o our price objective are a much stronger economic improvement in Puerto Rico and a better-than-expected improvement in asset quality trends at FBP. First Hawaiian Inc. (FHB) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $31 PO and assign a 2.2x multiple to 2017E TBV and 17x multiple o

cshares Inc. CBSH CBSH US Ebrahim H. Poonawala Fifth Third Bank FITB FITB US Erika Najarian First Bancorp Puerto Rico FBP FBP US Ebrahim H. Poonawala First Hawaiian Inc. FHB FHB US Ebrahim H. Poonawala First Horizon National Corp. FHN FHN US Ebrahim H. Poonawala Franklin Financial Network, Inc. FSB FSB US Ebrahim H. P