Bank First Corporation

AI-generated fair value estimate for this company.

Method: Excess-return / justified price-to-book model: book value per share $47.04 (3/31/26), sustainable ROE of 15.5% (TTM net income $80.7M on equity of roughly $521M), 9% cost of equity via CAPM (4.2% risk-free rate plus a 0.9 beta times a 5% equity risk premium), 5% long-run sustainable growth, giving a justified P/B of 2.63x times book value per share

Reasoning: For a bank, standard free-cash-flow DCF is unreliable because deposits/debt are operating inputs rather than financing capital; the practitioner-standard approach is a P/B model tied to ROE versus cost of equity, which directly captures Bank First's above-peer profitability and Wisconsin community-bank franchise