The Victory Bancorp, Inc. (VTYB US) · 10+ Years of Financial Ratios

Profitability	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	144.23	72.38	13.53	45.34	- -	35.47	43.9	30.28	14.73
Return on Assets (%)	- -	0.61	0.49	0.65	0.8	0.2	0.79	- -	0.63	0.9	0.85	0.49
Return on Capital (%)	- -	0.32	-0.41	0.77	-1.25	3.49	-4.46	- -	-1.48	5.58	2.44	-13.99
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	- -	100	100	100	100
EBITDA Margin (%)	4.61	4.3	3.54	2.79	2.59	- -	2.34	- -	2.3	2.05	2.03	2.16
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	15.75	19.29	18.39	24.41	24.35	24.07	24.66	- -	23.12	31.36	29.58	19.6
Profit Margin (%)	9.05	14.63	11.93	14.73	18.99	19.13	19.11	- -	18.07	25.82	23.47	15.38
Net Income to Common Margin (%)	5.8	11.43	9.56	13.74	18.99	19.13	19.11	- -	18.07	25.82	23.47	15.38
Effective Tax Rate (%)	42.55	24.16	35.14	39.67	22	20.5	22.51	- -	21.88	17.67	20.68	21.52
Dvd Payout Ratio (%)	- -	- -	- -	3.05	8.21	- -	9.12	- -	17.14	14.81	18.38	23.91
Sustainable Growth Rate (%)	- -	- -	- -	139.83	66.44	13.53	41.21	- -	29.39	37.4	24.72	11.21

Credit	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	13	24	31	15	12	10	11	18	28	23	17	49
ST Debt	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -
LT Debt	13	24	31	15	9	10	11	18	28	23	17	49
Total Debt/EBITDA	43.28	81.62	112.36	57.28	44.41	- -	41.87	- -	97.27	74.37	51.73	162.89
Net Debt/EBITDA	37.07	72.61	103.73	44.68	21.57	- -	13.64	- -	-289.89	-251.49	26.56	121.57
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	-0.29	-0.24	-0.17	-0.13	-0.1	- -	-0.07	- -	-0.08	-0.13	-0.09	-0.03
EBITDA-CapEx/Interest Expense	-0.11	-0.15	-0.06	-0.04	-0.03	- -	-0.02	- -	-0.01	-0.02	0.01	-0.02
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	-1	-1	-2	-2	-3	- -	-4	- -	-3	-2	-4	-11
Common Equity/Total Assets	-1.23	-0.65	0.01	0.79	1.39	1.51	1.94	1.89	1.7	2.41	3.24	3.47
Long-Term Debt/Equity (%)	99.78	227.29	208.88	93.81	52.33	54.77	55.25	91.8	128.09	92.41	63.19	175.43
Long-Term Debt/Capital (%)	76.46	94.32	92.08	89.47	61.48	71.5	66.8	76.98	79.41	68.55	54.69	76.16
Long-Term Debt/Total Assets (%)	8.47	13.76	15.3	6.75	3.66	3.79	3.91	6.33	6.57	5.25	3.91	11.09
Total Debt/Equity (%)	99.78	227.29	208.88	93.81	65.27	54.77	55.25	91.8	128.09	92.41	63.19	175.43
Total Debt/Capital (%)	76.46	94.32	92.08	89.47	76.68	71.5	66.8	76.98	79.41	68.55	54.69	76.16
Total Debt/Total Assets (%)	8.47	13.76	15.3	6.75	4.57	3.79	3.91	6.33	6.57	5.25	3.91	11.09
Net Debt to Equity	85.47	202.21	192.83	73.17	31.71	11.2	18	64.59	-381.74	-312.49	32.44	130.93
Net Debt/Capital (%)	73.56	93.66	91.48	86.89	61.5	33.91	39.6	70.17	109.53	115.7	38.26	70.45
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	4.85	11.78	13.5	12.09	4.6	- -	23.24	- -	104.65	131.06	40.57	- -
Current Ratio	5.45	13.19	14.62	12.94	4.84	- -	24.14	- -	105.56	132.14	59.12	- -
Quick Ratio	5.45	13.19	14.62	12.94	4.84	- -	24.14	- -	105.56	132.14	59.12	- -
CFO/Avg Current Liab	- -	2.39	2.73	4.86	1.14	- -	7.17	- -	-0.02	6.56	-13.87	38.44
Common Equity/Total Assets	-1.23	-0.65	0.01	0.79	1.39	1.51	1.94	1.89	1.7	2.41	3.24	3.47
Long-Term Debt/Equity (%)	99.78	227.29	208.88	93.81	52.33	54.77	55.25	91.8	128.09	92.41	63.19	175.43
Long-Term Debt/Capital (%)	76.46	94.32	92.08	89.47	61.48	71.5	66.8	76.98	79.41	68.55	54.69	76.16
Long-Term Debt/Total Assets (%)	8.47	13.76	15.3	6.75	3.66	3.79	3.91	6.33	6.57	5.25	3.91	11.09
Total Debt/Equity (%)	99.78	227.29	208.88	93.81	65.27	54.77	55.25	91.8	128.09	92.41	63.19	175.43
Total Debt/Capital (%)	76.46	94.32	92.08	89.47	76.68	71.5	66.8	76.98	79.41	68.55	54.69	76.16
Total Debt/Total Assets (%)	8.47	13.76	15.3	6.75	4.57	3.79	3.91	6.33	6.57	5.25	3.91	11.09
CFO/Total Liabilities	1.2	0.75	0.57	1.45	1.01	- -	1.1	- -	- -	1.69	-3.69	5.37
CFO/CapEx	8.92	11.25	6.13	16.04	14.3	- -	16.65	- -	-0.05	26.46	-39.92	180.78
Altman's Z-Score	0.04	0.05	0.07	0.09	0.15	0.02	0.18	0.02	0.43	0.44	0.31	0.11

Working Capital	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	15.73	16.03	16.08	13.73	3.29	14.77	- -	13.14	14.34	13.13	9.38
Days Sales Outstanding	- -	23.2	22.77	22.7	26.59	111	24.71	- -	27.78	25.45	27.79	38.93
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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	14	- -	20	- -	19	25	29	22
- Cash & Cash Equivalents	2	3	2	3	6	8	7	5	112	102	8	12
+ Preferred Equity and Hybrid Capital	6	3	3	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	13	24	31	15	12	10	11	18	28	23	17	49
Enterprise Value	16	23	27	6	10	-7	13	2	-78	-77	-1	23
Total Capital	17	26	33	17	15	14	16	24	36	34	30	64
Total Debt/Capital (%)	76.46	94.32	92.08	89.47	76.68	71.5	66.8	76.98	79.41	68.55	54.69	76.16
Total Debt / EV	0.84	1.05	1.13	2.63	1.15	-1.35	0.87	8.3	-0.36	-0.3	-15.13	2.13
EV/Sales	2.38	3.34	3.52	0.61	1	- -	1.13	- -	- -	- -	- -	1.66
EV/EBITDA	51.65	77.7	99.4	21.75	38.72	- -	48.13	- -	- -	- -	- -	76.65
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	14.29	79.09	1,502.15	3.16	38.44	- -	273.85	- -	- -	- -	- -	1.71
EV/Free Cash Flow to Firm	12.18	57.49	142.03	2.87	23.55	- -	57.92	- -	- -	- -	- -	1.7
Diluted Market Cap	- -	- -	- -	- -	14	- -	21	- -	19	27	30	23
Diluted Enterprise Value	17	24	31	12	20	2	24	13	-65	-52	39	60
EV per Share	8.16	11.87	13.92	2.9	5.14	- -	6.44	- -	- -	- -	- -	11.71
TTM Sales	7	7	8	9	10	3	11	- -	13	15	16	14
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1	- -	- -	2	- -	- -	- -	- -	-3	5	-18	13
TTM Free Cash Flow to Firm	1	- -	- -	2	- -	- -	- -	- -	-2	5	-17	14

Multiples	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	7.44	- -	9.44	- -	8.36	6.45	7.91	10.45
Price/Earnings Average	- -	- -	- -	- -	8.31	- -	8.34	- -	7.42	5.97	7.52	11.7
Price/Earnings High	- -	- -	- -	- -	8.98	- -	9.8	- -	9.64	6.91	7.99	14.55
Price/Earnings Low	- -	- -	- -	- -	7.44	- -	6.33	- -	4.93	4.64	6.96	8.93
Price/Book Value	- -	- -	- -	- -	4.04	- -	3.7	- -	2.6	2.39	2.14	1.46
Price/Book Value Average	- -	- -	- -	- -	4.52	- -	3.27	- -	2.31	2.21	2.03	1.63
Price/Book Value High	- -	- -	- -	- -	4.88	- -	3.84	- -	3	2.56	2.16	2.03
Price/Book Value Low	- -	- -	- -	- -	4.04	- -	2.48	- -	1.53	1.72	1.88	1.25
Price/Tangible Book Value	- -	- -	- -	- -	0.8	- -	1.02	- -	0.86	1.01	1.12	0.8
Price/Tangible Book Value Average	- -	- -	- -	- -	0.9	- -	0.9	- -	0.77	0.94	1.06	0.9
Price/Tangible Book Value High	- -	- -	- -	- -	0.97	- -	1.05	- -	1	1.08	1.13	1.11
Price/Tangible Book Value Low	- -	- -	- -	- -	0.8	- -	0.68	- -	0.51	0.73	0.98	0.68
Price/Sales	- -	- -	- -	- -	1.41	- -	1.8	- -	1.51	1.67	1.86	1.61
Price/Sales Average	- -	- -	- -	- -	1.58	- -	1.59	- -	1.34	1.54	1.76	1.8
Price/Sales High	- -	- -	- -	- -	1.71	- -	1.87	- -	1.74	1.78	1.87	2.24
Price/Sales Low	- -	- -	- -	- -	1.41	- -	1.21	- -	0.89	1.2	1.63	1.37
Price/Cash Flow	- -	- -	- -	- -	5.99	- -	7.05	- -	-1,584.38	3.59	-1.99	1.01
Price/Cash Flow Average	- -	- -	- -	- -	6.7	- -	6.23	- -	-1,406.03	3.33	-1.89	1.13
Price/Cash Flow High	- -	- -	- -	- -	7.23	- -	7.32	- -	-1,828.12	3.85	-2.01	1.4
Price/Cash Flow Low	- -	- -	- -	- -	5.99	- -	4.73	- -	-934.38	2.58	-1.75	0.86
Price/Free Cash Flow	- -	- -	- -	- -	5.6	- -	6.86	- -	77.34	3.61	-2.13	1.03
Price/Free Cash Flow Average	- -	- -	- -	- -	6.26	- -	6.06	- -	68.64	3.34	-2.02	1.15
Price/Free Cash Flow High	- -	- -	- -	- -	6.76	- -	7.12	- -	89.24	3.87	-2.15	1.43
Price/Free Cash Flow Low	- -	- -	- -	- -	5.6	- -	4.6	- -	45.61	2.6	-1.87	0.88
EV/Sales	2.38	3.34	3.52	0.61	1	- -	1.13	- -	- -	- -	- -	1.66
EV/Sales Average	2.61	3.5	4.01	1.25	2.14	0.77	1.91	- -	- -	- -	2.31	4.43
EV/Sales High	2.61	3.5	4.01	1.25	2.26	0.77	2.19	- -	- -	- -	2.42	4.87
EV/Sales Low	2.61	3.5	4.01	1.25	1.97	0.77	1.53	- -	- -	- -	2.18	4
EV/EBITDA	51.65	77.7	99.4	21.75	38.72	- -	48.13	- -	- -	- -	- -	76.65
EV/EBITDA Average	56.71	81.39	113.31	44.68	82.56	- -	81.61	- -	-231.71	-176.11	113.58	204.78
EV/EBITDA High	56.71	81.39	113.31	44.68	87.45	- -	93.51	- -	-214.24	-164.27	119.01	225.03
EV/EBITDA Low	56.71	81.39	113.31	44.68	76.16	- -	65.19	- -	-251.22	-192.92	107.13	185.09
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	7.25	8.3	10.3	7.95	9.75	13.07	14.86	11.35
High Price	- -	- -	- -	- -	8.75	8.75	10.69	11.25	11.25	14	15.01	15.8
Low Price	- -	- -	- -	- -	7.25	6.9	6.9	5.75	5.75	9.4	13.08	9.7
Enterprise Value	16	23	27	6	10	-7	13	2	-78	-77	-1	23
Enterprise Value Average	17	24	31	12	21	2	21	13	-67	-55	36	62
Enterprise Value High	17	24	31	12	23	2	24	13	-62	-51	38	68
Enterprise Value Low	17	24	31	12	20	2	17	13	-73	-60	34	56

Per Share Data Items	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	2	2	2	2	2	- -	2	- -	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	- -	2	- -	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	- -	2	- -	2	2	2	2
Revenue per Share	3.43	3.55	3.96	5.43	5.13	- -	5.71	- -	6.46	7.85	8.01	7.06
EBITDA per Share	0.16	0.15	0.14	0.15	0.13	- -	0.13	- -	0.15	0.16	0.16	0.15
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.2	0.41	0.38	0.75	0.97	- -	1.09	- -	1.17	2.03	1.88	1.09
Basic EPS from Cont Ops	0.31	0.52	0.47	0.8	0.97	- -	1.09	- -	1.17	2.03	1.88	1.09
Diluted EPS, GAAP	0.2	0.41	0.38	0.75	0.97	- -	1.06	- -	1.14	1.94	1.8	1.06
Diluted EPS from Cont Ops	0.31	0.52	0.47	0.8	0.97	- -	1.06	- -	1.14	1.94	1.8	1.06
Dividend per Share	0.11	0.11	0.09	0.08	0.08	- -	0.1	- -	0.2	0.3	0.35	0.26
Cash Flow per Share	0.88	0.63	0.54	1.73	1.21	- -	1.46	- -	-0.01	3.64	-7.47	11.28
Free Cash Flow per Basic Share	0.78	0.58	0.46	1.62	1.13	- -	1.37	- -	-0.14	3.5	-7.66	11.22
Cash & Equivalents per Share	1.78	1.94	3.16	4.74	8.01	- -	9.46	- -	64.4	64.66	23.81	24.52
Book Value per Share	-1	-0.59	0.01	0.9	1.79	- -	2.78	- -	3.75	5.48	6.96	7.79
Tangible Book Value per Share	3.75	4.15	6.19	8.14	9.04	- -	10.14	- -	11.29	12.92	13.29	14.18

The Victory Bancorp, Inc.

VTYB US

10.00

10.00