Intrinsic value of First Financial Bancorp (Ohio) - FFBC

Previous Close

$32.00

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$32.00

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of FFBC 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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  0
  382
  408
  436
  465
  495
  526
  558
  592
  627
  664
  702
  742
  784
  828
  873
  921
  971
  1,023
  1,077
  1,134
  1,194
  1,256
  1,322
  1,391
  1,463
  1,538
  1,617
  1,700
  1,787
  1,878
Variable operating expenses, $m
 
  232
  248
  265
  282
  300
  319
  339
  359
  381
  403
  426
  451
  476
  502
  530
  559
  589
  621
  654
  688
  725
  763
  802
  844
  888
  934
  982
  1,032
  1,085
  1,140
Fixed operating expenses, $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
Total operating expenses, $m
  0
  232
  248
  265
  282
  300
  319
  339
  359
  381
  403
  426
  451
  476
  502
  530
  559
  589
  621
  654
  688
  725
  763
  802
  844
  888
  934
  982
  1,032
  1,085
  1,140
Operating income, $m
  0
  150
  160
  171
  183
  194
  207
  219
  233
  247
  261
  276
  292
  308
  325
  343
  362
  381
  402
  423
  446
  469
  494
  520
  547
  575
  604
  636
  668
  702
  738
EBITDA, $m
  13
  1,079
  1,154
  1,232
  1,314
  1,399
  1,487
  1,578
  1,674
  1,773
  1,877
  1,985
  2,098
  2,216
  2,340
  2,468
  2,603
  2,744
  2,891
  3,045
  3,206
  3,375
  3,552
  3,737
  3,932
  4,135
  4,348
  4,572
  4,806
  5,052
  5,310
Interest expense (income), $m
  33
  435
  418
  443
  469
  495
  523
  553
  583
  615
  647
  682
  718
  755
  794
  835
  877
  922
  968
  1,017
  1,068
  1,121
  1,177
  1,235
  1,297
  1,361
  1,428
  1,499
  1,573
  1,650
  1,731
Earnings before tax, $m
  131
  -285
  -257
  -271
  -286
  -301
  -317
  -333
  -350
  -368
  -386
  -406
  -426
  -447
  -469
  -491
  -515
  -540
  -566
  -594
  -622
  -652
  -683
  -716
  -750
  -786
  -824
  -863
  -904
  -948
  -993
Tax expense, $m
  42
  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
  89
  -285
  -257
  -271
  -286
  -301
  -317
  -333
  -350
  -368
  -386
  -406
  -426
  -447
  -469
  -491
  -515
  -540
  -566
  -594
  -622
  -652
  -683
  -716
  -750
  -786
  -824
  -863
  -904
  -948
  -993

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
  8,438
  7,339
  7,851
  8,384
  8,937
  9,513
  10,113
  10,736
  11,386
  12,063
  12,769
  13,506
  14,274
  15,077
  15,915
  16,791
  17,706
  18,664
  19,666
  20,714
  21,811
  22,960
  24,163
  25,424
  26,744
  28,129
  29,579
  31,100
  32,695
  34,368
  36,122
Adjusted assets (=assets-cash), $m
  8,438
  7,339
  7,851
  8,384
  8,937
  9,513
  10,113
  10,736
  11,386
  12,063
  12,769
  13,506
  14,274
  15,077
  15,915
  16,791
  17,706
  18,664
  19,666
  20,714
  21,811
  22,960
  24,163
  25,424
  26,744
  28,129
  29,579
  31,100
  32,695
  34,368
  36,122
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
  346
  9,289
  9,937
  10,611
  11,312
  12,041
  12,799
  13,589
  14,411
  15,268
  16,162
  17,094
  18,067
  19,082
  20,143
  21,252
  22,411
  23,622
  24,890
  26,217
  27,606
  29,060
  30,583
  32,178
  33,850
  35,602
  37,438
  39,363
  41,382
  43,498
  45,718
Working capital, $m
  0
  -8,313
  -8,893
  -9,496
  -10,124
  -10,776
  -11,455
  -12,161
  -12,897
  -13,664
  -14,464
  -15,298
  -16,169
  -17,078
  -18,027
  -19,019
  -20,056
  -21,141
  -22,275
  -23,463
  -24,706
  -26,007
  -27,370
  -28,798
  -30,294
  -31,862
  -33,505
  -35,228
  -37,034
  -38,929
  -40,916
Total debt, $m
  240
  7,737
  8,198
  8,678
  9,176
  9,694
  10,234
  10,795
  11,380
  11,989
  12,625
  13,287
  13,979
  14,701
  15,456
  16,244
  17,068
  17,930
  18,831
  19,775
  20,762
  21,796
  22,879
  24,013
  25,202
  26,448
  27,754
  29,123
  30,558
  32,063
  33,642
Total liabilities, $m
  7,573
  6,605
  7,066
  7,545
  8,044
  8,562
  9,101
  9,663
  10,248
  10,857
  11,492
  12,155
  12,847
  13,569
  14,323
  15,112
  15,936
  16,797
  17,699
  18,642
  19,630
  20,664
  21,747
  22,881
  24,070
  25,316
  26,621
  27,990
  29,426
  30,931
  32,509
Total equity, $m
  865
  734
  785
  838
  894
  951
  1,011
  1,074
  1,139
  1,206
  1,277
  1,351
  1,427
  1,508
  1,591
  1,679
  1,771
  1,866
  1,967
  2,071
  2,181
  2,296
  2,416
  2,542
  2,674
  2,813
  2,958
  3,110
  3,270
  3,437
  3,612
Total liabilities and equity, $m
  8,438
  7,339
  7,851
  8,383
  8,938
  9,513
  10,112
  10,737
  11,387
  12,063
  12,769
  13,506
  14,274
  15,077
  15,914
  16,791
  17,707
  18,663
  19,666
  20,713
  21,811
  22,960
  24,163
  25,423
  26,744
  28,129
  29,579
  31,100
  32,696
  34,368
  36,121
Debt-to-equity ratio
  0.277
  10.540
  10.440
  10.350
  10.270
  10.190
  10.120
  10.050
  9.990
  9.940
  9.890
  9.840
  9.790
  9.750
  9.710
  9.670
  9.640
  9.610
  9.580
  9.550
  9.520
  9.490
  9.470
  9.450
  9.420
  9.400
  9.380
  9.360
  9.350
  9.330
  9.310
Adjusted equity ratio
  0.103
  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
  89
  -285
  -257
  -271
  -286
  -301
  -317
  -333
  -350
  -368
  -386
  -406
  -426
  -447
  -469
  -491
  -515
  -540
  -566
  -594
  -622
  -652
  -683
  -716
  -750
  -786
  -824
  -863
  -904
  -948
  -993
Depreciation, amort., depletion, $m
  13
  929
  994
  1,061
  1,131
  1,204
  1,280
  1,359
  1,441
  1,527
  1,616
  1,709
  1,807
  1,908
  2,014
  2,125
  2,241
  2,362
  2,489
  2,622
  2,761
  2,906
  3,058
  3,218
  3,385
  3,560
  3,744
  3,936
  4,138
  4,350
  4,572
Funds from operations, $m
  162
  644
  736
  790
  845
  903
  963
  1,026
  1,091
  1,159
  1,230
  1,304
  1,381
  1,461
  1,546
  1,634
  1,726
  1,822
  1,923
  2,028
  2,138
  2,254
  2,375
  2,502
  2,635
  2,774
  2,920
  3,073
  3,234
  3,402
  3,579
Change in working capital, $m
  24
  -558
  -580
  -603
  -627
  -652
  -679
  -707
  -736
  -767
  -800
  -834
  -871
  -909
  -949
  -992
  -1,037
  -1,085
  -1,135
  -1,187
  -1,243
  -1,301
  -1,363
  -1,428
  -1,496
  -1,568
  -1,643
  -1,723
  -1,806
  -1,894
  -1,987
Cash from operations, $m
  138
  1,203
  1,317
  1,393
  1,472
  1,555
  1,642
  1,732
  1,827
  1,926
  2,029
  2,138
  2,251
  2,370
  2,495
  2,626
  2,763
  2,907
  3,057
  3,215
  3,381
  3,555
  3,738
  3,930
  4,131
  4,342
  4,564
  4,796
  5,040
  5,296
  5,565
Maintenance CAPEX, $m
  0
  -867
  -929
  -994
  -1,061
  -1,131
  -1,204
  -1,280
  -1,359
  -1,441
  -1,527
  -1,616
  -1,709
  -1,807
  -1,908
  -2,014
  -2,125
  -2,241
  -2,362
  -2,489
  -2,622
  -2,761
  -2,906
  -3,058
  -3,218
  -3,385
  -3,560
  -3,744
  -3,936
  -4,138
  -4,350
New CAPEX, $m
  -10
  -621
  -648
  -674
  -701
  -729
  -758
  -790
  -822
  -857
  -894
  -932
  -973
  -1,016
  -1,061
  -1,109
  -1,159
  -1,212
  -1,268
  -1,327
  -1,389
  -1,454
  -1,523
  -1,595
  -1,672
  -1,752
  -1,836
  -1,925
  -2,019
  -2,117
  -2,220
Cash from investing activities, $m
  -309
  -1,488
  -1,577
  -1,668
  -1,762
  -1,860
  -1,962
  -2,070
  -2,181
  -2,298
  -2,421
  -2,548
  -2,682
  -2,823
  -2,969
  -3,123
  -3,284
  -3,453
  -3,630
  -3,816
  -4,011
  -4,215
  -4,429
  -4,653
  -4,890
  -5,137
  -5,396
  -5,669
  -5,955
  -6,255
  -6,570
Free cash flow, $m
  -171
  -286
  -261
  -275
  -289
  -305
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -452
  -474
  -497
  -521
  -546
  -573
  -600
  -629
  -659
  -691
  -724
  -759
  -795
  -833
  -873
  -915
  -958
  -1,004
Issuance/(repayment) of debt, $m
  -131
  -310
  461
  479
  498
  518
  539
  561
  585
  609
  635
  663
  692
  722
  754
  788
  824
  862
  902
  943
  988
  1,034
  1,083
  1,134
  1,189
  1,246
  1,306
  1,369
  1,435
  1,505
  1,579
Issuance/(repurchase) of shares, $m
  1
  1,039
  309
  325
  341
  359
  377
  396
  415
  436
  457
  479
  503
  527
  552
  579
  607
  636
  666
  698
  732
  767
  804
  842
  882
  924
  969
  1,015
  1,064
  1,115
  1,169
Cash from financing (excl. dividends), $m  
  217
  729
  770
  804
  839
  877
  916
  957
  1,000
  1,045
  1,092
  1,142
  1,195
  1,249
  1,306
  1,367
  1,431
  1,498
  1,568
  1,641
  1,720
  1,801
  1,887
  1,976
  2,071
  2,170
  2,275
  2,384
  2,499
  2,620
  2,748
Total cash flow (excl. dividends), $m
  46
  443
  509
  529
  550
  572
  595
  620
  646
  673
  701
  732
  764
  797
  833
  870
  910
  951
  995
  1,042
  1,090
  1,142
  1,196
  1,252
  1,312
  1,375
  1,442
  1,511
  1,585
  1,662
  1,743
Retained Cash Flow (-), $m
  -56
  -1,039
  -309
  -325
  -341
  -359
  -377
  -396
  -415
  -436
  -457
  -479
  -503
  -527
  -552
  -579
  -607
  -636
  -666
  -698
  -732
  -767
  -804
  -842
  -882
  -924
  -969
  -1,015
  -1,064
  -1,115
  -1,169
Prev. year cash balance distribution, $m
 
  20
  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
 
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Cash available for distribution, $m
 
  -575
  200
  204
  209
  214
  219
  224
  230
  237
  244
  252
  261
  270
  280
  291
  303
  315
  329
  343
  358
  375
  392
  410
  430
  451
  473
  496
  521
  547
  574
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $m
 
  -501
  150
  130
  110
  93
  77
  63
  50
  40
  31
  23
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  35.2
  24.9
  17.7
  12.6
  9.0
  6.5
  4.7
  3.4
  2.5
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses include commercial lending, real estate lending and consumer financing. It offers deposit products that include interest-bearing and non-interest-bearing accounts, time deposits and cash management services for commercial customers. First Financial's Wealth Management division provides a range of trust and asset management services. As of December 31, 2016, it operated 102 banking centers. Its banking operating markets are located within the three state region of Ohio, Indiana and Kentucky. As of December 31, 2016, it operated 60 banking centers in Ohio, 38 banking centers in Indiana and four banking centers in Kentucky.

FINANCIAL RATIOS  of  First Financial Bancorp (Ohio) (FFBC)

Valuation Ratios
P/E Ratio 22.3
Price to Sales 0
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 15.5
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 27.7%
Total Debt to Equity 27.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 9.6%
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 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 43.8%

FFBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FFBC stock intrinsic value calculation we used $356 million for the last fiscal year's total revenue generated by First Financial Bancorp (Ohio). The default revenue input number comes from 2016 income statement of First Financial Bancorp (Ohio). 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 FFBC stock valuation model: a) initial revenue growth rate of 7.2% 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 14.9%, whose default value for FFBC is calculated based on our internal credit rating of First Financial Bancorp (Ohio), 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 First Financial Bancorp (Ohio).
    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 FFBC stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FFBC 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 First Financial Bancorp (Ohio).

Corporate tax rate of 27% is the nominal tax rate for First Financial Bancorp (Ohio). 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 FFBC stock is equal to 1.5%.

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 FFBC are equal to 2434%.

Life of production assets of 10 years is the average useful life of capital assets used in First Financial Bancorp (Ohio) 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 FFBC is equal to -2178.3%. 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 First Financial Bancorp (Ohio) - 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 62 million for First Financial Bancorp (Ohio) 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 First Financial Bancorp (Ohio) at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ First Financial Bancorp. to Host Earnings Call   [Jul-20-18 06:30AM  ACCESSWIRE]
▶ First Financial: 2Q Earnings Snapshot   [Jul-19-18 04:47PM  Associated Press]
▶ First Financial taps a veteran Louisville banker to lead the market   [Jun-27-18 02:54PM  American City Business Journals]
▶ Top Growth Stocks To Buy   [Jun-21-18 12:02PM  Simply Wall St.]
▶ These are Ohio's 30 top paying companies (Countdown)   [May-30-18 04:01PM  American City Business Journals]
▶ Cincinnati banks get new name   [01:50PM  American City Business Journals]
▶ Value-Adding Growth Stocks To Buy Now   [May-21-18 12:02PM  Simply Wall St.]
▶ EXCLUSIVE: First Financial names lead independent director   [May-16-18 12:58PM  American City Business Journals]
▶ First Financial: 1Q Earnings Snapshot   [Apr-19-18 04:46PM  Associated Press]
▶ First Financial just jumped on Cincinnatis largest banks list   [Apr-02-18 12:51PM  American City Business Journals]
▶ Is It Too Late To Buy First Financial Bancorp (NASDAQ:FFBC)?   [Mar-30-18 02:47PM  Simply Wall St.]
▶ First Financial, MainSource merger gets final approval   [Feb-23-18 02:20PM  American City Business Journals]
▶ First Financial, MainSource merger gets final approval   [11:19AM  American City Business Journals]
▶ Top Growth Stocks To Buy Today   [11:02AM  Simply Wall St.]
▶ First Financial tops Street 4Q forecasts   [Jan-18-18 04:51PM  Associated Press]
▶ First Financial celebrates tax reform by giving some employees raises   [Jan-04-18 01:15PM  American City Business Journals]
▶ Growth Stocks Investors Love   [Dec-28-17 11:02AM  Simply Wall St.]
▶ Best Growth Stock Picks   [11:02AM  Simply Wall St.]
▶ Flavor Of The Month: Valley National Bancorp And More   [Nov-23-17 06:02AM  Simply Wall St.]
▶ First Financial beats 3Q profit forecasts   [Oct-19-17 04:19PM  Associated Press]
▶ Is It Time To Buy First Financial Bancorp (FFBC)?   [Oct-13-17 05:57PM  Simply Wall St.]
Financial statements of FFBC
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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