Using the industry peer median EV/Revenue multiple (trailing + forward), First Internet Bancorp (INBK) has a fair value of $63.18 based on 10 comparable companies in the Banks - Regional industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| First Internet BancorpINBK | 214 | 0.3x | 1.1x |
| Meridian Corporation | 228 | 1.9x | 4.4x |
| Ohio Valley Banc Corp. | 215 | 2.9x | — |
| Peoples Bancorp of North Carolina, Inc. | 215 | 1.8x | 4.1x |
| Citizens Community Bancorp, Inc. | 201 | 1.5x | 2.2x |
| United Security Bancshares | 185 | 1.2x | 0.5x |
| CB Financial Services, Inc. | 182 | 2.7x | 2.8x |
| First Capital, Inc. | 179 | 1.1x | — |
| BV Financial, Inc. | 174 | 3.9x | — |
| Landmark Bancorp, Inc. | 165 | 1.9x | — |
| Finward Bancorp | 145 | 2.1x | 2.9x |
| Industry Median | 1.9x | 2.9x | |
| (*) Revenue | 323 | 101 | |
| = Enterprise Value | 610 | 290 | |
| (-) Net Debt | -102 | -102 | |
| Equity Value | 712 | 392 | |
| (/) Outstanding shares | 9 | 9 | |
| Fair Price | $82 | $45 | |
Using the Earnings Power Value framework with a WACC of 11.0% and normalized earnings of $58.2M, the company has a fair value of $20.67 per share. The EPV range is $13.39 – $30.25 based on WACC sensitivity (9.5% – 12.5%).
| Low | Selected | High | |
|---|---|---|---|
| Normalized Earnings | 58 | 58 | 58 |
| (/) WACC | 12.5% | 11.0% | 9.5% |
| Enterprise Value | 466 | 529 | 613 |
| (-) Net debt | 349 | 349 | 349 |
| Equity Value | 117 | 180 | 264 |
| (/) Outstanding shares | 9 | 9 | 9 |
| Fair Price | $13.39 | $20.67 | $30.25 |
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.