Definitive Analysis
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Definitive Analysis

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Company Industry Sector

Ticker

Industry

Sector

First BanCorp. (FBP)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$45.15 - $111.53$67.50
Multi-Stage$31.94 - $34.87$33.38
Blended Fair Value$50.44
Current Price$22.05
Upside128.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.31%0.00%0.650.610.540.400.270.190.040.000.000.00
YoY Growth--5.93%13.48%35.07%49.76%43.02%365.80%0.00%0.00%0.00%0.00%
Dividend Yield--3.38%3.53%4.72%3.04%2.36%3.50%0.34%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)333.47
(-) Cash Dividends Paid (M)113.57
(=) Cash Retained (M)219.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.6941.6825.01
Cash Retained (M)219.89219.89219.89
(-) Cash Required (M)-66.69-41.68-25.01
(=) Excess Retained (M)153.20178.21194.88
(/) Shares Outstanding (M)163.04163.04163.04
(=) Excess Retained per Share0.941.091.20
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share0.941.091.20
(=) Adjusted Dividend1.641.791.89
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate5.50%6.50%7.50%
Fair Value$45.15$67.50$111.53
Upside / Downside104.75%206.14%405.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)333.47355.14378.23402.81428.99456.88470.58
Payout Ratio34.06%45.25%56.44%67.62%78.81%90.00%92.50%
Projected Dividends (M)113.57160.69213.45272.39338.10411.19435.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)145.61146.99148.37
Year 2 PV (M)175.26178.60181.97
Year 3 PV (M)202.66208.48214.40
Year 4 PV (M)227.93236.69245.71
Year 5 PV (M)251.18263.31275.91
PV of Terminal Value (M)4,205.004,408.104,618.98
Equity Value (M)5,207.635,442.175,685.34
Shares Outstanding (M)163.04163.04163.04
Fair Value$31.94$33.38$34.87
Upside / Downside44.86%51.38%58.14%

High-Yield Dividend Screener

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