MeritValue

FIRST FINANCIAL CORP /IN/

THFFdata completeness 100%17 fiscal years on file
The thesis, from the filings

FIRST FINANCIAL CORP /IN/ earns about 32% on invested capital, far above its ~9% cost of capital, and has bought back 10% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $53.05 and $103.42 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$152.2M1$183.3M2$228.4M3$264.7M3$305.6M3
Net income$53M4$71.1M5$60.7M6$47.3M6$79.2M6
Operating cash flow$55.1M7$78.8M8$86.1M9$60.4M9$90.4M9
Capital expenditure$3.84M10$1.43M11$6.54M12$6.11M12$3.98M12
Free cash flow (derived)$51.2M7$77.4M8$79.5M9$54.3M9$86.4M9
Total debt$15.9M13$9.59M14$108.6M15$28.1M16$188.2M17
Cash & equivalents$688M18$222.5M19$76.8M19$93.5M19$130.4M19
Diluted shares13.2M12.2M11.9M11.8M11.9M

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
$549.16
your share of equity
Profit it earned you last year
$66.83
Free cash flow it threw off
$72.92
Debt you’d be carrying
$158.8

10 shares is a claim on $549.16 of net worth that earned you $66.83 and generated $72.92 of cash last year, against $158.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 5y
FY21 —FY22 33%FY23 20%FY24 40%FY25 36%

It earned about 32% 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
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1081% over the same window.

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 $53.05 and $103.42 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$103.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.7%
  • fcfBase$79.5M
DCF · Growth Exit 5Y
$102.85
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.7%
  • fcfBase$79.5M
Earnings Power Value
$53.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$60.7M
  • growthAssumed0.0%
Graham Number
$90.85
assumptions (1)
  • grahamMultiplier2250.0%

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 years2.7%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $102.85
The three cases
Bear0.0%$91.02
Base2.7%$102.85
Bull7.7%$128.42

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

Default growth 2.7%= 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 0000714562-24-000009 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000714562-25-000010 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000714562-26-000014 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000714562-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000714562-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000714562-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000714562-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000714562-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000714562-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000714562-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000714562-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000714562-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000714562-22-000029 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000714562-23-000004 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000714562-24-000009 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000714562-25-000010 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0000714562-26-000014 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000714562-25-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-12-31 · accession 0000714562-26-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)