We’ve recently updated our valuation analysis.

First Bancorp Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

FBNC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FBNC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.3x
HOPE Hope Bancorp
7x-1.0%US$1.5b
STEL Stellar Bancorp
21.7x44.8%US$1.5b
EGBN Eagle Bancorp
10x3.9%US$1.4b
VBTX Veritex Holdings
10.2x15.7%US$1.5b
FBNC First Bancorp
12.1x13.5%US$1.4b

Price-To-Earnings vs Peers: FBNC is good value based on its Price-To-Earnings Ratio (12.1x) compared to the peer average (12.3x).


Price to Earnings Ratio vs Industry

How does FBNC's PE Ratio compare vs other companies in the US Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.6%
n/an/an/a

Price-To-Earnings vs Industry: FBNC is expensive based on its Price-To-Earnings Ratio (12.1x) compared to the US Banks industry average (9.8x)


Price to Earnings Ratio vs Fair Ratio

What is FBNC'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.

FBNC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.1x
Fair PE Ratio11.5x

Price-To-Earnings vs Fair Ratio: FBNC is expensive based on its Price-To-Earnings Ratio (12.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).


Share Price vs Fair Value

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

Below Fair Value: FBNC ($40.04) is trading below our estimate of fair value ($82.56)

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


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 FBNC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$40.04
US$50.25
+25.5%
3.2%US$53.00US$49.00n/a5
Jan ’24US$42.84
US$50.25
+17.3%
3.2%US$53.00US$49.00n/a5
Dec ’23US$48.35
US$50.00
+3.4%
3.1%US$53.00US$49.00n/a5
Nov ’23US$44.34
US$48.70
+9.8%
7.0%US$53.00US$42.50n/a5
Oct ’23US$36.58
US$47.00
+28.5%
8.8%US$53.00US$42.00n/a5
Sep ’23US$36.06
US$47.00
+30.3%
8.8%US$53.00US$42.00n/a5
Aug ’23US$36.97
US$47.40
+28.2%
8.9%US$53.00US$42.00n/a5
Jul ’23US$35.59
US$47.40
+33.2%
11.2%US$55.00US$40.00n/a5
Jun ’23US$37.12
US$48.67
+31.1%
9.2%US$55.00US$44.00n/a6
May ’23US$37.46
US$50.50
+34.8%
6.1%US$55.00US$46.00n/a6
Apr ’23US$41.46
US$52.00
+25.4%
4.0%US$55.00US$49.00n/a6
Mar ’23US$42.55
US$52.17
+22.6%
3.2%US$54.00US$49.00n/a6
Feb ’23US$43.62
US$53.60
+22.9%
2.8%US$56.00US$52.00n/a5
Jan ’23US$45.72
US$53.40
+16.8%
2.8%US$56.00US$52.00US$42.845
Dec ’22US$44.37
US$53.00
+19.5%
3.8%US$56.00US$50.00US$48.355
Nov ’22US$50.07
US$51.60
+3.1%
3.6%US$54.00US$49.00US$44.345
Oct ’22US$43.83
US$50.10
+14.3%
3.1%US$52.00US$48.50US$36.585
Sep ’22US$41.73
US$50.10
+20.1%
3.1%US$52.00US$48.50US$36.065
Aug ’22US$40.00
US$50.40
+26.0%
2.9%US$52.00US$48.50US$36.975
Jul ’22US$41.15
US$50.80
+23.5%
2.5%US$52.00US$48.50US$35.595
Jun ’22US$45.41
US$49.00
+7.9%
4.3%US$51.50US$46.00US$37.125
May ’22US$42.40
US$49.20
+16.0%
4.7%US$51.50US$46.00US$37.465
Apr ’22US$43.75
US$44.70
+2.2%
14.3%US$51.50US$37.00US$41.465
Mar ’22US$41.02
US$39.50
-3.7%
6.3%US$44.00US$37.00US$42.555
Feb ’22US$33.97
US$38.00
+11.9%
2.2%US$39.00US$37.00US$43.625
Jan ’22US$33.83
US$36.10
+6.7%
5.4%US$39.00US$34.00US$45.725

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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