Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fidelity D & D Bancorp, Inc. (FDBC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$124.97 - $426.93$205.19
Multi-Stage$81.30 - $88.81$84.99
Blended Fair Value$145.09
Current Price$43.83
Upside231.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.99%15.54%1.531.171.341.140.930.700.590.510.530.49
YoY Growth--31.10%-12.44%16.66%22.87%33.22%18.84%15.00%-3.50%7.63%36.21%
Dividend Yield--3.68%2.49%2.92%2.47%1.51%1.37%0.99%1.04%1.93%2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.09
(-) Cash Dividends Paid (M)9.32
(=) Cash Retained (M)16.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.223.261.96
Cash Retained (M)16.7716.7716.77
(-) Cash Required (M)-5.22-3.26-1.96
(=) Excess Retained (M)11.5613.5114.82
(/) Shares Outstanding (M)5.775.775.77
(=) Excess Retained per Share2.002.342.57
LTM Dividend per Share1.611.611.61
(+) Excess Retained per Share2.002.342.57
(=) Adjusted Dividend3.623.964.18
WACC / Discount Rate8.55%8.55%8.55%
Growth Rate5.50%6.50%7.50%
Fair Value$124.97$205.19$426.93
Upside / Downside185.12%368.16%874.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.0927.7929.5931.5233.5735.7536.82
Payout Ratio35.71%46.57%57.43%68.28%79.14%90.00%92.50%
Projected Dividends (M)9.3212.9417.0021.5226.5732.1734.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.55%8.55%8.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)11.8111.9212.03
Year 2 PV (M)14.1514.4214.69
Year 3 PV (M)16.3616.8317.30
Year 4 PV (M)18.4219.1319.86
Year 5 PV (M)20.3621.3422.37
PV of Terminal Value (M)388.18406.93426.40
Equity Value (M)469.28490.57512.65
Shares Outstanding (M)5.775.775.77
Fair Value$81.30$84.99$88.81
Upside / Downside85.48%93.90%102.63%

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