Is Nicolet Bankshares, Inc. overvalued or undervalued?

As of 3 October 2025, the valuation grade for Nicolet Bankshares, Inc. has moved from attractive to fair, indicating a shift in its perceived value. Based on the current metrics, the company appears to be fairly valued. Key ratios include a P/E ratio of 14, a Price to Book Value of 1.50, and an EV to EBITDA of 8.32, which suggest that the stock is aligned with its peers in the banking industry.
In comparison to its peers, Nicolet Bankshares has a lower P/E ratio than Inter & Co., Inc. at 18.88 and Park National Corp. at 17.93, indicating it may be more attractively priced relative to these companies. However, it is worth noting that its PEG ratio of 0.49 is favorable compared to the industry average, suggesting potential for growth. Over the past year, Nicolet Bankshares has outperformed the S&P 500 with a return of 46.88% compared to the index's 17.82%, reinforcing the notion that the stock is fairly valued given its strong performance.