Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

First Busey Corporation (BUSE)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$44.62 - $189.31$77.11
Multi-Stage$31.60 - $34.50$33.02
Blended Fair Value$55.07
Current Price$23.15
Upside137.88%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.70%12.14%0.780.760.730.730.690.650.560.440.330.27
YoY Growth--2.06%4.35%0.20%5.73%6.29%15.79%27.04%34.99%22.18%8.10%
Dividend Yield--3.59%3.24%3.58%2.87%2.68%3.78%2.25%1.48%1.11%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)102.62
(-) Cash Dividends Paid (M)77.91
(=) Cash Retained (M)24.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)20.5212.837.70
Cash Retained (M)24.7124.7124.71
(-) Cash Required (M)-20.52-12.83-7.70
(=) Excess Retained (M)4.1911.8817.01
(/) Shares Outstanding (M)69.7769.7769.77
(=) Excess Retained per Share0.060.170.24
LTM Dividend per Share1.121.121.12
(+) Excess Retained per Share0.060.170.24
(=) Adjusted Dividend1.181.291.36
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate4.99%5.99%6.99%
Fair Value$44.62$77.11$189.31
Upside / Downside92.73%233.10%717.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)102.62108.76115.27122.17129.49137.24141.36
Payout Ratio75.92%78.74%81.55%84.37%87.18%90.00%92.50%
Projected Dividends (M)77.9185.6394.01103.08112.89123.52130.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate4.99%5.99%6.99%
Year 1 PV (M)78.7279.4780.22
Year 2 PV (M)79.4480.9682.50
Year 3 PV (M)80.0782.3884.74
Year 4 PV (M)80.6283.7386.94
Year 5 PV (M)81.0885.0289.11
PV of Terminal Value (M)1,804.801,892.401,983.38
Equity Value (M)2,204.732,303.972,406.88
Shares Outstanding (M)69.7769.7769.77
Fair Value$31.60$33.02$34.50
Upside / Downside36.51%42.65%49.02%

High-Yield Dividend Screener

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