Byline Bancorp, Inc.

Financial ServicesBanks - RegionalNYSE

$32.60

Market Cap: $1.48B

Byline Bancorp, Inc. (BY) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$10.80 – $65.73	$25.03	-24.4%
Growth Exit 10Y	$44.29 – $174.61	$77.97	+135.4%
EBITDA Exit 5Y	$28.85 – $88.09	$56.00	+69.1%
EBITDA Exit 10Y	$45.11 – $130.04	$81.28	+145.4%
▸ Trading Multiples
P/E	$32.98 – $38.73	$33.72	+1.8%
EV/EBITDA	$12.35 – $52.45	$34.30	+3.6%
EV/Revenue	$26.82 – $37.39	$30.89	-6.7%
▸ PEG
PEG Fair Value	$23.12 – $23.12	$23.12	-30.2%
▸ Earnings Power Value
Earnings Power Value	$36.95 – $56.90	$45.21	+36.5%
▸ Dividend Discount
Dividend Discount	$6.80 – $18.20	$10.27	-69.0%

Valuation History

DCF Analysis

Fair Value

$25.03

Market Price

$32.60

Upside / Downside

-23.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Byline Bancorp, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -26.0% to 18.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 496, DPO 28, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (100% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $25.03 per share, suggesting BY is overvalued by 23.2% at the current price of $32.60.

FCFF Present Value Calculation

WACC

8.73%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	120	125	148	176	209	214
(−) Net Interest	100	103	122	145	173	177
(+) D&A	4	4	4	4	4	4
EBITDA	224	231	274	325	386	395

(−) Tax	30	31	37	44	52	53
(−) CapEx	3	4	4	5	6	6
(−) ΔWC	644	22	125	149	177	181
Free Cash Flow (FCFF)	-454	175	108	128	151	155

Terminal Value						2,486
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-435	154	88	95	104	1,636

Enterprise Value	1,642
Projection Period	6	0.3%
Terminal Value	1,636	99.7%

(−) Current Net Debt	505

Equity Value	1,137
(/) Outstanding Shares	45

Fair Price	$25.03

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$37	$42	$48	$55	$66
7.7%	$27	$30	$34	$39	$45
8.7%	$20	$22	$25	$28	$32
9.7%	$15	$17	$18	$21	$23
10.7%	$11	$12	$14	$15	$17

Current price: $32.60. Green = undervalued, Red = overvalued.

Fair Value

$77.97

Market Price

$32.60

Upside / Downside

+139.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Byline Bancorp, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -26.0% to 5.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 496, DPO 28, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (79% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $77.97 per share, suggesting BY is undervalued by 139.2% at the current price of $32.60.

FCFF Present Value Calculation

WACC

8.73%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	120	125	148	176	209	243	275	306	331	349	358
(−) Net Interest	100	103	122	145	173	200	228	252	273	289	296
(+) D&A	4	4	4	4	4	4	5	6	7	8	8
EBITDA	224	231	274	325	386	448	508	564	611	646	662

(−) Tax	30	31	37	44	52	60	69	76	82	87	89
(−) CapEx	3	4	4	5	6	7	8	9	10	10	10
(−) ΔWC	644	22	125	149	177	180	175	160	135	99	102
Free Cash Flow (FCFF)	-454	175	108	128	151	200	256	319	384	449	461

Terminal Value											7,397
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-435	154	88	95	104	126	149	170	189	203	3,204

Enterprise Value	4,046
Projection Period	842	20.8%
Terminal Value	3,204	79.2%

(−) Current Net Debt	505

Equity Value	3,541
(/) Outstanding Shares	45

Fair Price	$77.97

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$112	$123	$136	$153	$175
7.7%	$86	$93	$101	$111	$123
8.7%	$68	$73	$78	$84	$91
9.7%	$55	$58	$61	$66	$70
10.7%	$44	$47	$49	$52	$55

Current price: $32.60. Green = undervalued, Red = overvalued.

Fair Value

$56.01

Market Price

$32.60

Upside / Downside

+71.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Byline Bancorp, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -26.0% to 18.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 496, DPO 28, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (100% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.7x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $56.00 per share, suggesting BY is undervalued by 71.8% at the current price of $32.60.

FCFF Present Value Calculation

WACC

8.73%

3% – 20%

EV/EBITDA Exit Multiple

11.70x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	120	125	148	176	209	214
(−) Net Interest	100	103	122	145	173	177
(+) D&A	4	4	4	4	4	4
EBITDA	224	231	274	325	386	395

(−) Tax	30	31	37	44	52	—
(−) CapEx	3	4	4	5	6	—
(−) ΔWC	644	22	125	149	177	—
Free Cash Flow (FCF)	-454	175	108	128	151	—

Peers' EBITDA Multiple						11.7x
Terminal Value						4,624
WACC / Discount Rate	8.73%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-435	154	88	95	104	3,044

Enterprise Value	3,049
Projection Period	6	0.2%
Terminal Value	3,044	99.8%

(−) Current Net Debt	505
Equity Value	2,544
(÷) Outstanding Shares	45M
Fair Price	$56	+71.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.7x	9.7x	11.7x	13.7x	15.7x
6.7%	$38	$50	$63	$76	$88
7.7%	$35	$47	$59	$71	$83
8.7%	$33	$45	$56	$67	$79
9.7%	$31	$42	$53	$64	$75
10.7%	$29	$39	$50	$60	$71

Current price: $32.60. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$81.30

Market Price

$32.60

Upside / Downside

+149.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Byline Bancorp, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -26.0% to 5.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 496, DPO 28, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.7x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $81.28 per share, suggesting BY is undervalued by 149.3% at the current price of $32.60.

FCFF Present Value Calculation

WACC

8.73%

3% – 20%

EV/EBITDA Exit Multiple

11.70x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	120	125	148	176	209	243	275	306	331	349	358
(−) Net Interest	100	103	122	145	173	200	228	252	273	289	296
(+) D&A	4	4	4	4	4	4	5	6	7	8	8
EBITDA	224	231	274	325	386	448	508	564	611	646	662

(−) Tax	30	31	37	44	52	60	69	76	82	87	—
(−) CapEx	3	4	4	5	6	7	8	9	10	10	—
(−) ΔWC	644	22	125	149	177	180	175	160	135	99	—
Free Cash Flow (FCF)	-454	175	108	128	151	200	256	319	384	449	—

Peers' EBITDA Multiple											11.7x
Terminal Value											7,746
WACC / Discount Rate	8.73%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-435	154	88	95	104	126	149	170	189	203	3,355

Enterprise Value	4,198
Projection Period	842	20.1%
Terminal Value	3,355	79.9%

(−) Current Net Debt	505
Equity Value	3,693
(÷) Outstanding Shares	45M
Fair Price	$81	+149.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.7x	9.7x	11.7x	13.7x	15.7x
6.7%	$69	$84	$100	$115	$130
7.7%	$62	$76	$90	$104	$118
8.7%	$56	$69	$81	$94	$107
9.7%	$50	$62	$73	$85	$96
10.7%	$45	$56	$66	$77	$87

Current price: $32.60. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$33.72

Market Price

$32.60

Upside / Downside

+3.4%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Byline Bancorp, Inc. (BY) has a fair value of $33.72 based on 10 comparable companies in the Banks - Regional industry.

P/E Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Byline Bancorp, Inc.BY	1,481	11.3x	11.9x
WaFd, Inc.WAFD	2,699	13.5x	10.4x
Bank First CorporationBFC	1,668	20.6x	18.8x
S&T Bancorp, Inc.STBA	1,628	12.7x	12.5x
QCR Holdings, Inc.QCRH	1,547	12.3x	13.6x
ConnectOne Bancorp, Inc.CNOB	1,497	20.1x	15.7x
Republic Bancorp, Inc.RBCAA	1,334	11.5x	18.3x
Westamerica BancorporationWABC	1,332	12.2x	9.6x
Peoples Bancorp Inc.PEBO	1,254	11.7x	9.9x
Preferred BankPFBC	1,168	9.2x	9.2x
FirstSun Capital BancorpFSUN	1,040	10.6x	11.3x
Industry Median		12.2x	11.9x
(*) Profit after tax		130	124
Equity Value		1,589	1,474
(/) Outstanding shares		45	45
Fair Price		$35	$32

Selected Fair Value (avg of trailing + forward)

$33.72

+3.4%

Fair Value

$34.30

Market Price

$32.60

Upside / Downside

+5.2%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Byline Bancorp, Inc. (BY) has a fair value of $34.30 based on 10 comparable companies in the Banks - Regional industry.

EV/EBITDA Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Byline Bancorp, Inc.BY	1,481	10.6x	17.7x
WaFd, Inc.WAFD	2,699	12.9x	27.0x
Bank First CorporationBFC	1,668	18.5x	24.4x
S&T Bancorp, Inc.STBA	1,628	10.1x	14.9x
QCR Holdings, Inc.QCRH	1,547	15.4x	27.3x
ConnectOne Bancorp, Inc.CNOB	1,497	22.8x	54.9x
Republic Bancorp, Inc.RBCAA	1,334	10.5x	15.4x
Westamerica BancorporationWABC	1,332	5.7x	4.9x
Peoples Bancorp Inc.PEBO	1,254	13.4x	19.0x
Preferred BankPFBC	1,168	3.9x	7.4x
FirstSun Capital BancorpFSUN	1,040	3.2x	5.3x
Industry Median		11.7x	17.2x
(*) EBITDA		188	112
= Enterprise Value		2,197	1,928
(-) Net Debt		505	505
Equity Value		1,693	1,423
(/) Outstanding shares		45	45
Fair Price		$37	$31

Selected Fair Value (avg of trailing + forward)

$34.30

+5.2%

Fair Value

$30.89

Market Price

$32.60

Upside / Downside

-5.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Byline Bancorp, Inc. (BY) has a fair value of $30.89 based on 10 comparable companies in the Banks - Regional industry.

EV/Revenue Valuation — Banks - Regional

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Byline Bancorp, Inc.BY	1,481	3.2x	5.3x
WaFd, Inc.WAFD	2,699	2.7x	5.7x
Bank First CorporationBFC	1,668	7.2x	9.5x
S&T Bancorp, Inc.STBA	1,628	3.1x	4.6x
QCR Holdings, Inc.QCRH	1,547	3.5x	6.2x
ConnectOne Bancorp, Inc.CNOB	1,497	4.2x	10.2x
Republic Bancorp, Inc.RBCAA	1,334	3.3x	4.9x
Westamerica BancorporationWABC	1,332	3.4x	3.0x
Peoples Bancorp Inc.PEBO	1,254	2.9x	4.1x
Preferred BankPFBC	1,168	1.5x	2.8x
FirstSun Capital BancorpFSUN	1,040	0.7x	1.2x
Industry Median		3.2x	4.7x
(*) Revenue		629	375
= Enterprise Value		2,034	1,782
(-) Net Debt		505	505
Equity Value		1,529	1,277
(/) Outstanding shares		45	45
Fair Price		$34	$28

Selected Fair Value (avg of trailing + forward)

$30.89

-5.3%

PEG Fair Value

Fair Value

$23.12

Market Price

$32.60

Upside / Downside

-29.1%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 1.2% dividend yield, the company has a fair value of $23.12 based on TTM EPS (FY2025) of $2.89. The current PEG ratio is 1.92.

PEG Ratio

1.92Pricey

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 11.5 ÷ (4.8% + 1.2%) = 1.92

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateHistorical	4.8%
Dividend Yield	+1.2%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$2.89
Fair Value	$23.12

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$92.8M	$2.40	—
FY2022	$88.0M	$2.34	-2.5%
FY2023	$107.9M	$2.67	+14.1%
FY2024	$120.8M	$2.75	+3.0%
FY2025	$130.1M	$2.89	+5.1%

4Y Historical EPS CAGR: 4.8%

Earnings Power Value

Fair Value

$45.21

Market Price

$32.60

Upside / Downside

+38.7%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 8.7% and normalized earnings of $223.3M, the company has a fair value of $45.21 per share. The EPV range is $36.95 – $56.90 based on WACC sensitivity (7.2% – 10.2%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	223	223	223
(/) WACC	10.2%	8.7%	7.2%
Enterprise Value	2,183	2,558	3,089
(-) Net debt	505	505	505
Equity Value	1,678	2,054	2,585
(/) Outstanding shares	45	45	45
Fair Price	$36.95	$45.21	$56.90

Dividend Discount Model

Fair Value

$10.27

Market Price

$32.60

Upside / Downside

-68.5%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.8% and projected dividend growth of 8.9%, the fair value is $10.27 per share. The DDM range is $6.80 – $18.20 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.40

Dividend Yield

1.21%

Payout Ratio

14.0%

Dividend Coverage

7.16x

FCF Payout Ratio13.3%

DPS CAGR (4Y)8.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.40	14.0%	+10.7%
2024	$0.36	13.1%	+0.2%
2023	$0.36	13.5%	+0.8%
2022	$0.36	15.2%	+21.8%
2021	$0.29	12.1%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.44	8.9%	0.9279	$0.40
2027	$0.47	8.9%	0.8609	$0.41
2028	$0.52	8.9%	0.7988	$0.41
2029	$0.56	8.9%	0.7412	$0.42
2030	$0.61	8.9%	0.6877	$0.42
Terminal Value	$0.63 DPS	2.5%		$8.20

PV of Projected Dividends$2.07

PV of Terminal Value$8.20

Fair Value per Share$10.27

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.9%	7.9%	8.9%	9.9%	10.9%
5.8%	$15	$16	$17	$17	$18
6.8%	$12	$12	$13	$13	$14
7.8%	$9	$10	$10	$11	$11
8.8%	$8	$8	$9	$9	$9
9.8%	$7	$7	$7	$8	$8

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.