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C&F Financial Corporation (CFFI)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$88.18 - $142.05$112.48
Multi-Stage$109.02 - $119.46$114.14
Blended Fair Value$113.31
Current Price$67.20
Upside68.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.41%3.62%1.791.851.781.751.711.591.521.431.381.28
YoY Growth---3.44%4.00%1.43%2.33%8.09%4.06%6.34%3.88%7.62%2.42%
Dividend Yield--2.65%3.78%3.44%3.47%3.87%3.98%2.96%2.73%2.98%3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.17
(-) Cash Dividends Paid (M)5.82
(=) Cash Retained (M)20.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.233.271.96
Cash Retained (M)20.3520.3520.35
(-) Cash Required (M)-5.23-3.27-1.96
(=) Excess Retained (M)15.1217.0818.39
(/) Shares Outstanding (M)3.233.233.23
(=) Excess Retained per Share4.675.285.68
LTM Dividend per Share1.801.801.80
(+) Excess Retained per Share4.675.285.68
(=) Adjusted Dividend6.477.087.48
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.62%2.62%3.62%
Fair Value$88.18$112.48$142.05
Upside / Downside31.22%67.37%111.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.1726.8627.5628.2829.0229.7930.68
Payout Ratio22.24%35.79%49.34%62.90%76.45%90.00%92.50%
Projected Dividends (M)5.829.6113.6017.7922.1926.8128.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate1.62%2.62%3.62%
Year 1 PV (M)8.738.818.90
Year 2 PV (M)11.2111.4311.65
Year 3 PV (M)13.3113.7114.11
Year 4 PV (M)15.0715.6716.29
Year 5 PV (M)16.5317.3618.22
PV of Terminal Value (M)287.80302.24317.25
Equity Value (M)352.64369.22386.43
Shares Outstanding (M)3.233.233.23
Fair Value$109.02$114.14$119.46
Upside / Downside62.23%69.86%77.77%

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