First Financial Bancorp.

NasdaqGS:FFBC Stock Report

Market Cap: US$2.7b

First Financial Bancorp Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 FFBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FFBC ($29.36) is trading below our estimate of fair value ($57.55)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FFBC. This is calculated by dividing FFBC's market cap by their current earnings.
What is FFBC's PE Ratio?
PE Ratio12.7x
EarningsUS$220.68m
Market CapUS$2.74b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FFBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.2x
INDB Independent Bank
15.6x14.1%US$3.0b
FRME First Merchants
14.3x7.3%US$2.5b
WAFD WaFd
15.9x20.3%US$2.9b
CBCY.B Central Bancompany
10.8xn/aUS$2.9b
FFBC First Financial Bancorp
12.7x4.2%US$2.7b

Price-To-Earnings vs Peers: FFBC is good value based on its Price-To-Earnings Ratio (12.7x) compared to the peer average (14.2x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
FFBC 12.7xIndustry Avg. 12.8xNo. of Companies75PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FFBC is good value based on its Price-To-Earnings Ratio (12.7x) compared to the US Banks industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is FFBC'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.

FFBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.7x
Fair PE Ratio13.1x

Price-To-Earnings vs Fair Ratio: FFBC is good value based on its Price-To-Earnings Ratio (12.7x) compared to the estimated Fair Price-To-Earnings Ratio (13.1x).

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 FFBC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$29.36
US$28.75
-2.1%
5.6%US$31.50US$27.50n/a4
Nov ’25US$25.66
US$27.88
+8.6%
0.8%US$28.00US$27.50n/a4
Oct ’25US$24.37
US$28.00
+14.9%
5.6%US$30.00US$26.00n/a4
Sep ’25US$26.47
US$28.00
+5.8%
5.6%US$30.00US$26.00n/a4
Aug ’25US$26.17
US$29.25
+11.8%
5.1%US$31.00US$27.00n/a4
Jul ’25US$22.15
US$25.00
+12.9%
2.5%US$26.00US$24.00n/a5
Jun ’25US$22.30
US$25.20
+13.0%
3.0%US$26.00US$24.00n/a5
May ’25US$22.69
US$25.20
+11.1%
3.0%US$26.00US$24.00n/a5
Apr ’25US$21.90
US$25.10
+14.6%
2.6%US$26.00US$24.00n/a5
Mar ’25US$21.62
US$25.10
+16.1%
2.6%US$26.00US$24.00n/a5
Feb ’25US$22.36
US$24.88
+11.2%
2.2%US$25.50US$24.00n/a4
Jan ’25US$23.75
US$23.63
-0.5%
7.5%US$25.50US$21.00n/a4
Dec ’24US$21.25
US$21.88
+2.9%
5.2%US$23.00US$20.50n/a4
Nov ’24US$18.48
US$21.88
+18.4%
5.2%US$23.00US$20.50US$25.664
Oct ’24US$19.60
US$24.00
+22.4%
4.6%US$26.00US$23.00US$24.375
Sep ’24US$21.60
US$24.60
+13.9%
4.9%US$26.00US$23.00US$26.475
Aug ’24US$22.92
US$24.60
+7.3%
4.9%US$26.00US$23.00US$26.175
Jul ’24US$20.44
US$23.60
+15.5%
3.4%US$25.00US$23.00US$22.155
Jun ’24US$19.48
US$23.60
+21.1%
3.4%US$25.00US$23.00US$22.305
May ’24US$20.42
US$23.60
+15.6%
3.4%US$25.00US$23.00US$22.695
Apr ’24US$21.77
US$25.40
+16.7%
6.4%US$28.00US$23.00US$21.905
Mar ’24US$24.90
US$26.20
+5.2%
4.5%US$28.00US$25.00US$21.625
Feb ’24US$25.54
US$26.20
+2.6%
4.5%US$28.00US$25.00US$22.365
Jan ’24US$24.23
US$25.80
+6.5%
4.5%US$27.00US$24.00US$23.755
Dec ’23US$26.61
US$25.40
-4.5%
4.0%US$27.00US$24.00US$21.255
Nov ’23US$26.07
US$25.40
-2.6%
4.0%US$27.00US$24.00US$18.485

Analyst Forecast: Target price is lower than the current share price.

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