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Stock Yards Bancorp, Inc. (SYBT)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$107.51 - $285.19$164.39
Multi-Stage$73.84 - $80.66$77.19
Blended Fair Value$120.79
Current Price$69.99
Upside72.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.77%10.74%1.211.171.130.960.830.800.740.610.550.48
YoY Growth--3.64%3.83%18.10%15.18%3.99%8.16%20.41%12.33%13.14%10.06%
Dividend Yield--1.76%2.46%2.05%1.81%1.62%2.76%2.11%1.75%1.34%1.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)135.23
(-) Cash Dividends Paid (M)36.81
(=) Cash Retained (M)98.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.0516.9010.14
Cash Retained (M)98.4298.4298.42
(-) Cash Required (M)-27.05-16.90-10.14
(=) Excess Retained (M)71.3881.5288.28
(/) Shares Outstanding (M)29.5129.5129.51
(=) Excess Retained per Share2.422.762.99
LTM Dividend per Share1.251.251.25
(+) Excess Retained per Share2.422.762.99
(=) Adjusted Dividend3.674.014.24
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$107.51$164.39$285.19
Upside / Downside53.61%134.88%307.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)135.23144.02153.38163.35173.97185.28190.84
Payout Ratio27.22%39.77%52.33%64.89%77.44%90.00%92.50%
Projected Dividends (M)36.8157.2880.27105.99134.73166.75176.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)52.0152.5153.00
Year 2 PV (M)66.1867.4468.71
Year 3 PV (M)79.3581.6383.95
Year 4 PV (M)91.5895.1098.72
Year 5 PV (M)102.92107.89113.05
PV of Terminal Value (M)1,786.661,872.961,962.56
Equity Value (M)2,178.702,277.522,379.99
Shares Outstanding (M)29.5129.5129.51
Fair Value$73.84$77.19$80.66
Upside / Downside5.50%10.29%15.25%

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