ChoiceOne Financial Services, Inc.

AI-generated fair value estimate for this company.

Method: Residual-income / justified price-to-book model: Justified P/B = (ROE - g) / (r - g) = (11.34% - 6%) / (10% - 6%) = 1.335x applied to $32.02 book value per share; ROE based on $54.72M TTM normalized net income divided by $482.68M total equity; 10% cost of equity; 6% sustainable growth rate (ROE times approximately 68% retention ratio); 14.96M shares outstanding.

Reasoning: As a community bank holding company, ChoiceOne's intrinsic value is better captured by a residual-income/justified-P/B framework tied to the spread between return on equity and cost of equity than by a free-cash-flow DCF, since bank 'cash flow' is not economically meaningful in the same way; normalized TTM earnings, post recent bank-acquisition integration, support a modestly higher-than-1x book multiple.