First Capital, Inc. (FCAP) | Investment Case

1. Company Snapshot

1.a. Company Description

First Capital, Inc.operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers.The company offers various deposit instruments, including non-interest bearing checking accounts, negotiable order of withdrawal accounts, money market accounts, regular savings accounts, certificates of deposit, and retirement savings plans.

It also provides real estate mortgage loans, such as fixed-rate and adjustable rate mortgage residential loans, construction loans for residential and commercial properties, and commercial real estate loans, as well as commercial business loans.In addition, the company originates mortgage loans for sale in the secondary market and sells non-deposit investment products; and offers various secured or guaranteed consumer loans comprising automobile and truck loans, home equity loans, home improvement loans, boat loans, mobile home loans, and loans secured by savings deposits, as well as unsecured consumer loans.It provides its products and services through 18 locations in Indiana and Kentucky.

First Capital, Inc.was founded in 1891 and is based in Corydon, Indiana.

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1.b. Last Insights on FCAP

Here is a 90-word analysis of the positive drivers behind First Capital, Inc.'s recent performance: First Capital, Inc.'s recent performance was driven by solid annual and quarterly earnings, with net income of $11.9 million, or $3.57 per diluted share, for the year ended December 31, 2024. The company's quarterly dividend declaration of $0.29 per share also supports shareholder value. Additionally, the announcement of the annual meeting of stockholders on May 21, 2025, may indicate a positive outlook for the company.

1.c. Company Highlights

Last Price	50.95
Change Percentage	1.01%
Open	48.09
Previous Close	50.44
Market Cap ( Millions)	171
Volume	7195
Year High	53.85
Year Low	28.5
M A 50	44.7
M A 200	42.38

FCF Yield	11.03%
Dividend Yield	2.32%
ROE	8.38%
Debt / Equity	0.00%
Net Debt / EBIDTA	-524.99%
Price To Book	0.49
Price Earnings Ratio	11.56
Price To FCF	9.06
Price To sales	2.99
EV / EBITDA	2.51

2. Transcript Summary

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3. NewsRoom

Contrasting First Capital (NASDAQ:FCAP) and Suruga Bank (OTCMKTS:SUGBY)

Nov -22

Source: defenseworld.net

First Capital, Inc. Reports Record Quarterly Earnings

Oct -24

Source: globenewswire.com

First Capital, Inc. Adds Flexibility to Its Stock Repurchase Program

Aug -29

Source: globenewswire.com

First Capital, Inc. Announces Quarterly Dividend Increase

Aug -20

Source: globenewswire.com

First Capital EPS Jumps 33% in Q2

Jul -30

Source: fool.com

First Capital, Inc. Reports Quarterly Earnings

Jul -25

Source: globenewswire.com

First Capital, Inc. Announces Quarterly Dividend

May -22

Source: globenewswire.com

First Capital, Inc. Reports Quarterly Earnings

Apr -25

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Banking and Related Activities

Expected Growth: 4.5%

The commercial banking services segment is expected to grow driven by increasing demand for deposit and loan products, expansion of digital banking channels, and a growing small and medium-sized enterprise (SME) sector.

7. Detailed Products

Commercial Loans

First Capital, Inc. offers commercial loans to businesses of all sizes, providing financing for various purposes such as expansion, equipment purchases, and working capital.

Equipment Financing

First Capital, Inc. provides equipment financing solutions to businesses, enabling them to acquire new equipment, vehicles, or technology without a large upfront investment.

Invoice Financing

First Capital, Inc. offers invoice financing, which allows businesses to receive immediate payment on outstanding invoices, improving cash flow and reducing the risk of bad debt.

Asset-Based Lending

First Capital, Inc. provides asset-based lending solutions, using a company's assets as collateral to secure a loan, providing access to capital for various business needs.

Factoring

First Capital, Inc. offers factoring services, which allow businesses to sell their outstanding invoices to receive immediate payment, improving cash flow and reducing administrative burdens.

8. First Capital, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for First Capital, Inc. is medium due to the availability of alternative financial services and products.

Bargaining Power Of Customers

The bargaining power of customers is high due to the high demand for financial services and the availability of alternative service providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong relationships with its suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is medium due to the moderate barriers to entry in the financial services industry and the availability of resources and technology.

Intensity Of Rivalry

The intensity of rivalry is high due to the high competition in the financial services industry and the need to differentiate the company's products and services.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	29.02%
Debt Cost	7.09%
Equity Weight	70.98%
Equity Cost	7.09%
WACC	7.09%
Leverage	40.88%

11. Quality Control: First Capital, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

First Community

A-Score: 6.8/10

Value: 6.6

Growth: 5.6

Quality: 6.6

Yield: 5.0

Momentum: 8.5

Volatility: 8.3

1-Year Total Return ->

First Capital

A-Score: 6.6/10

Value: 8.0

Growth: 5.7

Quality: 5.9

Yield: 6.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

Peoples Financial Services

A-Score: 6.0/10

Value: 6.2

Growth: 4.3

Quality: 5.8

Yield: 8.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Seacoast Banking

A-Score: 5.6/10

Value: 4.3

Growth: 5.4

Quality: 6.1

Yield: 4.0

Momentum: 7.0

Volatility: 7.0

1-Year Total Return ->

Bank of Marin

A-Score: 5.6/10

Value: 4.5

Growth: 1.9

Quality: 6.0

Yield: 8.0

Momentum: 7.0

Volatility: 6.3

1-Year Total Return ->

First of Long Island

A-Score: 5.3/10

Value: 5.0

Growth: 3.1

Quality: 4.1

Yield: 8.0

Momentum: 3.0

Volatility: 8.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.60%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.09%

First Capital, Inc. - US31942S1042

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FCAP

1.c. Company Highlights

Average Quality

Average Yield

Medium Volatility

Fairly Valued

Weak Momentum

Better Quality

Stable Momentum

Average Growth

Cheaper

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Banking and Related Activities

Expected Growth: 4.5%

7. Detailed Products

Commercial Loans

Equipment Financing

Invoice Financing

Asset-Based Lending

Factoring

8. First Capital, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: First Capital, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

50.95$

Current Price

50.95$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA