MACATAWA BANK CORP (MCBC) Fundamental Analysis & Valuation

NASDAQ:MCBC • US5542251021

14.82 USD
-0.13 (-0.87%)
At close: Jul 31, 2024
14.78 USD
-0.04 (-0.27%)
After Hours: 7/31/2024, 8:00:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This MCBC fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

MCBC gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 381 industry peers in the Banks industry. MCBC has only an average score on both its financial health and profitability. MCBC has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

5

1. MCBC Profitability Analysis

1.1 Basic Checks

  • MCBC had positive earnings in the past year.
  • MCBC had a positive operating cash flow in the past year.
  • In the past 5 years MCBC has always been profitable.
  • In the past 5 years MCBC always reported a positive cash flow from operatings.
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 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 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

  • MCBC's Profit Margin of 39.38% is amongst the best of the industry. MCBC outperforms 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 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40

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4

2. MCBC Health Analysis

2.1 Basic Checks

  • MCBC does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • The number of shares outstanding for MCBC remains at a similar level compared to 1 year 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 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 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 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 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. MCBC Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 4.24% over the past year.
  • The Earnings Per Share has been growing by 10.59% on average over the past years. This is quite good.
  • MCBC shows a small growth in Revenue. In the last year, the Revenue has grown by 4.47%.
  • MCBC shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.54% yearly.
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

  • Based on estimates for the next years, MCBC will show a decrease in Earnings Per Share. The EPS will decrease by -1.58% on average per year.
  • The Revenue is expected to grow by 0.82% on average over the next years.
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 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

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4

4. MCBC Valuation Analysis

4.1 Price/Earnings Ratio

  • MCBC is valuated correctly with a Price/Earnings ratio of 12.05.
  • MCBC's Price/Earnings ratio is in line with the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 26.25, MCBC is valued rather cheaply.
  • A Price/Forward Earnings ratio of 11.86 indicates a reasonable valuation of MCBC.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of MCBC is on the same level as its industry peers.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.39, MCBC is valued rather cheaply.
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

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of MCBC is on the same level as its industry peers.
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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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. MCBC Dividend Analysis

5.1 Amount

  • MCBC has a Yearly Dividend Yield of 2.43%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.86, MCBC is paying slightly less dividend.
  • MCBC's Dividend Yield is a higher than the S&P500 average which is at 1.82.
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 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 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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MCBC Fundamentals: All Metrics, Ratios and Statistics

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
Earnings (Next)10-24
Inst Owners2.45%
Inst Owner Change0%
Ins Owners0.27%
Ins Owner Change0%
Market Cap509.22M
Revenue(TTM)104.13M
Net Income(TTM)41.01M
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
Graham NumberN/A
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
ROICexgc growth 3YN/A
ROICexgc 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%

MACATAWA BANK CORP / MCBC FAQ

What is the fundamental rating for MCBC stock?

ChartMill assigns a fundamental rating of 4 / 10 to MCBC.


What is the valuation status for MCBC stock?

ChartMill assigns a valuation rating of 3 / 10 to MACATAWA BANK CORP (MCBC). This can be considered as Overvalued.


What is the profitability of MCBC stock?

MACATAWA BANK CORP (MCBC) has a profitability rating of 5 / 10.


What is the financial health of MACATAWA BANK CORP (MCBC) stock?

The financial health rating of MACATAWA BANK CORP (MCBC) is 4 / 10.


What is the earnings growth outlook for MACATAWA BANK CORP?

The Earnings per Share (EPS) of MACATAWA BANK CORP (MCBC) is expected to decline by -6.18% in the next year.