Intrinsic value of BancFirst - BANF

Previous Close

$60.85

  Intrinsic Value

$21.43

stock screener

  Rating & Target

str. sell

-65%

Previous close

$60.85

 
Intrinsic value

$21.43

 
Up/down potential

-65%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BANF.

We calculate the intrinsic value of BANF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  0
  379
  424
  471
  520
  571
  625
  681
  740
  801
  864
  930
  998
  1,069
  1,143
  1,220
  1,300
  1,383
  1,470
  1,560
  1,653
  1,751
  1,853
  1,959
  2,070
  2,186
  2,307
  2,434
  2,566
  2,705
  2,849
Variable operating expenses, $m
 
  91
  102
  113
  125
  138
  151
  164
  178
  193
  208
  224
  241
  258
  276
  294
  313
  333
  354
  376
  398
  422
  447
  472
  499
  527
  556
  587
  618
  652
  687
Fixed operating expenses, $m
 
  125
  127
  130
  133
  136
  139
  142
  145
  148
  152
  155
  158
  162
  165
  169
  173
  177
  180
  184
  189
  193
  197
  201
  206
  210
  215
  220
  224
  229
  234
Total operating expenses, $m
  0
  216
  229
  243
  258
  274
  290
  306
  323
  341
  360
  379
  399
  420
  441
  463
  486
  510
  534
  560
  587
  615
  644
  673
  705
  737
  771
  807
  842
  881
  921
Operating income, $m
  0
  163
  194
  227
  261
  298
  336
  375
  416
  459
  504
  551
  599
  650
  702
  757
  814
  873
  935
  999
  1,066
  1,136
  1,209
  1,286
  1,366
  1,449
  1,536
  1,628
  1,723
  1,823
  1,928
EBITDA, $m
  12
  967
  1,092
  1,224
  1,363
  1,509
  1,661
  1,820
  1,985
  2,157
  2,336
  2,522
  2,715
  2,917
  3,126
  3,343
  3,569
  3,804
  4,049
  4,304
  4,570
  4,848
  5,137
  5,438
  5,753
  6,083
  6,426
  6,786
  7,162
  7,555
  7,967
Interest expense (income), $m
  15
  278
  286
  327
  371
  417
  466
  516
  568
  623
  680
  739
  801
  865
  931
  1,000
  1,072
  1,146
  1,224
  1,305
  1,389
  1,477
  1,568
  1,663
  1,763
  1,866
  1,975
  2,088
  2,206
  2,330
  2,459
Earnings before tax, $m
  108
  -115
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -164
  -176
  -188
  -201
  -215
  -229
  -243
  -258
  -273
  -289
  -306
  -323
  -340
  -359
  -377
  -397
  -417
  -438
  -460
  -483
  -506
  -531
Tax expense, $m
  37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  71
  -115
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -164
  -176
  -188
  -201
  -215
  -229
  -243
  -258
  -273
  -289
  -306
  -323
  -340
  -359
  -377
  -397
  -417
  -438
  -460
  -483
  -506
  -531

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,019
  7,291
  8,148
  9,050
  9,997
  10,989
  12,025
  13,106
  14,231
  15,402
  16,620
  17,885
  19,200
  20,567
  21,988
  23,464
  25,000
  26,597
  28,260
  29,991
  31,794
  33,674
  35,634
  37,679
  39,813
  42,042
  44,371
  46,804
  49,349
  52,010
  54,794
Adjusted assets (=assets-cash), $m
  7,019
  7,291
  8,148
  9,050
  9,997
  10,989
  12,025
  13,106
  14,231
  15,402
  16,620
  17,885
  19,200
  20,567
  21,988
  23,464
  25,000
  26,597
  28,260
  29,991
  31,794
  33,674
  35,634
  37,679
  39,813
  42,042
  44,371
  46,804
  49,349
  52,010
  54,794
Revenue / Adjusted assets
  0.000
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
Average production assets, $m
  141
  8,035
  8,979
  9,974
  11,018
  12,111
  13,253
  14,444
  15,684
  16,974
  18,316
  19,711
  21,161
  22,667
  24,232
  25,860
  27,552
  29,313
  31,145
  33,053
  35,040
  37,112
  39,272
  41,525
  43,878
  46,334
  48,900
  51,582
  54,386
  57,319
  60,388
Working capital, $m
  0
  -7,220
  -8,069
  -8,962
  -9,901
  -10,883
  -11,909
  -12,979
  -14,094
  -15,253
  -16,459
  -17,713
  -19,015
  -20,369
  -21,775
  -23,238
  -24,758
  -26,340
  -27,987
  -29,701
  -31,487
  -33,349
  -35,290
  -37,315
  -39,429
  -41,636
  -43,942
  -46,352
  -48,872
  -51,507
  -54,265
Total debt, $m
  32
  5,293
  6,064
  6,876
  7,729
  8,622
  9,554
  10,527
  11,539
  12,593
  13,689
  14,828
  16,012
  17,242
  18,520
  19,849
  21,231
  22,669
  24,165
  25,723
  27,346
  29,038
  30,802
  32,642
  34,563
  36,569
  38,665
  40,855
  43,145
  45,540
  48,046
Total liabilities, $m
  6,308
  6,562
  7,333
  8,145
  8,997
  9,890
  10,823
  11,795
  12,808
  13,862
  14,958
  16,097
  17,280
  18,511
  19,789
  21,118
  22,500
  23,938
  25,434
  26,992
  28,615
  30,307
  32,071
  33,911
  35,832
  37,838
  39,934
  42,124
  44,414
  46,809
  49,314
Total equity, $m
  711
  729
  815
  905
  1,000
  1,099
  1,203
  1,311
  1,423
  1,540
  1,662
  1,789
  1,920
  2,057
  2,199
  2,346
  2,500
  2,660
  2,826
  2,999
  3,179
  3,367
  3,563
  3,768
  3,981
  4,204
  4,437
  4,680
  4,935
  5,201
  5,479
Total liabilities and equity, $m
  7,019
  7,291
  8,148
  9,050
  9,997
  10,989
  12,026
  13,106
  14,231
  15,402
  16,620
  17,886
  19,200
  20,568
  21,988
  23,464
  25,000
  26,598
  28,260
  29,991
  31,794
  33,674
  35,634
  37,679
  39,813
  42,042
  44,371
  46,804
  49,349
  52,010
  54,793
Debt-to-equity ratio
  0.045
  7.260
  7.440
  7.600
  7.730
  7.850
  7.950
  8.030
  8.110
  8.180
  8.240
  8.290
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
  8.710
  8.730
  8.740
  8.760
  8.770
Adjusted equity ratio
  0.101
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  -115
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -164
  -176
  -188
  -201
  -215
  -229
  -243
  -258
  -273
  -289
  -306
  -323
  -340
  -359
  -377
  -397
  -417
  -438
  -460
  -483
  -506
  -531
Depreciation, amort., depletion, $m
  12
  804
  898
  997
  1,102
  1,211
  1,325
  1,444
  1,568
  1,697
  1,832
  1,971
  2,116
  2,267
  2,423
  2,586
  2,755
  2,931
  3,114
  3,305
  3,504
  3,711
  3,927
  4,153
  4,388
  4,633
  4,890
  5,158
  5,439
  5,732
  6,039
Funds from operations, $m
  100
  689
  806
  897
  992
  1,091
  1,195
  1,304
  1,416
  1,534
  1,656
  1,783
  1,915
  2,052
  2,195
  2,343
  2,497
  2,658
  2,825
  3,000
  3,181
  3,371
  3,569
  3,775
  3,991
  4,216
  4,452
  4,698
  4,956
  5,225
  5,508
Change in working capital, $m
  9
  -802
  -848
  -894
  -938
  -982
  -1,026
  -1,070
  -1,115
  -1,160
  -1,206
  -1,253
  -1,303
  -1,354
  -1,407
  -1,462
  -1,521
  -1,582
  -1,646
  -1,714
  -1,786
  -1,861
  -1,941
  -2,025
  -2,114
  -2,207
  -2,306
  -2,410
  -2,520
  -2,635
  -2,757
Cash from operations, $m
  91
  1,491
  1,655
  1,790
  1,930
  2,074
  2,221
  2,374
  2,531
  2,693
  2,862
  3,036
  3,217
  3,405
  3,601
  3,805
  4,018
  4,240
  4,472
  4,714
  4,967
  5,232
  5,510
  5,800
  6,105
  6,423
  6,758
  7,108
  7,476
  7,861
  8,265
Maintenance CAPEX, $m
  0
  -714
  -804
  -898
  -997
  -1,102
  -1,211
  -1,325
  -1,444
  -1,568
  -1,697
  -1,832
  -1,971
  -2,116
  -2,267
  -2,423
  -2,586
  -2,755
  -2,931
  -3,114
  -3,305
  -3,504
  -3,711
  -3,927
  -4,153
  -4,388
  -4,633
  -4,890
  -5,158
  -5,439
  -5,732
New CAPEX, $m
  -11
  -899
  -944
  -994
  -1,044
  -1,093
  -1,142
  -1,191
  -1,240
  -1,291
  -1,342
  -1,395
  -1,449
  -1,506
  -1,565
  -1,627
  -1,692
  -1,761
  -1,832
  -1,908
  -1,988
  -2,072
  -2,160
  -2,254
  -2,352
  -2,456
  -2,566
  -2,682
  -2,804
  -2,933
  -3,068
Cash from investing activities, $m
  -98
  -1,613
  -1,748
  -1,892
  -2,041
  -2,195
  -2,353
  -2,516
  -2,684
  -2,859
  -3,039
  -3,227
  -3,420
  -3,622
  -3,832
  -4,050
  -4,278
  -4,516
  -4,763
  -5,022
  -5,293
  -5,576
  -5,871
  -6,181
  -6,505
  -6,844
  -7,199
  -7,572
  -7,962
  -8,372
  -8,800
Free cash flow, $m
  -7
  -122
  -93
  -102
  -111
  -121
  -132
  -142
  -154
  -165
  -178
  -190
  -203
  -217
  -231
  -245
  -260
  -276
  -292
  -308
  -326
  -343
  -362
  -381
  -400
  -421
  -442
  -464
  -487
  -511
  -535
Issuance/(repayment) of debt, $m
  0
  144
  771
  812
  853
  893
  933
  972
  1,013
  1,054
  1,096
  1,139
  1,184
  1,230
  1,278
  1,329
  1,382
  1,438
  1,496
  1,558
  1,623
  1,692
  1,764
  1,840
  1,921
  2,006
  2,096
  2,190
  2,290
  2,395
  2,506
Issuance/(repurchase) of shares, $m
  8
  846
  177
  191
  205
  219
  234
  249
  265
  281
  298
  315
  333
  351
  371
  391
  412
  433
  456
  479
  503
  528
  555
  582
  610
  640
  671
  704
  737
  773
  809
Cash from financing (excl. dividends), $m  
  283
  990
  948
  1,003
  1,058
  1,112
  1,167
  1,221
  1,278
  1,335
  1,394
  1,454
  1,517
  1,581
  1,649
  1,720
  1,794
  1,871
  1,952
  2,037
  2,126
  2,220
  2,319
  2,422
  2,531
  2,646
  2,767
  2,894
  3,027
  3,168
  3,315
Total cash flow (excl. dividends), $m
  275
  869
  855
  901
  946
  990
  1,035
  1,079
  1,124
  1,169
  1,216
  1,264
  1,313
  1,365
  1,418
  1,474
  1,533
  1,595
  1,660
  1,728
  1,801
  1,877
  1,957
  2,042
  2,131
  2,225
  2,325
  2,430
  2,540
  2,657
  2,780
Retained Cash Flow (-), $m
  -55
  -846
  -177
  -191
  -205
  -219
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -351
  -371
  -391
  -412
  -433
  -456
  -479
  -503
  -528
  -555
  -582
  -610
  -640
  -671
  -704
  -737
  -773
  -809
Prev. year cash balance distribution, $m
 
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash available for distribution, $m
 
  25
  678
  710
  741
  771
  801
  830
  859
  888
  918
  949
  980
  1,013
  1,048
  1,084
  1,122
  1,162
  1,204
  1,250
  1,298
  1,348
  1,402
  1,460
  1,521
  1,585
  1,654
  1,726
  1,803
  1,884
  1,971
Discount rate, %
 
  15.00
  15.75
  16.54
  17.36
  18.23
  19.14
  20.10
  21.11
  22.16
  23.27
  24.43
  25.66
  26.94
  28.28
  29.70
  31.18
  32.74
  34.38
  36.10
  37.90
  39.80
  41.79
  43.88
  46.07
  48.38
  50.80
  53.34
  56.00
  58.80
  61.74
PV of cash for distribution, $m
 
  22
  506
  449
  391
  334
  280
  230
  186
  147
  113
  86
  63
  46
  32
  22
  15
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  40.2
  32.6
  26.6
  21.8
  18.0
  14.9
  12.4
  10.4
  8.7
  7.3
  6.2
  5.2
  4.4
  3.7
  3.2
  2.7
  2.3
  2.0
  1.7
  1.5
  1.2
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4

BancFirst Corporation is a financial holding company. The Company conducts its operating activities through its principal subsidiary, BancFirst (the Bank), a state-chartered bank. It has four business units, which include metropolitan banks, community banks, other financial services, and executive, operations and support. The metropolitan and community banks offer traditional banking products, such as commercial and retail lending, and a line of deposit accounts. The metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. The community banks consist of banking locations in communities throughout Oklahoma. Its other financial services are specialty product business units, including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions.

FINANCIAL RATIOS  of  BancFirst (BANF)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 0
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 21.1
Price to Free Cash Flow 24.1
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.5%
Total Debt to Equity 4.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 32.4%

BANF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BANF stock intrinsic value calculation we used $337 million for the last fiscal year's total revenue generated by BancFirst. The default revenue input number comes from 2016 income statement of BancFirst. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BANF stock valuation model: a) initial revenue growth rate of 12.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15%, whose default value for BANF is calculated based on our internal credit rating of BancFirst, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BancFirst.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BANF stock the variable cost ratio is equal to 24.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $122 million in the base year in the intrinsic value calculation for BANF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for BancFirst.

Corporate tax rate of 27% is the nominal tax rate for BancFirst. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BANF stock is equal to -0.4%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BANF are equal to 2119.4%.

Life of production assets of 10 years is the average useful life of capital assets used in BancFirst operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BANF is equal to -1904.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for BancFirst - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 32 million for BancFirst is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BancFirst at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ BancFirst: 2Q Earnings Snapshot   [Jul-19-18 05:02PM  Associated Press]
▶ Reasons Why I Like BancFirst Corporation (NASDAQ:BANF)   [Jun-21-18 07:24AM  Simply Wall St.]
▶ BancFirst: 1Q Earnings Snapshot   [Apr-19-18 04:52PM  Associated Press]
▶ Is BancFirst Corporation (NASDAQ:BANF) Over-Exposed To Risk?   [Apr-16-18 12:10PM  Simply Wall St.]
▶ Why BancFirst Corporation (NASDAQ:BANF) Is A Dividend Rockstar   [Mar-30-18 11:51AM  Simply Wall St.]
▶ Top Stocks To Invest In   [Mar-29-18 07:02AM  Simply Wall St.]
▶ Small Oklahoma Bank BancFirst Is About to Break Out   [Feb-16-18 01:02PM  Investopedia]
▶ BancFirst posts 4Q profit   [Jan-18-18 05:03PM  Associated Press]
▶ BancFirst Corporation Completes Two Acquisitions   [Jan-11-18 04:10PM  PR Newswire]
▶ BancFirst posts 3Q profit   [Oct-19-17 05:04PM  Associated Press]
▶ 5 Top Bank Stocks to Buy Ahead of Q3 Earnings   [Oct-11-17 09:58AM  Zacks]
▶ BancFirst Corporation Announces Two Acquisitions   [Sep-07-17 09:30AM  PR Newswire]
▶ BancFirst tops Street 2Q forecasts   [Jul-20-17 08:54PM  Associated Press]
▶ New Strong Buy Stocks for July 17th   [Jul-17-17 09:15AM  Zacks]
▶ New Strong Buy Stocks for July 13th   [Jul-13-17 07:41AM  Zacks]
▶ BancFirst Names Two New Board Members   [Jun-27-17 04:09PM  PR Newswire]
▶ BancFirst Corporation Announces Two-For-One Stock Split   [May-31-17 05:00PM  PR Newswire]
▶ BancFirst Announces Managment Succession Plan   [May-25-17 03:25PM  PR Newswire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Apr-24-17 11:05AM  Investor's Business Daily]
▶ Bancfirst Corp Sees Its Composite Rating Rise To 96   [10:54AM  Investor's Business Daily]
Financial statements of BANF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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