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The First of Long Island Corporation (FLIC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$7.27 - $11.40$9.16
Multi-Stage$10.28 - $11.23$10.75
Blended Fair Value$9.96
Current Price$12.35
Upside-19.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.87%6.87%0.830.830.820.810.770.760.690.600.530.47
YoY Growth--0.02%1.76%1.81%4.82%1.00%10.68%13.73%13.45%12.26%10.51%
Dividend Yield--6.76%7.76%6.07%4.14%3.62%4.38%3.09%2.20%1.97%2.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)16.40
(-) Cash Dividends Paid (M)14.21
(=) Cash Retained (M)2.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.282.051.23
Cash Retained (M)2.192.192.19
(-) Cash Required (M)-3.28-2.05-1.23
(=) Excess Retained (M)-1.090.140.96
(/) Shares Outstanding (M)22.6822.6822.68
(=) Excess Retained per Share-0.050.010.04
LTM Dividend per Share0.630.630.63
(+) Excess Retained per Share-0.050.010.04
(=) Adjusted Dividend0.580.630.67
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.04%2.04%3.04%
Fair Value$7.27$9.16$11.40
Upside / Downside-41.17%-25.79%-7.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)16.4016.7317.0717.4217.7718.1418.68
Payout Ratio86.64%87.31%87.98%88.66%89.33%90.00%92.50%
Projected Dividends (M)14.2114.6115.0215.4415.8816.3217.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.04%2.04%3.04%
Year 1 PV (M)13.2613.3913.52
Year 2 PV (M)12.3812.6212.87
Year 3 PV (M)11.5511.9012.25
Year 4 PV (M)10.7811.2111.66
Year 5 PV (M)10.0610.5711.10
PV of Terminal Value (M)175.19184.03193.22
Equity Value (M)233.22243.73254.63
Shares Outstanding (M)22.6822.6822.68
Fair Value$10.28$10.75$11.23
Upside / Downside-16.73%-12.98%-9.08%

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