Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

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Ticker

Industry

Sector

Banc of California, Inc. (BANC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$27.06 - $64.38$39.96
Multi-Stage$19.34 - $21.11$20.21
Blended Fair Value$30.09
Current Price$16.55
Upside81.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.11%20.40%0.420.300.730.730.070.100.200.160.130.10
YoY Growth--39.72%-59.35%0.68%908.21%-24.75%-51.89%27.30%17.68%28.84%58.92%
Dividend Yield--2.93%2.04%5.85%3.76%0.40%1.20%1.42%0.81%0.64%0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)208.50
(-) Cash Dividends Paid (M)67.63
(=) Cash Retained (M)140.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.7026.0615.64
Cash Retained (M)140.87140.87140.87
(-) Cash Required (M)-41.70-26.06-15.64
(=) Excess Retained (M)99.17114.80125.23
(/) Shares Outstanding (M)164.17164.17164.17
(=) Excess Retained per Share0.600.700.76
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.600.700.76
(=) Adjusted Dividend1.021.111.17
WACC / Discount Rate9.46%9.46%9.46%
Growth Rate5.50%6.50%7.50%
Fair Value$27.06$39.96$64.38
Upside / Downside63.49%141.46%288.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)208.50222.05236.49251.86268.23285.66294.23
Payout Ratio32.44%43.95%55.46%66.98%78.49%90.00%92.50%
Projected Dividends (M)67.6397.59131.16168.68210.53257.10272.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.46%9.46%9.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)88.3289.1690.00
Year 2 PV (M)107.42109.47111.53
Year 3 PV (M)125.02128.61132.27
Year 4 PV (M)141.21146.64152.23
Year 5 PV (M)156.06163.60171.43
PV of Terminal Value (M)2,556.782,680.272,808.49
Equity Value (M)3,174.823,317.763,465.95
Shares Outstanding (M)164.17164.17164.17
Fair Value$19.34$20.21$21.11
Upside / Downside16.85%22.11%27.56%

High-Yield Dividend Screener

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