Definitive Analysis
Definitive Analysis

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Macatawa Bank Corporation (MCBC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$57.12 - $237.67$145.41
Multi-Stage$28.26 - $30.92$29.56
Blended Fair Value$87.49
Current Price$9.64
Upside807.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS5.88%9.08%0.330.320.320.320.280.250.180.120.110.08
YoY Growth--3.39%0.18%0.14%14.39%12.14%39.31%50.36%9.37%37.67%-43.20%
Dividend Yield--3.41%3.11%3.52%3.19%3.89%2.44%1.73%1.19%1.73%1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)41.01
(-) Cash Dividends Paid (M)11.63
(=) Cash Retained (M)29.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.205.133.08
Cash Retained (M)29.3829.3829.38
(-) Cash Required (M)-8.20-5.13-3.08
(=) Excess Retained (M)21.1824.2526.30
(/) Shares Outstanding (M)34.3234.3234.32
(=) Excess Retained per Share0.620.710.77
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.620.710.77
(=) Adjusted Dividend0.961.051.11
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate5.50%6.50%7.50%
Fair Value$57.12$145.41$237.67
Upside / Downside492.53%1,408.45%2,365.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)41.0143.6846.5249.5452.7656.1957.88
Payout Ratio28.37%40.69%53.02%65.35%77.67%90.00%92.50%
Projected Dividends (M)11.6317.7724.6632.3740.9850.5753.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16.4116.5716.73
Year 2 PV (M)21.0421.4421.84
Year 3 PV (M)25.5026.2326.98
Year 4 PV (M)29.8130.9632.14
Year 5 PV (M)33.9735.6137.32
PV of Terminal Value (M)843.04883.76926.04
Equity Value (M)969.771,014.561,061.03
Shares Outstanding (M)34.3234.3234.32
Fair Value$28.26$29.56$30.92
Upside / Downside193.14%206.68%220.72%

High-Yield Dividend Screener

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