First Bank Financial Ratios — FRBA Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	10.24	7.89	14.96	9.72	12.35	19.35	16.81	8.24	14.38	13.16
Return on Assets (%)	- -	0.66	0.55	1.11	0.72	0.89	1.45	1.38	0.66	1.14	1.13
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.39	2.06	1.71	2.4	2.71	2.51	1.76	1.6	2.74	3.33	2.86
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	19.92	31.13	34.51	37.05	30.49	34.23	52.12	49.12	26.16	42.47	38.93
Profit Margin (%)	15.26	20.98	16.74	30.12	21.56	25.62	39.52	37.22	20.13	32.53	29.66
Net Income to Common Margin (%)	15.26	20.98	16.74	30.12	21.56	25.62	39.52	37.22	20.13	32.53	29.66
Effective Tax Rate (%)	23.36	32.6	51.5	18.7	29.29	25.14	24.17	24.23	23.05	23.39	23.81
Dvd Payout Ratio (%)	- -	- -	15.82	12.51	17.11	12.26	8.29	12.89	25.46	14.27	13.7
Sustainable Growth Rate (%)	- -	10.24	6.64	13.09	8.06	10.84	17.75	14.64	6.14	12.33	11.36

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	46	86	117	115	127	191	125	121	234	277	271
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	46	86	117	115	127	191	125	121	234	277	271
Total Debt/EBITDA	74.89	137.18	163.32	82.06	75.54	99.87	79.1	77.55	82.27	64.06	64.34
Net Debt/EBITDA	13.28	85.07	96.81	56.16	47.16	47.56	-19.55	4.52	6.75	4.28	-7.39
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.38	6.57	7.35	7.5	7.37	7.1	7.91	8.49	7.62	8.26	8.87
Long-Term Debt/Equity (%)	66.22	97.01	71.43	59.13	56.29	80.07	46.84	41.67	63.2	67.67	61.12
Long-Term Debt/Capital (%)	45.45	55	52.21	47.3	46.23	53.37	38.49	34.21	46	47	43.56
Long-Term Debt/Total Assets (%)	5.32	8.03	8.03	6.73	6.34	8.13	4.95	4.42	6.49	7.32	6.85
Total Debt/Equity (%)	66.22	97.01	71.43	59.13	56.29	80.07	46.84	41.67	63.2	67.67	61.12
Total Debt/Capital (%)	45.45	55	52.21	47.3	46.23	53.37	38.49	34.21	46	47	43.56
Total Debt/Total Assets (%)	5.32	8.03	8.03	6.73	6.34	8.13	4.95	4.42	6.49	7.32	6.85
Net Debt to Equity	11.75	60.16	42.34	40.47	35.14	38.13	-11.58	2.43	5.18	4.52	-7.02
Net Debt/Capital (%)	12.88	43.11	39.31	38.05	34.92	35.28	-18.3	2.94	6.53	5.59	-9.72
EBITDA	1	1	1	1	2	2	2	2	3	4	4
EBITDA-CapEx	- -	- -	- -	- -	1	2	1	- -	- -	1	1
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.38	6.57	7.35	7.5	7.37	7.1	7.91	8.49	7.62	8.26	8.87
Long-Term Debt/Equity (%)	66.22	97.01	71.43	59.13	56.29	80.07	46.84	41.67	63.2	67.67	61.12
Long-Term Debt/Capital (%)	45.45	55	52.21	47.3	46.23	53.37	38.49	34.21	46	47	43.56
Long-Term Debt/Total Assets (%)	5.32	8.03	8.03	6.73	6.34	8.13	4.95	4.42	6.49	7.32	6.85
Total Debt/Equity (%)	66.22	97.01	71.43	59.13	56.29	80.07	46.84	41.67	63.2	67.67	61.12
Total Debt/Capital (%)	45.45	55	52.21	47.3	46.23	53.37	38.49	34.21	46	47	43.56
Total Debt/Total Assets (%)	5.32	8.03	8.03	6.73	6.34	8.13	4.95	4.42	6.49	7.32	6.85
CFO/Total Liabilities	0.65	0.93	1.28	2.43	0.9	1.16	1.24	1.51	4.44	0.82	1.87
CFO/CapEx	9.53	19.96	38.62	20.59	15.65	68.27	148.37	19.34	46.15	9.5	22.58
Altman's Z-Score	0.09	0.12	0.14	0.15	0.13	0.12	0.17	0.17	0.14	0.16	0.18

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	13.19	13.05	14.44	13.75	13.07	14.36	14.08	9.05	8.95	10.28
Days Sales Outstanding	- -	27.67	27.96	25.27	26.54	27.93	25.42	25.92	40.31	40.8	35.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	62	121	197	221	211	187	285	268	323	354	411
- Cash & Cash Equivalents	37	33	47	36	48	100	156	114	215	258	302
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	46	86	117	115	127	191	125	121	234	277	271
Enterprise Value	25	127	204	248	243	216	159	176	248	295	282
Total Capital	100	157	223	244	276	357	325	353	510	589	622
Total Debt/Capital (%)	45.45	55	52.21	47.3	46.23	53.37	38.49	34.21	46	47	43.56
Total Debt / EV	1.82	0.68	0.57	0.46	0.52	0.88	0.79	0.68	0.95	0.94	0.96
EV/Sales	0.98	4.17	4.88	4.25	3.9	2.84	1.77	1.81	2.39	2.27	1.92
EV/EBITDA	41.15	202.59	285.29	176.87	144.12	112.94	100.76	113.4	86.92	68.17	66.95
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.87	13.89	12.32	6.73	15.15	8.8	5.67	4.78	1.72	10.66	4.3
EV/Free Cash Flow to Firm	4.41	13.23	12.01	6.41	14.24	8.67	5.64	4.55	1.69	9.65	4.12
Diluted Market Cap	63	123	202	225	214	188	288	271	324	356	413
Diluted Enterprise Value	71	176	271	304	294	278	257	278	344	374	382
EV per Share	2.66	12.21	14.32	13.63	12.73	10.84	8.11	9.05	11.29	11.73	11.31
TTM Sales	25	31	42	58	62	76	90	97	104	130	147
TTM EBITDA	1	1	1	1	2	2	2	2	3	4	4
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	5	9	17	37	16	25	28	37	144	28	66
TTM Free Cash Flow to Firm	6	10	17	39	17	25	28	39	147	31	68

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	11.05	12.76	11.91	5.81	12.55	7.55	10.19	6.99	2.21	11.65	6.03
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	25	127	204	248	243	216	159	176	248	295	282
Low Price	5.55	6.25	10.6	11.13	10.29	6	8.78	13.17	8.59	11.2	12.74
EV/Sales	0.98	4.17	4.88	4.25	3.9	2.84	1.77	1.81	2.39	2.27	1.92
EV/EBITDA	41.15	202.59	285.29	176.87	144.12	112.94	100.76	113.4	86.92	68.17	66.95
Price/Earnings	16.02	18.87	28.17	12.55	15.7	9.59	8.03	7.4	15.44	8.37	9.41
Price/Earnings Average	15.07	12.8	25.78	14	15.84	8.17	7.21	7.8	12.35	8.19	8.75
Price/Earnings High	17.58	21.07	30.4	15.53	17.19	11.44	8.8	9.01	15.93	9.44	10.35
Price/Earnings Low	13.45	10.17	21.56	11.52	14.62	6.14	4.86	7.08	9.02	6.66	7.28
Price/Book Value	1.14	1.71	1.85	1.72	1.42	1.12	1.43	1.16	1.17	1.13	1.17
Price/Book Value Average	1.07	1.16	1.69	1.92	1.44	0.95	1.28	1.22	0.94	1.11	1.09
Price/Book Value High	1.25	1.91	1.99	2.13	1.56	1.34	1.56	1.41	1.21	1.28	1.29
Price/Book Value Low	0.96	0.92	1.41	1.58	1.33	0.72	0.86	1.11	0.69	0.9	0.9
Price/Tangible Book Value	0.91	1.36	1.3	1.25	1.01	0.85	1.15	0.99	1.02	0.99	1.05
Price/Tangible Book Value Average	0.86	0.93	1.19	1.39	1.02	0.72	1.04	1.05	0.82	0.97	0.97
Price/Tangible Book Value High	1	1.52	1.4	1.54	1.11	1.01	1.26	1.21	1.05	1.12	1.15
Price/Tangible Book Value Low	0.76	0.74	0.99	1.14	0.94	0.54	0.7	0.95	0.6	0.79	0.81
Price/Sales	2.45	3.96	4.71	3.78	3.38	2.46	3.17	2.75	3.11	2.72	2.79
Price/Sales Average	2.3	2.69	4.32	4.22	3.42	2.09	2.85	2.9	2.49	2.66	2.59
Price/Sales High	2.68	4.42	5.09	4.68	3.71	2.93	3.48	3.35	3.21	3.07	3.07
Price/Sales Low	2.05	2.13	3.61	3.47	3.15	1.57	1.92	2.63	1.82	2.17	2.16
Price/Cash Flow	12.12	13.2	11.92	5.98	13.15	7.61	10.15	7.28	2.24	12.8	6.26
Price/Cash Flow Average	11.4	8.95	10.91	6.67	13.27	6.49	9.11	7.68	1.79	12.52	5.83
Price/Cash Flow High	13.29	14.73	12.86	7.4	14.4	9.08	11.12	8.86	2.31	14.43	6.89
Price/Cash Flow Low	10.18	7.11	9.12	5.49	12.24	4.87	6.14	6.96	1.31	10.19	4.85
Price/Free Cash Flow Average	10.39	8.66	10.9	6.49	12.66	6.43	9.14	7.38	1.77	11.4	5.61
Price/Free Cash Flow High	12.12	14.24	12.85	7.2	13.74	9	11.16	8.52	2.28	13.14	6.64
Price/Free Cash Flow Low	9.28	6.87	9.11	5.34	11.68	4.83	6.16	6.69	1.29	9.27	4.67
EV/Sales Average	2.62	4.44	5.97	5.57	4.69	3.29	2.5	2.98	2.67	2.81	2.38
EV/Sales High	3	6.17	6.74	6.03	4.98	4.13	3.13	3.43	3.39	3.21	2.86
EV/Sales Low	2.37	3.88	5.26	4.82	4.43	2.77	1.58	2.71	2	2.31	1.95
EV/EBITDA Average	109.61	215.68	349.32	231.61	173.43	130.83	142.18	186.44	97.37	84.33	83.27
EV/EBITDA High	125.65	299.95	394.58	250.74	184.14	164.13	177.93	214.6	123.58	96.54	99.85
EV/EBITDA Low	99.3	188.78	307.94	200.54	163.65	110.06	89.5	169.6	72.91	69.39	68.05
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.61	11.6	13.85	12.12	11.05	9.38	14.51	13.76	14.7	14.07	16.46
High Price	7.25	12.95	14.95	15	12.1	11.19	15.9	16.76	15.17	15.87	18.11
Enterprise Value Average	67	135	249	325	293	250	225	290	277	364	351
Enterprise Value High	76	188	282	352	311	313	281	334	352	417	421
Enterprise Value Low	60	119	220	282	276	210	141	264	208	300	287

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	11	17	19	20	20	19	19	25	25	25
Diluted Weighted Avg Shares	9	11	15	19	19	20	20	20	22	25	25
Basic Weighted Avg Shares	9	10	14	18	19	20	20	20	22	25	25
Revenue per Share	2.7	2.93	2.94	3.21	3.27	3.82	4.57	5	4.73	5.17	5.9
EBITDA per Share	0.06	0.06	0.05	0.08	0.09	0.1	0.08	0.08	0.13	0.17	0.17
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.41	0.61	0.49	0.97	0.7	0.98	1.81	1.86	0.95	1.68	1.75
Basic EPS from Cont Ops	0.41	0.61	0.49	0.97	0.7	0.98	1.81	1.86	0.95	1.68	1.75
Diluted EPS, GAAP	0.41	0.61	0.48	0.95	0.69	0.97	1.79	1.84	0.95	1.67	1.74
Diluted EPS from Cont Ops	0.41	0.61	0.48	0.95	0.69	0.97	1.79	1.84	0.95	1.67	1.74
Dividend per Share	- -	- -	0.08	0.12	0.12	0.12	0.15	0.24	0.24	0.24	0.24
Cash Flow per Share	0.55	0.88	1.16	2.03	0.84	1.23	1.43	1.89	6.56	1.1	2.63
Free Cash Flow per Basic Share	0.49	0.83	1.13	1.93	0.79	1.21	1.42	1.79	6.41	0.98	2.51
Cash & Equivalents per Share	8.79	7.66	7.73	4.81	4.99	8.13	12.77	10.9	14.1	13.36	16.02
Book Value per Share	5.8	6.77	7.5	7.05	7.76	8.38	10.18	11.9	12.54	12.43	14.08
Tangible Book Value per Share	7.27	8.5	10.68	9.73	10.89	11.07	12.58	13.85	14.4	14.18	15.72

First Bank

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)