MeritValue

REPUBLIC BANCORP INC /KY/

RBCAAdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

REPUBLIC BANCORP INC /KY/ earns about 53% on invested capital, far above its ~9% cost of capital, and has bought back 5% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $47.66 and $304.94 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$309.3M1$326.5M2$360.2M3$384.8M3$417.5M3
Net income$87.6M4$91.1M5$90.4M6$101.4M6$131.3M6
Operating cash flow$100.3M7$154.8M8$108.5M9$149M9$168.2M9
Capital expenditure$5.79M10$3.5M11$6.9M12$5.81M12$7.1M12
Free cash flow (derived)$94.5M7$151.3M8$101.6M9$143.2M9$161.1M9
Total debt—————
Cash & equivalents$757M13$313.7M14$316.6M15$432.2M16$220M16
Diluted shares20.8M20.1M19.9M19.7M19.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$556.46
your share of equity
Profit it earned you last year
$66.29
Free cash flow it threw off
$81.33
Debt you’d be carrying
—

10 shares is a claim on $556.46 of net worth that earned you $66.29 and generated $81.33 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
53% avg · 5y
FY21 118%FY22 18%FY23 24%FY24 62%FY25 45%

It earned about 53% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $47.66 and $304.94 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$304.94
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.9%
  • fcfBase$143.2M
DCF · Growth Exit 5Y
$203.84
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.9%
  • fcfBase$143.2M
Earnings Power Value
$47.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$91.1M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years14.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $203.84
The three cases
Bear0.0%$114.38
Base14.9%$203.84
Bull19.9%$245.61

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 14.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-003170 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002370 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-024523 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003170 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002370 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-024523 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003170 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002370 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-024523 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003170 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-002370 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-024523 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002793 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003170 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002370 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-024523 (CashAndCashEquivalentsAtCarryingValue)