First IC Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: FIEB ($8.9) is trading below our estimate of fair value ($22.38)

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

Key Valuation Metric

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

Key metric: As FIEB is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for FIEB. This is calculated by dividing FIEB's market cap by their current book value.
What is FIEB's PB Ratio?
PB Ratio	n/a
Book	US$113.51m
Market Cap	US$81.60m

FIEB 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/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does FIEB's PB Ratio compare to its peers?

The above table shows the PB ratio for FIEB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1x
OFED Oconee Federal Financial	1.1x	n/a	US$81.9m
OXBC Oxford Bank	1x	n/a	US$82.3m
FSRL First Reliance Bancshares	1x	22.3%	US$80.7m
JDVB JD Bancshares	0.9x	n/a	US$79.0m
FIEB First IC	n/a	n/a	US$81.6m

Price-To-Book vs Peers: Insufficient data to calculate FIEB's Price-To-Book Ratio vs. peers for valuation analysis.

Price to Book Ratio vs Industry

How does FIEB's PB Ratio compare vs other companies in the US Banks Industry?

4 Companies	Price / Book	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: Insufficient data to calculate FIEB's Price-To-Book Ratio vs. industry for valuation analysis.

Price to Book Ratio vs Fair Ratio

What is FIEB's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FIEB PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	n/a
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate FIEB's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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