Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Codorus Valley Bancorp, Inc. (CVLY)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$146.01 - $458.79$429.96
Multi-Stage$61.10 - $66.87$63.93
Blended Fair Value$246.94
Current Price$22.24
Upside1,010.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS2.73%10.55%0.660.590.550.530.620.570.470.430.320.29
YoY Growth--10.90%8.43%3.72%-15.56%8.63%21.50%8.81%34.68%10.40%21.26%
Dividend Yield--2.96%2.86%2.49%2.86%3.88%2.81%1.85%1.94%1.94%1.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22.24
(-) Cash Dividends Paid (M)6.44
(=) Cash Retained (M)15.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.452.781.67
Cash Retained (M)15.7915.7915.79
(-) Cash Required (M)-4.45-2.78-1.67
(=) Excess Retained (M)11.3513.0114.13
(/) Shares Outstanding (M)9.649.649.64
(=) Excess Retained per Share1.181.351.47
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share1.181.351.47
(=) Adjusted Dividend1.852.022.13
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate5.50%6.50%7.50%
Fair Value$146.01$429.96$458.79
Upside / Downside556.53%1,833.25%1,962.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22.2423.6825.2226.8628.6130.4731.38
Payout Ratio28.98%41.18%53.39%65.59%77.80%90.00%92.50%
Projected Dividends (M)6.449.7513.4617.6222.2527.4229.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9.049.139.21
Year 2 PV (M)11.5811.8012.02
Year 3 PV (M)14.0514.4514.86
Year 4 PV (M)16.4517.0817.73
Year 5 PV (M)18.7919.7020.64
PV of Terminal Value (M)519.00544.07570.10
Equity Value (M)588.91616.23644.57
Shares Outstanding (M)9.649.649.64
Fair Value$61.10$63.93$66.87
Upside / Downside174.72%187.47%200.69%

High-Yield Dividend Screener

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