First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients.
Very undervalued with adequate balance sheet.
Share Price & News
How has First BanCorp's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: OLWN's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: OLWN underperformed the German Banks industry which returned -37.7% over the past year.
Return vs Market: OLWN underperformed the German Market which returned -17.5% over the past year.
Price Volatility Vs. Market
How volatile is First BanCorp's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is First BanCorp undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: OLWN (€4.72) is trading below our estimate of fair value (€17.87)
Significantly Below Fair Value: OLWN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: OLWN is good value based on its PE Ratio (7x) compared to the Banks industry average (15.1x).
PE vs Market: OLWN is good value based on its PE Ratio (7x) compared to the German market (16.3x).
Price to Earnings Growth Ratio
PEG Ratio: OLWN is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: OLWN is good value based on its PB Ratio (0.5x) compared to the DE Banks industry average (0.8x).
How is First BanCorp forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: OLWN's forecast earnings growth (13.3% per year) is above the savings rate (-0.4%).
Earnings vs Market: OLWN's earnings (13.3% per year) are forecast to grow slower than the German market (14.4% per year).
High Growth Earnings: OLWN's earnings are forecast to grow, but not significantly.
Revenue vs Market: OLWN's revenue (18.1% per year) is forecast to grow faster than the German market (4.1% per year).
High Growth Revenue: OLWN's revenue (18.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: OLWN's Return on Equity is forecast to be low in 3 years time (10.6%).
How has First BanCorp performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: OLWN has high quality earnings.
Growing Profit Margin: OLWN's current net profit margins (27%) are lower than last year (37.6%).
Past Earnings Growth Analysis
Earnings Trend: OLWN's earnings have declined by -13.9% per year over the past 5 years.
Accelerating Growth: OLWN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: OLWN had negative earnings growth (-17.2%) over the past year, making it difficult to compare to the Banks industry average (0.7%).
Return on Equity
High ROE: OLWN's Return on Equity (7.5%) is considered low.
How is First BanCorp's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: OLWN has a low level of unsold assets or inventory.
Debt Coverage by Assets: OLWN's debt is covered by short term assets (assets are 1x debt).
Financial Institutions Analysis
Asset Level: OLWN's level of assets compared to its equity is low.
Allowance for Bad Loans: OLWN has a low allowance for bad loans.
Low Risk Liabilities: OLWN's liabilities are made up of primarily low risk sources of funding.
Loan Level: OLWN has an acceptable proportion of non-loan assets held.
Low Risk Deposits: OLWN's loans are broadly funded by customer deposits.
Level of Bad Loans: OLWN has a high level of bad loans (2.32%)
What is First BanCorp's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: OLWN's dividend (3.77%) is higher than the bottom 25% of dividend payers in the German market (1.68%).
High Dividend: OLWN's dividend (3.77%) is low compared to the top 25% of dividend payers in the German market (4.97%).
Stability and Growth of Payments
Stable Dividend: OLWN's dividend payments have been volatile in the past 10 years.
Growing Dividend: OLWN's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (18.4%), OLWN's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: OLWN's dividends in 3 years are forecast to be well covered by earnings (19.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Aurelio Alemán-Bermudez (60yo)
Mr. Aurelio Alemán-Bermudez has been the Chief Executive Officer and President of First BanCorp. since September 28, 2009. Mr. Alemán currently serves as Chairman of the Board of Directors and CEO of the C ...
CEO Compensation Analysis
Compensation vs Market: Aurelio's total compensation ($USD4.10M) is above average for companies of similar size in the German market ($USD1.34M).
Compensation vs Earnings: Aurelio's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
|Executive VP||10.58yrs||US$1.58m||0.18% $1.9m|
|Executive VP & COO||5.17yrs||US$1.30m||0.098% $1.0m|
|Executive VP & Chief Risk Officer||17.67yrs||US$1.31m||0.13% $1.4m|
|Executive VP & Florida Region Executive||11yrs||US$1.39m||0.14% $1.4m|
|Investor Relations Officer & Capital Planning Officer||6.75yrs||no data||no data|
|Executive VP||14yrs||US$967.96k||0.098% $1.0m|
|Executive VP & Business Group Executive||17.42yrs||US$1.11m||0.15% $1.6m|
|Executive VP & Strategic Management Director||10yrs||no data||0.084% $877.3k|
|Executive Vice President of Youth Services||no data||no data||no data|
Experienced Management: OLWN's management team is seasoned and experienced (10.6 years average tenure).
|Non-Executive Chairman of the Board||8.42yrs||US$1.30m||0.37% $3.9m|
|Independent Director||7.42yrs||US$148.92k||0.037% $387.3k|
|Independent Director||5.58yrs||US$143.92k||0.027% $279.5k|
|Independent Director||15.92yrs||US$125.17k||0.045% $467.9k|
|Independent Director||2.42yrs||US$126.42k||0.025% $257.4k|
|Independent Director||1.17yrs||no data||0.0042% $43.5k|
|Independent Director||5yrs||US$121.42k||0.025% $260.5k|
|Independent Director||1.58yrs||US$71.25k||0.0061% $63.3k|
Experienced Board: OLWN's board of directors are considered experienced (5.6 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: OLWN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
First BanCorp.'s company bio, employee growth, exchange listings and data sources
- Name: First BanCorp.
- Ticker: OLWN
- Exchange: DB
- Founded: 1948
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$1.149b
- Listing Market Cap: US$1.041b
- Shares outstanding: 216.71m
- Website: https://www.1firstbank.com
Number of Employees
- First BanCorp.
- First Federal Building
- 1519 Ponce de León Avenue
- Puerto Rico
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|FBP||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Jan 1987|
|OLWN||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Jan 1987|
|FBPR.M||OTCPK (Pink Sheets LLC)||PFD PERP C 7.40%||US||USD||Jul 2001|
|FBPR.N||OTCPK (Pink Sheets LLC)||PFD D 7.25%||US||USD||Mar 2002|
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations. The Commercial and Corporate Banking segment offers commercial real estate and construction loans, floor plan financing, and cash and business management services, as well as broker-dealer services. The Consumer (Retail) Banking segment provides auto, boat, and personal loans; credit cards; lines of credit; deposit products comprising interest bearing and non-interest bearing checking and savings accounts, individual retirement accounts, and retail certificates of deposit (CDs); finance leasing and insurance services. The Mortgage Banking segment is involved in the origination, sale, and servicing of various residential mortgage loan products and related hedging activities; and acquisition and sale of mortgages in the secondary markets. The Treasury and Investments segment engages in the treasury and investment management activities, such as funding and liquidity management. The United States Operations segment offers checking, savings, and money market accounts, as well as retail CDs; and residential mortgages, home equity loans, lines of credit, automobile loans, and term loans, as well as Internet banking, cash management, remote data capture, automated clearing house transaction services. The Virgin Islands Operations segment is involved in the consumer, commercial lending, and deposit-taking activities. As of December 31, 2018, the company operated 46 branches in Puerto Rico, 11 branches in the U.S. Virgin Islands and British Virgin Islands, and 10 branches in the state of Florida. First BanCorp. was founded in 1948 and is headquartered in Santurce, Puerto Rico.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/03/30 22:40|
|End of Day Share Price||2020/03/30 00:00|
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 here.