Intrinsic value of Franklin Financial Network - FSB

Previous Close

$36.70

  Intrinsic Value

$29.13

stock screener

  Rating & Target

sell

-21%

Previous close

$36.70

 
Intrinsic value

$29.13

 
Up/down potential

-21%

 
Rating

sell

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

We calculate the intrinsic value of FSB 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
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  0
  126
  146
  168
  192
  217
  244
  273
  303
  334
  367
  401
  437
  474
  513
  553
  595
  639
  684
  731
  780
  831
  884
  939
  996
  1,056
  1,118
  1,183
  1,251
  1,322
  1,396
Variable operating expenses, $m
 
  71
  83
  96
  109
  123
  139
  155
  172
  190
  208
  228
  248
  269
  291
  314
  338
  363
  389
  415
  443
  472
  502
  533
  566
  600
  635
  672
  711
  751
  793
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
  71
  83
  96
  109
  123
  139
  155
  172
  190
  208
  228
  248
  269
  291
  314
  338
  363
  389
  415
  443
  472
  502
  533
  566
  600
  635
  672
  711
  751
  793
Operating income, $m
  0
  54
  63
  73
  83
  94
  106
  118
  131
  144
  159
  173
  189
  205
  222
  239
  257
  276
  296
  316
  337
  359
  382
  406
  430
  456
  483
  511
  541
  571
  603
EBITDA, $m
  3
  451
  525
  604
  689
  780
  877
  979
  1,086
  1,199
  1,317
  1,441
  1,569
  1,703
  1,842
  1,987
  2,138
  2,294
  2,456
  2,625
  2,801
  2,984
  3,174
  3,371
  3,577
  3,792
  4,015
  4,249
  4,492
  4,746
  5,011
Interest expense (income), $m
  17
  188
  197
  226
  257
  291
  328
  366
  407
  450
  494
  541
  591
  642
  695
  750
  808
  868
  930
  995
  1,062
  1,132
  1,205
  1,281
  1,359
  1,441
  1,527
  1,616
  1,709
  1,805
  1,907
Earnings before tax, $m
  40
  -134
  -133
  -153
  -174
  -197
  -222
  -248
  -276
  -305
  -336
  -368
  -402
  -437
  -473
  -511
  -551
  -592
  -635
  -679
  -725
  -773
  -823
  -875
  -929
  -985
  -1,043
  -1,104
  -1,168
  -1,234
  -1,304
Tax expense, $m
  12
  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
  28
  -134
  -133
  -153
  -174
  -197
  -222
  -248
  -276
  -305
  -336
  -368
  -402
  -437
  -473
  -511
  -551
  -592
  -635
  -679
  -725
  -773
  -823
  -875
  -929
  -985
  -1,043
  -1,104
  -1,168
  -1,234
  -1,304

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
  2,943
  3,698
  4,299
  4,949
  5,647
  6,393
  7,184
  8,021
  8,901
  9,825
  10,792
  11,802
  12,856
  13,952
  15,093
  16,279
  17,512
  18,794
  20,125
  21,509
  22,947
  24,444
  26,000
  27,620
  29,307
  31,065
  32,897
  34,807
  36,801
  38,881
  41,054
Adjusted assets (=assets-cash), $m
  2,943
  3,698
  4,299
  4,949
  5,647
  6,393
  7,184
  8,021
  8,901
  9,825
  10,792
  11,802
  12,856
  13,952
  15,093
  16,279
  17,512
  18,794
  20,125
  21,509
  22,947
  24,444
  26,000
  27,620
  29,307
  31,065
  32,897
  34,807
  36,801
  38,881
  41,054
Revenue / Adjusted assets
  0.000
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
  0.034
Average production assets, $m
  14
  3,970
  4,616
  5,314
  6,064
  6,864
  7,714
  8,612
  9,558
  10,550
  11,588
  12,673
  13,803
  14,981
  16,206
  17,479
  18,803
  20,179
  21,609
  23,094
  24,639
  26,246
  27,917
  29,656
  31,468
  33,355
  35,322
  37,373
  39,513
  41,748
  44,081
Working capital, $m
  0
  -4,129
  -4,800
  -5,526
  -6,306
  -7,138
  -8,022
  -8,956
  -9,939
  -10,971
  -12,050
  -13,178
  -14,354
  -15,578
  -16,852
  -18,177
  -19,553
  -20,984
  -22,471
  -24,016
  -25,622
  -27,293
  -29,031
  -30,839
  -32,723
  -34,686
  -36,731
  -38,864
  -41,090
  -43,413
  -45,840
Total debt, $m
  142
  3,641
  4,182
  4,767
  5,396
  6,067
  6,779
  7,532
  8,325
  9,156
  10,027
  10,936
  11,883
  12,870
  13,897
  14,965
  16,074
  17,228
  18,426
  19,671
  20,966
  22,313
  23,713
  25,171
  26,690
  28,272
  29,920
  31,640
  33,434
  35,307
  37,262
Total liabilities, $m
  2,673
  3,328
  3,869
  4,454
  5,083
  5,754
  6,466
  7,219
  8,011
  8,843
  9,713
  10,622
  11,570
  12,557
  13,584
  14,651
  15,761
  16,914
  18,112
  19,358
  20,653
  21,999
  23,400
  24,858
  26,376
  27,958
  29,607
  31,326
  33,120
  34,993
  36,949
Total equity, $m
  270
  370
  430
  495
  565
  639
  718
  802
  890
  983
  1,079
  1,180
  1,286
  1,395
  1,509
  1,628
  1,751
  1,879
  2,012
  2,151
  2,295
  2,444
  2,600
  2,762
  2,931
  3,106
  3,290
  3,481
  3,680
  3,888
  4,105
Total liabilities and equity, $m
  2,943
  3,698
  4,299
  4,949
  5,648
  6,393
  7,184
  8,021
  8,901
  9,826
  10,792
  11,802
  12,856
  13,952
  15,093
  16,279
  17,512
  18,793
  20,124
  21,509
  22,948
  24,443
  26,000
  27,620
  29,307
  31,064
  32,897
  34,807
  36,800
  38,881
  41,054
Debt-to-equity ratio
  0.526
  9.850
  9.730
  9.630
  9.550
  9.490
  9.440
  9.390
  9.350
  9.320
  9.290
  9.270
  9.240
  9.220
  9.210
  9.190
  9.180
  9.170
  9.160
  9.150
  9.140
  9.130
  9.120
  9.110
  9.110
  9.100
  9.100
  9.090
  9.090
  9.080
  9.080
Adjusted equity ratio
  0.092
  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
  28
  -134
  -133
  -153
  -174
  -197
  -222
  -248
  -276
  -305
  -336
  -368
  -402
  -437
  -473
  -511
  -551
  -592
  -635
  -679
  -725
  -773
  -823
  -875
  -929
  -985
  -1,043
  -1,104
  -1,168
  -1,234
  -1,304
Depreciation, amort., depletion, $m
  3
  397
  462
  531
  606
  686
  771
  861
  956
  1,055
  1,159
  1,267
  1,380
  1,498
  1,621
  1,748
  1,880
  2,018
  2,161
  2,309
  2,464
  2,625
  2,792
  2,966
  3,147
  3,335
  3,532
  3,737
  3,951
  4,175
  4,408
Funds from operations, $m
  19
  263
  328
  378
  432
  489
  549
  613
  680
  750
  823
  899
  979
  1,061
  1,147
  1,237
  1,329
  1,426
  1,526
  1,630
  1,739
  1,851
  1,969
  2,091
  2,218
  2,351
  2,489
  2,633
  2,783
  2,940
  3,105
Change in working capital, $m
  -9
  -615
  -671
  -726
  -780
  -832
  -884
  -934
  -983
  -1,032
  -1,080
  -1,128
  -1,176
  -1,224
  -1,274
  -1,325
  -1,377
  -1,431
  -1,487
  -1,545
  -1,606
  -1,670
  -1,738
  -1,809
  -1,884
  -1,962
  -2,046
  -2,133
  -2,226
  -2,323
  -2,426
Cash from operations, $m
  28
  878
  999
  1,104
  1,212
  1,321
  1,433
  1,547
  1,663
  1,781
  1,903
  2,027
  2,154
  2,286
  2,421
  2,561
  2,706
  2,857
  3,013
  3,175
  3,345
  3,522
  3,707
  3,900
  4,102
  4,313
  4,534
  4,766
  5,009
  5,264
  5,531
Maintenance CAPEX, $m
  0
  -339
  -397
  -462
  -531
  -606
  -686
  -771
  -861
  -956
  -1,055
  -1,159
  -1,267
  -1,380
  -1,498
  -1,621
  -1,748
  -1,880
  -2,018
  -2,161
  -2,309
  -2,464
  -2,625
  -2,792
  -2,966
  -3,147
  -3,335
  -3,532
  -3,737
  -3,951
  -4,175
New CAPEX, $m
  -3
  -577
  -645
  -698
  -750
  -800
  -850
  -898
  -945
  -992
  -1,038
  -1,084
  -1,131
  -1,177
  -1,225
  -1,274
  -1,324
  -1,376
  -1,430
  -1,486
  -1,545
  -1,606
  -1,671
  -1,739
  -1,811
  -1,887
  -1,967
  -2,051
  -2,140
  -2,234
  -2,333
Cash from investing activities, $m
  -742
  -916
  -1,042
  -1,160
  -1,281
  -1,406
  -1,536
  -1,669
  -1,806
  -1,948
  -2,093
  -2,243
  -2,398
  -2,557
  -2,723
  -2,895
  -3,072
  -3,256
  -3,448
  -3,647
  -3,854
  -4,070
  -4,296
  -4,531
  -4,777
  -5,034
  -5,302
  -5,583
  -5,877
  -6,185
  -6,508
Free cash flow, $m
  -714
  -38
  -43
  -55
  -70
  -85
  -103
  -123
  -144
  -166
  -191
  -216
  -244
  -272
  -302
  -333
  -366
  -400
  -435
  -471
  -509
  -548
  -589
  -631
  -675
  -721
  -768
  -817
  -869
  -922
  -977
Issuance/(repayment) of debt, $m
  0
  154
  541
  585
  629
  671
  712
  753
  793
  832
  870
  909
  948
  987
  1,027
  1,068
  1,110
  1,153
  1,198
  1,245
  1,295
  1,346
  1,401
  1,458
  1,518
  1,582
  1,649
  1,719
  1,794
  1,873
  1,956
Issuance/(repurchase) of shares, $m
  59
  511
  194
  218
  244
  272
  301
  332
  364
  398
  433
  469
  507
  546
  587
  630
  674
  720
  768
  817
  869
  923
  979
  1,037
  1,097
  1,161
  1,227
  1,296
  1,367
  1,442
  1,521
Cash from financing (excl. dividends), $m  
  752
  665
  735
  803
  873
  943
  1,013
  1,085
  1,157
  1,230
  1,303
  1,378
  1,455
  1,533
  1,614
  1,698
  1,784
  1,873
  1,966
  2,062
  2,164
  2,269
  2,380
  2,495
  2,615
  2,743
  2,876
  3,015
  3,161
  3,315
  3,477
Total cash flow (excl. dividends), $m
  39
  626
  691
  748
  803
  857
  910
  962
  1,013
  1,063
  1,112
  1,162
  1,211
  1,261
  1,312
  1,364
  1,418
  1,474
  1,531
  1,592
  1,655
  1,721
  1,790
  1,863
  1,940
  2,022
  2,107
  2,197
  2,293
  2,393
  2,499
Retained Cash Flow (-), $m
  -81
  -511
  -194
  -218
  -244
  -272
  -301
  -332
  -364
  -398
  -433
  -469
  -507
  -546
  -587
  -630
  -674
  -720
  -768
  -817
  -869
  -923
  -979
  -1,037
  -1,097
  -1,161
  -1,227
  -1,296
  -1,367
  -1,442
  -1,521
Prev. year cash balance distribution, $m
 
  7
  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
 
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  33
  34
Cash available for distribution, $m
 
  122
  498
  530
  559
  585
  609
  630
  649
  665
  680
  693
  704
  715
  725
  734
  744
  754
  764
  774
  786
  798
  812
  827
  843
  861
  881
  902
  925
  951
  979
Discount rate, %
 
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
 
  109
  391
  363
  330
  293
  256
  218
  183
  150
  120
  94
  72
  54
  40
  29
  20
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  32.8
  21.8
  14.6
  9.8
  6.7
  4.6
  3.1
  2.2
  1.5
  1.1
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Franklin Financial Network, Inc. is a financial holding company. Through its bank subsidiary, Franklin Synergy Bank (the Bank), a commercial bank, the Company provides a range of banking and related financial services. The Company focuses on the provision of services to small businesses, corporate entities, local governments and individuals. As of December 31, 2016, the Company operated through 12 branches in Williamson and Rutherford counties and a loan production office within the Nashville metropolitan area. The Company's loan portfolio consists of real estate loans, including construction and land development loans, commercial loans and residential loans; commercial and industrial, and consumer and other loans. The Company's investment securities portfolio consists of both securities classified as available-for-sale and securities classified as held-to-maturity. The Company's primary sources of funds include deposits.

FINANCIAL RATIOS  of  Franklin Financial Network (FSB)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 0
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 52.6%
Total Debt to Equity 52.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 12.2%
Return On Equity - 3 Yr. Avg. 10.3%
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 30%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 0%

FSB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSB stock intrinsic value calculation we used $107 million for the last fiscal year's total revenue generated by Franklin Financial Network. The default revenue input number comes from 2016 income statement of Franklin Financial Network. 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 FSB stock valuation model: a) initial revenue growth rate of 17.5% 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 12.2%, whose default value for FSB is calculated based on our internal credit rating of Franklin Financial Network, 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 Franklin Financial Network.
    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 FSB stock the variable cost ratio is equal to 56.8%.

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 FSB 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 Franklin Financial Network.

Corporate tax rate of 27% is the nominal tax rate for Franklin Financial Network. 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 FSB stock is equal to 2.6%.

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 FSB are equal to 3158%.

Life of production assets of 10 years is the average useful life of capital assets used in Franklin Financial Network 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 FSB is equal to -3284%. 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 Franklin Financial Network - 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 13 million for Franklin Financial Network 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 Franklin Financial Network at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PNFP Pinnacle Finan 62.95 190.90  str.buy

COMPANY NEWS

▶ First Asset ETFs Announce June 2018 Distributions   [Jun-14-18 07:00AM  CNW Group]
▶ Franklin Financial Network, Inc. to Host Earnings Call   [Apr-26-18 08:05AM  ACCESSWIRE]
▶ Franklin Financial Network: 1Q Earnings Snapshot   [Apr-25-18 06:42PM  Associated Press]
▶ Exclusive: Developer doubling size of Nations project   [Apr-18-18 08:35AM  American City Business Journals]
▶ Check clears: Local banks complete long-delayed merger   [Apr-03-18 01:19PM  American City Business Journals]
▶ One of Middle Tennessee's biggest lenders is ready to buy again   [Jan-30-18 01:00PM  American City Business Journals]
▶ Franklin Financial Network posts 4Q profit   [Jan-24-18 04:45PM  Associated Press]
▶ How President Trump's tax cut is impacting the bottom lines of Nashville banks   [Jan-12-18 08:04PM  American City Business Journals]
▶ Long-delayed Nashville bank merger moves forward   [Nov-13-17 12:20PM  American City Business Journals]
▶ Franklin Financial Network posts 3Q profit   [Oct-25-17 07:37PM  Associated Press]
▶ New Strong Sell Stocks for October 12th   [Oct-12-17 09:16AM  Zacks]
▶ Franklin Synergy Bank Opens New Spring Hill Location   [Sep-13-17 06:31PM  PR Newswire]
▶ Franklin Financial Network posts 2Q profit   [Jul-26-17 11:03PM  Associated Press]
▶ New Strong Buy Stocks for May 3rd   [May-03-17 09:31AM  Zacks]
▶ Franklin Financial Network posts 1Q profit   [Apr-26-17 06:38PM  Associated Press]
▶ New Strong Sell Stocks for February 14th   [Feb-14-17 10:39AM  Zacks]
▶ Franklin Financial Network posts 4Q profit   [05:00PM  Associated Press]
▶ Is Franklin Financial Network Inc (FSB) A Good Stock To Buy?   [Dec-14-16 07:53PM  at Insider Monkey]
Financial statements of FSB
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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