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First Horizon (NYSE:FHN) Intrinsic Value: Projected FCF

: $22.21 (As of Today)
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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.

As of today (2023-01-31), First Horizon's Intrinsic Value: Projected FCF is $22.21. The stock price of First Horizon is $24.73. Therefore, First Horizon's Price-to-Intrinsic-Value-Projected-FCF of today is 1.1.

The historical rank and industry rank for First Horizon's Intrinsic Value: Projected FCF or its related term are showing as below:

FHN' s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 0.11   Med: 0.85   Max: 26.06
Current: 1.11

During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of First Horizon was 26.06. The lowest was 0.11. And the median was 0.85.

FHN's Price-to-Projected-FCF is ranked worse than
87.97% of 1172 companies
in the Banks industry
Industry Median: 0.52 vs FHN: 1.11

First Horizon Intrinsic Value: Projected FCF Historical Data

The historical data trend for First Horizon's Intrinsic Value: Projected FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

First Horizon Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Intrinsic Value: Projected FCF
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 20.30 25.09 16.44 17.74 -

First Horizon Quarterly Data
Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22
Intrinsic Value: Projected FCF Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 17.74 19.12 20.77 22.21 -

Competitive Comparison

For the Banks - Regional subindustry, First Horizon's Intrinsic Value: Projected FCF, along with its competitors' market caps and Intrinsic Value: Projected FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

First Horizon Intrinsic Value: Projected FCF Distribution

For the Banks industry and Financial Services sector, First Horizon's Intrinsic Value: Projected FCF distribution charts can be found below:

* The bar in red indicates where First Horizon's Intrinsic Value: Projected FCF falls in comparison to its industry or sector. The grey bar indicates the Intrinsic Value: Projected FCF's extreme value range as defined by GuruFocus.



First Horizon Intrinsic Value: Projected FCF Calculation

Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.

The details of how we calculate the intrinsic value of stocks are described in detail here.

This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + 0.8 * Total Stockholders Equity (most recent) ) / Shares Outstanding (Diluted Average)

In the case of negative Total Stockholders Equity, the following formula is used (see Explanation section below for the reason):

Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + Total Stockholders Equity (most recent) / 0.8 ) / Shares Outstanding (Diluted Average)


Add all the Free Cash Flow together and divide 6 will get First Horizon's Free Cash Flow(6 year avg) = $699.55.

First Horizon's Intrinsic Value: Projected FCF for today is calculated as

Intrinsic Value: Projected FCF=(Growth Multiple*Free Cash Flow (6 year avg)+Total Stockholders Equity (Dec22)*0.8)/Shares Outstanding (Diluted Average)
=(9.5203515959648*699.55312+8253*0.8)/572.000
=23.19

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


First Horizon  (NYSE:FHN) Intrinsic Value: Projected FCF Explanation

The growth multiple is capped between 8.35 and 17.74.

Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.

First Horizon's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as

Price-to-Intrinsic-Value-Projected-FCF=Share Price/Intrinsic Value: Projected FCF
=24.73/23.185999409885
=1.07

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


First Horizon Intrinsic Value: Projected FCF Related Terms

Thank you for viewing the detailed overview of First Horizon's Intrinsic Value: Projected FCF provided by GuruFocus.com. Please click on the following links to see related term pages.


First Horizon (NYSE:FHN) Business Description

First Horizon logo
Industry
Address
165 Madison Avenue, Memphis, TN, USA, 38103
First Horizon Corp is the parent company of First Tennessee Bank, a prominent regional bank with about 200 branches around Tennessee. The regional bank is responsible for roughly 65% of its revenue, while capital markets make a 25% contribution. The remainder is split between the firm's non-strategic (wind-down) and corporate operations. First Horizon concentrates on offering a variety of banking products mainly in its home state, where it has the second- largest deposit franchise with a 13% deposit market share.
Executives
Hope Dmuchowski officer: Sr. EVP & CFO 165 MADISON AVE, MEMPHIS TN 38103
John N Casbon director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Tammy Locascio officer: Sr. EVP, Chief HR Officer 165 MADISON AVE, MEMPHIS TN 38103
Kemp Sr James Michael director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Ricky E Maples director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Terry Lawson Akins officer: Sr. EVP, Chief Risk Officer 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Elizabeth A Ardoin officer: SEVP, Chief Communications Ofc 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Rosa Sugranes director 2975 N.W. 77TH AVE, DORAL FL 33132
Anthony J Restel officer: SEVP Chief Operating Officer 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Shea E Stewart Iii director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
William H Fenstermaker director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Daryl G Byrd director, officer: Executive Chairman of Board 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Barton Harry V Jr director 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Michael J Brown officer: President - Regional Banking 200 WEST CONGRESS STREET, LAFAYETTE LA 70501
Wendy P Davidson director 2210 WEST OAKLAWN DRIVE, SPRINGDALE AR 72762

First Horizon (NYSE:FHN) Headlines

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