Associated Banc-Corp

NYSE:ASB Stock Report

Market Cap: US$4.3b

Associated Banc-Corp Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ASB ($26.6) is trading below our estimate of fair value ($40.79)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ASB. This is calculated by dividing ASB's market cap by their current earnings.
What is ASB's PE Ratio?
PE Ratio23.6x
EarningsUS$181.51m
Market CapUS$4.28b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ASB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.1x
AUB Atlantic Union Bankshares
21.9x50.7%US$4.3b
EBC Eastern Bankshares
41.2x51.9%US$3.7b
TFSL TFS Financial
49.8x4.0%US$4.0b
FBP First BanCorp
11.3x1.9%US$3.4b
ASB Associated Banc-Corp
23.6x22.8%US$4.3b

Price-To-Earnings vs Peers: ASB is good value based on its Price-To-Earnings Ratio (23.6x) compared to the peer average (31.1x).

Price to Earnings Ratio vs Industry

How does ASB'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
ASB 23.6xIndustry Avg. 12.9xNo. of Companies80PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ASB is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the US Banks industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is ASB'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.

ASB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.6x
Fair PE Ratio18x

Price-To-Earnings vs Fair Ratio: ASB is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the estimated Fair Price-To-Earnings Ratio (18x).

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 ASB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$26.60
US$26.56
-0.2%
8.0%US$30.00US$24.00n/a9
Nov ’25US$23.56
US$24.78
+5.2%
3.7%US$27.00US$24.00n/a9
Oct ’25US$20.65
US$24.22
+17.3%
5.8%US$27.00US$22.00n/a9
Sep ’25US$22.88
US$23.90
+4.5%
6.6%US$27.00US$22.00n/a10
Aug ’25US$22.07
US$24.00
+8.7%
6.5%US$27.00US$22.00n/a10
Jul ’25US$20.83
US$23.60
+13.3%
6.1%US$27.00US$22.00n/a10
Jun ’25US$21.42
US$23.80
+11.1%
5.6%US$27.00US$22.00n/a10
May ’25US$21.56
US$23.70
+9.9%
5.7%US$27.00US$22.00n/a10
Apr ’25US$21.27
US$23.20
+9.1%
7.4%US$27.00US$20.00n/a10
Mar ’25US$20.64
US$23.30
+12.9%
7.2%US$27.00US$20.00n/a10
Feb ’25US$20.84
US$23.30
+11.8%
7.2%US$27.00US$20.00n/a10
Jan ’25US$21.39
US$20.60
-3.7%
10.5%US$25.00US$17.00n/a10
Dec ’24US$18.74
US$19.70
+5.1%
10.8%US$25.00US$17.00n/a10
Nov ’24US$16.17
US$19.10
+18.1%
12.0%US$25.00US$17.00US$23.5610
Oct ’24US$17.11
US$20.25
+18.4%
8.5%US$24.00US$18.00US$20.6510
Sep ’24US$17.67
US$19.75
+11.8%
6.1%US$22.00US$18.00US$22.8810
Aug ’24US$18.43
US$19.75
+7.2%
6.1%US$22.00US$18.00US$22.0710
Jul ’24US$16.23
US$19.50
+20.1%
7.3%US$22.00US$17.50US$20.839
Jun ’24US$15.11
US$19.89
+31.6%
8.7%US$24.00US$18.00US$21.429
May ’24US$17.24
US$20.67
+19.9%
12.3%US$26.00US$18.00US$21.569
Apr ’24US$17.98
US$23.56
+31.0%
11.9%US$28.00US$19.00US$21.279
Mar ’24US$23.29
US$25.13
+7.9%
5.8%US$28.00US$23.00US$20.648
Feb ’24US$22.73
US$25.13
+10.5%
5.8%US$28.00US$23.00US$20.848
Jan ’24US$23.09
US$25.13
+8.8%
7.0%US$28.00US$23.00US$21.398
Dec ’23US$24.52
US$24.75
+0.9%
6.6%US$28.00US$23.00US$18.748
Nov ’23US$24.65
US$24.75
+0.4%
6.6%US$28.00US$23.00US$16.178

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

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