Intrinsic Value
HERITAGE FINANCIAL CORP /WA/ · HFWA
Conservative
More adverse but historically defensible assumptions.
$19.84
Base
The model's central intrinsic-value estimate.
$20.51
Optimistic
More favorable but historically defensible assumptions.
$42.41
Scenarios are the same model run under different but historically defensible assumptions. They are not price targets. Where a valuation gap is shown it is a comparison with a recent close, not a forecast return; where the price is stale, no gap is shown at all.
Model confidence: 88%Valuation as of Sep 21, 2026Latest filing used Feb 27, 2026
Confidence reflects data completeness, accounting quality, and model reliability. It is not a probability of future price.
Valuation drivers
- Normalized ROE
- 7.5%
- Cost of equity
- 9.95%
- Terminal ROE
- 8.7%
- Terminal growth
- 2.50%
- Book common equity
- $921.5M
- Intrinsic common equity
- $706.6M
- Terminal-value share
- -11.6%
Model notes (9)
- Intrinsic value is below book; the forecast return does not cover the cost of equity (Base case)
- Forecast payout capped at 100% of earnings left the demonstrated range (Conservative case)
- Intrinsic value is below book; the forecast return does not cover the cost of equity (Conservative case)
- Book-value rollforward residual of 30.6%(FY2018)
- Net charge-offs unavailable
- Net interest income to assets is a proxy; average earning assets are unavailable so no net interest margin is published
- Non-performing loans unavailable
- Regulatory capital constraint unavailable
- Terminal return on equity is below the cost of equity; terminal value is negative
Model details
- Normalization
- V1
- Scenario
- V2
- Confidence
- V1
- Engine version
- valuation-1.0.1-share-units-terminal
- Data snapshot
- filed:2026-02-27