# First Interstate BancSystem (FIBK.US)

Canonical: https://gigainvestors.com/s/FIBK

Analysis as of: 2026-10-16T07:28:30.803Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $34.81 per share; close as of 2026-10-15.

Estimated value: low $26.19 per share, central $28.81 per share, high $32.01 per share. Buy at or below the central value $28.81 per share. Valuation as of 2026-10-16T07:28:30.803Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.13×

Chart: Net income; fiscal year observations.

- FY2016: $96M

- FY2017: $107M

- FY2018: $160M

- FY2019: $181M

- FY2020: $161M

- FY2021: $192M

- FY2022: $202M

- FY2023: $258M

- FY2024: $226M

- FY2025: $302M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.7%

- Cost / income, median: 63.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 12.7%

- FY2017: 11.1%

- FY2018: 14.3%

- FY2019: 13.3%

- FY2020: 12.3%

- FY2021: 14.4%

- FY2022: 10.4%

- FY2023: 12.8%

- FY2024: 10.7%

- FY2025: 13.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.2%

- Book return interval: 10 years

- Starting book value per share: $16.00

- Ending book value per share: $22.30

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 10.0%

- FY2017: 15.9%

- FY2018: 10.1%

- FY2019: 17.3%

- FY2020: 6.2%

- FY2021: 13.0%

- FY2022: -5.1%

- FY2023: 13.4%

- FY2024: 15.0%

- FY2025: 18.3%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 8.5%

- Diluted shares, 5-year annual growth: 10.0%

- Share growth excluding flagged crisis recapitalisations: 8.5%

- Five-year share growth excluding flagged crisis recapitalisations: 10.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.71×

- Book value created per share: $6.30

- Earnings retained per share after dividends and buybacks: $3.67

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 114

- FY2018: 128

- FY2019: 140

- FY2020: 140

- FY2021: 135

- FY2022: 226

- FY2023: 227

- FY2024: 226

- FY2025: 225

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 12.0%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 6

## Holders

## Price story

Down 24% since Oct 2022 · net income +33.7%

Story as of 2026-10-16T09:58:45.229Z; price observation 2026-10-15.

The price assumes profits grow 1.7% a year forever

- 2026-01-29: FIBK Q4 Deep Dive: Restructuring, Branch Optimization, and Margin Initiatives Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/fibk-q4-deep-dive-restructuring-182603093.html))

### Net income · FY2025

net income +33.7%; source https://www.sec.gov/Archives/edgar/data/860413/000086041326000011/fibk-20251231.htm; observed 2026-02-26.

- FY2016: $96M 

- FY2017: $107M 

- FY2018: $160M 

- FY2019: $181M 

- FY2020: $161M 

- FY2021: $192M 

- FY2022: $202M 

- FY2023: $258M 

- FY2024: $226M 

- FY2025: $302M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/860413/000086041326000011/fibk-20251231.htm#000086041326000011 (filed 2026-02-26); FY2025: revenue 1058800000.

### Why customers stay

It earns 12.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.1272867385468421],[2017,0.11117593645956185],[2018,0.143099598034837],[2019,0.13288304823434402],[2020,0.1226601734895754],[2021,0.14370137642130462],[2022,0.1041301884849109],[2023,0.12767117854132579],[2024,0.10707855586089264],[2025,0.1317602930914166]]; median 0.12747895854408395. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 121.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,39400000],[2017,48600000],[2018,64100000],[2019,79200000],[2020,128600000],[2021,101600000],[2022,182100000],[2023,195100000],[2024,195900000],[2025,194300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/860413/000086041326000011/fibk-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 121900000 USD.

### Are managers owners

Insiders own 8.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FIBK.US SharesStats.PercentInsiders = 8.417 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 1.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 34.81; FX 1; original perpetual distributable cash 2.880804019051715; discount 0.1; growth 0.017242056332901046. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.90 per share

- 2016-11: $37.75 per share

- 2016-12: $42.55 per share

- 2017-01: $41.15 per share

- 2017-02: $43.85 per share

- 2017-03: $39.65 per share

- 2017-04: $37.75 per share

- 2017-05: $34.90 per share

- 2017-06: $37.20 per share

- 2017-07: $36.55 per share

- 2017-08: $35.20 per share

- 2017-09: $38.25 per share

- 2017-10: $39.30 per share

- 2017-11: $39.70 per share

- 2017-12: $40.05 per share

- 2018-01: $41.85 per share

- 2018-02: $39.50 per share

- 2018-03: $39.55 per share

- 2018-04: $40.50 per share

- 2018-05: $43.65 per share

- 2018-06: $42.20 per share

- 2018-07: $43.15 per share

- 2018-08: $46.45 per share

- 2018-09: $44.80 per share

- 2018-10: $41.46 per share

- 2018-11: $43.43 per share

- 2018-12: $36.56 per share

- 2019-01: $38.92 per share

- 2019-02: $41.64 per share

- 2019-03: $39.82 per share

- 2019-04: $42.26 per share

- 2019-05: $36.91 per share

- 2019-06: $39.61 per share

- 2019-07: $40.03 per share

- 2019-08: $39.00 per share

- 2019-09: $40.24 per share

- 2019-10: $41.96 per share

- 2019-11: $42.10 per share

- 2019-12: $41.92 per share

- 2020-01: $38.50 per share

- 2020-02: $34.06 per share

- 2020-03: $28.84 per share

- 2020-04: $33.80 per share

- 2020-05: $31.25 per share

- 2020-06: $30.96 per share

- 2020-07: $29.11 per share

- 2020-08: $32.80 per share

- 2020-09: $31.85 per share

- 2020-10: $35.30 per share

- 2020-11: $38.05 per share

- 2020-12: $40.77 per share

- 2021-01: $38.66 per share

- 2021-02: $45.42 per share

- 2021-03: $46.04 per share

- 2021-04: $46.97 per share

- 2021-05: $47.07 per share

- 2021-06: $41.83 per share

- 2021-07: $41.92 per share

- 2021-08: $44.06 per share

- 2021-09: $40.26 per share

- 2021-10: $41.57 per share

- 2021-11: $40.80 per share

- 2021-12: $40.67 per share

- 2022-01: $36.75 per share

- 2022-02: $40.60 per share

- 2022-03: $36.77 per share

- 2022-04: $32.52 per share

- 2022-05: $38.07 per share

- 2022-06: $38.11 per share

- 2022-07: $40.78 per share

- 2022-08: $40.26 per share

- 2022-09: $40.35 per share

- 2022-10: $45.61 per share

- 2022-11: $43.62 per share

- 2022-12: $38.65 per share

- 2023-01: $35.88 per share

- 2023-02: $35.54 per share

- 2023-03: $29.86 per share

- 2023-04: $25.59 per share

- 2023-05: $22.05 per share

- 2023-06: $23.84 per share

- 2023-07: $28.73 per share

- 2023-08: $25.91 per share

- 2023-09: $24.94 per share

- 2023-10: $23.07 per share

- 2023-11: $25.89 per share

- 2023-12: $30.75 per share

- 2024-01: $27.52 per share

- 2024-02: $26.32 per share

- 2024-03: $27.21 per share

- 2024-04: $26.70 per share

- 2024-05: $26.54 per share

- 2024-06: $27.77 per share

- 2024-07: $31.57 per share

- 2024-08: $31.05 per share

- 2024-09: $30.68 per share

- 2024-10: $30.80 per share

- 2024-11: $34.97 per share

- 2024-12: $32.47 per share

- 2025-01: $32.95 per share

- 2025-02: $30.70 per share

- 2025-03: $28.65 per share

- 2025-04: $26.20 per share

- 2025-05: $27.15 per share

- 2025-06: $28.82 per share

- 2025-07: $28.79 per share

- 2025-08: $32.72 per share

- 2025-09: $31.87 per share

- 2025-10: $31.25 per share

- 2025-11: $32.84 per share

- 2025-12: $34.60 per share

- 2026-01: $35.47 per share

- 2026-02: $34.61 per share

- 2026-03: $33.40 per share

- 2026-04: $35.49 per share

- 2026-05: $35.60 per share

- 2026-06: $38.56 per share

- 2026-07: $38.02 per share

- 2026-08: $36.81 per share

- 2026-09: $35.74 per share

- 2026-10: $34.81 per share

## Annual estimated value (USD per share)

- FY2016: low $21.72 per share, central $27.15 per share, high $36.20 per share

- FY2017: low $22.39 per share, central $27.99 per share, high $37.31 per share

- FY2018: low $23.32 per share, central $29.15 per share, high $38.87 per share

- FY2019: low $25.86 per share, central $32.32 per share, high $43.10 per share

- FY2020: low $25.80 per share, central $32.25 per share, high $43.00 per share

- FY2021: low $28.15 per share, central $35.19 per share, high $46.92 per share

- FY2022: low $24.43 per share, central $30.54 per share, high $40.72 per share

- FY2023: low $25.27 per share, central $31.59 per share, high $42.12 per share

- FY2024: low $26.60 per share, central $33.24 per share, high $44.33 per share

- FY2025: low $25.85 per share, central $28.43 per share, high $31.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/860413/000086041326000011/fibk-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

First Interstate BancSystem

FIBK · US

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: $34.81
Buy up to: $28.81
Expected / yr: 8.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: $187M
Worst year: $96M
Latest · 2025: $302M

Earned a median 12.7% on tangible equity (minimum 12%), and the second-worst year 10.7% (minimum 5%).

Return on tangible common equity

10y median: 12.7%
Worst year: 10.4%
Latest · 2025: 13.2%

Book value plus dividends grew 11.2% a year (minimum 7%).

Annual book + dividend return

10y median: 13.2%
Worst year: -5.1%
Latest · 2025: 18.3%

Ordinary share growth was 8.5% over the full period and 10% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 140
Worst year: 227
Latest · 2025: 225

1 accounting warnings were found (none allowed).

accounting warnings: 1
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.54 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 31.90 · Value 27.15 · Buy at or below 27.15; 2016-11 · Price USD 37.75 · Value 27.15 · Buy at or below 27.15; 2016-12 · Price USD 42.55 · Value 27.15 · Buy at or below 27.15; 2017-01 · Price USD 41.15 · Value 27.15 · Buy at or below 27.15; 2017-02 · Price USD 43.85 · Value 27.99 · Buy at or below 27.99; 2017-03 · Price USD 39.65 · Value 27.99 · Buy at or below 27.99; 2017-04 · Price USD 37.75 · Value 27.99 · Buy at or below 27.99; 2017-05 · Price USD 34.90 · Value 27.99 · Buy at or below 27.99; 2017-06 · Price USD 37.20 · Value 27.99 · Buy at or below 27.99; 2017-07 · Price USD 36.55 · Value 27.99 · Buy at or below 27.99; 2017-08 · Price USD 35.20 · Value 27.99 · Buy at or below 27.99; 2017-09 · Price USD 38.25 · Value 27.99 · Buy at or below 27.99; 2017-10 · Price USD 39.30 · Value 27.99 · Buy at or below 27.99; 2017-11 · Price USD 39.70 · Value 27.99 · Buy at or below 27.99; 2017-12 · Price USD 40.05 · Value 27.99 · Buy at or below 27.99; 2018-01 · Price USD 41.85 · Value 27.99 · Buy at or below 27.99; 2018-02 · Price USD 39.50 · Value 29.15 · Buy at or below 29.15; 2018-03 · Price USD 39.55 · Value 29.15 · Buy at or below 29.15; 2018-04 · Price USD 40.50 · Value 29.15 · Buy at or below 29.15; 2018-05 · Price USD 43.65 · Value 29.15 · Buy at or below 29.15; 2018-06 · Price USD 42.20 · Value 29.15 · Buy at or below 29.15; 2018-07 · Price USD 43.15 · Value 29.15 · Buy at or below 29.15; 2018-08 · Price USD 46.45 · Value 29.15 · Buy at or below 29.15; 2018-09 · Price USD 44.80 · Value 29.15 · Buy at or below 29.15; 2018-10 · Price USD 41.46 · Value 29.15 · Buy at or below 29.15; 2018-11 · Price USD 43.43 · Value 29.15 · Buy at or below 29.15; 2018-12 · Price USD 36.56 · Value 29.15 · Buy at or below 29.15; 2019-01 · Price USD 38.92 · Value 29.15 · Buy at or below 29.15; 2019-02 · Price USD 41.64 · Value 32.32 · Buy at or below 32.32; 2019-03 · Price USD 39.82 · Value 32.32 · Buy at or below 32.32; 2019-04 · Price USD 42.26 · Value 32.32 · Buy at or below 32.32; 2019-05 · Price USD 36.91 · Value 32.32 · Buy at or below 32.32; 2019-06 · Price USD 39.61 · Value 32.32 · Buy at or below 32.32; 2019-07 · Price USD 40.03 · Value 32.32 · Buy at or below 32.32; 2019-08 · Price USD 39.00 · Value 32.32 · Buy at or below 32.32; 2019-09 · Price USD 40.24 · Value 32.32 · Buy at or below 32.32; 2019-10 · Price USD 41.96 · Value 32.32 · Buy at or below 32.32; 2019-11 · Price USD 42.10 · Value 32.32 · Buy at or below 32.32; 2019-12 · Price USD 41.92 · Value 32.32 · Buy at or below 32.32; 2020-01 · Price USD 38.50 · Value 32.32 · Buy at or below 32.32; 2020-02 · Price USD 34.06 · Value 32.25 · Buy at or below 32.25; 2020-03 · Price USD 28.84 · Value 32.25 · Buy at or below 32.25; 2020-04 · Price USD 33.80 · Value 32.25 · Buy at or below 32.25; 2020-05 · Price USD 31.25 · Value 32.25 · Buy at or below 32.25; 2020-06 · Price USD 30.96 · Value 32.25 · Buy at or below 32.25; 2020-07 · Price USD 29.11 · Value 32.25 · Buy at or below 32.25; 2020-08 · Price USD 32.80 · Value 32.25 · Buy at or below 32.25; 2020-09 · Price USD 31.85 · Value 32.25 · Buy at or below 32.25; 2020-10 · Price USD 35.30 · Value 32.25 · Buy at or below 32.25; 2020-11 · Price USD 38.05 · Value 32.25 · Buy at or below 32.25; 2020-12 · Price USD 40.77 · Value 32.25 · Buy at or below 32.25; 2021-01 · Price USD 38.66 · Value 32.25 · Buy at or below 32.25; 2021-02 · Price USD 45.42 · Value 35.19 · Buy at or below 35.19; 2021-03 · Price USD 46.04 · Value 35.19 · Buy at or below 35.19; 2021-04 · Price USD 46.97 · Value 35.19 · Buy at or below 35.19; 2021-05 · Price USD 47.07 · Value 35.19 · Buy at or below 35.19; 2021-06 · Price USD 41.83 · Value 35.19 · Buy at or below 35.19; 2021-07 · Price USD 41.92 · Value 35.19 · Buy at or below 35.19; 2021-08 · Price USD 44.06 · Value 35.19 · Buy at or below 35.19; 2021-09 · Price USD 40.26 · Value 35.19 · Buy at or below 35.19; 2021-10 · Price USD 41.57 · Value 35.19 · Buy at or below 35.19; 2021-11 · Price USD 40.80 · Value 35.19 · Buy at or below 35.19; 2021-12 · Price USD 40.67 · Value 35.19 · Buy at or below 35.19; 2022-01 · Price USD 36.75 · Value 35.19 · Buy at or below 35.19; 2022-02 · Price USD 40.60 · Value 30.54 · Buy at or below 30.54; 2022-03 · Price USD 36.77 · Value 30.54 · Buy at or below 30.54; 2022-04 · Price USD 32.52 · Value 30.54 · Buy at or below 30.54; 2022-05 · Price USD 38.07 · Value 30.54 · Buy at or below 30.54; 2022-06 · Price USD 38.11 · Value 30.54 · Buy at or below 30.54; 2022-07 · Price USD 40.78 · Value 30.54 · Buy at or below 30.54; 2022-08 · Price USD 40.26 · Value 30.54 · Buy at or below 30.54; 2022-09 · Price USD 40.35 · Value 30.54 · Buy at or below 30.54; 2022-10 · Price USD 45.61 · Value 30.54 · Buy at or below 30.54; 2022-11 · Price USD 43.62 · Value 30.54 · Buy at or below 30.54; 2022-12 · Price USD 38.65 · Value 30.54 · Buy at or below 30.54; 2023-01 · Price USD 35.88 · Value 30.54 · Buy at or below 30.54; 2023-02 · Price USD 35.54 · Value 31.59 · Buy at or below 31.59; 2023-03 · Price USD 29.86 · Value 31.59 · Buy at or below 31.59; 2023-04 · Price USD 25.59 · Value 31.59 · Buy at or below 31.59; 2023-05 · Price USD 22.05 · Value 31.59 · Buy at or below 31.59; 2023-06 · Price USD 23.84 · Value 31.59 · Buy at or below 31.59; 2023-07 · Price USD 28.73 · Value 31.59 · Buy at or below 31.59; 2023-08 · Price USD 25.91 · Value 31.59 · Buy at or below 31.59; 2023-09 · Price USD 24.94 · Value 31.59 · Buy at or below 31.59; 2023-10 · Price USD 23.07 · Value 31.59 · Buy at or below 31.59; 2023-11 · Price USD 25.89 · Value 31.59 · Buy at or below 31.59; 2023-12 · Price USD 30.75 · Value 31.59 · Buy at or below 31.59; 2024-01 · Price USD 27.52 · Value 31.59 · Buy at or below 31.59; 2024-02 · Price USD 26.32 · Value 33.24 · Buy at or below 33.24; 2024-03 · Price USD 27.21 · Value 33.24 · Buy at or below 33.24; 2024-04 · Price USD 26.70 · Value 33.24 · Buy at or below 33.24; 2024-05 · Price USD 26.54 · Value 33.24 · Buy at or below 33.24; 2024-06 · Price USD 27.77 · Value 33.24 · Buy at or below 33.24; 2024-07 · Price USD 31.57 · Value 33.24 · Buy at or below 33.24; 2024-08 · Price USD 31.05 · Value 33.24 · Buy at or below 33.24; 2024-09 · Price USD 30.68 · Value 33.24 · Buy at or below 33.24; 2024-10 · Price USD 30.80 · Value 33.24 · Buy at or below 33.24; 2024-11 · Price USD 34.97 · Value 33.24 · Buy at or below 33.24; 2024-12 · Price USD 32.47 · Value 33.24 · Buy at or below 33.24; 2025-01 · Price USD 32.95 · Value 33.24 · Buy at or below 33.24; 2025-02 · Price USD 30.70 · Value 28.43 · Buy at or below 28.43; 2025-03 · Price USD 28.65 · Value 28.43 · Buy at or below 28.43; 2025-04 · Price USD 26.20 · Value 28.43 · Buy at or below 28.43; 2025-05 · Price USD 27.15 · Value 28.43 · Buy at or below 28.43; 2025-06 · Price USD 28.82 · Value 28.43 · Buy at or below 28.43; 2025-07 · Price USD 28.79 · Value 28.43 · Buy at or below 28.43; 2025-08 · Price USD 32.72 · Value 28.43 · Buy at or below 28.43; 2025-09 · Price USD 31.87 · Value 28.43 · Buy at or below 28.43; 2025-10 · Price USD 31.25 · Value 28.43 · Buy at or below 28.43; 2025-11 · Price USD 32.84 · Value 28.43 · Buy at or below 28.43; 2025-12 · Price USD 34.60 · Value 28.43 · Buy at or below 28.43; 2026-01 · Price USD 35.47 · Value 28.43 · Buy at or below 28.43; 2026-02 · Price USD 34.61 · Value 28.81 · Buy at or below 28.81; 2026-03 · Price USD 33.40 · Value 28.81 · Buy at or below 28.81; 2026-04 · Price USD 35.49 · Value 28.81 · Buy at or below 28.81; 2026-05 · Price USD 35.60 · Value 28.81 · Buy at or below 28.81; 2026-06 · Price USD 38.56 · Value 28.81 · Buy at or below 28.81; 2026-07 · Price USD 38.02 · Value 28.81 · Buy at or below 28.81; 2026-08 · Price USD 36.81 · Value 28.81 · Buy at or below 28.81; 2026-09 · Price USD 35.74 · Value 28.81 · Buy at or below 28.81; 2026-10 · Price USD 34.81 · Value 28.81 · Buy at or below 28.81; 2026-10 · Price USD 34.81 · Value 28.81 · Buy at or below 28.81

USD per share · annual estimates

Price & return math
Value range	$26.19 – $32.01
Buy at or below	Central value $28.81
Discount to value	1 − 34.81 / 28.81 = -20.8%
Return / year	About 8.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book USD 22.59/share; ROE 12.8%; first payout USD 2.88/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$302M

Net income

Book / share$22.30

Book / share

Dividend / share$1.89

Dividend / share

Return on tangible equity13.2%

Return on tangible equity

Diluted shares103M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·