Banc of California, Inc.

DB:FPB Stock Report

Market Cap: €2.9b

Banc of California Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: FPB (€16.8) is trading below our estimate of fair value (€20.39)

Significantly Below Fair Value: FPB is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As FPB is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for FPB. This is calculated by dividing FPB's market cap by their current book value.
What is FPB's PB Ratio?
PB Ratio1x
BookUS$3.00b
Market CapUS$3.00b

Price to Book Ratio vs Peers

How does FPB's PB Ratio compare to its peers?

The above table shows the PB ratio for FPB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average0.9x
PPBI Pacific Premier Bancorp
0.9x40.3%US$2.8b
CBK Commerzbank
0.5x8.8%€17.1b
FBK FB Financial
1.7x24.3%US$2.7b
1551 Guangzhou Rural Commercial Bank
0.3xn/aHK$22.3b
FPB Banc of California
1x104.5%€3.0b

Price-To-Book vs Peers: FPB is expensive based on its Price-To-Book Ratio (1x) compared to the peer average (0.9x).

Price to Book Ratio vs Industry

How does FPB's PB Ratio compare vs other companies in the European Banks Industry?

6 CompaniesPrice / BookEstimated GrowthMarket Cap
FPB 1.0xIndustry Avg. 0.8xNo. of Companies35PB00.61.21.82.43+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: FPB is expensive based on its Price-To-Book Ratio (1x) compared to the European Banks industry average (0.8x).

Price to Book Ratio vs Fair Ratio

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

FPB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate FPB's Price-To-Book Fair Ratio for valuation analysis.

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 FPB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€16.80
€16.77
-0.2%
6.7%€18.05€14.25n/a10
Nov ’25€14.10
€16.09
+14.1%
7.0%€17.47€13.79n/a11
Oct ’25€13.40
€14.45
+7.9%
6.1%€16.26€12.65n/a10
Sep ’25€12.80
€13.93
+8.8%
6.4%€15.21€12.91n/a9
Aug ’25€12.80
€13.93
+8.8%
6.4%€15.21€12.91n/a9
Jul ’25€11.80
€15.27
+29.4%
8.7%€17.75€14.02n/a9
Jun ’25€12.40
€15.36
+23.9%
10.0%€17.56€13.86n/a9
May ’25€13.00
€16.16
+24.3%
11.9%€18.64€13.98n/a9
Apr ’25€13.90
€16.01
+15.2%
13.6%€19.40€12.93n/a9
Mar ’25€13.30
€15.83
+19.0%
15.8%€19.55€13.03n/a8
Feb ’25€12.60
€15.81
+25.5%
15.3%€19.39€12.93n/a8
Jan ’25€12.40
€14.30
+15.3%
15.8%€18.16€12.71n/a4

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

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