Manningham Community Enterprises (NSX:DCE) - Share price, News & Analysis

Q: What is the Fair Price of DCE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

DCE (A$0.6) is trading below our estimate of [[fair value]] (A$2.92)

DCE fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	0/6
Financial Health	1/6
Dividends	2/6

DCE Stock Overview

Manningham Community Enterprises Limited operates franchised branches of Bendigo and Adelaide Bank Limited in Australia.

Rewards

Trading at 79.5% below our estimate of its fair value

Risk Analysis

Earnings have declined by 2.9% per year over past 5 years

Shares are highly illiquid

Does not have a meaningful market cap (A$1M)

Dividend of 13.33% is not well covered by earnings

+ 3 more risks

Manningham Community Enterprises Competitors

Logan Community Financial Services

NSX:LCB

AU$1.6m

BNK Banking

ASX:BBC

AU$73.0m

N1 Holdings

ASX:N1H

AU$17.3m

Slatinska Banka d.d

ZGSE:SNBA

Kn35.6m

Price History & Performance

Summary of all time highs, changes and price drops for Manningham Community Enterprises
Historical stock prices
Current Share Price	AU$0.60
52 Week High	AU$0.60
52 Week Low	AU$0.55
Beta	-0.086
1 Month Change	0%
3 Month Change	n/a
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-36.84%

Shareholder Returns

	DCE	AU Banks	AU Market
7D	0%	0.9%	1.0%
1Y	n/a	-4.3%	-7.9%

Return vs Industry: Insufficient data to determine how DCE performed against the Australian Banks industry.

Return vs Market: Insufficient data to determine how DCE performed against the Australian Market.

Price Volatility

Is DCE's price volatile compared to industry and market?
DCE volatility
DCE Average Weekly Movement	n/a
Banks Industry Average Movement	3.6%
Market Average Movement	10.6%
10% most volatile stocks in AU Market	17.5%
10% least volatile stocks in AU Market	4.7%

Stable Share Price: Insufficient data to determine DCE's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine DCE's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2002	n/a	n/a	https://www.bendigobank.com.au

Manningham Community Enterprises Limited operates franchised branches of Bendigo and Adelaide Bank Limited in Australia. The company offers home loans, term deposits, and at call deposits under the brand of Bendigo Bank to individuals, businesses, and organizations. It provides personal banking services in Doncaster East and Templestowe village, Victoria.

Manningham Community Enterprises Fundamentals Summary

How do Manningham Community Enterprises's earnings and revenue compare to its market cap?
DCE fundamental statistics
Market Cap	AU$1.30m
Earnings (TTM)	AU$117.27k
Revenue (TTM)	AU$2.68m

11.1x

P/E Ratio

1.1x

P/B Ratio

Is DCE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
DCE income statement (TTM)
Revenue	AU$2.68m
Cost of Revenue	AU$0
Gross Profit	AU$2.68m
Other Expenses	AU$2.56m
Earnings	AU$117.27k

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.054
Gross Margin	100.00%
Net Profit Margin	4.38%
Debt/Equity Ratio	0%

How did DCE perform over the long term?

See historical performance and comparison

Dividends

13.3%

Current Dividend Yield

147%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is DCE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DCE?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for DCE. This is calculated by dividing DCE's market cap by their current preferred multiple.
What is DCE's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	AU$1.30m

DCE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.2x
Enterprise Value/EBITDA	0.6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does DCE's PE Ratio compare to its peers?

DCE PE Ratio vs Peers

The above table shows the PE ratio for DCE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	18.8x
LCB Logan Community Financial Services	7x	n/a	AU$1.6m
BBC BNK Banking	13.1x	n/a	AU$73.0m
N1H N1 Holdings	50.1x	n/a	AU$17.3m
SNBA Slatinska Banka d.d	5x	n/a	Kn35.6m
DCE Manningham Community Enterprises	11.1x	n/a	AU$1.3m

Price-To-Earnings vs Peers: DCE is good value based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

How does DCE's PE Ratio compare vs other companies in the Global Banks Industry?

Price-To-Earnings vs Industry: DCE is good value based on its Price-To-Earnings Ratio (11.1x) compared to the Australian Banks industry average (12.3x)

Price to Earnings Ratio vs Fair Ratio

What is DCE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DCE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate DCE's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of DCE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DCE (A$0.6) is trading below our estimate of fair value (A$2.92)

Significantly Below Fair Value: DCE is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Manningham Community Enterprises forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

4.8%

Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Manningham Community Enterprises has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Manningham Community Enterprises is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Manningham Community Enterprises performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-2.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DCE has a large one-off gain of A$41.8K impacting its December 31 2021 financial results.

Growing Profit Margin: DCE's current net profit margins (4.4%) are lower than last year (10.1%).

Past Earnings Growth Analysis

Earnings Trend: DCE's earnings have declined by 2.9% per year over the past 5 years.

Accelerating Growth: DCE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: DCE had negative earnings growth (-54.8%) over the past year, making it difficult to compare to the Banks industry average (16.5%).

Return on Equity

High ROE: DCE's Return on Equity (10.4%) is considered low.

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Financial Health

How is Manningham Community Enterprises's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

1/6

Financial Health Score 1/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: DCE's Assets to Equity ratio (1.9x) is low.

Allowance for Bad Loans: Insufficient data to determine if DCE has a sufficient allowance for bad loans.

Low Risk Liabilities: DCE reports no customer deposits, 100% of its liabilities are made up of higher risk sources of funding.

Loan Level: Insufficient data to determine if DCE has an appropriate level of Loans to Assets ratio.

Low Risk Deposits: DCE reports no customer deposits, loans are made up entirely of externally borrowed funds.

Level of Bad Loans: Insufficient data to determine if DCE has an appropriate level of bad loans.

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Dividend

What is Manningham Community Enterprises's current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

13.33%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: DCE's dividend (13.33%) is higher than the bottom 25% of dividend payers in the Australian market (2.62%).

High Dividend: DCE's dividend (13.33%) is in the top 25% of dividend payers in the Australian market (6.24%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, DCE has been paying a dividend for less than 10 years.

Growing Dividend: DCE's dividend payments have increased, but the company has only paid a dividend for 7 years.

Current Payout to Shareholders

Earnings Coverage: With its high payout ratio (147.4%), DCE's dividend payments are not well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.

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Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average board tenure

CEO

Manningham Community Enterprises has no CEO, or we have no data on them.

Board Members

Experienced Board: DCE's board of directors are considered experienced (4.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/07 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2021/12/31
Annual Earnings	2021/06/30