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Pathfinder Bancorp, Inc. (PBHC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$34.12 - $90.51$52.17
Multi-Stage$23.41 - $25.57$24.47
Blended Fair Value$38.32
Current Price$15.68
Upside144.40%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.86%22.36%0.500.460.430.300.240.230.220.190.180.13
YoY Growth--8.73%7.36%43.35%24.98%4.22%6.44%15.95%2.08%42.20%92.72%
Dividend Yield--3.04%3.77%2.48%1.36%1.63%2.15%1.65%1.20%1.25%1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6.91
(-) Cash Dividends Paid (M)1.82
(=) Cash Retained (M)5.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.380.860.52
Cash Retained (M)5.095.095.09
(-) Cash Required (M)-1.38-0.86-0.52
(=) Excess Retained (M)3.714.224.57
(/) Shares Outstanding (M)4.754.754.75
(=) Excess Retained per Share0.780.890.96
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share0.780.890.96
(=) Adjusted Dividend1.161.271.35
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$34.12$52.17$90.51
Upside / Downside117.59%232.72%477.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6.917.367.848.358.899.479.75
Payout Ratio26.39%39.11%51.83%64.56%77.28%90.00%92.50%
Projected Dividends (M)1.822.884.065.396.878.529.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2.612.642.66
Year 2 PV (M)3.353.413.48
Year 3 PV (M)4.044.154.27
Year 4 PV (M)4.674.855.04
Year 5 PV (M)5.265.515.78
PV of Terminal Value (M)91.3295.73100.31
Equity Value (M)111.25116.30121.54
Shares Outstanding (M)4.754.754.75
Fair Value$23.41$24.47$25.57
Upside / Downside49.30%56.08%63.10%

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