Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

Ticker

Industry

Sector

German American Bancorp, Inc. (GABC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$72.70 - $208.44$113.78
Multi-Stage$49.59 - $54.14$51.83
Blended Fair Value$82.80
Current Price$39.27
Upside110.85%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.65%14.19%0.930.860.790.650.590.510.410.350.310.26
YoY Growth--8.19%8.92%21.61%10.35%14.70%24.74%18.85%11.40%17.98%6.63%
Dividend Yield--2.48%2.56%2.36%1.71%1.27%1.87%1.37%1.04%0.98%1.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)100.16
(-) Cash Dividends Paid (M)40.42
(=) Cash Retained (M)59.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)20.0312.527.51
Cash Retained (M)59.7559.7559.75
(-) Cash Required (M)-20.03-12.52-7.51
(=) Excess Retained (M)39.7147.2352.23
(/) Shares Outstanding (M)34.2534.2534.25
(=) Excess Retained per Share1.161.381.52
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share1.161.381.52
(=) Adjusted Dividend2.342.562.70
WACC / Discount Rate8.90%8.90%8.90%
Growth Rate5.50%6.50%7.50%
Fair Value$72.70$113.78$208.44
Upside / Downside85.12%189.73%430.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)100.16106.67113.61120.99128.86137.23141.35
Payout Ratio40.35%50.28%60.21%70.14%80.07%90.00%92.50%
Projected Dividends (M)40.4253.6468.4084.86103.18123.51130.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.90%8.90%8.90%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)48.7949.2649.72
Year 2 PV (M)56.6157.6958.77
Year 3 PV (M)63.8965.7267.59
Year 4 PV (M)70.6673.3776.17
Year 5 PV (M)76.9480.6684.52
PV of Terminal Value (M)1,381.721,448.461,517.75
Equity Value (M)1,698.601,775.151,854.52
Shares Outstanding (M)34.2534.2534.25
Fair Value$49.59$51.83$54.14
Upside / Downside26.28%31.97%37.87%

High-Yield Dividend Screener

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