First Investment Bank AD (BUL:FIB) - Share price, News & Analysis

FIB fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	0/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

FIB Stock Overview

First Investment Bank AD provides various banking products and services to individuals and corporate clients in Bulgaria, Cyprus, and Albania.

Rewards

Trading at 80.7% below our estimate of its fair value

Risk Analysis

Earnings have declined by 2.2% per year over past 5 years

High level of non-cash earnings

First Investment Bank AD Competitors

Central Cooperative Bank AD

BUL:CCB

лв152.6m

KBC Group

ENXTBR:KBC

€33.3b

Price History & Performance

Summary of all time highs, changes and price drops for First Investment Bank AD
Historical stock prices
Current Share Price	лв1.68
52 Week High	лв1.95
52 Week Low	лв1.50
Beta	1.18
1 Month Change	5.00%
3 Month Change	1.82%
1 Year Change	-10.64%
3 Year Change	-49.85%
5 Year Change	-56.02%
Change since IPO	-77.23%

Shareholder Returns

	FIB	BG Banks	BG Market
7D	-5.6%	-1.7%	-0.2%
1Y	-10.6%	30.4%	19.6%

Return vs Industry: FIB underperformed the BG Banks industry which returned 29.8% over the past year.

Return vs Market: FIB underperformed the BG Market which returned 22.3% over the past year.

Price Volatility

Is FIB's price volatile compared to industry and market?
FIB volatility
FIB Average Weekly Movement	4.5%
Banks Industry Average Movement	3.6%
Market Average Movement	5.3%
10% most volatile stocks in BG Market	7.9%
10% least volatile stocks in BG Market	2.6%

Stable Share Price: FIB is not significantly more volatile than the rest of BG stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: FIB's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	n/a	Nikola Bakalov	https://www.fibank.bg

First Investment Bank AD provides various banking products and services to individuals and corporate clients in Bulgaria, Cyprus, and Albania. It offers personal and business banking products and services, including current, term, deposit, savings, joint, and payment accounts, as well as accounts for attorneys, special accounts for public execution officers, insurance brokers, and insurance agents; debit and credit cards; and housing/mortgage, consumer, overdraft, insurance, and mortgage loans. The company also provides fund transfer, money transfer, and standing order services; and distance banking services.

First Investment Bank AD Fundamentals Summary

How do First Investment Bank AD's earnings and revenue compare to its market cap?
FIB fundamental statistics
Market Cap	лв250.46m
Earnings (TTM)	лв59.11m
Revenue (TTM)	лв281.49m

4.2x

P/E Ratio

0.2x

P/B Ratio

Is FIB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
FIB income statement (TTM)
Revenue	лв281.49m
Cost of Revenue	лв0
Gross Profit	лв281.49m
Expenses	лв222.38m
Earnings	лв59.11m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.40
Gross Margin	100.00%
Net Profit Margin	21.00%
Debt/Equity Ratio	30.7%

How did FIB perform over the long term?

See historical performance and comparison

Valuation

Is First Investment Bank AD undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: FIB (BGN1.68) is trading below our estimate of fair value (BGN8.72)

Significantly Below Fair Value: FIB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: FIB is good value based on its PE Ratio (4.2x) compared to the European Banks industry average (11.2x).

PE vs Market: FIB is good value based on its PE Ratio (4.2x) compared to the BG market (17x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FIB's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: FIB is good value based on its PB Ratio (0.2x) compared to the XE Banks industry average (0.7x).

Future Growth

How is First Investment Bank AD forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

5.1%

Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First Investment Bank AD has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has First Investment Bank AD performed over the past 5 years?

-2.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FIB has a high level of non-cash earnings.

Growing Profit Margin: FIB's current net profit margins (21%) are lower than last year (26.4%).

Past Earnings Growth Analysis

Earnings Trend: FIB's earnings have declined by 2.2% per year over the past 5 years.

Accelerating Growth: FIB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FIB had negative earnings growth (-47.3%) over the past year, making it difficult to compare to the Banks industry average (37.4%).

Return on Equity

High ROE: FIB's Return on Equity (4.7%) is considered low.

Financial Health

How is First Investment Bank AD's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: FIB's Assets to Equity ratio (9.3x) is low.

Allowance for Bad Loans: FIB has a low allowance for bad loans (34%).

Low Risk Liabilities: 94% of FIB's liabilities are made up of primarily low risk sources of funding.

Loan Level: FIB has an appropriate level of Loans to Assets ratio (56%).

Low Risk Deposits: FIB's Loans to Deposits ratio (67%) is appropriate.

Level of Bad Loans: FIB has a high level of bad loans (19.6%).

Dividend

What is First Investment Bank AD current dividend yield, its reliability and sustainability?

Dividend Yield vs Market

Notable Dividend: Unable to evaluate FIB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FIB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FIB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FIB's dividend payments have been increasing.

Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FIB's dividend in 3 years as they are not forecast to pay a notable one for the BG market.

Next Steps

Explore strong dividend paying companies in the Banks industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure

CEO

Nikola Bakalov

1.92yrs

Tenure

Mr. Nikola Hristov Bakalov serves as Chief Executive Officer at First Investment Bank AD since March 25, 2020 and has been its Chairman of the Management Board since April 2020 and its Member of Managing B...

Leadership Team

Experienced Management: FIB's management team is considered experienced (3.3 years average tenure).

Board Members

Experienced Board: FIB's board of directors are considered experienced (10 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/01/20 21:20
End of Day Share Price	2022/01/20 00:00
Earnings	2021/09/30
Annual Earnings	2020/12/31