Definitive Analysis
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Definitive Analysis

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Sector

VersaBank (VBNK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$16.88 - $34.79$23.72
Multi-Stage$18.79 - $20.61$19.68
Blended Fair Value$21.70
Current Price$16.37
Upside32.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.49%0.00%0.120.120.120.130.140.120.100.070.070.06
YoY Growth---0.33%-3.46%-3.04%-10.14%16.37%20.83%38.30%0.00%20.80%0.00%
Dividend Yield--0.60%0.79%1.20%0.87%1.27%1.63%1.36%0.94%1.60%1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28.77
(-) Cash Dividends Paid (M)3.33
(=) Cash Retained (M)25.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.753.602.16
Cash Retained (M)25.4425.4425.44
(-) Cash Required (M)-5.75-3.60-2.16
(=) Excess Retained (M)19.6921.8423.28
(/) Shares Outstanding (M)29.9829.9829.98
(=) Excess Retained per Share0.660.730.78
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.660.730.78
(=) Adjusted Dividend0.770.840.89
WACC / Discount Rate7.47%7.47%7.47%
Growth Rate2.79%3.79%4.79%
Fair Value$16.88$23.72$34.79
Upside / Downside3.14%44.91%112.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28.7729.8630.9932.1733.3934.6635.70
Payout Ratio11.57%27.26%42.94%58.63%74.31%90.00%92.50%
Projected Dividends (M)3.338.1413.3118.8624.8231.1933.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.47%7.47%7.47%
Growth Rate2.79%3.79%4.79%
Year 1 PV (M)7.507.577.65
Year 2 PV (M)11.3011.5211.75
Year 3 PV (M)14.7615.2015.64
Year 4 PV (M)17.9018.6019.33
Year 5 PV (M)20.7321.7622.83
PV of Terminal Value (M)491.05515.40540.72
Equity Value (M)563.24590.06617.91
Shares Outstanding (M)29.9829.9829.98
Fair Value$18.79$19.68$20.61
Upside / Downside14.77%20.24%25.91%

High-Yield Dividend Screener

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