Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ServisFirst Bancshares, Inc. (SFBS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$112.00 - $305.21$172.67
Multi-Stage$76.40 - $83.46$79.87
Blended Fair Value$126.27
Current Price$80.53
Upside56.80%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.15%33.61%1.200.840.690.600.520.440.370.180.140.11
YoY Growth--43.10%21.99%15.22%15.20%17.37%19.11%101.14%27.77%33.57%63.01%
Dividend Yield--1.45%1.28%1.26%0.62%0.84%1.50%1.07%0.45%0.40%0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)255.39
(-) Cash Dividends Paid (M)71.27
(=) Cash Retained (M)184.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)51.0831.9219.15
Cash Retained (M)184.13184.13184.13
(-) Cash Required (M)-51.08-31.92-19.15
(=) Excess Retained (M)133.05152.20164.97
(/) Shares Outstanding (M)54.6254.6254.62
(=) Excess Retained per Share2.442.793.02
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share2.442.793.02
(=) Adjusted Dividend3.744.094.33
WACC / Discount Rate9.02%9.02%9.02%
Growth Rate5.50%6.50%7.50%
Fair Value$112.00$172.67$305.21
Upside / Downside39.08%114.42%279.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)255.39271.99289.67308.50328.55349.91360.41
Payout Ratio27.90%40.32%52.74%65.16%77.58%90.00%92.50%
Projected Dividends (M)71.27109.68152.78201.02254.89314.92333.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.02%9.02%9.02%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)99.65100.60101.54
Year 2 PV (M)126.13128.54130.96
Year 3 PV (M)150.80155.13159.54
Year 4 PV (M)173.74180.42187.29
Year 5 PV (M)195.04204.46214.24
PV of Terminal Value (M)3,427.783,593.343,765.24
Equity Value (M)4,173.144,362.484,558.81
Shares Outstanding (M)54.6254.6254.62
Fair Value$76.40$79.87$83.46
Upside / Downside-5.13%-0.82%3.64%

High-Yield Dividend Screener

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