Intrinsic value of First Financial Bankshares - FFIN

Previous Close

$56.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$56.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of FFIN 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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  0
  342
  363
  385
  408
  433
  458
  484
  511
  540
  570
  601
  634
  668
  704
  742
  781
  822
  865
  910
  957
  1,007
  1,058
  1,113
  1,170
  1,230
  1,292
  1,358
  1,427
  1,500
  1,576
Variable operating expenses, $m
 
  143
  152
  162
  172
  182
  192
  203
  215
  227
  239
  253
  266
  281
  296
  311
  328
  345
  363
  382
  402
  423
  445
  467
  491
  516
  543
  570
  599
  630
  662
Fixed operating expenses, $m
 
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  55
  57
  58
  59
  60
  62
  63
  65
  66
  67
  69
  70
  72
  74
  75
  77
Total operating expenses, $m
  0
  184
  194
  205
  216
  227
  238
  250
  263
  276
  289
  304
  318
  334
  350
  366
  385
  403
  422
  442
  464
  486
  510
  533
  558
  585
  613
  642
  673
  705
  739
Operating income, $m
  0
  157
  169
  181
  193
  206
  220
  234
  249
  265
  281
  298
  316
  335
  354
  375
  396
  419
  442
  467
  493
  521
  549
  579
  611
  644
  679
  716
  754
  795
  837
EBITDA, $m
  12
  905
  963
  1,024
  1,087
  1,153
  1,222
  1,294
  1,369
  1,447
  1,529
  1,615
  1,704
  1,798
  1,896
  1,998
  2,106
  2,218
  2,336
  2,460
  2,589
  2,725
  2,867
  3,016
  3,173
  3,337
  3,509
  3,690
  3,879
  4,078
  4,287
Interest expense (income), $m
  5
  353
  339
  358
  378
  399
  420
  443
  467
  491
  517
  544
  572
  602
  633
  665
  699
  734
  771
  810
  850
  893
  937
  984
  1,033
  1,084
  1,138
  1,194
  1,254
  1,316
  1,381
Earnings before tax, $m
  136
  -196
  -170
  -177
  -185
  -192
  -201
  -209
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -372
  -388
  -404
  -422
  -440
  -459
  -479
  -499
  -521
  -544
Tax expense, $m
  31
  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
  105
  -196
  -170
  -177
  -185
  -192
  -201
  -209
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -372
  -388
  -404
  -422
  -440
  -459
  -479
  -499
  -521
  -544

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
  6,810
  6,325
  6,721
  7,133
  7,563
  8,010
  8,477
  8,964
  9,472
  10,003
  10,557
  11,136
  11,742
  12,376
  13,039
  13,732
  14,458
  15,219
  16,015
  16,850
  17,724
  18,640
  19,601
  20,608
  21,664
  22,772
  23,933
  25,151
  26,429
  27,770
  29,177
Adjusted assets (=assets-cash), $m
  6,810
  6,325
  6,721
  7,133
  7,563
  8,010
  8,477
  8,964
  9,472
  10,003
  10,557
  11,136
  11,742
  12,376
  13,039
  13,732
  14,458
  15,219
  16,015
  16,850
  17,724
  18,640
  19,601
  20,608
  21,664
  22,772
  23,933
  25,151
  26,429
  27,770
  29,177
Revenue / Adjusted assets
  0.000
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
Average production assets, $m
  263
  7,478
  7,947
  8,434
  8,942
  9,471
  10,023
  10,599
  11,200
  11,827
  12,482
  13,168
  13,884
  14,633
  15,417
  16,237
  17,095
  17,995
  18,936
  19,923
  20,957
  22,040
  23,176
  24,367
  25,615
  26,925
  28,298
  29,738
  31,250
  32,835
  34,498
Working capital, $m
  0
  -6,584
  -6,996
  -7,425
  -7,872
  -8,338
  -8,824
  -9,330
  -9,859
  -10,412
  -10,989
  -11,592
  -12,222
  -12,882
  -13,572
  -14,294
  -15,050
  -15,841
  -16,670
  -17,539
  -18,449
  -19,403
  -20,403
  -21,451
  -22,550
  -23,703
  -24,912
  -26,180
  -27,510
  -28,906
  -30,370
Total debt, $m
  446
  6,269
  6,626
  6,997
  7,383
  7,786
  8,206
  8,644
  9,102
  9,579
  10,078
  10,600
  11,145
  11,715
  12,312
  12,936
  13,590
  14,274
  14,991
  15,742
  16,529
  17,353
  18,218
  19,124
  20,075
  21,071
  22,117
  23,213
  24,363
  25,570
  26,836
Total liabilities, $m
  5,972
  5,692
  6,049
  6,420
  6,806
  7,209
  7,629
  8,067
  8,525
  9,002
  9,501
  10,023
  10,568
  11,138
  11,735
  12,359
  13,013
  13,697
  14,414
  15,165
  15,952
  16,776
  17,641
  18,547
  19,498
  20,494
  21,540
  22,636
  23,786
  24,993
  26,259
Total equity, $m
  838
  632
  672
  713
  756
  801
  848
  896
  947
  1,000
  1,056
  1,114
  1,174
  1,238
  1,304
  1,373
  1,446
  1,522
  1,602
  1,685
  1,772
  1,864
  1,960
  2,061
  2,166
  2,277
  2,393
  2,515
  2,643
  2,777
  2,918
Total liabilities and equity, $m
  6,810
  6,324
  6,721
  7,133
  7,562
  8,010
  8,477
  8,963
  9,472
  10,002
  10,557
  11,137
  11,742
  12,376
  13,039
  13,732
  14,459
  15,219
  16,016
  16,850
  17,724
  18,640
  19,601
  20,608
  21,664
  22,771
  23,933
  25,151
  26,429
  27,770
  29,177
Debt-to-equity ratio
  0.532
  9.910
  9.860
  9.810
  9.760
  9.720
  9.680
  9.640
  9.610
  9.580
  9.550
  9.520
  9.490
  9.470
  9.440
  9.420
  9.400
  9.380
  9.360
  9.340
  9.330
  9.310
  9.290
  9.280
  9.270
  9.250
  9.240
  9.230
  9.220
  9.210
  9.200
Adjusted equity ratio
  0.123
  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
  105
  -196
  -170
  -177
  -185
  -192
  -201
  -209
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -372
  -388
  -404
  -422
  -440
  -459
  -479
  -499
  -521
  -544
Depreciation, amort., depletion, $m
  12
  748
  795
  843
  894
  947
  1,002
  1,060
  1,120
  1,183
  1,248
  1,317
  1,388
  1,463
  1,542
  1,624
  1,710
  1,799
  1,894
  1,992
  2,096
  2,204
  2,318
  2,437
  2,562
  2,692
  2,830
  2,974
  3,125
  3,283
  3,450
Funds from operations, $m
  178
  552
  625
  666
  710
  755
  802
  851
  902
  956
  1,012
  1,070
  1,132
  1,196
  1,263
  1,333
  1,407
  1,484
  1,565
  1,650
  1,739
  1,832
  1,930
  2,032
  2,140
  2,253
  2,371
  2,495
  2,626
  2,762
  2,906
Change in working capital, $m
  17
  -396
  -412
  -429
  -447
  -466
  -486
  -507
  -529
  -552
  -577
  -603
  -631
  -659
  -690
  -722
  -756
  -792
  -829
  -869
  -910
  -954
  -1,000
  -1,048
  -1,099
  -1,153
  -1,209
  -1,268
  -1,330
  -1,396
  -1,464
Cash from operations, $m
  161
  948
  1,037
  1,095
  1,157
  1,221
  1,288
  1,358
  1,431
  1,508
  1,589
  1,674
  1,762
  1,855
  1,953
  2,056
  2,163
  2,276
  2,394
  2,519
  2,649
  2,786
  2,930
  3,081
  3,239
  3,405
  3,580
  3,763
  3,956
  4,158
  4,370
Maintenance CAPEX, $m
  0
  -703
  -748
  -795
  -843
  -894
  -947
  -1,002
  -1,060
  -1,120
  -1,183
  -1,248
  -1,317
  -1,388
  -1,463
  -1,542
  -1,624
  -1,710
  -1,799
  -1,894
  -1,992
  -2,096
  -2,204
  -2,318
  -2,437
  -2,562
  -2,692
  -2,830
  -2,974
  -3,125
  -3,283
New CAPEX, $m
  -20
  -446
  -468
  -487
  -508
  -529
  -552
  -576
  -601
  -627
  -655
  -685
  -716
  -749
  -784
  -820
  -859
  -899
  -942
  -987
  -1,034
  -1,084
  -1,136
  -1,191
  -1,249
  -1,309
  -1,373
  -1,440
  -1,511
  -1,585
  -1,663
Cash from investing activities, $m
  -252
  -1,149
  -1,216
  -1,282
  -1,351
  -1,423
  -1,499
  -1,578
  -1,661
  -1,747
  -1,838
  -1,933
  -2,033
  -2,137
  -2,247
  -2,362
  -2,483
  -2,609
  -2,741
  -2,881
  -3,026
  -3,180
  -3,340
  -3,509
  -3,686
  -3,871
  -4,065
  -4,270
  -4,485
  -4,710
  -4,946
Free cash flow, $m
  -91
  -201
  -179
  -187
  -195
  -203
  -211
  -220
  -230
  -239
  -249
  -260
  -271
  -282
  -294
  -306
  -319
  -333
  -347
  -362
  -377
  -393
  -410
  -428
  -446
  -465
  -486
  -507
  -529
  -552
  -577
Issuance/(repayment) of debt, $m
  -170
  -271
  356
  371
  387
  403
  420
  438
  457
  478
  499
  521
  545
  570
  597
  624
  654
  684
  717
  751
  787
  825
  865
  906
  950
  997
  1,045
  1,096
  1,150
  1,207
  1,266
Issuance/(repurchase) of shares, $m
  1
  828
  209
  218
  228
  237
  247
  258
  269
  280
  292
  304
  317
  331
  345
  360
  375
  391
  408
  426
  444
  464
  484
  505
  527
  550
  575
  600
  627
  655
  684
Cash from financing (excl. dividends), $m  
  120
  557
  565
  589
  615
  640
  667
  696
  726
  758
  791
  825
  862
  901
  942
  984
  1,029
  1,075
  1,125
  1,177
  1,231
  1,289
  1,349
  1,411
  1,477
  1,547
  1,620
  1,696
  1,777
  1,862
  1,950
Total cash flow (excl. dividends), $m
  29
  356
  387
  403
  419
  437
  456
  476
  496
  518
  542
  566
  592
  619
  647
  678
  709
  743
  778
  815
  854
  895
  938
  984
  1,031
  1,082
  1,134
  1,190
  1,248
  1,310
  1,374
Retained Cash Flow (-), $m
  -33
  -828
  -209
  -218
  -228
  -237
  -247
  -258
  -269
  -280
  -292
  -304
  -317
  -331
  -345
  -360
  -375
  -391
  -408
  -426
  -444
  -464
  -484
  -505
  -527
  -550
  -575
  -600
  -627
  -655
  -684
Prev. year cash balance distribution, $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
Cash flow adjustment, $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
Cash available for distribution, $m
 
  -472
  177
  184
  192
  200
  209
  218
  228
  238
  250
  262
  275
  288
  303
  318
  334
  352
  370
  389
  410
  432
  454
  479
  504
  531
  560
  590
  621
  655
  690
Discount rate, %
 
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
 
  -412
  133
  118
  103
  88
  75
  62
  51
  41
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  37.6
  28.4
  21.5
  16.4
  12.5
  9.6
  7.4
  5.7
  4.4
  3.4
  2.7
  2.1
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

First Financial Bankshares, Inc. is a financial holding company. The Company, through its subsidiaries, conducts commercial banking business. As of December 31, 2016, the Company's subsidiaries included First Financial Bank, National Association, Abilene, Texas; First Technology Services, Inc., Abilene, Texas; First Financial Trust & Asset Management Company, National Association, Abilene, Texas; First Financial Investments, Inc., Abilene, Texas, and First Financial Insurance Agency, Inc., Abilene, Texas. Its banking centers are located in Central, North Central, Southeast and West Texas. Its loan portfolio consists of loans made to businesses, professionals, individuals, and farm and ranch operations located in the primary trade areas served by its subsidiary bank. Its securities available-for-sale include the United States Treasury securities, Obligations of the United States Government sponsored enterprises and agencies and Obligations of states and political subdivisions.

FINANCIAL RATIOS  of  First Financial Bankshares (FFIN)

Valuation Ratios
P/E Ratio 35.3
Price to Sales 0
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.6%
Cap. Spend. - 3 Yr. Gr. Rate 12.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 53.2%
Total Debt to Equity 53.2%
Interest Coverage 28
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 13.5%
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 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 23.8%
Payout Ratio 42.9%

FFIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FFIN stock intrinsic value calculation we used $321 million for the last fiscal year's total revenue generated by First Financial Bankshares. The default revenue input number comes from 2016 income statement of First Financial Bankshares. 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 FFIN stock valuation model: a) initial revenue growth rate of 6.4% 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 14.6%, whose default value for FFIN is calculated based on our internal credit rating of First Financial Bankshares, 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 Bankshares.
    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 FFIN stock the variable cost ratio is equal to 42%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 million in the base year in the intrinsic value calculation for FFIN 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 Bankshares.

Corporate tax rate of 27% is the nominal tax rate for First Financial Bankshares. 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 FFIN stock is equal to 0%.

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 FFIN are equal to 2189.6%.

Life of production assets of 10 years is the average useful life of capital assets used in First Financial Bankshares 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 FFIN is equal to -1927.6%. 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 Bankshares - 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 66 million for First Financial Bankshares 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 Bankshares at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ First Financial: 2Q Earnings Snapshot   [Jul-19-18 05:33PM  Associated Press]
▶ First Financial: 1Q Earnings Snapshot   [Apr-19-18 04:21PM  Associated Press]
▶ First Financial Bankshares To Live Stream Annual Meeting   [Apr-16-18 04:27PM  PR Newswire]
▶ First Financial posts 4Q profit   [Jan-25-18 05:29PM  Associated Press]
▶ Latest Houston-area bank acquisition is complete   [Jan-04-18 03:50PM  American City Business Journals]
▶ First Financial posts 3Q profit   [Oct-19-17 04:49PM  Associated Press]
▶ First Financial posts 2Q profit   [Jul-20-17 09:45PM  Associated Press]
▶ First Financial Bankshares To Live Stream Annual Meeting   [Apr-21-17 02:02PM  PR Newswire]
▶ First Financial posts 1Q profit   [Apr-20-17 04:30PM  Associated Press]
▶ Wall Street Grows Cautious on Bank Stocks   [Feb-23-17 06:00AM  Investopedia]
▶ First Financial posts 4Q profit   [Jan-26-17 05:18PM  Associated Press]
Financial statements of FFIN
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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