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C&F Financial Corporation (CFFI)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$87.97 - $141.59$112.16
Multi-Stage$108.67 - $119.08$113.78
Blended Fair Value$112.97
Current Price$67.20
Upside68.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.41%3.62%1.791.851.781.751.711.591.521.431.381.28
YoY Growth---3.44%4.00%1.43%2.33%8.09%4.06%6.34%3.88%7.62%2.42%
Dividend Yield--2.65%3.78%3.44%3.47%3.87%3.98%2.96%2.73%2.98%3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.17
(-) Cash Dividends Paid (M)5.82
(=) Cash Retained (M)20.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.233.271.96
Cash Retained (M)20.3520.3520.35
(-) Cash Required (M)-5.23-3.27-1.96
(=) Excess Retained (M)15.1217.0818.39
(/) Shares Outstanding (M)3.233.233.23
(=) Excess Retained per Share4.675.285.68
LTM Dividend per Share1.801.801.80
(+) Excess Retained per Share4.675.285.68
(=) Adjusted Dividend6.477.087.48
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate1.62%2.62%3.62%
Fair Value$87.97$112.16$141.59
Upside / Downside30.91%66.91%110.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.1726.8627.5628.2829.0229.7930.68
Payout Ratio22.24%35.79%49.34%62.90%76.45%90.00%92.50%
Projected Dividends (M)5.829.6113.6017.7922.1926.8128.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate1.62%2.62%3.62%
Year 1 PV (M)8.728.818.90
Year 2 PV (M)11.2011.4311.65
Year 3 PV (M)13.3013.7014.10
Year 4 PV (M)15.0615.6616.28
Year 5 PV (M)16.5217.3418.21
PV of Terminal Value (M)286.71301.10316.06
Equity Value (M)351.52368.04385.19
Shares Outstanding (M)3.233.233.23
Fair Value$108.67$113.78$119.08
Upside / Downside61.71%69.31%77.21%

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