Definitive Analysis
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Definitive Analysis

Financial Statements

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Sector

Farmers & Merchants Bancorp, Inc. (FMAO)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$67.69 - $251.57$113.50
Multi-Stage$43.36 - $47.37$45.33
Blended Fair Value$79.41
Current Price$25.01
Upside217.52%
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 Rate8.43%8.43%8.43%
Growth Rate5.50%6.50%7.50%
Fair Value$67.69$113.50$251.57
Upside / Downside170.66%353.81%905.89%

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 Rate8.43%8.43%8.43%
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)20.2820.8721.46
Year 4 PV (M)22.7323.6124.51
Year 5 PV (M)25.0326.2427.50
PV of Terminal Value (M)488.22511.80536.28
Equity Value (M)588.87615.60643.31
Shares Outstanding (M)13.5813.5813.58
Fair Value$43.36$45.33$47.37
Upside / Downside73.37%81.23%89.39%

High-Yield Dividend Screener

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