First Internet Bancorp

DB:45H Stock Report

Market Cap: €348.9m

First Internet Bancorp Valuation

Is 45H undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 45H when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 45H (€37.6) is trading below our estimate of fair value (€66.5)

Significantly Below Fair Value: 45H is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 45H?

Key metric: As 45H is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 45H. This is calculated by dividing 45H's market cap by their current earnings.
What is 45H's PE Ratio?
PE Ratio16.4x
EarningsUS$22.09m
Market CapUS$363.36m

Price to Earnings Ratio vs Peers

How does 45H's PE Ratio compare to its peers?

The above table shows the PE ratio for 45H vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.5x
PCZ ProCredit Holding
4.2x9.9%€450.0m
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
SFST Southern First Bancshares
25.5x40.7%US$359.1m
CMO Caisse Régionale de Crédit Agricole du Morbihan
6.2xn/a€341.0m
45H First Internet Bancorp
16.4x32.0%€363.4m

Price-To-Earnings vs Peers: 45H is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (11.5x).

Price to Earnings Ratio vs Industry

How does 45H's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
45H 16.4xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 45H is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 45H's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

45H PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.4x
Fair PE Ratio13.3x

Price-To-Earnings vs Fair Ratio: 45H is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (13.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 45H forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€37.60
€39.75
+5.7%
8.0%€44.38€36.35n/a5
Nov ’25€31.80
€38.54
+21.2%
6.5%€41.69€35.67n/a5
Oct ’25€30.20
€37.49
+24.1%
6.3%€40.65€34.78n/a5
Sep ’25€31.80
€39.45
+24.1%
3.7%€41.58€37.42n/a5
Aug ’25€33.80
€39.45
+16.7%
3.7%€41.58€37.42n/a5
Jul ’25€24.60
€33.22
+35.0%
9.7%€37.32€27.99n/a5
Jun ’25€26.20
€34.03
+29.9%
6.4%€37.39€31.78n/a5
May ’25€28.60
€34.03
+19.0%
6.4%€37.39€31.78n/a5
Apr ’25€31.80
€33.33
+4.8%
7.5%€36.93€30.47n/a5
Mar ’25€28.40
€32.90
+15.8%
8.3%€36.86€30.41n/a5
Feb ’25€30.00
€32.96
+9.9%
8.3%€36.93€30.47n/a5
Jan ’25€22.20
€23.45
+5.6%
20.4%€32.06€17.40n/a5
Dec ’24€19.50
€20.06
+2.9%
15.3%€24.02€16.95n/a5
Nov ’24€15.20
€20.06
+32.0%
15.3%€24.02€16.95€31.805
Oct ’24€15.10
€22.42
+48.5%
13.3%€26.97€17.98€30.205
Sep ’24€17.50
€22.64
+29.4%
8.5%€25.92€20.01€31.805
Aug ’24€20.00
€22.64
+13.2%
8.5%€25.92€20.01€33.805
Jul ’24€14.00
€17.33
+23.8%
13.3%€20.07€14.60€24.605
Jun ’24€11.30
€15.61
+38.1%
23.7%€19.96€10.89€26.205
May ’24€13.60
€17.33
+27.5%
10.8%€19.97€14.97€28.605
Apr ’24€15.00
€26.18
+74.5%
19.8%€34.57€18.44€31.805
Mar ’24€25.00
€27.66
+10.6%
13.0%€34.57€24.89€28.405
Feb ’24€23.80
€27.66
+16.2%
13.0%€34.57€24.89€30.005
Jan ’24€22.40
€27.70
+23.7%
12.1%€33.92€24.49€22.205
Dec ’23€24.60
€30.01
+22.0%
11.4%€36.50€27.38€19.505
Nov ’23€25.40
€30.01
+18.2%
11.4%€36.50€27.38€15.205

Analyst Forecast: Target price is less than 20% higher than the current share price.

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