First Bankers Trustshares, Inc. Financial Ratios — FBTT

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	43.24	- -	17.44	10.62	12.02	11.13	8.33	8.85	8.51	7.81	7.69	7.84	4.59	3.47	5.45
Return on Assets (%)	1.07	0.9	0.72	0.9	1.03	1	0.79	0.9	0.9	0.77	0.7	0.75	0.48	0.36	0.56
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	4.1	6.28	9.66	8.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	5.12	5.28	28.66	32.72	35.66	36.33	3.95	4.33	4.22	3.76	3.08	2.34	2.43	2.19	1.95
Operating Margin (%)	- -	- -	22.69	27.82	31.1	32.31	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-35.8	- -	5,279.17	73.94	63.22	58.07	-6,548.11	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.02	29.55	22.69	27.82	31.1	32.31	25.8	18.67	24.89	29.99	31.66	31.9	20.88	15.93	21.71
Profit Margin (%)	20.25	20.5	17	19.46	21.89	21.28	17.12	25.4	25.22	23.46	25.17	25.43	17.4	13.13	17.18
Net Income to Common Margin (%)	20.25	20.5	17	19.46	21.89	21.28	17.12	25.4	25.22	23.46	25.17	25.43	17.4	13.13	17.18
Effective Tax Rate (%)	27.73	30.63	25.09	30.05	29.6	34.12	33.64	16.97	19.03	21.79	20.47	20.26	16.64	17.58	20.87
Dvd Payout Ratio (%)	23.11	19.47	25.02	20.08	17.57	17.99	23.38	18.62	29.75	26.79	27.21	26.25	44.26	60.19	39.22
Sustainable Growth Rate (%)	33.25	- -	13.07	8.49	9.9	9.12	6.39	7.2	5.98	5.72	5.6	5.79	2.56	1.38	3.31

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	64	67	71	10	10	45	10	10	11	16	17	55	40	40	129
ST Debt	49	52	61	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	93
LT Debt	15	15	10	10	10	45	10	10	11	16	17	55	40	40	35
Total Debt/EBITDA	41.93	38.3	7.42	0.85	0.7	2.9	6.05	7.22	8.16	12.43	16.62	68.12	53.32	57.83	169.02
Net Debt/EBITDA	28.11	22.2	5.63	-1.28	-2.53	0.52	-8.96	-16.43	-14.72	-29.45	-29.3	34.42	-8.72	-58.61	45.24
Total Debt/EBIT	- -	- -	9.37	1	0.81	3.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	7.11	-1.5	-2.9	0.58	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	8.42	8.44	8.65	9.23	9.7	10.53	10.58	9.24	8.91	10.35	10.41	10.28	10.18
Long-Term Debt/Equity (%)	24.1	22.36	14.74	13.04	11.96	56.7	11.95	11.57	11.66	14.33	15.72	97.73	64.91	59.76	43.27
Long-Term Debt/Capital (%)	24.08	22.93	7.03	11.28	10.44	34.52	10.13	9.52	10.42	13.14	13.21	32.34	25.2	24.95	13.9
Long-Term Debt/Total Assets (%)	2.14	1.92	1.33	1.22	1.14	4.87	1.09	1.11	1.23	1.4	1.36	4.95	3.51	3.42	2.87
Total Debt/Equity (%)	100.1	97.53	101.83	13.04	11.96	56.7	11.95	11.57	11.66	14.33	15.72	97.73	64.91	59.76	157.83
Total Debt/Capital (%)	100	100	48.61	11.28	10.44	34.52	10.13	9.52	10.42	13.14	13.21	32.34	25.2	24.95	50.68
Total Debt/Total Assets (%)	8.9	8.38	9.19	1.22	1.14	4.87	1.09	1.11	1.23	1.4	1.36	4.95	3.51	3.42	10.46
Net Debt to Equity	67.1	56.52	77.21	-19.66	-42.93	10.11	-17.7	-26.3	-21.04	-33.96	-27.72	49.39	-10.61	-60.56	42.25
Net Debt/Capital (%)	100	100	41.77	-23.72	-71.98	8.59	-20.04	-31.45	-26.55	-55.91	-36.71	19.46	-5.83	-50.8	21.57
EBITDA	2	2	10	12	15	16	2	1	1	1	1	1	1	1	1
EBITDA-CapEx	-3	-1	7	11	14	15	1	1	1	1	- -	1	- -	- -	- -
Operating Income (Loss)	- -	- -	8	10	13	14	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	8.42	8.44	8.65	9.23	9.7	10.53	10.58	9.24	8.91	10.35	10.41	10.28	10.18
Long-Term Debt/Equity (%)	24.1	22.36	14.74	13.04	11.96	56.7	11.95	11.57	11.66	14.33	15.72	97.73	64.91	59.76	43.27
Long-Term Debt/Capital (%)	24.08	22.93	7.03	11.28	10.44	34.52	10.13	9.52	10.42	13.14	13.21	32.34	25.2	24.95	13.9
Long-Term Debt/Total Assets (%)	2.14	1.92	1.33	1.22	1.14	4.87	1.09	1.11	1.23	1.4	1.36	4.95	3.51	3.42	2.87
Total Debt/Equity (%)	100.1	97.53	101.83	13.04	11.96	56.7	11.95	11.57	11.66	14.33	15.72	97.73	64.91	59.76	157.83
Total Debt/Capital (%)	100	100	48.61	11.28	10.44	34.52	10.13	9.52	10.42	13.14	13.21	32.34	25.2	24.95	50.68
Total Debt/Total Assets (%)	8.9	8.38	9.19	1.22	1.14	4.87	1.09	1.11	1.23	1.4	1.36	4.95	3.51	3.42	10.46
CFO/Total Liabilities	2.4	2.29	1.84	1.73	1.67	1.63	1.73	1.91	1.94	1.48	1.48	1.49	0.71	0.41	0.7
CFO/CapEx	3.53	6.94	5.77	12.42	13.65	13.43	43.96	19.8	135.86	42.66	28.91	58.23	16.49	6.9	20.63
Altman's Z-Score	0.08	0.09	0.24	0.25	0.26	0.29	0.24	0.25	0.25	0.21	0.2	0.21	0.2	0.19	0.21

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	34.4	- -	20.28	10.63	10.87	10.71	10.34	7.56	7.5	8.03	7.51	7.56	5.86	5.27	6
Days Sales Outstanding	10.61	- -	18	34.35	33.56	34.09	35.29	48.27	48.68	45.45	48.59	48.27	62.33	69.22	60.8
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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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	43	54	59	70	73	92	95	99	96	86	97	71	57	51	73
- Cash & Cash Equivalents	21	28	17	26	47	37	26	34	32	53	46	27	47	81	94
+ Preferred Equity and Hybrid Capital	- -	- -	10	10	10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	64	67	71	10	10	45	10	10	11	16	17	55	40	40	129
Enterprise Value	86	93	-149	-232	-255	-228	-290	-275	-266	-491	-597	-264	-280	-9	99
Total Capital	64	67	147	91	99	131	102	108	109	119	126	171	160	162	254
Total Debt/Capital (%)	100	100	48.61	11.28	10.44	34.52	10.13	9.52	10.42	13.14	13.21	32.34	25.2	24.95	50.68
Total Debt / EV	0.74	0.73	-0.48	-0.04	-0.04	-0.2	-0.04	-0.04	-0.04	-0.03	-0.03	-0.21	-0.14	-4.71	1.31
EV/Sales	2.88	2.78	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.52
EV/EBITDA	56.3	52.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	129.5
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	5.47	5.51	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.3
EV/Free Cash Flow to Firm	4.27	4.81	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.73
Diluted Market Cap	43	54	59	70	73	92	95	99	96	86	97	71	57	51	73
Diluted Enterprise Value	86	93	123	65	46	100	80	75	76	49	68	99	50	10	107
EV per Share	28.01	30.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.94
TTM Sales	30	33	34	37	41	43	43	33	33	33	32	35	31	32	39
TTM EBITDA	2	2	10	12	15	16	2	1	1	1	1	1	1	1	1
TTM Operating Income	- -	- -	8	10	13	14	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	16	17	13	13	14	14	15	16	16	15	17	16	8	5	8
TTM Free Cash Flow to Firm	20	19	15	14	15	15	15	17	16	15	17	16	8	5	8

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	2.14	2.79	3.91	4.91	4.96	6.21	6.26	5.85	5.97	5.6	5.67	4.45	6.95	9.8	8.64
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	86	93	-149	-232	-255	-228	-290	-275	-266	-491	-597	-264	-280	-9	99
Low Price	12	14.03	17.43	18.9	22.61	23	25.95	30	30.05	24	27.84	22.75	12.85	13.25	15.3
EV/Sales	2.88	2.78	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.52
EV/EBITDA	56.3	52.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	129.5
Price/Earnings	7.13	7.85	10.44	9.67	8.11	10.1	12.84	11.79	11.59	10.95	11.89	8.09	10.52	12.17	10.82
Price/Earnings Average	6.89	7.19	10.62	8.8	8.11	8.81	12.11	12.89	11.89	10.75	11.75	9.7	10.52	11.74	7.96
Price/Earnings High	7.49	7.96	13.74	10.2	8.43	10.1	12.95	14	13.37	13.21	12.2	10.79	13.06	14.15	11.14
Price/Earnings Low	6.1	6.32	9.58	8.03	7.75	7.75	10.84	11.05	11.16	9.47	10.53	7.81	7.11	9.49	6.82
Price/Book Value	- -	- -	0.91	0.99	0.93	1.07	1.04	1.01	0.99	0.83	0.89	0.62	0.48	0.42	0.58
Price/Book Value Average	- -	- -	0.93	0.9	0.93	0.94	0.98	1.1	1.01	0.82	0.88	0.74	0.48	0.4	0.43
Price/Book Value High	- -	- -	1.2	1.04	0.97	1.07	1.05	1.2	1.14	1	0.91	0.82	0.59	0.49	0.6
Price/Book Value Low	- -	- -	0.84	0.82	0.89	0.82	0.88	0.95	0.95	0.72	0.79	0.6	0.32	0.33	0.37
Price/Tangible Book Value	0.67	0.78	1.07	1.08	1.01	1.21	1.15	1.15	1.03	0.81	0.95	1.33	0.96	0.79	0.93
Price/Tangible Book Value Average	0.65	0.71	1.09	0.98	1.01	1.06	1.08	1.26	1.05	0.8	0.93	1.6	0.96	0.76	0.68
Price/Tangible Book Value High	0.71	0.79	1.41	1.14	1.05	1.21	1.16	1.37	1.18	0.98	0.97	1.78	1.2	0.92	0.95
Price/Tangible Book Value Low	0.58	0.62	0.98	0.9	0.96	0.93	0.97	1.08	0.99	0.7	0.84	1.29	0.65	0.62	0.58
Price/Sales	1.44	1.61	1.77	1.88	1.77	2.15	2.2	2.99	2.92	2.57	2.99	2.06	1.83	1.6	1.86
Price/Sales Average	1.4	1.47	1.8	1.71	1.78	1.87	2.07	3.28	3	2.52	2.96	2.47	1.83	1.54	1.37
Price/Sales High	1.52	1.63	2.33	1.98	1.85	2.15	2.22	3.56	3.37	3.1	3.07	2.74	2.27	1.86	1.91
Price/Sales Low	1.24	1.29	1.63	1.56	1.7	1.65	1.86	2.81	2.81	2.22	2.65	1.99	1.24	1.25	1.17
Price/Cash Flow	2.74	3.19	4.58	5.31	5.32	6.67	6.41	6.15	6.01	5.73	5.87	4.53	7.37	11.22	9.06
Price/Cash Flow Average	2.65	2.92	4.66	4.83	5.32	5.82	6.04	6.72	6.17	5.63	5.8	5.42	7.37	10.83	6.67
Price/Cash Flow High	2.88	3.23	6.03	5.59	5.53	6.67	6.46	7.3	6.94	6.92	6.02	6.03	9.15	13.04	9.33
Price/Cash Flow Low	2.34	2.56	4.21	4.41	5.08	5.11	5.41	5.76	5.79	4.96	5.19	4.36	4.98	8.75	5.71
Price/Free Cash Flow Average	2.06	2.55	3.97	4.47	4.96	5.41	5.91	6.4	6.12	5.5	5.6	5.33	6.95	9.46	6.36
Price/Free Cash Flow High	2.24	2.82	5.14	5.18	5.15	6.21	6.32	6.95	6.89	6.76	5.82	5.93	8.63	11.39	8.9
Price/Free Cash Flow Low	1.83	2.24	3.58	4.08	4.74	4.76	5.29	5.48	5.75	4.84	5.02	4.29	4.7	7.64	5.45
EV/Sales Average	2.84	2.65	3.72	1.56	1.12	2.06	1.72	2.57	2.38	1.41	2.05	3.27	1.62	0.26	2.25
EV/Sales High	2.96	2.8	4.25	1.84	1.19	2.34	1.86	2.85	2.75	1.99	2.17	3.55	2.06	0.58	2.79
EV/Sales Low	2.67	2.47	3.54	1.41	1.04	1.84	1.5	2.1	2.19	1.11	1.75	2.79	1.03	- -	2.05
EV/EBITDA Average	55.35	50.12	12.96	4.78	3.13	5.68	43.53	59.31	56.36	37.58	66.6	139.82	66.49	11.85	115.47
EV/EBITDA High	57.71	53.1	14.81	5.61	3.33	6.44	47.17	65.79	65.23	52.93	70.25	151.67	84.7	26.28	143.5
EV/EBITDA Low	52.22	46.73	12.35	4.32	2.91	5.06	38.03	48.48	52.02	29.57	56.64	119.24	42.17	-1.66	105.4
EV/EBIT Average	- -	- -	16.38	5.62	3.59	6.38	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	18.71	6.6	3.82	7.24	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	15.6	5.08	3.34	5.68	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.03	17.43	19	22.76	23.65	30	30.75	32	31.2	27.75	31.45	23.59	19	16.99	24.28
High Price	14.73	17.67	25	24	24.6	30	31	38	36	33.5	32.25	31.45	23.59	19.75	24.99
Enterprise Value Average	85	88	124	58	46	89	74	85	78	47	67	114	50	8	88
Enterprise Value High	88	94	142	68	49	100	80	94	91	67	70	123	64	18	109
Enterprise Value Low	80	82	119	53	43	79	65	69	72	37	57	97	32	-1	80

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Revenue per Share	9.71	10.83	10.71	12.09	13.33	13.95	13.99	10.69	10.68	10.81	10.5	11.46	10.38	10.63	13.06
EBITDA per Share	0.5	0.57	3.07	3.96	4.75	5.07	0.55	0.46	0.45	0.41	0.32	0.27	0.25	0.23	0.25
Operating Income per Share	- -	- -	2.43	3.36	4.14	4.51	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.97	2.22	1.82	2.35	2.92	2.97	2.39	2.71	2.69	2.54	2.64	2.91	1.81	1.4	2.24
Basic EPS from Cont Ops	1.97	2.22	1.82	2.35	2.92	2.97	2.39	1.66	2.15	2.54	2.64	2.91	1.81	1.4	2.24
Diluted EPS, GAAP	1.97	2.22	1.82	2.35	2.92	2.97	2.39	2.71	2.69	2.54	2.64	2.91	1.81	1.4	2.24
Diluted EPS from Cont Ops	1.97	2.22	1.82	2.35	2.92	2.97	2.39	1.66	2.15	2.54	2.64	2.91	1.81	1.4	2.24
Dividend per Share	0.45	0.43	0.46	0.47	0.51	0.53	0.56	0.31	0.64	0.68	0.72	0.77	0.8	0.84	0.88
Cash Flow per Share	5.12	5.47	4.14	4.29	4.45	4.5	4.8	5.21	5.19	4.84	5.36	5.21	2.58	1.51	2.68
Free Cash Flow per Basic Share	3.67	4.68	3.43	3.94	4.12	4.16	4.69	4.94	5.15	4.73	5.17	5.12	2.42	1.29	2.55
Cash & Equivalents per Share	6.88	9.21	92.63	104.69	112.93	118.79	128.17	124.5	121.12	191.61	230.17	129.19	125.94	33.3	34.33
Book Value per Share	- -	- -	20.87	23.08	25.47	27.91	29.63	31.73	31.59	33.4	35.35	38.23	39.96	40.48	41.83
Tangible Book Value per Share	20.84	22.46	17.76	21.06	23.46	24.71	26.77	27.75	30.43	34.25	33.25	17.67	19.71	21.49	26.21

First Bankers Trustshares, Inc.

Profitability (USD)

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Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)