Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Westamerica Bancorporation (WABC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$75.90 - $149.45$104.87
Multi-Stage$83.80 - $91.76$87.70
Blended Fair Value$96.29
Current Price$49.99
Upside92.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.34%1.68%1.801.761.731.691.691.681.631.581.531.50
YoY Growth--2.18%1.71%1.98%0.04%0.78%3.07%3.23%3.44%2.04%-1.60%
Dividend Yield--3.55%3.67%3.90%2.80%2.70%2.86%2.60%2.72%2.74%3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)120.07
(-) Cash Dividends Paid (M)47.22
(=) Cash Retained (M)72.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.0115.019.00
Cash Retained (M)72.8572.8572.85
(-) Cash Required (M)-24.01-15.01-9.00
(=) Excess Retained (M)48.8457.8463.85
(/) Shares Outstanding (M)26.1426.1426.14
(=) Excess Retained per Share1.872.212.44
LTM Dividend per Share1.811.811.81
(+) Excess Retained per Share1.872.212.44
(=) Adjusted Dividend3.674.024.25
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate2.95%3.95%4.95%
Fair Value$75.90$104.87$149.45
Upside / Downside51.83%109.78%198.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)120.07124.81129.73134.85140.17145.71150.08
Payout Ratio39.32%49.46%59.59%69.73%79.86%90.00%92.50%
Projected Dividends (M)47.2261.7377.3194.03111.95131.14138.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate2.95%3.95%4.95%
Year 1 PV (M)56.6457.1957.74
Year 2 PV (M)65.1066.3767.65
Year 3 PV (M)72.6574.7976.97
Year 4 PV (M)79.3782.5085.72
Year 5 PV (M)85.3189.5493.93
PV of Terminal Value (M)1,831.791,922.502,016.78
Equity Value (M)2,190.872,292.892,398.79
Shares Outstanding (M)26.1426.1426.14
Fair Value$83.80$87.70$91.76
Upside / Downside67.64%75.45%83.55%

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