Reported Earnings • Jul 26
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.59 (down from US$0.67 in 2Q 2022). Revenue: US$12.7m (down 3.0% from 2Q 2022). Net income: US$3.41m (down 9.7% from 2Q 2022). Profit margin: 27% (down from 29% in 2Q 2022). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 04
Upcoming dividend of US$0.16 per share at 2.9% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (3.8%). Reported Earnings • Mar 16
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: US$54.1m (up 2.6% from FY 2021). Net income: US$15.6m (down 3.9% from FY 2021). Profit margin: 29% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Non-performing loans: 0.22% (down from 0.39% in FY 2021). Revenue was in line with analyst estimates. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 02
Upcoming dividend of US$0.16 per share at 2.2% yield Eligible shareholders must have bought the stock before 09 February 2023. Payment date: 24 February 2023. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.0%). Reported Earnings • Jan 26
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$2.75 (down from US$2.89 in FY 2021). Revenue: US$54.1m (up 2.6% from FY 2021). Net income: US$15.6m (down 3.9% from FY 2021). Profit margin: 29% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 26
Salisbury Bancorp, Inc. Approves Quarterly Cash Dividend, Payable on February 24, 2023 Salisbury Bancorp, Inc. approved a quarterly cash dividend of $0.16 per common share that will be paid on February 24, 2023 to shareholders of record as of February 10, 2023. Price Target Changed • Dec 09
Price target increased to US$33.00 Up from US$30.00, the current price target is provided by 1 analyst. New target price is 8.8% above last closing price of US$30.34. The company is forecast to post earnings per share of US$2.68 for next year compared to US$2.88 last year. Announcement • Dec 06
NBT Bancorp Inc. (NasdaqGS:NBTB) entered into a definitive agreement to acquire Salisbury Bancorp, Inc. (NasdaqCM:SAL) for approximately $200 million. NBT Bancorp Inc. (NasdaqGS:NBTB) entered into a definitive agreement to acquire Salisbury Bancorp, Inc. (NasdaqCM:SAL) for approximately $200 million on December 5, 2022. Under the terms of the merger agreement, each outstanding share of Salisbury common stock will be converted into the right to receive 0.7450 shares of NBT common stock upon completion of the merger. Salisbury will pay a termination fee of $8 million to NBT, in case Salisbury terminates the transaction. The name of the surviving corporation shall be “NBT Bancorp Inc.” and the name of the surviving bank shall be “NBT, Bank N.A.” Following the completion of the merger, Salisbury Bank and Trust offices will become NBT Bank, N.A. locations. NBT intends to establish a regional operations center in Lakeville, CT. The merger agreement also provides for one director from Salisbury to be added to the Board of Directors of NBT at closing. Following the Merger, Richard J. Cantele, currently the President and Chief Executive Officer of Salisbury, will be employed as an officer of NBT.
The transaction is subject to receipt of regulatory approvals, approval by the shareholders of Salisbury, merger registration statement shall have been declared effective by the SEC, shares of NBT stock issuable pursuant to this agreement shall have been approved for listing on NASDAQ. The transaction has been approved unanimously by the Boards of Directors of both NBT and Salisbury. NBT entered into voting agreements with each of the directors and certain of the executive officers of Salisbury, pursuant to which such shareholders agreed to vote their shares of Salisbury in favor of the merger. The transaction is expected to close in the second quarter of 2023. NBT expects the transaction to be approximately 9.8% accretive to first full-year proforma GAAP earnings per share after close and 4.9% per share accretive to cash earnings excluding the impact of purchase accounting adjustments, including fair value marks to securities and loans and the establishment of a core deposit intangible asset. Piper Sandler & Co. acted as financial advisor and Richard A. Schaberg of Hogan Lovells US LLP acted as legal advisor to NBT. Janney Montgomery Scott LLC acted as the financial advisor and Jennifer DiBella of Updike, Kelly & Spellacy, P.C. acted as legal advisor to Salisbury. Janney Montgomery Scott LLC acted as fairness opinion provider to Salisbury Board. Board Change • Dec 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Paul Hoffner was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.0%). Reported Earnings • Oct 22
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: US$0.75 (up from US$0.60 in 3Q 2021). Revenue: US$13.8m (up 9.1% from 3Q 2021). Net income: US$4.26m (up 25% from 3Q 2021). Profit margin: 31% (up from 27% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Oct 20
Salisbury Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on November 25, 2022 Salisbury Bancorp, Inc. announced that on October 19, 2022, the Board of Directors of Salisbury approved a quarterly cash dividend of $0.16 per common share that will be paid on November 25, 2022 to shareholders of record as of November 11, 2022. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to US$27.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.1%). Reported Earnings • Jul 21
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.67 (down from US$0.76 in 2Q 2021). Revenue: US$13.1m (down 1.9% from 2Q 2021). Net income: US$3.85m (down 10% from 2Q 2021). Profit margin: 29% (down from 32% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the next year, revenue is expected to shrink by 12% compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 21
Salisbury Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on August 26, 2022 On July 20, 2022, the Board of Directors of Salisbury Bancorp, Inc. approved a quarterly cash dividend of $0.16 per common share that will be paid on August 26, 2022 to shareholders of record as of August 12, 2022. Announcement • May 21
Nancy F. Humphreys Retires as Director of Salisbury Bancorp, Inc. and Salisbury Bank and Trust Company Effective May 18, 2022, Nancy F. Humphreys retired as a director of Salisbury Bancorp, Inc. (the Company") and its subsidiary, Salisbury Bank and Trust Company (the Bank"). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$1.25 (down from US$1.59 in 1Q 2021). Net income: US$3.51m (down 21% from 1Q 2021). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 05
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (3.8%). In line with average of industry peers (2.7%). Announcement • Apr 22
Salisbury Bancorp, Inc. Appoints Stephen Scott as Executive Vice President and Chief Operating Officer Salisbury Bancorp, Inc. announced the appointment of a new Executive Officer of the Bank effective May 2, 2022. Stephen Scott was named Executive Vice President, Chief Operating Officer. In this role, Mr. Scott will report to the President and CEO and will be responsible for Retail Administration and Operations; Loan Servicing; Deposit Operations; Customer Support; and Electronic Banking Services. Announcement • Apr 21
Salisbury Bancorp, Inc. Approves Quarterly Cash Dividend, Payable on May 27, 2022 Salisbury Bancorp, Inc. announced that on April 20, 2022, the Board of Directors of Salisbury approved a quarterly cash dividend of $0.32 per common share that will be paid on May 27, 2022 to shareholders of record as of May 13, 2022. Reported Earnings • Mar 15
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: US$5.77 (up from US$4.21 in FY 2020). Revenue: US$52.8m (up 23% from FY 2020). Net income: US$16.2m (up 38% from FY 2020). Profit margin: 31% (up from 28% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.01% (down from 3.28% in FY 2020). Non-performing loans: 0.39% (down from 0.54% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Over the next year, revenue is expected to shrink by 15% compared to a 5.9% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Salisbury Bancorp, Inc., Annual General Meeting, May 18, 2022 Salisbury Bancorp, Inc., Annual General Meeting, May 18, 2022. Agenda: To consider to amend its Certificate of Incorporation to Increase its Authorized Shares and Implement a 2 For 1 Forward Stock Split. Announcement • Feb 25
Salisbury Bancorp, Inc Announces Salisbury Bank and Trust Company Announces Retirement of Nancy F. Humphreys as Director On February 23, 2022, Nancy F. Humphreys notified the Boards of Directors of Salisbury Bancorp, Inc. and its subsidiary, Salisbury Bank and Trust Company of her intent to retire as a director and not seek re-election at the end of her current term, effective as of May 18, 2022, the anticipated date of the Company’s 2022 Annual Meeting of Shareholders. Mrs. Humphreys’ retirement is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Recent Insider Transactions • Feb 11
Insider recently sold US$71k worth of stock On the 8th of February, Todd Rubino sold around 1k shares on-market at roughly US$56.70 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$90k more than they bought in the last 12 months. Upcoming Dividend • Feb 03
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 10 February 2022. Payment date: 25 February 2022. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (3.6%). In line with average of industry peers (2.3%). Reported Earnings • Jan 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: US$5.77 (up from US$4.21 in FY 2020). Revenue: US$52.8m (up 23% from FY 2020). Net income: US$16.5m (up 40% from FY 2020). Profit margin: 31% (up from 28% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Over the next year, revenue is expected to shrink by 17% compared to a 4.2% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Salisbury Bancorp, Inc. Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2021 Salisbury Bancorp, Inc. reported net loan charge-offs for the fourth quarter ended December 31, 2021. For the quarter, the company reported net loan charge-offs were $3,000 for the fourth quarter 2021 and $87,000 for the fourth quarter 2020. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 10 November 2021. Payment date: 26 November 2021. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (3.5%). In line with average of industry peers (2.2%). Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS US$1.21 (vs US$1.53 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$12.6m (up 5.7% from 3Q 2020). Net income: US$3.45m (down 20% from 3Q 2020). Profit margin: 27% (down from 36% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of US$0.31 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 27 August 2021. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (3.5%). In line with average of industry peers (2.4%). Announcement • Jul 24
Salisbury Bancorp, Inc. Announces Net Loan Charge-Offs for the Second Quarter Ended June 30, 2021 Salisbury Bancorp, Inc. announced Net loan charge-offs for the second quarter ended June 30, 2021. For the quarter the company reported net loan charge-offs were $103,000 for the second quarter 2021. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS US$1.53 (vs US$0.96 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$13.6m (up 34% from 2Q 2020). Net income: US$4.35m (up 62% from 2Q 2020). Profit margin: 32% (up from 27% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Executive Departure • May 26
Independent Director has left the company On the 19th of May, John Perotti's tenure in the role of Independent Director ended. As of March 2021, John personally held 16.19k shares (US$719k worth at the time). A total of 2 executives have left over the last 12 months. Executive Departure • May 26
Independent Director has left the company On the 19th of May, Charles Andola's tenure as Independent Director ended after 6.5 years in the role. As of March 2021, Charles personally held 26.22k shares (US$1.2m worth at the time). A total of 2 executives have left over the last 12 months. Price Target Changed • May 23
Price target increased to US$65.00 Up from US$45.00, the current price target is an average from 2 analysts. New target price is 40% above last closing price of US$46.30. Stock is up 34% over the past year. Reported Earnings • May 11
First quarter 2021 earnings released: EPS US$1.59 (vs US$0.72 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$13.0m (up 40% from 1Q 2020). Net income: US$4.46m (up 122% from 1Q 2020). Profit margin: 34% (up from 22% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 06
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 28 May 2021. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (3.4%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 16% share price gain to US$50.29, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$66.19 per share. Major Estimate Revision • Apr 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$45.2m to US$38.6m. EPS estimate increased from US$4.78 to US$5.45 per share. Net income forecast to grow 11% next year vs 11% growth forecast for Banks industry in the US. Consensus price target up from US$33.92 to US$49.00. Share price rose 5.0% to US$43.41 over the past week. Announcement • Apr 24
Salisbury Bancorp, Inc. Announces Net Loan Charge-Offs for the First Quarter Ended March 31, 2021 Salisbury Bancorp, Inc. announced Net loan charge-offs for the first quarter ended March 31, 2021. For the quarter the company reported Net loan charge-offs were $25,000 for the first quarter 2021 compared to $17,000 for the first quarter 2020. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS US$1.59 (vs US$0.72 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$13.0m (up 40% from 1Q 2020). Net income: US$4.46m (up 122% from 1Q 2020). Profit margin: 34% (up from 22% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Salisbury Bancorp, Inc. announced that it has received $25 million in funding Salisbury Bancorp, Inc. (NasdaqCM:SAL) announced that it has entered into a entered for a private placement of 3.5% Fixed to Floating Rate Subordinated Notes due 2031 for gross proceeds of $25 million to accredited investors on March 31, 2021. The Notes have a maturity date of March 31, 2031 and bear interest at an annual rate of 3.50% per annum, from and including the Closing Date to, but excluding March 31, 2026 or the earlier redemption date, payable quarterly in arrears, from and including March 31, 2026 to, but excluding the maturity date or earlier redemption date, a floating per annum rate expected to be equal to the then current three-month term SOFR plus 280 basis points, provided, however, that in the event three-month SOFR is less than zero, three-month term SOFR shall be deemed to be zero, payable quarterly in arrears. Interest on the Subordinated Notes will be payable on March 31, June 30, September 30 and December 31 of each year to, but excluding, March 31, 2026 or the earlier redemption date, at the rate of 3.50%, and quarterly thereafter on March 31, June 30, September 30 and December 31 of each year to, but excluding, the maturity date or earlier redemption date at the floating rate. The first interest payment will be made on June 30, 2021. The notes are redeemable, without penalty, on or after March 31, 2026 and, in certain limited circumstances, prior to that date. The securities to be issued are pursuant to Regulation D. Price Target Changed • Mar 31
Price target increased to US$45.00 Up from US$41.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$46.50. Stock is up 50% over the past year. Major Estimate Revision • Mar 31
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$40.5m to US$45.2m. EPS estimate unchanged at US$4.78. Net income forecast to grow 13% next year vs 15% growth forecast for Banks industry in the US. Consensus price target up from US$37.81 to US$41.25. Share price rose 8.4% to US$46.50 over the past week. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS US$4.21 (vs US$3.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$42.8m (up 1.0% from FY 2019). Net income: US$11.8m (up 7.3% from FY 2019). Profit margin: 28% (up from 26% in FY 2019). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 3.28% (up from 3.27% in FY 2019). Cost-to-income ratio: 59.4% (down from 64.1% in FY 2019). Non-performing loans: 0.54% (up from 0.39% in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Over the next year, revenue is expected to shrink by 5.5% compared to a 18% growth forecast for the Banks industry in the US. Announcement • Feb 26
Salisbury Bancorp, Inc. and Salisbury Bank and Trust Company Announce Board Changes On February 24, 2021, Charles M. Andola, notified the Boards of Directors of Salisbury Bancorp, Inc. (the “Company”) and its subsidiary, Salisbury Bank and Trust Company (the “Bank”) of his intent to retire as a director and not seek re-election at the end of his current term, effective as of May 19, 2021, the anticipated date of the Company’s 2021 Annual Meeting of Shareholders. On February 24, 2021, John F. Perotti, notified the Boards of Directors of Salisbury Bancorp, Inc. (the “Company”) and its subsidiary, Salisbury Bank and Trust Company (the “Bank”) of his intent to retire as a director and not seek re-election at the end of his current term, effective as of May 19, 2021, the anticipated date of the Company’s 2021 Annual Meeting of Shareholders. Is New 90 Day High Low • Feb 23
New 90-day high: US$41.21 The company is up 3.0% from its price of US$40.00 on 24 November 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$61.00 per share. Major Estimate Revision • Feb 03
Analysts increase EPS estimates to US$4.74 The 2021 consensus revenue estimate increased from US$38.4m to US$40.5m. The earnings per share estimate also received an upgrade from US$3.76 to US$4.74 for the same period. Net income is expected to shrink by 4.0% next year compared to 13% growth forecast for the Banks industry in the US . The consensus price target increased from US$39.50 to US$41.25. Share price is down by 3.8% to US$37.50 over the past week. Reported Earnings • Jan 29
Full year 2020 earnings released: EPS US$4.21 (vs US$3.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$43.4m (up 2.4% from FY 2019). Net income: US$11.9m (up 8.8% from FY 2019). Profit margin: 28% (up from 26% in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 29
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Over the next year, revenue is expected to shrink by 12% compared to a 17% growth forecast for the Banks industry in the US. Recent Insider Transactions • Nov 28
Insider recently sold US$52k worth of stock On the 24th of November, Steven Essex sold around 1k shares on-market at roughly US$40.00 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$42k more than they bought in the last 12 months. Major Estimate Revision • Nov 13
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from US$3.89 to US$4.45. Revenue estimate was reaffirmed at US$39.0m. Net income is expected to shrink by 6.0% next year compared to 3.4% growth forecast for the Banks industry in the US . The consensus price target was reaffirmed at US$40.75. Share price is up 4.4% to US$37.72 over the past week. Is New 90 Day High Low • Nov 11
New 90-day high: US$39.38 The company is up 4.0% from its price of US$38.00 on 13 August 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$53.57 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS US$1.53 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$11.9m (up 10% from 3Q 2019). Net income: US$4.29m (up 46% from 3Q 2019). Profit margin: 36% (up from 27% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 76%. Over the next year, revenue is expected to shrink by 6.9% compared to a 18% growth forecast for the Banks industry in the US. Reported Earnings • Nov 02
Third quarter earnings released Over the last 12 months the company has reported total profits of US$12.0m, up 14% from the prior year. Total revenue was US$42.6m over the last 12 months, largely unchanged from the prior year. Analyst Estimate Surprise Post Earnings • Nov 02
Third-quarter earnings released: Earnings beat expectations Earnings per share (EPS) surpassed analyst estimates by 76% at US$1.53. Revenue is forecast to stay flat over the next year, compared to a 18% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Sep 24
New 90-day low: US$34.50 The company is down 13% from its price of US$39.56 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$52.55 per share.