MACATAWA BANK CORP (MCBC) Fundamental Analysis & Valuation

NASDAQ:MCBC • US5542251021

Current stock price

14.82 USD
-0.13 (-0.87%)
At close:
14.78 USD
-0.04 (-0.27%)
After Hours:

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

5

1. MCBC Profitability Analysis

1.1 Basic Checks

  • MCBC had positive earnings in the past year.
  • In the past year MCBC had a positive cash flow from operations.
  • MCBC had positive earnings in each of the past 5 years.
  • MCBC had a positive operating cash flow in each of the past 5 years.
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

  • Looking at the Return On Assets, with a value of 1.57%, MCBC belongs to the top 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 has a Profit Margin of 39.38%. This is amongst the best in the industry. MCBC outperforms 95.32% of its industry peers.
  • MCBC's Profit Margin has improved in the last couple of years.
  • The Operating Margin and Gross Margin are not available for MCBC so they could not be analyzed.
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.
  • Compared to 1 year ago, MCBC has about the same amount of shares outstanding.
  • MCBC has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the 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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3

3. MCBC Growth Analysis

3.1 Past

  • MCBC shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 4.24%.
  • MCBC shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 10.59% yearly.
  • MCBC shows a small growth in Revenue. In the last year, the Revenue has grown by 4.47%.
  • 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

  • The Earnings Per Share is expected to decrease by -1.58% on average over the next years.
  • Based on estimates for the next years, MCBC will show a small growth in Revenue. The Revenue will grow by 0.82% on average per year.
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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

  • Based on the Price/Earnings ratio of 12.05, the valuation of MCBC can be described as correct.
  • The rest of the industry has a similar Price/Earnings ratio as MCBC.
  • When comparing the Price/Earnings ratio of MCBC to the average of the S&P500 Index (25.70), we can say MCBC is valued rather cheaply.
  • The Price/Forward Earnings ratio is 11.86, which indicates a very decent 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.
  • MCBC's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.84.
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 ratio is in line with 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. 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.
  • Compared to an average S&P500 Dividend Yield of 1.82, MCBC pays a bit more dividend than the S&P500 average.
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.
  • As MCBC did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
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

  • MCBC pays out 28.38% of its income as dividend. This is a 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 Fundamental Analysis 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.