Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

First Financial Corporation (THFF)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$194.33 - $877.79$340.36
Multi-Stage$127.15 - $139.06$133.00
Blended Fair Value$236.68
Current Price$56.44
Upside319.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.93%5.08%1.791.301.221.201.211.071.062.581.041.07
YoY Growth--38.13%6.39%1.96%-0.64%12.85%1.22%-59.10%147.24%-2.16%-2.45%
Dividend Yield--3.66%3.48%3.26%2.77%2.68%3.17%2.47%6.20%2.20%3.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)74.00
(-) Cash Dividends Paid (M)23.43
(=) Cash Retained (M)50.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.809.255.55
Cash Retained (M)50.5650.5650.56
(-) Cash Required (M)-14.80-9.25-5.55
(=) Excess Retained (M)35.7641.3145.01
(/) Shares Outstanding (M)11.8411.8411.84
(=) Excess Retained per Share3.023.493.80
LTM Dividend per Share1.981.981.98
(+) Excess Retained per Share3.023.493.80
(=) Adjusted Dividend5.005.475.78
WACC / Discount Rate7.86%7.86%7.86%
Growth Rate5.15%6.15%7.15%
Fair Value$194.33$340.36$877.79
Upside / Downside244.31%503.05%1,455.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)74.0078.5583.3888.5193.9599.73102.72
Payout Ratio31.67%43.34%55.00%66.67%78.33%90.00%92.50%
Projected Dividends (M)23.4334.0445.8659.0073.5989.7595.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.86%7.86%7.86%
Growth Rate5.15%6.15%7.15%
Year 1 PV (M)31.2631.5631.86
Year 2 PV (M)38.6839.4240.17
Year 3 PV (M)45.7147.0348.37
Year 4 PV (M)52.3654.3856.46
Year 5 PV (M)58.6561.4964.44
PV of Terminal Value (M)1,278.521,340.481,404.83
Equity Value (M)1,505.191,574.371,646.12
Shares Outstanding (M)11.8411.8411.84
Fair Value$127.15$133.00$139.06
Upside / Downside125.29%135.64%146.38%

High-Yield Dividend Screener

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