FS Bancorp, Inc.

NasdaqCM:FSBW Stock Report

Market Cap: US$358.4m

FS Bancorp Valuation

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

Below Fair Value: FSBW ($45.87) is trading below our estimate of fair value ($100.5)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FSBW. This is calculated by dividing FSBW's market cap by their current earnings.
What is FSBW's PE Ratio?
PE Ratio9.6x
EarningsUS$36.81m
Market CapUS$358.44m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FSBW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.4x
CIVB Civista Bancshares
11.5x7.5%US$350.8m
CNND Canandaigua National
8.6xn/aUS$383.7m
HLAN Heartland BancCorp
16.7xn/aUS$331.7m
FRBA First Bank
9.1x1.6%US$370.2m
FSBW FS Bancorp
9.6x1.5%US$358.4m

Price-To-Earnings vs Peers: FSBW is good value based on its Price-To-Earnings Ratio (9.6x) compared to the peer average (11.4x).

Price to Earnings Ratio vs Industry

How does FSBW'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
FSBW 9.6xIndustry Avg. 12.9xNo. of Companies79PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FSBW is good value based on its Price-To-Earnings Ratio (9.6x) compared to the US Banks industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is FSBW'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.

FSBW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.6x
Fair PE Ratio11.1x

Price-To-Earnings vs Fair Ratio: FSBW is good value based on its Price-To-Earnings Ratio (9.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.1x).

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 FSBW forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$45.87
US$49.00
+6.8%
8.2%US$53.00US$45.00n/a2
Nov ’25US$42.90
US$47.50
+10.7%
5.3%US$50.00US$45.00n/a2
Oct ’25US$42.66
US$47.00
+10.2%
6.4%US$50.00US$44.00n/a2
Sep ’25US$43.83
US$47.00
+7.2%
6.4%US$50.00US$44.00n/a2
Aug ’25US$42.25
US$47.00
+11.2%
6.4%US$50.00US$44.00n/a2
Jul ’25US$34.94
US$36.00
+3.0%
5.6%US$38.00US$34.00n/a2
Jun ’25US$32.79
US$36.00
+9.8%
5.6%US$38.00US$34.00n/a2
May ’25US$31.75
US$36.00
+13.4%
5.6%US$38.00US$34.00n/a2
Apr ’25US$33.40
US$38.50
+15.3%
1.3%US$39.00US$38.00n/a2
Mar ’25US$32.50
US$38.50
+18.5%
1.3%US$39.00US$38.00n/a2
Feb ’25US$36.30
US$39.50
+8.8%
1.3%US$40.00US$39.00n/a2
Jan ’25US$36.96
US$37.00
+0.1%
5.4%US$39.00US$35.00n/a2
Dec ’24US$31.54
US$33.50
+6.2%
4.5%US$35.00US$32.00n/a2
Nov ’24US$28.83
US$33.50
+16.2%
4.5%US$35.00US$32.00US$42.902
Oct ’24US$29.50
US$36.00
+22.0%
8.3%US$39.00US$33.00US$42.662
Sep ’24US$30.17
US$36.00
+19.3%
8.3%US$39.00US$33.00US$43.832
Aug ’24US$30.68
US$36.00
+17.3%
8.3%US$39.00US$33.00US$42.252
Jul ’24US$30.07
US$37.00
+23.0%
13.5%US$42.00US$32.00US$34.942
Jun ’24US$29.36
US$37.00
+26.0%
13.5%US$42.00US$32.00US$32.792
May ’24US$30.30
US$37.00
+22.1%
13.5%US$42.00US$32.00US$31.752
Apr ’24US$30.01
US$39.50
+31.6%
6.3%US$42.00US$37.00US$33.402
Mar ’24US$35.64
US$39.50
+10.8%
6.3%US$42.00US$37.00US$32.502
Feb ’24US$35.89
US$37.50
+4.5%
1.3%US$38.00US$37.00US$36.302
Jan ’24US$33.44
US$34.00
+1.7%
11.8%US$38.00US$30.00US$36.962
Dec ’23US$34.17
US$34.00
-0.5%
11.8%US$38.00US$30.00US$31.542
Nov ’23US$29.16
US$33.00
+13.2%
9.1%US$36.00US$30.00US$28.832

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

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