Market Closed -
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5-day change | 1st Jan Change | ||
14.3 USD | -1.24% | -0.63% | +26.77% |
Apr. 30 | North American Morning Briefing : More Earnings -2- | DJ |
Apr. 29 | Keefe Bruyette & Woods Upgrades Macatawa Bank to Outperform From Market Perform, Adjusts PT to $15 From $12 | MT |
Valuation
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|
Capitalization 1 | 379.1 | 285.4 | 301.6 | 377.7 | 386.8 | 491.4 | - |
Enterprise Value (EV) 1 | 379.1 | 285.4 | 301.6 | 377.7 | 386.8 | 491.4 | 491.4 |
P/E ratio | 11.8 x | 9.51 x | 10.4 x | 10.9 x | 8.95 x | 12.1 x | 2.54 x |
Yield | 2.52% | 3.82% | 3.63% | 2.9% | - | 2.38% | 2.66% |
Capitalization / Revenue | 4.56 x | 3.34 x | 3.78 x | 4.19 x | 3.65 x | 4.68 x | 4.54 x |
EV / Revenue | 4.56 x | 3.34 x | 3.78 x | 4.19 x | 3.65 x | 4.68 x | 4.54 x |
EV / EBITDA | - | - | - | - | - | - | - |
EV / FCF | - | - | - | - | - | - | - |
FCF Yield | - | - | - | - | - | - | - |
Price to Book | 1.74 x | 1.19 x | 1.19 x | 1.53 x | 1.35 x | 1.56 x | 1.43 x |
Nbr of stocks (in thousands) | 34,061 | 34,101 | 34,190 | 34,246 | 34,291 | 34,362 | - |
Reference price 2 | 11.13 | 8.370 | 8.820 | 11.03 | 11.28 | 14.30 | 14.30 |
Announcement Date | 1/23/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - |
Income Statement Evolution (Annual data)
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|
Net sales 1 | 83.22 | 85.51 | 79.76 | 90.16 | 105.9 | 105 | 108.2 |
EBITDA | - | - | - | - | - | - | - |
EBIT 1 | 38.99 | 39.79 | 33.67 | 41.94 | 54.3 | 52.57 | 14.29 |
Operating Margin | 46.85% | 46.53% | 42.22% | 46.51% | 51.28% | 50.07% | 13.2% |
Earnings before Tax (EBT) 1 | 39.44 | 36.79 | 35.72 | 43.06 | 53.75 | 50.56 | 52.41 |
Net income 1 | 31.98 | 30.16 | 29.01 | 34.73 | 43.22 | 40.73 | 42.04 |
Net margin | 38.43% | 35.28% | 36.37% | 38.52% | 40.82% | 38.79% | 38.83% |
EPS 2 | 0.9400 | 0.8800 | 0.8500 | 1.010 | 1.260 | 1.185 | 5.630 |
Free Cash Flow | - | - | - | - | - | - | - |
FCF margin | - | - | - | - | - | - | - |
FCF Conversion (EBITDA) | - | - | - | - | - | - | - |
FCF Conversion (Net income) | - | - | - | - | - | - | - |
Dividend per Share 2 | 0.2800 | 0.3200 | 0.3200 | 0.3200 | - | 0.3400 | 0.3800 |
Announcement Date | 1/23/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - |
Income Statement Evolution (Quarterly data)
Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales 1 | 18.17 | 17.63 | 19.97 | 24.66 | 27.9 | 27.14 | 25.76 | 26.86 | 26.12 | 25.39 | 26.1 | 26.7 | 26.81 | 26.64 | 26.54 |
EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT 1 | 6.835 | 5.891 | 8.061 | 12.53 | 15.45 | 14.98 | 13.09 | 14.07 | 12.16 | 12.14 | 12.96 | 13.48 | 13.7 | 12.95 | 12.89 |
Operating Margin | 37.61% | 33.41% | 40.36% | 50.82% | 55.39% | 55.18% | 50.8% | 52.39% | 46.55% | 47.83% | 49.66% | 50.47% | 51.09% | 48.62% | 48.56% |
Earnings before Tax (EBT) 1 | 7.585 | 7.391 | 8.061 | 12.53 | 15.08 | 14.98 | 12.79 | 14.22 | 11.76 | 12.14 | 12.48 | 12.85 | 13.1 | 12.23 | 12.14 |
Net income 1 | 6.216 | 6 | 6.568 | 10.04 | 12.12 | 12 | 10.31 | 11.41 | 9.495 | 9.793 | 10.02 | 10.31 | 10.54 | 9.844 | 9.771 |
Net margin | 34.21% | 34.03% | 32.88% | 40.73% | 43.43% | 44.22% | 40.03% | 42.49% | 36.34% | 38.57% | 38.38% | 38.61% | 39.32% | 36.95% | 36.82% |
EPS 2 | 0.1800 | 0.1800 | 0.1900 | 0.2900 | 0.3500 | 0.3500 | 0.3000 | 0.3300 | 0.2800 | 0.2900 | 0.2900 | 0.3000 | 0.3050 | 0.2900 | 0.2800 |
Dividend per Share 2 | 0.0800 | 0.0800 | 0.0800 | 0.0800 | 0.0800 | 0.0800 | 0.0800 | - | - | - | 0.0850 | 0.0850 | 0.0850 | 0.0900 | 0.0900 |
Announcement Date | 1/27/22 | 4/28/22 | 7/28/22 | 10/27/22 | 1/26/23 | 4/27/23 | 7/27/23 | 10/26/23 | 1/25/24 | 4/25/24 | - | - | - | - | - |
Balance Sheet Analysis
Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|
Net Debt | - | - | - | - | - | - | - |
Net Cash position | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | - | - |
ROE (net income / shareholders' equity) | 15.7% | 13.2% | 11.7% | 14.2% | 16.4% | 13.7% | 12.8% |
ROA (Net income/ Total Assets) | 1.59% | 1.27% | 1.02% | 1.21% | 1.6% | 1.53% | 1.53% |
Assets 1 | 2,011 | 2,375 | 2,845 | 2,870 | 2,701 | 2,671 | 2,747 |
Book Value Per Share 2 | 6.380 | 7.010 | 7.410 | 7.200 | 8.350 | 9.170 | 10.00 |
Cash Flow per Share | - | - | - | - | - | - | - |
Capex | - | - | - | - | - | - | - |
Capex / Sales | - | - | - | - | - | - | - |
Announcement Date | 1/23/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - |
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
+26.77% | 491M | |
+14.98% | 562B | |
+15.30% | 304B | |
+24.61% | 256B | |
+23.32% | 212B | |
+26.24% | 191B | |
+32.89% | 172B | |
+8.84% | 164B | |
+8.46% | 151B | |
+8.94% | 136B |
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- Financials Macatawa Bank Corporation