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Manhattan Bridge Capital, Inc. (LOAN)

Company Dividend Discount ModelIndustry: REIT - MortgageSector: Real Estate

Valuation Snapshot

Stable Growth$10.91 - $29.13$16.72
Multi-Stage$7.89 - $8.60$8.24
Blended Fair Value$12.48
Current Price$5.49
Upside127.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.45%19.88%0.460.460.500.440.360.410.350.290.240.19
YoY Growth---1.41%-7.64%15.18%20.44%-10.63%15.94%21.60%21.61%27.01%149.46%
Dividend Yield--7.74%9.03%9.70%6.87%5.94%9.91%5.48%4.14%4.01%4.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5.29
(-) Cash Dividends Paid (M)3.95
(=) Cash Retained (M)1.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.060.660.40
Cash Retained (M)1.351.351.35
(-) Cash Required (M)-1.06-0.66-0.40
(=) Excess Retained (M)0.290.690.95
(/) Shares Outstanding (M)11.4411.4411.44
(=) Excess Retained per Share0.030.060.08
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.030.060.08
(=) Adjusted Dividend0.370.410.43
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$10.91$16.72$29.13
Upside / Downside98.77%204.53%430.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5.295.646.016.406.817.257.47
Payout Ratio74.53%77.63%80.72%83.81%86.91%90.00%92.50%
Projected Dividends (M)3.954.384.855.365.926.536.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3.984.014.05
Year 2 PV (M)4.004.074.15
Year 3 PV (M)4.014.134.25
Year 4 PV (M)4.034.184.34
Year 5 PV (M)4.034.234.43
PV of Terminal Value (M)70.2273.6177.13
Equity Value (M)90.2794.2498.35
Shares Outstanding (M)11.4411.4411.44
Fair Value$7.89$8.24$8.60
Upside / Downside43.74%50.06%56.61%

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