Bancfirst Corp /Ok/ (NASDAQ: BANF)

Sector: Financial Services Industry: Banks - Regional CIK: 0000760498
Market Cap 3.59 Bn
P/B 2.01
P/E 15.11
P/S 5.39
ROIC (Qtr) 12.94
Div Yield % 1.73
Rev 1y % (Qtr) 6.48
Total Debt (Qtr) 97.88 Mn
Debt/Equity (Qtr) 0.05

About

BancFirst Corp, also known as BANCFIRST CORP /OK/, is a financial holding company operating primarily in the Oklahoma and Texas regions, offering a wide range of retail and commercial banking services. The company's main business activities are conducted through its subsidiaries, including BancFirst, an Oklahoma state-chartered bank, and Pegasus Bank and Worthington Bank, both Texas state-chartered banks. BancFirst operates as a "super community bank," providing a broad line of financial products and services through full-service community banking...

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Price action

Investment thesis

Bull case

  • Strong operating cash flow of 247.63M provides robust 2.53x coverage of total debt 97.88M, indicating excellent debt servicing capability and financial flexibility.
  • Strong tangible asset base of 14.01B provides 143.09x coverage of total debt 97.88M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of 195.72M exceeds capital expenditure of 51.91M by 3.77x, indicating strong organic growth funding capability.
  • Operating cash flow of 247.63M provides strong 2.53x coverage of operating expenses 97.70M, showing operational efficiency.
  • Retained earnings of 1.57B provide strong 8.13x coverage of intangibles 192.81M, indicating quality earnings retention.

Bear case

  • Operating cash flow of 247.63M provides thin coverage of dividend payments of (61.11M) with a -4.05 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • The company's operating cash flow of 247.63M shows concerning coverage of stock compensation expenses of (271000), with a -913.76 ratio indicating potential earnings quality issues.
  • Retained earnings of 1.57B provide limited buffer against comprehensive income items of (12.80M), which is -122.52x, indicating elevated exposure to market risks.
  • R&D investment of 0 represents just 0x of SG&A expenses of 267.08M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Other operating expenses of 97.70M consume 0.39x of operating cash flow 247.63M, indicating potential cost control issues affecting cash generation.

Peer comparison

Companies in the Banks - Regional
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 USB Us Bancorp \De\ 84.44 Bn 12.40 3.25 77.98 Bn
2 PNC Pnc Financial Services Group, Inc. 84.36 Bn 13.61 3.73 62.34 Bn
3 NU Nu Holdings Ltd. 81.47 Bn 32.21 5.79 4.49 Bn
4 NWG NatWest Group plc 66.53 Bn 9.88 3.05 169.04 Bn
5 TFC Truist Financial Corp 64.60 Bn 13.18 3.53 71.11 Bn
6 MTB M&T Bank Corp 32.73 Bn 12.47 3.60 14.99 Bn
7 FITB Fifth Third Bancorp 31.96 Bn 14.15 3.93 18.94 Bn
8 FCNCA First Citizens Bancshares Inc /De/ 28.98 Bn 12.78 3.26 40.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.02 0.14
EV to Cash from Ops. EV/CFO -1.27 7.21
EV to Debt EV to Debt -3.21 5.20
EV to EBIT EV/EBIT -1.04 14.98
EV to EBITDA EV/EBITDA -0.97 8.92
EV to Free Cash Flow [EV/FCF] EV/FCF -1.61 8.87
EV to Market Cap EV to Market Cap -0.09 1.04
EV to Revenue EV/Rev -0.47 -3.76
Price to Book Value [P/B] P/B 2.01 1.17
Price to Earnings [P/E] P/E 15.11 15.63
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 3.89 271.44
Dividend Payout Ratio % Div Payout % (Qtr) 26.20 35.28
Dividend per Basic Share Div per Share (Qtr) 1.87 0.89
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 31.82 34.52
Interest Coverage Interest Coverage 0.00 -0.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -97.24 -73.15
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 35.51 15.78
Dividend Growth (1y) % Div 1y % (Qtr) 6.86 5.32
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 13.78 110.93
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 13.58 38.80
EBIT Growth (1y) % EBIT 1y % (Qtr) 14.44 61.46
EBT Growth (1y) % EBT 1y % (Qtr) 14.44 61.37
EPS Growth (1y) % EPS 1y % (Qtr) 13.13 76.34
FCF Growth (1y) % FCF 1y % (Qtr) -24.87 161.72
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 9.57 14.15
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.05 0.04
Cash Payout Ratio Cash Payout (Qtr) 0.20 0.26
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.01
Debt to Equity Ratio Debt/Equity (Qtr) 0.05 0.53
Interest Cover Ratio Interest Cover Ratio 0.00 -0.05
Times Interest Earned Times Interest Earned 0.00 -0.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 48.60 147.97
EBIT Margin % EBIT Margin % (Qtr) 45.27 155.41
EBT Margin % EBT Margin % (Qtr) 45.27 154.66
Gross Margin % Gross Margin % (Qtr) 100.00 97.82
Net Profit Margin % Net Margin % (Qtr) 35.60 115.63