The Bank First Corporation (NASDAQ:BFC) Second-Quarter Results Are Out And Analysts Have Published New Forecasts
Bank First Corporation (NASDAQ:BFC) just released its latest quarterly report and things are not looking great. Results look to have been somewhat negative - revenue fell 2.3% short of analyst estimates at US$38m, and statutory earnings of US$1.37 per share missed forecasts by 2.5%. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
Check out our latest analysis for Bank First
After the latest results, the dual analysts covering Bank First are now predicting revenues of US$155.1m in 2023. If met, this would reflect a meaningful 12% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to expand 16% to US$5.33. Before this earnings report, the analysts had been forecasting revenues of US$153.9m and earnings per share (EPS) of US$5.35 in 2023. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.
It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$88.00.
Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. The analysts are definitely expecting Bank First's growth to accelerate, with the forecast 24% annualised growth to the end of 2023 ranking favourably alongside historical growth of 14% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 4.4% per year. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Bank First to grow faster than the wider industry.
The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Fortunately, they also reconfirmed their revenue numbers, suggesting that it's tracking in line with expectations. Additionally, our data suggests that revenue is expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At least one analyst has provided forecasts out to 2024, which can be seen for free on our platform here.
However, before you get too enthused, we've discovered 1 warning sign for Bank First that you should be aware of.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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