CNB Financial Corporation (CCNE) vs Horizon Bancorp (IN) (HBNC)

CNB Financial Corporation and Horizon Bancorp (IN) are both Banks Regional companies. CNB Financial Corporation and Horizon Bancorp (IN) are of similar size ($1.0B and $986.8M). Horizon Bancorp (IN) has negative trailing earnings, so its P/E is not meaningful; CNB Financial Corporation trades at 11.0×. CNB Financial Corporation grew revenue faster over the last twelve months: 32.6% against −74.2%. CNB Financial Corporation has the higher net margin (18.4% vs −149.0%) and the higher return on invested capital (16.2% vs −17.9%). Both pay a dividend; Horizon Bancorp (IN) yields more (5.37% vs 3.44%). Across the 19 metrics below, CNB Financial Corporation leads on 15 and Horizon Bancorp (IN) on 4.

Valuation

Metric CCNE HBNC Banks Regional median
P/E 10.98 n/m 12.15
P/S 2.02 10.20 2.37
P/B 1.18 1.36 1.21
Price to free cash flow 11.08 10.49 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.21 9.56 2.27
Earnings yield 9.11% (16.36%) 8.11%
Free cash flow yield 9.03% 9.54% 8.98%

Profitability

Metric CCNE HBNC Banks Regional median
Gross margin 67.57% (13.47%) 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 18.40% (148.95%) 18.66%
Free cash flow margin 18.25% 97.31% 21.18%
Return on equity 12.75% (18.98%) 10.64%
Return on assets 1.24% (2.02%) 1.13%
Return on invested capital 16.17% (17.93%) 8.33%

Growth

Metric CCNE HBNC Banks Regional median
Revenue growth (TTM) 32.62% (74.21%) 6.61%
EPS growth (last fiscal year) 4.18% (493.75%) —
Revenue growth, 5-year CAGR 17.24% (16.35%) 12.30%
Net income growth, 5-year CAGR 14.27% 0.00% 9.71%

Health

Metric CCNE HBNC Banks Regional median
Debt to equity 0.06 0.22 0.22
Current ratio 0.96 0.92 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric CCNE HBNC Banks Regional median
Dividend yield 3.44% 5.37% 3.75%
Payout ratio 0.24 0.34 0.27

Size

Metric CCNE HBNC Banks Regional median
Market cap 1.00b 986.84m 921.07m

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