Is FRMEP or HAFC more undervalued in 2026?

CirclFi compares First Merchants Corporation - D (FRMEP) and Hanmi Financial Corporation (HAFC) using 13 institutional-grade valuation models. FRMEP has a Quality of Company score of 8.1/10 while HAFC scores 9.1/10.

Which is a better buy — FRMEP or HAFC?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FRMEP and HAFC valuations compare?

FRMEP at $25.10 and HAFC at $30.12 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FRMEP vs HAFC Valuation Comparison 2026 — Intrinsic Value Analysis

FRMEP

National Commercial Banks

First Merchants Corporation - D

Quality

8.1

out of 10

Value Trap

SAFE

Price

$25.10

Last close

Models

10/13

Active

HAFC

National Commercial Banks

Hanmi Financial Corporation

Quality

9.1

out of 10

Value Trap

SAFE

Price

$30.12

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	FRMEP Fair Value	FRMEP Upside	HAFC Fair Value	HAFC Upside
Bayesian DCF	Intrinsic	$23.38	-6.8%	$39.81	+32.2%
Earnings Power Value	Intrinsic	$44.71	+78.1%	$22.77	-24.4%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

🔒

Unlock Full 13-Model Comparison

Access all valuation models for FRMEP vs HAFC — including EROIC Spread, First Chicago, Markov DDM, PWERM, and 7 more.

Access Full Analysis — From $27/mo →

FRMEP vs HAFC — Which Stock Is More Undervalued?

HAFC scores higher with a 9.1/10 quality rating vs FRMEP's 8.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing First Merchants Corporation - D (FRMEP) and Hanmi Financial Corporation (HAFC) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FRMEP currently trades at $25.10 with a QOC of 8.1/10, while HAFC trades at $30.12 with a QOC of 9.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).