` Comparison: FRME vs MTB - Alpha Spread
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FRME
vs
MTB

Over the past 12 months, FRME has underperformed MTB, delivering a return of -5% compared to the MTB's +18% growth.

Valuation Growth Profitability Solvency Stocks Performance
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FRME
MTB
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Stocks Compared:
FRME MTB
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Valuation Comparison

FRME Intrinsic Value
53.96 USD
Undervaluation 24%
Intrinsic Value
Price
MTB Intrinsic Value
264.83 USD
Undervaluation 16%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
First Merchants Corp
NASDAQ:FRME
40.94 USD
M&T Bank Corp
NYSE:MTB
222.59 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
FRME, MTB

FRME
MTB
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
First Merchants Corp
Revenue
M&T Bank Corp
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
FRME, MTB

FRME
MTB
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
First Merchants Corp
NASDAQ:FRME
FCF is not applicable for financial companies
M&T Bank Corp
NYSE:MTB
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

FRME
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Operating Margin

FRME
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Net Margin

FRME
33.8%
MTB
27.9%
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
M&T Bank Corp

FCF Margin

FRME
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROE

FRME
9.4%
MTB
9.3%
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
M&T Bank Corp

ROA

FRME
1.2%
MTB
1.3%
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
M&T Bank Corp

ROIC

FRME
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

ROCE

FRME
MTB
LTM 3Y Avg 5Y Avg 10Y Avg
First Merchants Corp
Not applicable for financial companies
M&T Bank Corp
Not applicable for financial companies

Solvency Comparison

First Merchants Corp
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
M&T Bank Corp
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
FRME, MTB

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MTB
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
FRME, MTB

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FRME
MTB
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
FRME, MTB

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FRME
MTB
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