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Intrinsic value of First Merchants Corporation (FRME)

Previous Close$41.17
Intrinsic Value
Upside potential
Previous Close
$41.17
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh27.53 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 128 banking locations in thirty Indiana, two Illinois, two Ohio, and two Michigan counties. The company offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %5.7NaN
Revenue, $520NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m279NaN
Operating income, $m241NaN
EBITDA, $m251NaN
Interest expense (income), $mNaN
Earnings before tax, $m241NaN
Tax expense, $m35NaN
Net income, $m206NaN

BALANCE SHEET

Cash and short-term investments, $m641NaN
Total assets, $m15453NaN
Adjusted assets (=assets-cash), $m14812NaN
Average production assets, $m698NaN
Working capital, $m-3161NaN
Total debt, $m654NaN
Total liabilities, $m13540NaN
Total equity, $m1913NaN
Debt-to-equity ratio0.342NaN
Adjusted equity ratio0.111NaN

CASH FLOW

Net income, $m206NaN
Depreciation, amort., depletion, $m11NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m198NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-4NaN
Free cash flow, $m202NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-3161
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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