What is First Capital Inc worth?
With the base-case assumptions below, a discounted cash flow model on First Capital Inc's reported free cash flow gives $105.67 per share. The share price was $60.29 on September 25, 2026, 43% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -0.5% | 10.0% | $65.37 | +8% |
| Base | 4.5% | 9.0% | $105.67 | +75% |
| Bull | 9.5% | 8.0% | $184.14 | +205% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $134.37 | $143.09 | $153.74 | $167.05 | $184.17 |
| 8.0% | $112.99 | $118.64 | $125.32 | $133.33 | $143.13 |
| 9.0% | $97.35 | $101.21 | $105.67 | $110.87 | $117.02 |
| 10.0% | $85.41 | $88.16 | $91.28 | $94.83 | $98.94 |
| 11.0% | $76.02 | $78.03 | $80.28 | $82.82 | $85.69 |
Where the presets come from
Base: years 1 to 5 grow at First Capital Inc's revenue growth rate over the last 5 fiscal years (4.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions