Definitive Analysis
Definitive Analysis

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Farmers & Merchants Bancorp, Inc. (FMAO)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$67.86 - $253.53$113.92
Multi-Stage$43.42 - $47.43$45.39
Blended Fair Value$79.66
Current Price$25.01
Upside218.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.44%11.93%0.880.830.760.560.530.470.360.330.300.29
YoY Growth--5.18%10.31%33.98%6.74%13.25%28.03%11.55%7.97%4.36%2.04%
Dividend Yield--3.67%3.90%3.11%1.56%2.10%1.80%1.21%0.81%1.44%2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)31.90
(-) Cash Dividends Paid (M)11.99
(=) Cash Retained (M)19.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.383.992.39
Cash Retained (M)19.9119.9119.91
(-) Cash Required (M)-6.38-3.99-2.39
(=) Excess Retained (M)13.5315.9217.51
(/) Shares Outstanding (M)13.5813.5813.58
(=) Excess Retained per Share1.001.171.29
LTM Dividend per Share0.880.880.88
(+) Excess Retained per Share1.001.171.29
(=) Adjusted Dividend1.882.062.17
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate5.50%6.50%7.50%
Fair Value$67.86$113.92$253.53
Upside / Downside171.32%355.50%913.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)31.9033.9736.1838.5341.0343.7045.01
Payout Ratio37.59%48.07%58.56%69.04%79.52%90.00%92.50%
Projected Dividends (M)11.9916.3321.1826.6032.6339.3341.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)14.9215.0615.20
Year 2 PV (M)17.6818.0218.36
Year 3 PV (M)20.2920.8721.46
Year 4 PV (M)22.7423.6124.51
Year 5 PV (M)25.0426.2527.51
PV of Terminal Value (M)489.02512.64537.17
Equity Value (M)589.70616.46644.22
Shares Outstanding (M)13.5813.5813.58
Fair Value$43.42$45.39$47.43
Upside / Downside73.61%81.49%89.66%

High-Yield Dividend Screener

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