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Riverview Bancorp, Inc. (RVSB)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$1.58 - $2.28$1.92
Multi-Stage$2.59 - $2.84$2.71
Blended Fair Value$2.32
Current Price$5.37
Upside-56.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-9.07%0.00%0.120.240.240.220.210.190.150.100.090.06
YoY Growth---50.14%-0.72%9.57%4.29%9.89%28.83%47.80%18.95%42.66%0.00%
Dividend Yield--2.19%6.00%4.84%3.38%3.01%3.44%1.82%1.21%1.29%1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4.70
(-) Cash Dividends Paid (M)1.69
(=) Cash Retained (M)3.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.940.590.35
Cash Retained (M)3.023.023.02
(-) Cash Required (M)-0.94-0.59-0.35
(=) Excess Retained (M)2.082.432.67
(/) Shares Outstanding (M)20.9920.9920.99
(=) Excess Retained per Share0.100.120.13
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.100.120.13
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.58$1.92$2.28
Upside / Downside-70.52%-64.20%-57.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4.704.664.614.564.524.474.61
Payout Ratio35.84%46.67%57.51%68.34%79.17%90.00%92.50%
Projected Dividends (M)1.692.172.653.123.584.034.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1.971.992.01
Year 2 PV (M)2.182.232.27
Year 3 PV (M)2.332.402.48
Year 4 PV (M)2.422.532.63
Year 5 PV (M)2.482.602.74
PV of Terminal Value (M)42.9845.2247.55
Equity Value (M)54.3756.9759.68
Shares Outstanding (M)20.9920.9920.99
Fair Value$2.59$2.71$2.84
Upside / Downside-51.77%-49.46%-47.06%

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