We’ve recently updated our valuation analysis.

SouthState Valuation

Is SSB 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 SSB?

Other financial metrics that can be useful for relative valuation.

SSB 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 Ratio1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SSB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.7x
WAL Western Alliance Bancorporation
7.7x9.3%US$7.8b
PNFP Pinnacle Financial Partners
10.6x4.6%US$5.8b
SBNY Signature Bank
6x-13.1%US$7.8b
VLY Valley National Bancorp
10.4x14.9%US$5.8b
SSB SouthState
11.8x11.8%US$5.8b

Price-To-Earnings vs Peers: SSB is expensive based on its Price-To-Earnings Ratio (11.8x) compared to the peer average (8.7x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.2%
n/an/an/a

Price-To-Earnings vs Industry: SSB is expensive based on its Price-To-Earnings Ratio (11.8x) compared to the US Banks industry average (9.7x)


Price to Earnings Ratio vs Fair Ratio

What is SSB'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.

SSB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.8x
Fair PE Ratio11.9x

Price-To-Earnings vs Fair Ratio: SSB is good value based on its Price-To-Earnings Ratio (11.8x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).


Share Price vs Fair Value

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

Below Fair Value: SSB ($77.13) is trading below our estimate of fair value ($146.89)

Significantly Below Fair Value: SSB 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 SSB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$77.13
US$100.14
+29.8%
4.7%US$110.00US$95.00n/a7
Jan ’24US$76.36
US$98.71
+29.3%
2.5%US$103.00US$95.00n/a7
Dec ’23US$87.04
US$99.71
+14.6%
2.6%US$103.00US$95.00n/a7
Nov ’23US$90.65
US$99.71
+10.0%
2.6%US$103.00US$95.00n/a7
Oct ’23US$79.12
US$94.86
+19.9%
4.6%US$100.00US$85.00n/a7
Sep ’23US$77.94
US$94.29
+21.0%
4.7%US$100.00US$85.00n/a7
Aug ’23US$82.97
US$94.14
+13.5%
4.8%US$100.00US$85.00n/a7
Jul ’23US$77.74
US$91.43
+17.6%
4.9%US$100.00US$85.00n/a7
Jun ’23US$79.31
US$90.63
+14.3%
3.4%US$94.00US$85.00n/a8
May ’23US$77.44
US$91.13
+17.7%
5.5%US$96.00US$82.00n/a8
Apr ’23US$81.09
US$91.44
+12.8%
5.5%US$96.00US$82.00n/a8
Mar ’23US$85.48
US$90.56
+5.9%
5.3%US$96.00US$82.00n/a8
Feb ’23US$84.82
US$90.56
+6.8%
5.3%US$96.00US$82.00n/a8
Jan ’23US$80.11
US$86.88
+8.4%
6.4%US$93.00US$76.00US$76.368
Dec ’22US$76.20
US$84.93
+11.5%
8.9%US$93.00US$70.50US$87.047
Nov ’22US$82.75
US$82.50
-0.3%
7.4%US$92.00US$70.50US$90.657
Oct ’22US$77.25
US$82.14
+6.3%
9.8%US$92.00US$67.00US$79.127
Sep ’22US$68.26
US$82.43
+20.8%
9.5%US$92.00US$67.00US$77.947
Aug ’22US$68.84
US$88.14
+28.0%
6.7%US$97.00US$78.00US$82.977
Jul ’22US$82.07
US$92.86
+13.1%
4.6%US$100.00US$86.00US$77.747
Jun ’22US$89.92
US$92.57
+2.9%
4.8%US$100.00US$86.00US$79.317
May ’22US$84.32
US$89.71
+6.4%
5.0%US$100.00US$86.00US$77.447
Apr ’22US$79.63
US$85.14
+6.9%
8.1%US$97.00US$74.00US$81.097
Mar ’22US$81.19
US$81.79
+0.7%
6.1%US$90.00US$74.00US$85.487
Feb ’22US$70.65
US$77.50
+9.7%
8.3%US$85.00US$65.00US$84.827
Jan ’22US$72.30
US$76.50
+5.8%
9.0%US$85.00US$65.00US$80.118

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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