Definitive Analysis
Definitive Analysis

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Search

First Financial Bankshares, Inc. (FFIN)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$39.77 - $105.49$60.81
Multi-Stage$27.80 - $30.34$29.04
Blended Fair Value$44.93
Current Price$33.65
Upside33.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.01%11.52%0.720.700.640.560.490.430.380.340.310.27
YoY Growth--2.95%9.47%14.56%13.36%15.17%13.36%10.02%9.01%15.84%12.11%
Dividend Yield--2.00%2.17%2.00%1.26%1.05%1.59%1.27%1.48%1.57%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)242.59
(-) Cash Dividends Paid (M)102.98
(=) Cash Retained (M)139.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)48.5230.3218.19
Cash Retained (M)139.61139.61139.61
(-) Cash Required (M)-48.52-30.32-18.19
(=) Excess Retained (M)91.09109.29121.42
(/) Shares Outstanding (M)143.10143.10143.10
(=) Excess Retained per Share0.640.760.85
LTM Dividend per Share0.720.720.72
(+) Excess Retained per Share0.640.760.85
(=) Adjusted Dividend1.361.481.57
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$39.77$60.81$105.49
Upside / Downside18.18%80.71%213.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)242.59258.36275.15293.04312.09332.37342.34
Payout Ratio42.45%51.96%61.47%70.98%80.49%90.00%92.50%
Projected Dividends (M)102.98134.24169.14208.00251.20299.13316.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)121.89123.05124.21
Year 2 PV (M)139.45142.10144.79
Year 3 PV (M)155.71160.18164.74
Year 4 PV (M)170.75177.32184.07
Year 5 PV (M)184.63193.55202.80
PV of Terminal Value (M)3,205.143,359.943,520.68
Equity Value (M)3,977.574,156.144,341.28
Shares Outstanding (M)143.10143.10143.10
Fair Value$27.80$29.04$30.34
Upside / Downside-17.40%-13.69%-9.84%

High-Yield Dividend Screener

« Prev Page 19 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
SIGISelective Insurance Group, Inc.1.77%$1.4822.19%
FUSBFirst US Bancshares, Inc.1.76%$0.2526.72%
RRyder System, Inc.1.76%$3.4128.29%
RGAReinsurance Group of America, Incorporated1.75%$3.5527.34%
TFG.ASTetragon Financial Group Limited1.75%$0.303.32%
WFCWells Fargo & Company1.75%$1.6725.46%
HCKTThe Hackett Group, Inc.1.74%$0.3485.97%
LEGLeggett & Platt, Incorporated1.74%$0.1911.94%
RPRXRoyalty Pharma plc1.74%$0.6749.36%
SFBCSound Financial Bancorp, Inc.1.74%$0.7637.96%
SXTSensient Technologies Corporation1.74%$1.6350.00%
MKTXMarketAxess Holdings Inc.1.73%$3.0952.31%
PRGPROG Holdings, Inc.1.73%$0.5112.57%
STELStellar Bancorp, Inc.1.73%$0.5326.88%
UFCSUnited Fire Group, Inc.1.73%$0.6214.63%
AMALAmalgamated Financial Corp.1.72%$0.5516.32%
BKThe Bank of New York Mellon Corporation1.72%$2.0127.06%
COWNCowen Inc.1.72%$0.6733.32%
DGDollar General Corporation1.72%$2.3540.66%
AMKRAmkor Technology, Inc.1.71%$0.7359.04%
DTFDTF Tax-Free Income 2028 Term Fund Inc.1.71%$0.2080.42%
ERIEErie Indemnity Company1.71%$4.7538.59%
FLXSFlexsteel Industries, Inc.1.71%$0.6817.01%
MTCHMatch Group, Inc.1.71%$0.5425.07%
LBRTLiberty Energy Inc.1.70%$0.3228.43%
OVBCOhio Valley Banc Corp.1.70%$0.6728.36%
WTFCWintrust Financial Corporation1.70%$2.4320.92%
BANFBancFirst Corporation1.69%$1.8025.72%
BDLFlanigan's Enterprises, Inc.1.69%$0.5021.50%
CDHAXCalvert International Responsible Idx A1.69%$0.6441.92%
CINRSisecam Resources LP1.69%$0.3419.21%
EXPOExponent, Inc.1.69%$1.1858.07%
GDGeneral Dynamics Corporation1.69%$5.8037.41%
HQIHireQuest, Inc.1.69%$0.1836.36%
OTFBlue Owl Technology Finance Corp.1.69%$0.249.20%
PHINPHINIA Inc.1.68%$1.0947.78%
PTRSPartners Bancorp1.68%$0.1213.62%
RNGRRanger Energy Services, Inc.1.67%$0.2434.90%
HQHAbrdn Healthcare Investors1.66%$0.316.95%
JILLJ.Jill, Inc.1.66%$0.2310.45%
PSH.ASPershing Square Holdings, Ltd.1.65%$0.856.48%
SKTTanger Inc.1.65%$0.5558.16%
USCBUSCB Financial Holdings, Inc.1.64%$0.3018.70%
BOTJBank of the James Financial Group, Inc.1.62%$0.3026.41%
RSReliance Steel & Aluminum Co.1.62%$4.7834.66%
SCIService Corporation International1.62%$1.2533.57%
SMLPSummit Midstream Partners, LP1.62%$0.596.02%
TKRThe Timken Company1.62%$1.4032.90%
TRINLTrinity Capital Inc. - 7.00% No1.62%$0.4120.50%
CARRCarrier Global Corporation1.61%$0.8618.56%