Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Amalgamated Financial Corp. (AMAL)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$103.69 - $467.88$181.56
Multi-Stage$62.83 - $68.72$65.72
Blended Fair Value$123.64
Current Price$27.15
Upside355.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.39%0.00%0.460.400.360.320.320.270.060.010.000.00
YoY Growth--15.41%10.01%12.36%-0.09%20.31%330.33%389.59%0.00%0.00%0.00%
Dividend Yield--1.61%1.73%2.06%1.80%1.96%2.49%0.41%0.10%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)102.30
(-) Cash Dividends Paid (M)16.70
(=) Cash Retained (M)85.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)20.4612.797.67
Cash Retained (M)85.6085.6085.60
(-) Cash Required (M)-20.46-12.79-7.67
(=) Excess Retained (M)65.1472.8177.93
(/) Shares Outstanding (M)30.7630.7630.76
(=) Excess Retained per Share2.122.372.53
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share2.122.372.53
(=) Adjusted Dividend2.662.913.08
WACC / Discount Rate8.21%8.21%8.21%
Growth Rate5.50%6.50%7.50%
Fair Value$103.69$181.56$467.88
Upside / Downside281.91%568.75%1,623.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)102.30108.95116.03123.57131.60140.16144.36
Payout Ratio16.32%31.06%45.79%60.53%75.26%90.00%92.50%
Projected Dividends (M)16.7033.8453.1374.8099.05126.14133.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.21%8.21%8.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)30.9831.2731.56
Year 2 PV (M)44.5345.3846.24
Year 3 PV (M)57.3959.0460.71
Year 4 PV (M)69.5772.2575.00
Year 5 PV (M)81.1185.0389.10
PV of Terminal Value (M)1,649.181,728.841,811.54
Equity Value (M)1,932.762,021.802,114.15
Shares Outstanding (M)30.7630.7630.76
Fair Value$62.83$65.72$68.72
Upside / Downside131.41%142.07%153.13%

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