Definitive Analysis
Definitive Analysis

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Sector

Cathay General Bancorp (CATY)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$101.18 - $266.83$154.43
Multi-Stage$69.93 - $76.37$73.09
Blended Fair Value$113.76
Current Price$48.01
Upside136.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.24%15.54%1.391.401.441.411.401.411.190.990.840.64
YoY Growth---0.68%-2.30%1.64%0.64%-0.45%18.82%19.37%17.91%30.90%96.00%
Dividend Yield--3.24%3.80%4.16%3.16%3.44%6.14%3.41%2.49%2.24%2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)304.81
(-) Cash Dividends Paid (M)95.11
(=) Cash Retained (M)209.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)60.9638.1022.86
Cash Retained (M)209.70209.70209.70
(-) Cash Required (M)-60.96-38.10-22.86
(=) Excess Retained (M)148.74171.60186.84
(/) Shares Outstanding (M)70.3470.3470.34
(=) Excess Retained per Share2.112.442.66
LTM Dividend per Share1.351.351.35
(+) Excess Retained per Share2.112.442.66
(=) Adjusted Dividend3.473.794.01
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate5.50%6.50%7.50%
Fair Value$101.18$154.43$266.83
Upside / Downside110.74%221.66%455.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)304.81324.62345.72368.19392.13417.61430.14
Payout Ratio31.20%42.96%54.72%66.48%78.24%90.00%92.50%
Projected Dividends (M)95.11139.46189.18244.78306.80375.85397.88

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)126.61127.81129.01
Year 2 PV (M)155.93158.90161.89
Year 3 PV (M)183.16188.42193.77
Year 4 PV (M)208.42216.43224.67
Year 5 PV (M)231.80242.99254.62
PV of Terminal Value (M)4,012.864,206.694,407.93
Equity Value (M)4,918.785,141.245,371.90
Shares Outstanding (M)70.3470.3470.34
Fair Value$69.93$73.09$76.37
Upside / Downside45.66%52.25%59.08%

High-Yield Dividend Screener

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