Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Virginia National Bankshares Corporation (VABK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$15.40 - $21.31$18.37
Multi-Stage$14.54 - $15.70$15.11
Blended Fair Value$16.74
Current Price$38.81
Upside-56.87%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.65%26.53%1.311.311.181.180.600.580.460.260.200.16
YoY Growth--0.18%10.67%-0.25%97.29%3.31%27.49%78.05%26.83%22.56%32.20%
Dividend Yield--3.63%4.48%3.28%3.43%1.98%2.23%1.24%0.65%0.70%0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13.29
(-) Cash Dividends Paid (M)7.43
(=) Cash Retained (M)5.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.661.661.00
Cash Retained (M)5.865.865.86
(-) Cash Required (M)-2.66-1.66-1.00
(=) Excess Retained (M)3.204.194.86
(/) Shares Outstanding (M)5.415.415.41
(=) Excess Retained per Share0.590.780.90
LTM Dividend per Share1.371.371.37
(+) Excess Retained per Share0.590.780.90
(=) Adjusted Dividend1.962.152.27
WACC / Discount Rate18.96%18.96%18.96%
Growth Rate5.50%6.50%7.50%
Fair Value$15.40$18.37$21.31
Upside / Downside-60.32%-52.67%-45.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13.2914.1515.0716.0517.0918.2118.75
Payout Ratio55.94%62.75%69.56%76.38%83.19%90.00%92.50%
Projected Dividends (M)7.438.8810.4812.2614.2216.3917.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate18.96%18.96%18.96%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7.397.477.54
Year 2 PV (M)7.277.417.55
Year 3 PV (M)7.087.287.49
Year 4 PV (M)6.847.107.37
Year 5 PV (M)6.566.887.21
PV of Terminal Value (M)43.5345.6347.81
Equity Value (M)78.6781.7784.97
Shares Outstanding (M)5.415.415.41
Fair Value$14.54$15.11$15.70
Upside / Downside-62.54%-61.07%-59.54%

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