First Bank (FRBA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+133.2%

$46.83

vs $20.08 price

Levered DCF

$72.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.29

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.41×	8.38×	15.47×	7.4×	8.02×	9.57×	15.79×	12.49×
P/B	0.93×	0.86×	0.87×	0.93×	1.07×	0.78×	0.93×	1.13×
P/S	1.66×	1.54×	1.86×	2.39×	2.88×	1.95×	2.39×	2.9×
EV / EBITDA	6.17×	6.26×	11.39×	5.57×	5.25×	9.95×	14.05×	13×
Gross margin	55.2%	56.1%	55.3%	84.2%	90.9%	69.5%	66.2%	72.1%
Operating margin	23.2%	24.0%	15.7%	42.6%	47.3%	27.2%	21.6%	28.4%
Net margin	17.7%	18.4%	12.1%	32.3%	35.8%	20.4%	15.2%	23.1%
Current ratio	0.13×	0.11×	0.11×	0.1×	0.12×	0.09×	0.06×	0.07×
Debt / equity	0.61×	0.68×	0.63×	0.42×	0.47×	0.8×	0.56×	0.59×
Interest coverage	0.58×	0.55×	0.39×	3.22×	5.07×	1.32×	0.74×	1.22×
Dividend yield	1.5%	1.7%	1.6%	1.7%	1.0%	1.3%	1.1%	1.0%
Payout ratio	13.7%	14.3%	25.5%	12.9%	8.3%	12.3%	17.1%	12.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	10.3%	5.6%	12.5%	13.3%	8.2%	5.9%	9.0%
Return on invested capital	5.8%	5.9%	3.3%	8.3%	8.7%	4.4%	3.6%	5.6%
Return on assets	1.1%	1.1%	0.6%	1.3%	1.4%	0.8%	0.7%	1.0%
Free cash flow yield	15.3%	7.0%	43.6%	13.0%	9.8%	12.9%	7.1%	15.9%
Earnings yield	10.6%	11.9%	6.5%	13.5%	12.5%	10.4%	6.4%	8.0%
Enterprise value	$379.5M	$372M	$341.8M	$275.4M	$253.7M	$277.3M	$290.6M	$299.6M
Net debt / EBITDA	-0.51×	0.31×	0.64×	0.14×	-0.64×	3.26×	3.85×	3.42×
Cash conversion cycle (days)	6	9	18	1	5	19	7	2