Southern First Bancshares, Inc. (SFST) 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

-46.3%

$32.74

vs $61.01 price

Levered DCF

$64.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.63

Distress zone

Rating

Overall 3 / 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	13.67×	20.7×	22.22×	12.5×	10.48×	14.92×	11.48×	10.62×
P/B	1.12×	0.97×	0.96×	1.24×	1.76×	1.2×	1.55×	1.36×
P/S	1.85×	1.51×	1.59×	2.85×	4.45×	2.23×	3.11×	2.86×
EV / EBITDA	13.38×	22.32×	25.76×	12.09×	7.06×	9.8×	11.42×	8.65×
Gross margin	51.3%	43.8%	46.0%	79.5%	106.3%	63.5%	73.0%	77.7%
Operating margin	17.6%	9.3%	9.3%	29.9%	55.1%	19.5%	34.5%	34.7%
Net margin	13.5%	7.3%	7.2%	22.8%	42.4%	15.0%	27.1%	26.9%
Current ratio	0.02×	0.01×	0.01×	0.05×	0.08×	0.08×	0.06×	0.07×
Debt / equity	0.72×	0.8×	1×	0.72×	0.13×	0.27×	0.71×	0.36×
Interest coverage	0.37×	0.17×	0.17×	1.9×	11.19×	1.59×	1.4×	1.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	4.7%	4.3%	9.9%	16.8%	8.0%	13.5%	12.8%
Return on invested capital	4.4%	2.4%	2.0%	5.2%	12.9%	5.4%	7.1%	8.8%
Return on assets	0.7%	0.4%	0.3%	0.8%	1.6%	0.7%	1.2%	1.2%
Free cash flow yield	7.2%	7.7%	5.5%	10.0%	10.5%	4.9%	3.1%	12.6%
Earnings yield	7.3%	4.8%	4.5%	8.0%	9.5%	6.7%	8.7%	9.4%
Enterprise value	$593.4M	$551.7M	$573M	$505.7M	$446M	$254.9M	$427.2M	$263.2M
Net debt / EBITDA	4.03×	9.32×	12.34×	3.39×	-0.7×	-0.69×	2.87×	0.87×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0