First Horizon Corporation

DB:FT2 Stock Report

Market Cap: €10.1b

First Horizon Valuation

Is FT2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of FT2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: FT2 (€20.6) is trading below our estimate of future cash flow value (€46.94)

Significantly Below Future Cash Flow Value: FT2 is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FT2?

Key metric: As FT2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FT2. This is calculated by dividing FT2's market cap by their current earnings.
What is FT2's PE Ratio?
PE Ratio12.1x
EarningsUS$956.00m
Market CapUS$11.95b

Price to Earnings Ratio vs Peers

How does FT2's PE Ratio compare to its peers?

The above table shows the PE ratio for FT2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.9x
CBK Commerzbank
15.5x14.96%€37.7b
BCVN Banque Cantonale Vaudoise
20.4x1.33%CHF 8.9b
WBS Webster Financial
10.5x5.44%US$10.7b
3618 Chongqing Rural Commercial Bank
5x7.14%HK$74.9b
FT2 First Horizon
12.1x4.52%€11.9b

Price-To-Earnings vs Peers: FT2 is good value based on its Price-To-Earnings Ratio (12.1x) compared to the peer average (12.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does FT2's PE Ratio compare vs other companies in the European Banks Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FT2 12.1xIndustry Avg. 11.1xNo. of Companies38PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FT2 is expensive based on its Price-To-Earnings Ratio (12.1x) compared to the European Banks industry average (11.2x).

Price to Earnings Ratio vs Fair Ratio

What is FT2'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.

FT2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.1x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: FT2 is good value based on its Price-To-Earnings Ratio (12.1x) compared to the estimated Fair Price-To-Earnings Ratio (13x).

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 FT2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€20.60
€23.54
+14.29%
6.18%€25.86€19.82n/a19
Jan ’27€20.00
€21.90
+9.51%
8.23%€25.54€19.37n/a19
Dec ’26€18.70
€21.33
+14.07%
7.13%€24.12€19.60n/a18
Nov ’26€17.80
€21.17
+18.94%
5.72%€23.34€19.67n/a18
Oct ’26€18.70
€21.32
+13.99%
5.42%€23.86€18.75n/a18
Sep ’26€18.90
€21.17
+12.01%
5.68%€23.26€18.95n/a16
Aug ’26€18.60
€21.40
+15.07%
5.34%€23.63€19.26n/a16
Jul ’26€17.60
€19.14
+8.74%
6.31%€21.21€16.96n/a16
Jun ’26€17.30
€19.30
+11.55%
7.42%€21.99€17.15n/a16
May ’26€15.50
€19.08
+23.11%
6.67%€21.09€17.14n/a14
Apr ’26€17.50
€21.13
+20.76%
7.24%€23.17€16.68n/a15
Mar ’26€19.80
€22.56
+13.95%
7.65%€24.11€17.36n/a15
Feb ’26€20.60
€22.11
+7.34%
7.37%€23.83€17.16n/a15
Jan ’26€18.90
€21.03
+11.25%
11.14%€24.11€16.40€20.0015
Dec ’25€19.50
€19.09
-2.11%
9.38%€21.74€16.07€18.7015
Nov ’25€15.60
€17.75
+13.77%
5.19%€19.38€15.69€17.8015
Oct ’25€13.60
€16.32
+20.01%
5.61%€17.16€14.45€18.7015
Sep ’25€14.50
€16.67
+14.96%
5.97%€18.14€14.52€18.9016
Aug ’25€15.20
€17.03
+12.03%
5.97%€18.53€14.83€18.6016
Jul ’25€14.40
€16.36
+13.58%
5.86%€17.69€14.44€17.6016
Jun ’25€14.10
€16.14
+14.49%
5.59%€17.56€14.32€17.3016
May ’25€13.50
€16.24
+20.31%
5.04%€17.37€14.55€15.5015
Apr ’25€13.80
€15.42
+11.77%
7.13%€17.22€13.03€17.5015
Mar ’25€12.80
€15.14
+18.30%
6.00%€16.74€13.02€19.8014
Feb ’25€12.90
€14.92
+15.64%
5.43%€15.64€12.88€20.6014
Jan ’25€13.30
€12.71
-4.42%
8.64%€14.53€10.44€18.9014
€23.52
Fair Value
12.4% undervalued intrinsic discount
19
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/23 08:17
End of Day Share Price 2026/01/23 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Horizon Corporation is covered by 36 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David GeorgeBaird
Jared David ShawBarclays
Jason GoldbergBarclays