Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Landmark Bancorp, Inc. (LARK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$48.46 - $125.13$73.48
Multi-Stage$38.43 - $42.01$40.19
Blended Fair Value$56.84
Current Price$26.69
Upside112.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.62%6.68%0.790.750.720.660.620.600.570.530.500.44
YoY Growth--5.06%4.57%9.95%5.09%3.56%5.50%6.98%6.73%14.33%5.47%
Dividend Yield--2.91%4.11%3.85%2.89%2.87%3.77%3.27%2.58%2.10%2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.39
(-) Cash Dividends Paid (M)4.80
(=) Cash Retained (M)7.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.481.550.93
Cash Retained (M)7.597.597.59
(-) Cash Required (M)-2.48-1.55-0.93
(=) Excess Retained (M)5.116.046.66
(/) Shares Outstanding (M)5.825.825.82
(=) Excess Retained per Share0.881.041.14
LTM Dividend per Share0.820.820.82
(+) Excess Retained per Share0.881.041.14
(=) Adjusted Dividend1.701.861.97
WACC / Discount Rate8.36%8.36%8.36%
Growth Rate4.68%5.68%6.68%
Fair Value$48.46$73.48$125.13
Upside / Downside81.57%175.33%368.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.3913.0913.8414.6215.4516.3316.82
Payout Ratio38.75%49.00%59.25%69.50%79.75%90.00%92.50%
Projected Dividends (M)4.806.418.2010.1612.3214.7015.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.36%8.36%8.36%
Growth Rate4.68%5.68%6.68%
Year 1 PV (M)5.865.925.98
Year 2 PV (M)6.856.987.11
Year 3 PV (M)7.767.998.22
Year 4 PV (M)8.608.949.28
Year 5 PV (M)9.389.8410.31
PV of Terminal Value (M)185.18194.19203.55
Equity Value (M)223.64233.85244.45
Shares Outstanding (M)5.825.825.82
Fair Value$38.43$40.19$42.01
Upside / Downside44.00%50.58%57.40%

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