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FS Bancorp, Inc. (FSBW)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$167.72 - $826.42$354.90
Multi-Stage$91.16 - $99.69$95.35
Blended Fair Value$225.12
Current Price$39.92
Upside463.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.68%27.93%1.061.000.910.590.460.370.250.170.140.11
YoY Growth--6.45%9.41%54.19%28.76%25.14%49.14%43.88%22.11%31.96%17.33%
Dividend Yield--2.80%2.99%3.04%1.91%1.37%2.04%0.98%0.64%0.75%0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.31
(-) Cash Dividends Paid (M)10.27
(=) Cash Retained (M)22.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.464.042.42
Cash Retained (M)22.0422.0422.04
(-) Cash Required (M)-6.46-4.04-2.42
(=) Excess Retained (M)15.5818.0019.62
(/) Shares Outstanding (M)7.777.777.77
(=) Excess Retained per Share2.002.322.52
LTM Dividend per Share1.321.321.32
(+) Excess Retained per Share2.002.322.52
(=) Adjusted Dividend3.323.643.84
WACC / Discount Rate7.59%7.59%7.59%
Growth Rate5.50%6.50%7.50%
Fair Value$167.72$354.90$826.42
Upside / Downside320.14%789.02%1,970.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.3134.4136.6439.0341.5644.2645.59
Payout Ratio31.78%43.43%55.07%66.71%78.36%90.00%92.50%
Projected Dividends (M)10.2714.9420.1826.0432.5739.8442.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.59%7.59%7.59%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13.7613.8914.02
Year 2 PV (M)17.1117.4317.76
Year 3 PV (M)20.3220.9021.50
Year 4 PV (M)23.4024.3025.23
Year 5 PV (M)26.3627.6328.95
PV of Terminal Value (M)607.78637.14667.62
Equity Value (M)708.73741.30775.08
Shares Outstanding (M)7.777.777.77
Fair Value$91.16$95.35$99.69
Upside / Downside128.35%138.84%149.73%

High-Yield Dividend Screener

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