285	328
- Cash & Cash Equivalents	26	41	37	41	33	38	33	59	57	40	48	49	128	56	69
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	2	2	2	2	2	- -	- -	- -
+ Total Debt	21	21	52	94	77	61	52	58	56	60	196	249	212	290	357
Enterprise Value	78	61	170	220	143	179	180	57	112	150	311	322	145	219	241
Total Capital	85	93	132	182	174	169	171	191	197	217	367	433	409	501	594
Total Debt/Capital (%)	24.93	22.71	39.52	51.67	44.38	36.34	30.27	30.54	28.32	27.74	53.42	57.5	51.79	57.97	60.11
Total Debt / EV	0.27	0.35	0.31	0.43	0.54	0.34	0.29	1.02	0.5	0.4	0.63	0.77	1.47	1.33	1.48
EV/Sales	1.61	1.19	3.17	3.88	2.04	2.26	2.05	0.63	1.12	1.47	2.89	2.86	1.21	1.71	1.65
EV/EBITDA	4.4	3.26	8.66	10.65	5.99	6.98	6.16	9.39	3.28	21.47	47.15	48.75	22.02	35.45	43.03
EV/EBIT	5.37	3.94	10.5	12.82	7.55	8.7	7.53	- -	4.15	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	6.4	3.58	11.04	11.23	6.91	16.08	8.07	1.62	6.93	2.95	11.99	10.78	4.13	6.21	4.76
EV/Free Cash Flow to Firm	6.4	3.58	11.04	11.23	5.88	12.92	6.73	1.45	6.3	2.83	11.42	9.63	3.92	5.82	4.58
Diluted Market Cap	87	83	158	170	100	158	164	173	251	246	260	271	266	289	331
Diluted Enterprise Value	82	63	173	223	144	182	182	175	252	269	410	472	350	524	619
EV per Share	40.67	31.76	88.63	115.33	75.38	94.99	95.17	30.31	59.55	79.38	165.26	170.91	76.99	116.59	128.59
TTM Sales	49	51	54	57	70	79	88	90	101	102	107	113	119	127	146
TTM EBITDA	18	19	20	21	24	26	29	6	34	7	7	7	7	6	6
TTM Operating Income	15	15	16	17	19	21	24	- -	27	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	12	17	15	20	21	11	22	35	16	51	26	30	35	35	51
TTM Free Cash Flow to Firm	12	17	15	20	24	14	27	39	18	53	27	33	37	38	53

Multiples (USD)

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	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Price/Free Cash Flow	7.18	4.88	10.29	8.69	4.11	11.41	6.13	4.4	14.07	4.63	9.55	8.1	7.2	7.7	6.3
EV/EBIT	5.37	3.94	10.5	12.82	7.55	8.7	7.53	- -	4.15	- -	- -	- -	- -	- -	- -
Enterprise Value	78	61	170	220	143	179	180	57	112	150	311	322	145	219	241
Low Price	44	68.75	76.25	78.75	51.75	50.75	70	79.38	87.5	122.25	128.25	123.15	129	143	146
EV/Sales	1.61	1.19	3.17	3.88	2.04	2.26	2.05	0.63	1.12	1.47	2.89	2.86	1.21	1.71	1.65
EV/EBITDA	4.4	3.26	8.66	10.65	5.99	6.98	6.16	9.39	3.28	21.47	47.15	48.75	22.02	35.45	43.03
Price/Earnings	7.86	7.19	12.98	13.38	7.03	10.24	9.12	10.42	13.02	12.48	12.35	12.7	11.7	12.93	9.13
Price/Earnings Average	6.64	7.96	11.03	12.63	9.85	8.22	8.36	10.71	11.6	13	12.09	12.4	11.4	13.53	8.98
Price/Earnings High	17.17	15.43	14.26	13.38	13.72	10.39	9.62	18.52	28.05	17.06	13.44	16.1	14.87	14.89	10.18
Price/Earnings Low	7.95	11.76	12.26	12.04	7.03	6.3	7.49	9.19	8.77	11.92	11.65	11.01	10.78	12.17	7.62
Price/Book Value	1.31	1.12	1.93	1.9	1.01	1.45	1.35	1.3	1.76	1.56	1.51	1.46	1.33	1.35	1.39
Price/Book Value Average	1.11	1.24	1.64	1.79	1.42	1.16	1.24	1.34	1.57	1.63	1.48	1.43	1.3	1.42	1.36
Price/Book Value High	2.86	2.41	2.13	1.9	1.97	1.47	1.42	2.32	3.79	2.13	1.64	1.86	1.7	1.56	1.54
Price/Book Value Low	1.33	1.84	1.83	1.71	1.01	0.89	1.11	1.15	1.19	1.49	1.42	1.27	1.23	1.27	1.16
Price/Tangible Book Value	1.19	1.06	1.85	1.83	1.17	1.62	1.47	1.52	2	1.78	1.7	1.62	1.49	1.49	1.51
Price/Tangible Book Value Average	1	1.17	1.57	1.73	1.64	1.3	1.35	1.56	1.78	1.85	1.66	1.58	1.45	1.56	1.48
Price/Tangible Book Value High	2.59	2.26	2.03	1.83	2.28	1.64	1.56	2.7	4.31	2.43	1.84	2.05	1.89	1.72	1.68
Price/Tangible Book Value Low	1.2	1.72	1.75	1.65	1.17	0.99	1.21	1.34	1.35	1.7	1.6	1.4	1.37	1.4	1.26
Price/Sales	1.72	1.57	2.89	2.95	1.4	1.97	1.83	1.88	2.44	2.37	2.38	2.37	2.21	2.24	2.25
Price/Sales Average	1.45	1.74	2.45	2.78	1.96	1.58	1.68	1.94	2.17	2.47	2.33	2.32	2.15	2.34	2.21
Price/Sales High	3.75	3.37	3.17	2.95	2.73	2	1.93	3.35	5.25	3.25	2.59	3.01	2.8	2.57	2.51
Price/Sales Low	1.74	2.57	2.73	2.65	1.4	1.21	1.5	1.66	1.64	2.27	2.25	2.06	2.03	2.1	1.88
Price/Cash Flow	6.84	4.74	10.06	8.52	4.75	13.97	7.23	4.81	15.12	4.76	9.87	8.95	7.52	8.09	6.48
Price/Cash Flow Average	5.78	5.25	8.55	8.04	6.65	11.22	6.63	4.95	13.46	4.95	9.66	8.75	7.32	8.47	6.36
Price/Cash Flow High	14.95	10.17	11.05	8.52	9.26	14.18	7.63	8.55	32.56	6.5	10.74	11.35	9.56	9.32	7.22
Price/Cash Flow Low	6.92	7.75	9.5	7.67	4.75	8.59	5.93	4.24	10.18	4.54	9.3	7.77	6.93	7.61	5.4
Price/Free Cash Flow Average	6.07	5.4	8.75	8.2	5.76	9.16	5.62	4.52	12.53	4.83	9.35	7.91	7.02	8.06	6.19
Price/Free Cash Flow High	15.69	10.47	11.31	8.69	8.02	11.58	6.47	7.82	30.31	6.33	10.39	10.27	9.16	8.87	7.02
Price/Free Cash Flow Low	7.27	7.97	9.72	7.82	4.11	7.02	5.03	3.88	9.47	4.43	9	7.03	6.64	7.25	5.26
EV/Sales Average	1.34	1.35	2.74	3.72	2.6	1.88	1.89	1.95	2.18	2.69	3.73	4.1	2.85	4.18	4.19
EV/Sales High	3.64	2.98	3.45	3.88	3.37	2.29	2.15	3.36	5.26	3.46	3.99	4.79	3.51	4.41	4.49
EV/Sales Low	1.63	2.18	3.01	3.59	2.04	1.51	1.72	1.68	1.65	2.49	3.64	3.84	2.74	3.94	3.86
EV/EBITDA Average	3.67	3.72	7.48	10.19	7.64	5.79	5.71	28.91	6.42	39.24	60.69	70.05	51.78	86.39	108.95
EV/EBITDA High	9.97	8.21	9.44	10.65	9.91	7.07	6.47	49.8	15.46	50.52	64.93	81.83	63.68	91.26	116.67
EV/EBITDA Low	4.45	6	8.22	9.84	5.99	4.65	5.18	24.84	4.86	36.25	59.3	65.61	49.67	81.53	100.27
EV/EBIT Average	4.48	4.5	9.07	12.27	9.63	7.21	6.97	- -	8.13	- -	- -	- -	- -	- -	- -
EV/EBIT High	12.17	9.91	11.45	12.82	12.49	8.81	7.91	- -	19.59	- -	- -	- -	- -	- -	- -
EV/EBIT Low	5.44	7.25	9.97	11.85	7.55	5.79	6.32	- -	6.16	- -	- -	- -	- -	- -	- -
Last Price	43.48	42.07	80.75	87.5	51.75	82.5	85.25	90	130	128	136	142	140	152	175
High Price	95	90.25	88.75	87.5	101	83.75	90	160	280	174.99	147.99	180	178	175	195
Enterprise Value Average	65	70	146	210	182	148	166	176	220	275	400	463	340	533	610
Enterprise Value High	177	153	185	220	236	181	189	304	530	354	428	540	418	563	654
Enterprise Value Low	79	112	161	203	143	119	151	151	167	254	391	433	326	503	562

Shares Outstanding	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Revenue per Share	25.33	26.79	27.98	29.7	36.94	41.98	46.54	47.81	53.38	53.93	57.1	59.83	63.49	67.99	77.71
EBITDA per Share	9.25	9.74	10.24	10.83	12.58	13.61	15.44	3.23	18.16	3.7	3.51	3.51	3.5	3.29	2.99
Operating Income per Share	7.58	8.07	8.44	9	9.98	10.92	12.64	- -	14.33	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	5.53	5.85	6.22	6.54	7.36	8.06	9.35	8.64	9.98	10.26	11.01	11.18	11.97	11.75	19.16
Basic EPS from Cont Ops	5.53	5.85	6.22	6.54	7.36	8.06	9.35	8.43	9.87	10.05	10.97	11.14	11.97	11.75	19.16
Diluted EPS, GAAP	5.27	5.68	6.08	6.41	7.23	7.92	9.2	8.48	9.76	10.09	10.84	11.05	11.84	11.58	18.97
Diluted EPS from Cont Ops	5.27	5.68	6.08	6.41	7.23	7.92	9.2	8.28	9.65	9.88	10.79	11.01	11.84	11.58	18.97
Dividend per Share	1.32	1.51	1.75	2	2.25	2.48	2.71	2.86	4.76	1.68	3.51	3.69	3.88	4.3	4.81
Cash Flow per Share	6.36	8.87	8.03	10.27	10.91	5.91	11.79	18.71	8.6	26.92	13.78	15.86	18.63	18.78	27.01
Free Cash Flow per Basic Share	6.36	8.87	8.03	10.27	8.99	4.46	9.45	16.57	7.75	25.74	13.09	13.97	17.61	17.54	25.97
Cash & Equivalents per Share	13.82	21.3	19.42	21.47	17.26	20.06	17.56	91.87	101.17	81.39	75.87	104.22	175.85	190.3	236.82
Book Value per Share	33.17	37.43	41.76	46.11	51.24	57.03	63.29	69.06	73.78	82.04	90.02	96.98	105	112.27	126.29
Tangible Book Value per Share	36.64	39.87	43.67	47.78	44.31	51.02	57.86	59.28	64.95	71.91	80.22	87.67	94.12	101.88	115.89

Canandaigua National Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)