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MACATAWA BANK CORP (MCBC) Stock Fundamental Analysis

NASDAQ:MCBC - Nasdaq - US5542251021 - Common Stock - Currency: USD

14.82  -0.13 (-0.87%)

After market: 14.78 -0.04 (-0.27%)

Fundamental Rating

4

MCBC gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 395 industry peers in the Banks industry. Both the profitability and the financial health of MCBC get a neutral evaluation. Nothing too spectacular is happening here. MCBC has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

MCBC had positive earnings in the past year.
MCBC had a positive operating cash flow in the past year.
MCBC had positive earnings in each of the past 5 years.
Each year in the past 5 years MCBC had a positive operating cash flow.
MCBC Yearly Net Income VS EBIT VS OCF VS FCFMCBC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M

1.2 Ratios

With an excellent Return On Assets value of 1.57%, MCBC belongs to the best of the industry, outperforming 91.87% of the companies in the same industry.
MCBC has a Return On Equity of 14.00%. This is amongst the best in the industry. MCBC outperforms 87.44% of its industry peers.
Industry RankSector Rank
ROA 1.57%
ROE 14%
ROIC N/A
ROA(3y)1.25%
ROA(5y)1.29%
ROE(3y)13.51%
ROE(5y)13.56%
ROIC(3y)N/A
ROIC(5y)N/A
MCBC Yearly ROA, ROE, ROICMCBC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

MCBC has a better Profit Margin (39.38%) than 95.32% of its industry peers.
In the last couple of years the Profit Margin of MCBC has grown nicely.
MCBC does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 39.38%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y4.98%
PM growth 5Y3.6%
GM growth 3YN/A
GM growth 5YN/A
MCBC Yearly Profit, Operating, Gross MarginsMCBC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40

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4

2. Health

2.1 Basic Checks

MCBC does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, MCBC has about the same amount of shares outstanding.
MCBC has more shares outstanding than it did 5 years ago.
There is no outstanding debt for MCBC. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
MCBC Yearly Shares OutstandingMCBC Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M
MCBC Yearly Total Debt VS Total AssetsMCBC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.2 Solvency

MCBC has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Altman-Z N/A
ROIC/WACCN/A
WACC11.97%
MCBC Yearly LT Debt VS Equity VS FCFMCBC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MCBC Yearly Current Assets VS Current LiabilitesMCBC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M

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3

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 4.24% over the past year.
MCBC shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 10.59% yearly.
Looking at the last year, MCBC shows a small growth in Revenue. The Revenue has grown by 4.47% in the last year.
The Revenue has been growing slightly by 6.54% on average over the past years.
EPS 1Y (TTM)4.24%
EPS 3Y13.6%
EPS 5Y10.59%
EPS Q2Q%-17.14%
Revenue 1Y (TTM)4.47%
Revenue growth 3Y7.38%
Revenue growth 5Y6.54%
Sales Q2Q%-6.47%

3.2 Future

MCBC is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -1.58% yearly.
MCBC is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.82% yearly.
EPS Next Y-6.18%
EPS Next 2Y-1.58%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-1.42%
Revenue Next 2Y0.82%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
MCBC Yearly Revenue VS EstimatesMCBC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
MCBC Yearly EPS VS EstimatesMCBC Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 12.05, the valuation of MCBC can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of MCBC is on the same level as its industry peers.
MCBC's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.98.
A Price/Forward Earnings ratio of 11.86 indicates a reasonable valuation of MCBC.
MCBC's Price/Forward Earnings ratio is in line with the industry average.
MCBC's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 21.49.
Industry RankSector Rank
PE 12.05
Fwd PE 11.86
MCBC Price Earnings VS Forward Price EarningsMCBC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

MCBC's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 12.62
EV/EBITDA N/A
MCBC Per share dataMCBC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)1.14
EPS Next 2Y-1.58%
EPS Next 3YN/A

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5

5. Dividend

5.1 Amount

MCBC has a Yearly Dividend Yield of 2.43%.
Compared to an average industry Dividend Yield of 3.47, MCBC is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.42, MCBC has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.43%

5.2 History

The dividend of MCBC has a limited annual growth rate of 5.68%.
MCBC has paid a dividend for at least 10 years, which is a reliable track record.
MCBC has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)5.68%
Div Incr Years1
Div Non Decr Years9
MCBC Yearly Dividends per shareMCBC Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.1 0.2 0.3

5.3 Sustainability

28.38% of the earnings are spent on dividend by MCBC. This is a low number and sustainable payout ratio.
DP28.38%
EPS Next 2Y-1.58%
EPS Next 3YN/A
MCBC Yearly Income VS Free CF VS DividendMCBC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M
MCBC Dividend Payout.MCBC Dividend Payout, showing the Payout Ratio.MCBC Dividend Payout.PayoutRetained Earnings

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MACATAWA BANK CORP

NASDAQ:MCBC (7/31/2024, 8:00:00 PM)

After market: 14.78 -0.04 (-0.27%)

14.82

-0.13 (-0.87%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-25 2024-07-25/amc
Earnings (Next)10-24 2024-10-24/amc
Inst Owners2.45%
Inst Owner Change-89.47%
Ins Owners0.27%
Ins Owner Change0%
Market Cap509.22M
Analysts85
Price Target15.3 (3.24%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.43%
Yearly Dividend0.33
Dividend Growth(5Y)5.68%
DP28.38%
Div Incr Years1
Div Non Decr Years9
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-3.96%
Min EPS beat(2)-4.91%
Max EPS beat(2)-3%
EPS beat(4)1
Avg EPS beat(4)-3.27%
Min EPS beat(4)-11.01%
Max EPS beat(4)5.84%
EPS beat(8)5
Avg EPS beat(8)2.9%
EPS beat(12)6
Avg EPS beat(12)1.72%
EPS beat(16)9
Avg EPS beat(16)9.68%
Revenue beat(2)0
Avg Revenue beat(2)-4.82%
Min Revenue beat(2)-5.5%
Max Revenue beat(2)-4.14%
Revenue beat(4)0
Avg Revenue beat(4)-4.49%
Min Revenue beat(4)-8.05%
Max Revenue beat(4)-0.26%
Revenue beat(8)3
Avg Revenue beat(8)-0.94%
Revenue beat(12)3
Avg Revenue beat(12)-2.49%
Revenue beat(16)5
Avg Revenue beat(16)-1.94%
PT rev (1m)0%
PT rev (3m)21.62%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-4.69%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.95%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.4%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.54%
Valuation
Industry RankSector Rank
PE 12.05
Fwd PE 11.86
P/S 4.89
P/FCF 12.62
P/OCF 12.36
P/B 1.74
P/tB 1.74
EV/EBITDA N/A
EPS(TTM)1.23
EY8.3%
EPS(NY)1.25
Fwd EY8.43%
FCF(TTM)1.17
FCFY7.92%
OCF(TTM)1.2
OCFY8.09%
SpS3.03
BVpS8.53
TBVpS8.53
PEG (NY)N/A
PEG (5Y)1.14
Profitability
Industry RankSector Rank
ROA 1.57%
ROE 14%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 39.38%
GM N/A
FCFM 38.74%
ROA(3y)1.25%
ROA(5y)1.29%
ROE(3y)13.51%
ROE(5y)13.56%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y4.98%
PM growth 5Y3.6%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Debt/EBITDA N/A
Cap/Depr 133.02%
Cap/Sales 0.81%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 98.38%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC11.97%
ROIC/WACCN/A
Cap/Depr(3y)75.53%
Cap/Depr(5y)72.06%
Cap/Sales(3y)0.85%
Cap/Sales(5y)1.29%
Profit Quality(3y)106.21%
Profit Quality(5y)100.43%
High Growth Momentum
Growth
EPS 1Y (TTM)4.24%
EPS 3Y13.6%
EPS 5Y10.59%
EPS Q2Q%-17.14%
EPS Next Y-6.18%
EPS Next 2Y-1.58%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.47%
Revenue growth 3Y7.38%
Revenue growth 5Y6.54%
Sales Q2Q%-6.47%
Revenue Next Year-1.42%
Revenue Next 2Y0.82%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y10.17%
FCF growth 3Y15.27%
FCF growth 5Y8.86%
OCF growth 1Y10.15%
OCF growth 3Y12.72%
OCF growth 5Y8.12%