Is Nicolet Bankshares, Inc. overvalued or undervalued?

As of 22 August 2025, the valuation grade for Nicolet Bankshares, Inc. moved from attractive to fair, indicating a shift in its perceived value. The company appears fairly valued based on its current metrics, with a P/E ratio of 14, a Price to Book Value of 1.50, and an EV to EBITDA of 8.32. In comparison to peers, Inter & Co., Inc. has a P/E of 18.88, while First Merchants Corp. boasts a lower P/E of 10.46, highlighting a competitive positioning within the industry.
Nicolet Bankshares has demonstrated strong performance, with a year-to-date return of 30.22%, significantly outperforming the S&P 500's return of 12.22% over the same period. This performance, coupled with a PEG ratio of 0.49, suggests that the stock may still hold potential for growth despite its current fair valuation.