Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

First Financial Bancorp. (FFBC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$63.85 - $185.49$100.32
Multi-Stage$43.30 - $47.28$45.26
Blended Fair Value$72.79
Current Price$25.25
Upside188.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.10%9.90%0.940.910.910.910.940.930.830.430.410.41
YoY Growth--2.74%0.64%-0.81%-2.65%0.67%11.85%93.44%5.25%0.14%12.12%
Dividend Yield--3.75%4.16%4.16%3.96%3.91%6.25%3.38%1.47%1.49%2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)243.41
(-) Cash Dividends Paid (M)92.91
(=) Cash Retained (M)150.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)48.6830.4318.26
Cash Retained (M)150.51150.51150.51
(-) Cash Required (M)-48.68-30.43-18.26
(=) Excess Retained (M)101.83120.08132.25
(/) Shares Outstanding (M)95.6395.6395.63
(=) Excess Retained per Share1.061.261.38
LTM Dividend per Share0.970.970.97
(+) Excess Retained per Share1.061.261.38
(=) Adjusted Dividend2.042.232.35
WACC / Discount Rate8.86%8.86%8.86%
Growth Rate5.50%6.50%7.50%
Fair Value$63.85$100.32$185.49
Upside / Downside152.88%297.30%634.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)243.41259.23276.09294.03313.14333.50343.50
Payout Ratio38.17%48.53%58.90%69.27%79.63%90.00%92.50%
Projected Dividends (M)92.91125.82162.62203.67249.37300.15317.74

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.86%8.86%8.86%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)114.49115.57116.66
Year 2 PV (M)134.65137.21139.80
Year 3 PV (M)153.45157.86162.34
Year 4 PV (M)170.96177.54184.30
Year 5 PV (M)187.25196.29205.68
PV of Terminal Value (M)3,380.023,543.283,712.78
Equity Value (M)4,140.824,327.754,521.57
Shares Outstanding (M)95.6395.6395.63
Fair Value$43.30$45.26$47.28
Upside / Downside71.49%79.23%87.26%

High-Yield Dividend Screener

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