Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Stock Yards Bancorp, Inc. (SYBT)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$241.01 - $911.48$705.93
Multi-Stage$112.77 - $123.40$117.99
Blended Fair Value$411.96
Current Price$69.99
Upside488.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.77%10.74%1.211.171.130.960.830.800.740.610.550.48
YoY Growth--3.64%3.83%18.10%15.18%3.99%8.16%20.41%12.33%13.14%10.06%
Dividend Yield--1.76%2.46%2.05%1.81%1.62%2.76%2.11%1.75%1.34%1.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)135.23
(-) Cash Dividends Paid (M)36.81
(=) Cash Retained (M)98.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.0516.9010.14
Cash Retained (M)98.4298.4298.42
(-) Cash Required (M)-27.05-16.90-10.14
(=) Excess Retained (M)71.3881.5288.28
(/) Shares Outstanding (M)29.5129.5129.51
(=) Excess Retained per Share2.422.762.99
LTM Dividend per Share1.251.251.25
(+) Excess Retained per Share2.422.762.99
(=) Adjusted Dividend3.674.014.24
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Fair Value$241.01$705.93$911.48
Upside / Downside244.35%908.61%1,202.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)135.23144.02153.38163.35173.97185.28190.84
Payout Ratio27.22%39.77%52.33%64.89%77.44%90.00%92.50%
Projected Dividends (M)36.8157.2880.27105.99134.73166.75176.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)52.9853.4853.98
Year 2 PV (M)68.6669.9771.29
Year 3 PV (M)83.8686.2788.72
Year 4 PV (M)98.59102.38106.28
Year 5 PV (M)112.86118.31123.97
PV of Terminal Value (M)2,910.393,050.963,196.91
Equity Value (M)3,327.343,481.373,641.16
Shares Outstanding (M)29.5129.5129.51
Fair Value$112.77$117.99$123.40
Upside / Downside61.12%68.58%76.32%

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