Raise Ests Following Recent Proactive BSR & Sub Debt Raise; Unch. Solid Outlook

研报英文原文证据摘录

Raise Ests Following Recent Proactive BSR & Sub Debt Raise; Unch. Solid Outlook

C O M PA N Y N O T E

J u n e 1 8 , 2 0 2 6

Enterprise Financial Services Corp (EFSC) Neutral

CONCLUSION PRICE: US$62.83

We are incrementally more positive on EFSC following its recently announced B/S TARGET: US$67.00

initiatives (see details below) and prospects to generate above average organic B/S growth. 11.5x our 2027E EPS

We view these B/S moves as logical steps to moderately enhance earnings power and

bolster regulatory capital ratios for likely additional proactive buybacks. We remain Neutral Nathan Race

Managing Director, Piper Sandler & Co.as EFSC's prospects to generate above average organic B/S growth are partially balanced 312 267-5116, nathan.race@psc.com

by limited visibility of catalysts to drive upside to estimates and its peer-like profitability

Adam Kroll, CFA

outlook (PSCe = 1.2% ROA / 13% ROTCE). We raise our 2026E / 2027E operating EPS Research Analyst, Piper Sandler & Co.

estimates to $5.60 / $5.95 (from $5.50 / $5.85) to reflect the combined impact of recent B/S 312 267-5071, adam.kroll@psc.com

initiatives and increased buyback projections. Our PT moves to $67 (+$3) based on 11.5x Nick Branton

our 2027E (+0.5x with higher peer multiples) and a moderate premium to peers (10.6x). Research Analyst, Piper Sandler & Co.

312 281-3434, nick.branton@psc.com

Piper Sandler & Co. served as a co-manager on the Enterprise Financial Services Corp. Changes Previous Current

subordinated notes offering. Rating — Neutral

Price Tgt US$64.00 US$67.00

Key Updates & Takeaways from Recent Mgmt. Discussion as well as Thoughts FY26E EPS US$5.50 US$5.60

Heading into 2Q/2H26: FY27E EPS US$5.85 US$5.95

FY26E TBV ($) US$44.42 US$44.17

FY27E TBV ($) US$48.64 US$48.30