COMP <GO>

BFC vs NBHC // EV/EBITDA & P/E VALUATION

Bank First Corporation (NASDAQ) VS. National Bank Holdings Corporation (NYSE) • 15-METRIC TALLY: BFC 2 — NBHC 4

■ METRIC PARITY

LAST: $150.62 (+1.85%) • MKT CAP: $1.67B

valuation

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LAST: $37.56 (+0.21%) • MKT CAP: $1.67B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BFC VS. NBHC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BFC	NBHC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	11.10%	7.90%	+3.20	BFC	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	3.06%	9.71%	-6.65	NBHC	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	68.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	2.10%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	2.75%	-2.75	NBHC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	4/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	51.0	37.6	+13.38	BFC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	21.8x	14.2x	+7.60	NBHC	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.67B	$1.67B	-$3.2M	NBHC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BFC REV	NBHC REV	BFC GROSS %	NBHC GROSS %	BFC FCF	NBHC FCF
FY 2025	$0	$47.1M	—	—	$51.0M	$162.4M
FY 2024	$0	$46.2M	—	—	$58.6M	$155.3M
FY 2023	$0	$46.9M	—	—	$52.9M	$166.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BFC // BETA —

NBHC // BETA —