What is First Internet Bancorp worth?
With the base-case assumptions below, a discounted cash flow model on First Internet Bancorp's reported free cash flow gives $55.48 per share. The share price was $26.39 on September 25, 2026, 52% 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 | 10.0% | 10.0% | $52.18 | +98% |
| Base | 15.0% | 9.0% | $55.48 | +110% |
| Bull | 20.0% | 8.0% | $61.62 | +134% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $57.98 | $58.76 | $59.71 | $60.90 | $62.43 |
| 8.0% | $56.10 | $56.61 | $57.20 | $57.92 | $58.80 |
| 9.0% | $54.74 | $55.08 | $55.48 | $55.95 | $56.50 |
| 10.0% | $53.70 | $53.95 | $54.23 | $54.54 | $54.91 |
| 11.0% | $52.89 | $53.07 | $53.27 | $53.50 | $53.76 |
Where the presets come from
Base: years 1 to 5 grow at First Internet Bancorp's revenue growth rate over the last 2 fiscal years (21.4% 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