AlphaMadera's AlphaVal page classifies The First Bancorp, Inc. as a Banks, Insurers & Asset Managers business and values it using P/Tangible Book × ROE Quality, then compares the result to the current market price to flag FNLC as undervalued, fairly valued, or overvalued.

What is The First Bancorp, Inc.'s fair value?

Fair value for FNLC comes from a P/Tangible Book × ROE Quality model -- the approach AlphaVal selected for this company's Banks, Insurers & Asset Managers classification. The live AlphaVal page shows bear, base, and bull scenarios alongside the key assumption behind each.

How does AlphaMadera value FNLC?

AlphaVal routes each company to one of ten valuation archetypes based on its business model. FNLC was classified as Banks, Insurers & Asset Managers and is valued using P/Tangible Book × ROE Quality, built from FNLC's most recent reported fundamentals.

FNLC - The First Bancorp, Inc.

Price: -- --

AlphaVal

Deterministic, archetype-aware fair value

Banks, Insurers & Asset Managers 85% confidence

Primary model: P/Tangible Book × ROE Quality

Valuation Signal Undervalued Strong

Trading 53.8% below fair value

Current Price $33.78

Bear Case $47.23 39.8% upside ($47.23 - $33.78) / $33.78 = 39.8% ROTCE 10.2% → 2.11x TBV

Fair Value $73.10 116.4% upside ($73.10 - $33.78) / $33.78 = 116.4% ROTCE 13.6% → 3.27x TBV

Bull Case $88.63 162.4% upside ($88.63 - $33.78) / $33.78 = 162.4% ROTCE 15.7% → 3.96x TBV

Adjust Assumptions

Return on Tangible Equity

13.6%

Cost of Equity

6.9%

Key Value Driver

ROTCE (13.6%) vs. cost of equity (6.9%)

Terminal Value % of EV

Implied Market Multiple 1.51x

Market is pricing in (growth)

Plain-Language Summary

With ROTCE of 13.6% vs. 6.9% cost of equity, fair P/TBV is 3.27x on $22.38 tangible book, implying $73.10 per share. DDM cross-check: $35.33.

Warnings

⚠ Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.

⚠ Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.

ℹ Dividend-based valuation: $35.33 (52% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.

Key Risks

Book value quality matters as much as level — check loan loss reserves
Interest rate sensitivity creates non-linear earnings surprises
Insurance reserving is actuarial, not financial — errors emerge slowly