First BanCorp.

NYSE:FBP Stock Report

Market Cap: US$3.3b

First BanCorp Valuation

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

Below Fair Value: FBP ($20.69) is trading below our estimate of fair value ($51.48)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FBP. This is calculated by dividing FBP's market cap by their current earnings.
What is FBP's PE Ratio?
PE Ratio11.1x
EarningsUS$302.51m
Market CapUS$3.34b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FBP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.6x
FINN First National of Nebraska
11.6xn/aUS$3.3b
PRK Park National
22.4x1.3%US$3.1b
FHB First Hawaiian
15.3x-0.7%US$3.4b
BKU BankUnited
17x13.0%US$3.1b
FBP First BanCorp
11.1x1.5%US$3.3b

Price-To-Earnings vs Peers: FBP is good value based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (16.6x).

Price to Earnings Ratio vs Industry

How does FBP'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
FBP 11.1xIndustry Avg. 12.8xNo. of Companies75PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FBP is good value based on its Price-To-Earnings Ratio (11.1x) compared to the US Banks industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is FBP'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.

FBP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.1x
Fair PE Ratio12.7x

Price-To-Earnings vs Fair Ratio: FBP is good value based on its Price-To-Earnings Ratio (11.1x) compared to the estimated Fair Price-To-Earnings Ratio (12.7x).

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 FBP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$20.69
US$23.00
+11.2%
8.3%US$25.00US$20.00n/a6
Nov ’25US$19.30
US$22.83
+18.3%
7.8%US$25.00US$20.00n/a6
Oct ’25US$20.10
US$23.67
+17.7%
5.3%US$25.00US$22.00n/a6
Sep ’25US$21.38
US$23.33
+9.1%
7.7%US$25.00US$20.00n/a6
Aug ’25US$21.01
US$23.60
+12.3%
7.9%US$25.00US$20.00n/a5
Jul ’25US$18.42
US$20.40
+10.7%
5.9%US$21.00US$18.00n/a5
Jun ’25US$17.73
US$20.40
+15.1%
5.9%US$21.00US$18.00n/a5
May ’25US$17.68
US$20.40
+15.4%
5.9%US$21.00US$18.00n/a5
Apr ’25US$17.31
US$18.90
+9.2%
8.6%US$21.00US$16.00n/a5
Mar ’25US$16.80
US$18.90
+12.5%
8.6%US$21.00US$16.00n/a5
Feb ’25US$16.48
US$18.90
+14.7%
8.6%US$21.00US$16.00n/a5
Jan ’25US$16.45
US$17.32
+5.3%
7.3%US$18.60US$15.00n/a5
Dec ’24US$15.63
US$16.30
+4.3%
10.6%US$18.00US$13.00n/a5
Nov ’24US$13.48
US$16.30
+20.9%
10.6%US$18.00US$13.00US$19.305
Oct ’24US$13.46
US$16.20
+20.4%
11.8%US$18.00US$12.50US$20.105
Sep ’24US$14.41
US$16.20
+12.4%
11.8%US$18.00US$12.50US$21.385
Aug ’24US$15.08
US$16.20
+7.4%
11.8%US$18.00US$12.50US$21.015
Jul ’24US$12.22
US$14.10
+15.4%
9.1%US$16.00US$12.50US$18.425
Jun ’24US$11.58
US$14.20
+22.6%
9.6%US$16.00US$12.50US$17.735
May ’24US$11.60
US$14.20
+22.4%
9.6%US$16.00US$12.50US$17.685
Apr ’24US$11.42
US$15.20
+33.1%
9.7%US$17.00US$14.00US$17.315
Mar ’24US$14.40
US$15.80
+9.7%
7.4%US$17.00US$14.00US$16.805
Feb ’24US$13.92
US$15.80
+13.5%
7.4%US$17.00US$14.00US$16.485
Jan ’24US$12.72
US$17.20
+35.2%
10.0%US$19.00US$14.00US$16.455
Dec ’23US$15.10
US$17.80
+17.9%
4.2%US$19.00US$17.00US$15.635
Nov ’23US$15.59
US$17.80
+14.2%
4.2%US$19.00US$17.00US$13.485

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

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