Using a Revenue DCF model with operating margin convergence from -12.2% to a target of 23.8% over 5 years, discounted at a WACC of 11.7%, First Foundation Inc. (FFWM) has an intrinsic value of $8.76 per share (range: $4.95 – $15.20).
Using a Revenue DCF model with operating margin convergence from -12.2% to a target of 23.8% over 5 years, discounted at a WACC of 11.7%, First Foundation Inc. (FFWM) has an intrinsic value of $6.80 per share (range: $3.86 – $11.67).
Using the industry peer median EV/Revenue multiple (trailing + forward), First Foundation Inc. (FFWM) has a fair value of $18.83 based on 10 comparable companies in the Banks - Regional industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| First Foundation Inc.FFWM | 487 | 0.8x | 2.0x |
| Northfield Bancorp, Inc. | 591 | 8.5x | 12.4x |
| Bar Harbor Bankshares | 591 | 3.4x | 5.5x |
| Peoples Financial Services Corp. | 589 | 2.8x | 8.1x |
| Northrim BanCorp, Inc. | 566 | 2.1x | 5.0x |
| Midland States Bancorp, Inc. | 558 | 1.8x | 3.4x |
| Flushing Financial Corporation | 554 | 2.3x | 5.4x |
| Unity Bancorp, Inc. | 541 | 3.1x | 6.0x |
| ACNB Corporation | 540 | 5.0x | 7.9x |
| Bridgewater Bancshares, Inc. | 522 | 3.1x | 8.3x |
| Capital Bancorp, Inc. | 495 | 1.7x | 3.3x |
| Industry Median | 3.0x | 5.7x | |
| (*) Revenue | 588 | 231 | |
| = Enterprise Value | 1,741 | 1,325 | |
| (-) Net Debt | -21 | -21 | |
| Equity Value | 1,762 | 1,346 | |
| (/) Outstanding shares | 83 | 83 | |
| Fair Price | $21 | $16 | |
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.