Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Partners Bancorp (PTRS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$51.91 - $175.01$164.01
Multi-Stage$22.44 - $24.57$23.48
Blended Fair Value$93.75
Current Price$7.75
Upside1,109.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS25.73%0.00%0.110.100.100.070.050.040.030.000.000.00
YoY Growth--16.13%-0.17%49.37%33.09%36.32%33.89%0.00%0.00%0.00%0.00%
Dividend Yield--1.47%1.07%1.35%1.14%0.70%0.51%0.46%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)15.85
(-) Cash Dividends Paid (M)2.16
(=) Cash Retained (M)13.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.171.981.19
Cash Retained (M)13.6913.6913.69
(-) Cash Required (M)-3.17-1.98-1.19
(=) Excess Retained (M)10.5211.7112.50
(/) Shares Outstanding (M)18.0118.0118.01
(=) Excess Retained per Share0.580.650.69
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.580.650.69
(=) Adjusted Dividend0.700.770.81
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Fair Value$51.91$164.01$175.01
Upside / Downside569.82%2,016.28%2,158.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)15.8516.8817.9819.1420.3921.7122.37
Payout Ratio13.62%28.89%44.17%59.45%74.72%90.00%92.50%
Projected Dividends (M)2.164.887.9411.3815.2419.5420.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4.524.564.60
Year 2 PV (M)6.816.947.08
Year 3 PV (M)9.059.319.57
Year 4 PV (M)11.2211.6512.10
Year 5 PV (M)13.3313.9814.65
PV of Terminal Value (M)359.13376.48394.49
Equity Value (M)404.07422.92442.48
Shares Outstanding (M)18.0118.0118.01
Fair Value$22.44$23.48$24.57
Upside / Downside189.49%203.00%217.02%

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