Mercantile Bank Corp
NASDAQ:MBWM
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Intrinsic Value
The intrinsic value of one MBWM stock under the Base Case scenario is 56.17 USD. Compared to the current market price of 50.22 USD, Mercantile Bank Corp is Undervalued by 11%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Mercantile Bank Corp
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Fundamental Analysis
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Balance Sheet Decomposition
Mercantile Bank Corp
Net Loans | 4.5B |
Investments | 1B |
PP&E | 54.2m |
Intangibles | 49.5m |
Other Assets | 295.7m |
Total Deposits | 4.5B |
Short Term Debt | 220.9m |
Long Term Debt | 139.4m |
Other Liabilities | 517.6m |
In Q3 2024, the company reported a net income of $19.6 million, slightly down from $20.9 million last year, while total noninterest income surged by 27%. Mortgage banking income increased by 49%, supplemented by a 20% rise in payroll services. With loan growth at approximately 10% this year, the bank's loan-to-deposit ratio improved to 102% from 110% at year-end 2023. Looking ahead, the bank anticipates loan growth of 4% to 6% and projects a net interest margin between 3.35% and 3.45%, forecasting continued cautious optimism despite an anticipated economic slowdown.
What is Earnings Call?
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Price Targets
MBWM Price Targets Summary
Mercantile Bank Corp
According to Wall Street analysts, the average 1-year price target for MBWM is 49.85 USD with a low forecast of 48.48 USD and a high forecast of 52.5 USD.
Dividends
Current shareholder yield for MBWM is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
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Description
Mercantile Bank Corp. operates as a bank holding company for Mercantile Bank of Michigan. The company is headquartered in Grand Rapids, Michigan and currently employs 585 full-time employees. Its bank is a state banking company. The company provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The company makes secured and unsecured commercial, construction, mortgage, and consumer loans, and accepts checking, savings, and time deposits. The company provides a range of personal banking services, such as checking, savings, certificate of deposit, health savings, cards, loans, online, and mobile services. The company offers a range of loans, such as home equity loans, personal loans, overdraft protection, and student loans. The company also enables customers to conduct certain loan and deposit transactions on a personal computer and through mobile applications. The company provides a range of insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products.
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The intrinsic value of one MBWM stock under the Base Case scenario is 56.17 USD.
Compared to the current market price of 50.22 USD, Mercantile Bank Corp is Undervalued by 11%.