First Bank

NasdaqGM:FRBA Stock Report

Market Cap: US$372.4m

First Bank Valuation

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

Below Fair Value: FRBA ($14.91) is trading below our estimate of fair value ($40.82)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FRBA. This is calculated by dividing FRBA's market cap by their current earnings.
What is FRBA's PE Ratio?
PE Ratio9.4x
EarningsUS$40.13m
Market CapUS$372.44m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FRBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.6x
CIVB Civista Bancshares
11.9x7.5%US$360.4m
CZFS Citizens Financial Services
12.8x8.7%US$346.2m
SSBK Southern States Bancshares
11.5x13.1%US$366.8m
FSBW FS Bancorp
10x1.5%US$361.8m
FRBA First Bank
9.4x1.6%US$372.4m

Price-To-Earnings vs Peers: FRBA is good value based on its Price-To-Earnings Ratio (9.4x) compared to the peer average (11.6x).

Price to Earnings Ratio vs Industry

How does FRBA'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
FRBA 9.4xIndustry Avg. 13.3xNo. of Companies92PE0816243240+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FRBA is good value based on its Price-To-Earnings Ratio (9.4x) compared to the US Banks industry average (13.2x).

Price to Earnings Ratio vs Fair Ratio

What is FRBA'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.

FRBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.4x
Fair PE Ratio11x

Price-To-Earnings vs Fair Ratio: FRBA is good value based on its Price-To-Earnings Ratio (9.4x) compared to the estimated Fair Price-To-Earnings Ratio (11x).

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 FRBA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$14.91
US$17.67
+18.5%
5.3%US$19.00US$17.00n/a3
Nov ’25US$14.00
US$17.33
+23.8%
7.2%US$19.00US$16.00n/a3
Oct ’25US$14.72
US$18.33
+24.5%
6.8%US$20.00US$17.00n/a3
Sep ’25US$15.39
US$18.33
+19.1%
6.8%US$20.00US$17.00n/a3
Aug ’25US$14.90
US$19.00
+27.5%
5.3%US$20.00US$18.00n/a2
Jul ’25US$12.70
US$15.50
+22.0%
9.7%US$17.00US$14.00n/a2
Jun ’25US$12.17
US$16.00
+31.5%
6.3%US$17.00US$15.00n/a2
May ’25US$11.89
US$16.17
+36.0%
5.3%US$17.00US$15.00n/a3
Apr ’25US$13.16
US$17.17
+30.4%
7.6%US$19.00US$16.00n/a3
Mar ’25US$12.95
US$17.50
+35.1%
6.2%US$19.00US$16.50n/a3
Feb ’25US$13.57
US$17.50
+29.0%
6.2%US$19.00US$16.50n/a3
Jan ’25US$14.70
US$15.83
+7.7%
11.6%US$18.00US$13.50n/a3
Dec ’24US$12.77
US$13.83
+8.3%
1.7%US$14.00US$13.50n/a3
Nov ’24US$11.28
US$13.83
+22.6%
1.7%US$14.00US$13.50US$14.003
Oct ’24US$10.78
US$15.25
+41.5%
4.9%US$16.00US$14.50US$14.722
Sep ’24US$11.53
US$15.25
+32.3%
4.9%US$16.00US$14.50US$15.392
Aug ’24US$12.52
US$15.25
+21.8%
4.9%US$16.00US$14.50US$14.902
Jul ’24US$10.38
US$12.50
+20.4%
4.0%US$13.00US$12.00US$12.702
Jan ’24US$13.76
US$17.67
+28.4%
5.3%US$19.00US$17.00US$14.703
Dec ’23US$16.13
US$18.17
+12.6%
7.9%US$20.00US$16.50US$12.773
Nov ’23US$15.82
US$18.17
+14.8%
7.9%US$20.00US$16.50US$11.283

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

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