Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

Ticker

Industry

Sector

VersaBank (VBNK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$16.00 - $31.71$22.16
Multi-Stage$17.68 - $19.40$18.52
Blended Fair Value$20.34
Current Price$16.37
Upside24.25%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.49%0.00%0.120.120.120.130.140.120.100.070.070.06
YoY Growth---0.33%-3.46%-3.04%-10.14%16.37%20.83%38.30%0.00%20.80%0.00%
Dividend Yield--0.60%0.79%1.20%0.87%1.27%1.63%1.36%0.94%1.60%1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)28.77
(-) Cash Dividends Paid (M)3.33
(=) Cash Retained (M)25.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.753.602.16
Cash Retained (M)25.4425.4425.44
(-) Cash Required (M)-5.75-3.60-2.16
(=) Excess Retained (M)19.6921.8423.28
(/) Shares Outstanding (M)29.9829.9829.98
(=) Excess Retained per Share0.660.730.78
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.660.730.78
(=) Adjusted Dividend0.770.840.89
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate2.79%3.79%4.79%
Fair Value$16.00$22.16$31.71
Upside / Downside-2.28%35.35%93.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)28.7729.8630.9932.1733.3934.6635.70
Payout Ratio11.57%27.26%42.94%58.63%74.31%90.00%92.50%
Projected Dividends (M)3.338.1413.3118.8624.8231.1933.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate2.79%3.79%4.79%
Year 1 PV (M)7.487.567.63
Year 2 PV (M)11.2511.4711.69
Year 3 PV (M)14.6515.0915.53
Year 4 PV (M)17.7218.4219.14
Year 5 PV (M)20.4821.5022.55
PV of Terminal Value (M)458.55481.29504.93
Equity Value (M)530.14555.32581.47
Shares Outstanding (M)29.9829.9829.98
Fair Value$17.68$18.52$19.40
Upside / Downside8.03%13.16%18.49%

High-Yield Dividend Screener

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