Bank of South Carolina Corporation (BKSC US) · 10+ Years of Financial Ratios

Profitability	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Return on Common Equity (%)	70.39	40.02	87.17	112.7	84.79	67.03	56.22	76.89	98	64.86	124.49	171.6	88.67	68.07	52.98
Return on Assets (%)	1.25	0.73	1.14	1.04	1.11	1.22	1.24	1.27	1.29	1.14	1.58	1.67	1.32	1.11	1
Return on Capital (%)	32.58	10.07	29.85	82.23	77.45	62.3	36.39	46.84	92.64	61.3	113.73	61.55	30.74	28.38	24.42
Return on Invested Capital (%)	10.8	5.9	9.56	- -	11.12	11.87	11.21	11.78	13.16	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	39.32	22.69	36.03	1.58	38.16	41.12	42.31	43.66	40.08	1.07	1.01	1.14	2.07	1.94	1.71
Operating Margin (%)	37.2	20.96	34.27	- -	36.73	39.82	41.03	42.49	39.01	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	119.67	-200.99	338.85	-3,537.51	490.26	132.6	64.61	60.2	-26.21	-2,941.07	- -	- -	- -	- -	- -
Pretax Margin (%)	37.2	20.96	34.27	34.17	36.73	39.82	41.03	42.49	39.01	42.84	41.32	46.78	41.43	41.5	41.18
Profit Margin (%)	25.03	14.84	23.65	24.02	25.55	27.49	28.21	28.94	29.51	27.21	35.62	36.06	31.76	31.75	31.75
Net Income to Common Margin (%)	25.03	14.84	23.65	24.02	25.55	27.49	28.21	28.94	29.51	27.21	35.62	36.06	31.76	31.75	31.75
Effective Tax Rate (%)	32.7	29.2	30.98	29.71	30.43	30.98	31.23	31.89	24.34	36.48	13.81	22.91	23.33	23.5	22.91
Dvd Payout Ratio (%)	86.32	102.3	54.27	43.16	67.9	40.41	62.87	48.73	49.81	57.78	53.44	55.08	55.61	63.93	56.7
Sustainable Growth Rate (%)	9.63	-0.92	39.86	64.06	27.22	39.94	20.87	39.42	49.18	27.38	57.96	77.08	39.36	24.55	22.94

Credit	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Total Debt	1	8	1	- -	- -	- -	7	- -	- -	- -	- -	13	13	14	13
ST Debt	1	8	1	- -	- -	- -	7	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	13	14	13
Total Debt/EBITDA	0.22	2.8	0.16	- -	- -	- -	1.06	- -	- -	- -	- -	57.34	30.24	34.01	37.39
Net Debt/EBITDA	-1.27	0.77	-0.98	-248.73	-5.67	-3.63	-0.52	-3.96	-3.68	-168.24	-162.47	-213.1	-114.78	-339.36	-77.3
Total Debt/EBIT	0.23	3.03	0.17	- -	- -	- -	1.09	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-1.34	0.83	-1.03	- -	-5.89	-3.75	-0.53	-4.07	-3.78	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	-2.46	-2.14	-4.45	-0.27	-12.01	-14.66	-16.13	-18.33	-18.8	-0.46	-0.28	-0.28	-1.38	-2.37	-1.19
EBITDA-CapEx/Interest Expense	-2.43	-1.91	-4.3	0.23	-11.83	-14.28	-15.89	-18	-18.28	-0.12	0.13	2.4	-0.78	-1.56	0.68
EBIT to Interest Expense	-2.32	-1.98	-4.23	- -	-11.56	-14.2	-15.64	-17.84	-18.3	- -	- -	- -	- -	- -	- -
Interest Expense	-2	-1	-1	-1	- -	- -	- -	- -	- -	- -	-1	-1	- -	- -	- -
Common Equity/Total Assets	1.8	1.87	0.77	1.05	1.59	2.06	2.35	1.02	1.6	1.9	0.62	1.32	1.63	1.64	2.14
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.82	23.15	26.04	34.61
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	69.2	59.42	55.8	48.96
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.97	2.39	2.07	2.06
Total Debt/Equity (%)	3.73	29.04	2.67	- -	- -	- -	18.99	- -	- -	- -	- -	25.82	23.15	26.04	34.61
Total Debt/Capital (%)	18.6	61.71	26.15	- -	- -	- -	44.69	- -	- -	- -	- -	69.2	59.42	55.8	48.96
Total Debt/Total Assets (%)	0.41	3.01	0.27	- -	- -	- -	1.9	- -	- -	- -	- -	2.97	2.39	2.07	2.06
Net Debt to Equity	-21.86	7.99	-16.17	-162.73	-91.49	-63.69	-9.24	-74.57	-64.62	-76.04	-70.02	-95.95	-87.9	-259.86	-71.56
Net Debt/Capital (%)	394.61	30.73	187.51	107.19	119.93	146.36	-64.83	116.18	133.9	135.23	109.08	163.62	179.64	121.89	8,279.28
EBITDA	5	3	5	- -	5	6	7	7	7	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	5	3	5	- -	5	6	6	7	7	- -	- -	-2	- -	- -	- -
Operating Income (Loss)	4	3	5	- -	5	6	6	7	7	- -	- -	- -	- -	- -	- -

Liquidity	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Cash Ratio	3.31	0.68	3.97	123.06	220.58	128.04	15.46	114.59	179.63	187.93	117.08	103.56	70.82	170.27	123.02
Current Ratio	3.8	0.82	4.74	124.32	223.35	129.34	15.62	115.57	181.62	189.82	118.29	104.47	71.44	170.95	123.91
Quick Ratio	3.8	0.82	4.74	124.32	223.35	129.34	15.62	115.57	181.62	189.82	118.29	104.47	71.44	170.95	123.91
CFO/Avg Current Liab	1.02	0.55	0.12	1.97	-9	28.47	0.49	1.52	5.71	9.47	8.44	3.25	0.14	7.5	4.21
Common Equity/Total Assets	1.8	1.87	0.77	1.05	1.59	2.06	2.35	1.02	1.6	1.9	0.62	1.32	1.63	1.64	2.14
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.82	23.15	26.04	34.61
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	69.2	59.42	55.8	48.96
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.97	2.39	2.07	2.06
Total Debt/Equity (%)	3.73	29.04	2.67	- -	- -	- -	18.99	- -	- -	- -	- -	25.82	23.15	26.04	34.61
Total Debt/Capital (%)	18.6	61.71	26.15	- -	- -	- -	44.69	- -	- -	- -	- -	69.2	59.42	55.8	48.96
Total Debt/Total Assets (%)	0.41	3.01	0.27	- -	- -	- -	1.9	- -	- -	- -	- -	2.97	2.39	2.07	2.06
CFO/Total Liabilities	0.98	1.22	0.23	0.74	-2.03	6.13	0.66	1.98	1.62	2.03	2.43	1.13	0.06	2.79	1.54
CFO/CapEx	39.39	9.36	3.85	5.82	-71.13	116.58	22.23	53.25	30.74	57.95	32.46	2.03	1.59	122.75	16.77
Altman's Z-Score	0.3	0.2	0.26	0.55	0.55	0.68	0.64	0.7	0.72	0.67	0.64	0.62	0.58	0.78	0.7

Working Capital	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Accounts Receivable Turnover	9.78	11.62	11.92	12.06	12.64	12.86	12.61	13.11	12.27	10.8	11.84	14.14	14	14.16	11.81
Days Sales Outstanding	37.31	31.42	30.63	30.27	28.89	28.38	28.94	27.84	29.75	33.79	30.82	25.82	26.07	25.77	30.91
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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Market Capitalization	52	40	52	45	48	71	66	82	109	97	102	104	89	113	91
- Cash & Cash Equivalents	7	6	5	52	31	22	10	29	26	33	32	49	48	140	28
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1	8	1	- -	- -	- -	7	- -	- -	- -	- -	13	13	14	13
Enterprise Value	46	42	47	-66	-42	-46	-52	-68	-38	-75	-49	-33	-81	-225	-194
Total Capital	5	13	3	3	5	7	16	4	7	8	3	19	21	25	27
Total Debt/Capital (%)	18.6	61.71	26.15	- -	- -	- -	44.69	- -	- -	- -	- -	69.2	59.42	55.8	48.96
Total Debt / EV	0.02	0.19	0.02	- -	- -	- -	-0.14	- -	- -	- -	- -	-0.4	-0.16	-0.06	-0.07
EV/Sales	3.9	3.34	3.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	9.92	14.73	9.92	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	10.49	15.94	10.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	53.1	21.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	49.97	18.62	24,101.97	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	52	40	52	45	48	71	67	84	111	98	104	105	92	116	93
Diluted Enterprise Value	46	42	47	-7	17	49	64	55	85	66	72	69	56	-10	79
EV per Share	8.65	7.9	8.77	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	12	13	13	13	14	15	16	17	18	18	19	20	20	21	21
TTM EBITDA	5	3	5	- -	5	6	7	7	7	- -	- -	- -	- -	- -	- -
TTM Operating Income	4	3	5	- -	5	6	6	7	7	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1	2	- -	2	-6	18	2	7	6	8	9	4	- -	17	9
TTM Free Cash Flow to Firm	1	2	- -	2	-6	19	2	7	6	8	9	6	- -	17	10

Multiples	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Price/Earnings	17.53	21.28	16.56	14.2	13.1	17.37	14.95	16.7	20.63	19.73	14.77	14.15	13.82	16.8	13.72
Price/Earnings Average	17.91	25.15	14.21	14.75	13.69	14.64	15.22	15.07	16.31	19.99	15.46	14.08	14.22	16.38	14.8
Price/Earnings High	20.26	29.89	16.64	17.28	14.68	18.78	15.87	16.97	21.16	22.17	16.72	15.1	16.31	18.45	16.97
Price/Earnings Low	12.28	20.29	12.26	12.67	12.25	11.71	14.47	13.43	14.02	17.72	13.65	13.22	9.97	13.12	13.08
Price/Book Value	11.81	8.03	23.83	12.98	9.31	10.12	7.61	20.08	16.36	11.45	38.66	17.64	10.25	10.2	6.52
Price/Book Value Average	12.07	9.49	20.45	13.48	9.73	8.53	7.75	18.12	12.94	11.6	40.47	17.55	10.56	9.95	7.04
Price/Book Value High	13.65	11.28	23.96	15.8	10.44	10.94	8.08	20.41	16.78	12.87	43.75	18.82	12.11	11.21	8.07
Price/Book Value Low	8.27	7.66	17.65	11.58	8.71	6.82	7.37	16.15	11.12	10.29	35.72	16.48	7.4	7.97	6.22
Price/Tangible Book Value	1.93	1.45	1.8	1.42	1.42	2.04	1.79	2.08	2.68	2.27	2.25	2.03	1.62	2.1	2.35
Price/Tangible Book Value Average	1.97	1.71	1.54	1.47	1.48	1.72	1.82	1.88	2.12	2.3	2.36	2.02	1.67	2.05	2.54
Price/Tangible Book Value High	2.23	2.03	1.81	1.72	1.59	2.21	1.9	2.12	2.75	2.55	2.55	2.16	1.91	2.31	2.91
Price/Tangible Book Value Low	1.35	1.38	1.33	1.26	1.32	1.38	1.73	1.68	1.82	2.04	2.08	1.89	1.17	1.64	2.24
Price/Sales	4.39	3.16	3.92	3.41	3.35	4.77	4.22	4.83	6.09	5.37	5.26	5.1	4.39	5.33	4.36
Price/Sales Average	4.48	3.73	3.36	3.54	3.5	4.03	4.29	4.36	4.81	5.44	5.51	5.08	4.52	5.2	4.7
Price/Sales High	5.07	4.44	3.94	4.15	3.75	5.16	4.48	4.91	6.24	6.03	5.95	5.44	5.18	5.86	5.39
Price/Sales Low	3.08	3.01	2.9	3.04	3.13	3.22	4.08	3.89	4.14	4.82	4.86	4.77	3.17	4.17	4.15
Price/Cash Flow	24.22	13.73	87.97	20.22	-8.13	3.77	30.26	11.46	17.91	11.82	10.97	23.3	305.7	6.49	9.64
Price/Cash Flow Average	24.75	16.23	75.47	21	-8.5	3.18	30.81	10.34	14.16	11.98	11.49	23.18	314.71	6.33	10.4
Price/Cash Flow High	27.99	19.29	88.43	24.61	-9.11	4.08	32.12	11.65	18.37	13.28	12.42	24.87	360.97	7.13	11.92
Price/Cash Flow Low	16.97	13.09	65.16	18.04	-7.6	2.54	29.29	9.22	12.17	10.62	10.14	21.77	220.52	5.07	9.19
Price/Free Cash Flow	23.69	12.42	69.82	17.26	-8.25	3.75	29.69	11.6	17.78	11.83	10.82	15.81	192.63	6.61	9.25
Price/Free Cash Flow Average	24.21	14.67	59.9	17.92	-8.62	3.16	30.23	10.47	14.05	11.98	11.33	15.73	198.3	6.44	9.98
Price/Free Cash Flow High	27.38	17.44	70.18	21	-9.24	4.05	31.52	11.8	18.23	13.29	12.24	16.87	227.46	7.26	11.44
Price/Free Cash Flow Low	16.6	11.84	51.71	15.39	-7.71	2.53	28.74	9.33	12.08	10.62	10	14.77	138.96	5.16	8.82
EV/Sales	3.9	3.34	3.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	4	3.92	3.02	- -	1.34	2.54	4.08	2.63	3.36	3.65	3.88	3.31	2.76	- -	4.02
EV/Sales High	4.59	4.62	3.6	0.23	1.59	3.68	4.26	3.19	4.8	4.25	4.33	3.68	3.43	- -	4.71
EV/Sales Low	2.58	3.19	2.56	- -	0.97	1.73	3.86	2.16	2.68	3.03	3.23	3.01	1.41	- -	3.47
EV/EBITDA	9.92	14.73	9.92	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	10.17	17.26	8.37	-23.8	3.5	6.17	9.63	6.03	8.38	340.22	385	292.04	133.43	-37.33	234.4
EV/EBITDA High	11.66	20.38	9.98	14.88	4.16	8.94	10.07	7.3	11.97	395.61	429.35	324.56	165.47	-3.39	274.59
EV/EBITDA Low	6.57	14.08	7.1	-55.52	2.53	4.21	9.13	4.95	6.69	282.62	320.78	264.79	68.19	-90.62	202.41
EV/EBIT	10.49	15.94	10.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	10.75	18.69	8.81	- -	3.64	6.38	9.93	6.2	8.61	- -	- -	- -	- -	- -	- -
EV/EBIT High	12.33	22.06	10.49	- -	4.33	9.23	10.38	7.5	12.29	- -	- -	- -	- -	- -	- -
EV/EBIT Low	6.95	15.24	7.46	- -	2.63	4.35	9.42	5.08	6.87	- -	- -	- -	- -	- -	- -
Last Price	9.76	7.49	9.64	8.43	8.93	13.14	12.18	15.09	19.94	17.68	18.59	18.75	16.15	20.48	16.45
High Price	11.28	10.52	9.69	10.26	10.01	14.21	12.93	15.34	20.45	19.86	21.04	20.01	19.07	22.5	20.35
Low Price	6.84	7.14	7.14	7.52	8.35	8.86	11.79	12.14	13.55	15.88	17.18	17.52	11.65	16	15.68
Enterprise Value	46	42	47	-66	-42	-46	-52	-68	-38	-75	-49	-33	-81	-225	-194
Enterprise Value Average	47	49	40	-5	19	38	64	44	60	66	75	67	56	-15	84
Enterprise Value High	54	58	47	3	23	55	66	54	85	76	84	75	70	-1	99
Enterprise Value Low	30	40	34	-12	14	26	60	36	48	55	63	61	29	-37	73

Per Share Data Items	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y
Shares Outstanding	5	5	5	5	5	5	5	5	5	5	6	6	6	6	6
Diluted Weighted Avg Shares	5	5	5	5	5	5	6	6	6	6	6	6	6	6	6
Basic Weighted Avg Shares	5	5	5	5	5	5	5	5	5	5	6	6	6	6	6
Revenue per Share	2.22	2.37	2.46	2.47	2.67	2.75	2.89	3.12	3.27	3.29	3.53	3.68	3.68	3.84	3.78
EBITDA per Share	0.87	0.54	0.89	0.04	1.02	1.13	1.22	1.36	1.31	0.04	0.04	0.04	0.08	0.07	0.06
Operating Income per Share	0.83	0.5	0.84	- -	0.98	1.1	1.19	1.33	1.28	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.56	0.35	0.58	0.59	0.68	0.76	0.81	0.9	0.97	0.9	1.26	1.33	1.17	1.22	1.2
Basic EPS from Cont Ops	0.56	0.35	0.58	0.59	0.68	0.76	0.81	0.9	0.97	0.9	1.26	1.33	1.17	1.22	1.2
Diluted EPS, GAAP	0.56	0.35	0.58	0.59	0.68	0.76	0.79	0.88	0.94	0.88	1.24	1.31	1.14	1.19	1.18
Diluted EPS from Cont Ops	0.56	0.35	0.58	0.59	0.68	0.76	0.79	0.88	0.94	0.88	1.24	1.31	1.14	1.19	1.18
Dividend per Share	0.48	0.36	0.32	0.26	0.46	0.31	0.51	0.44	0.48	0.52	0.67	0.73	0.65	0.78	0.68
Cash Flow per Share	0.4	0.55	0.11	0.42	-1.1	3.48	0.4	1.32	1.11	1.5	1.69	0.8	0.05	3.16	1.71
Free Cash Flow per Basic Share	0.39	0.49	0.08	0.35	-1.11	3.45	0.38	1.29	1.08	1.47	1.64	0.41	0.02	3.13	1.61
Cash & Equivalents per Share	1.3	1.09	1.01	20.75	16.65	21.64	23.04	27.59	26.82	31.3	27.49	27.04	33.18	63.61	53.84
Book Value per Share	0.83	0.93	0.4	0.65	0.96	1.3	1.6	0.75	1.22	1.54	0.48	1.06	1.57	2.01	2.52
Tangible Book Value per Share	5.06	5.17	5.36	5.95	6.31	6.44	6.81	7.24	7.45	7.79	8.25	9.25	9.96	9.73	6.99

Bank of South Carolina Corporation

BKSC US

11.11