Is National Bank Holdings Corp. overvalued or undervalued?

As of 30 June 2025, the valuation grade for National Bank Holdings Corp. moved from expensive to fair, indicating a more favorable assessment of its market position. The company is currently fairly valued, with a P/E ratio of 20, a Price to Book Value of 1.65, and an EV to EBITDA of 14.43. In comparison to peers, Trustmark Corp. has a P/E of 11.24, while First Bancorp (North Carolina) is more expensive at a P/E of 23.74, highlighting that National Bank Holdings is competitively priced within its industry.
Despite its fair valuation, the company's stock has underperformed against the S&P 500 over longer periods, with a 5-year return of 54.86% compared to the S&P's 96.61%. This discrepancy suggests that while the stock may be fairly valued, it has not kept pace with broader market returns in recent years.