Stock MBIN MERCHANTS BANCORP
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Financials Merchants Bancorp

Equities

MBIN

US58844R1086

Banks

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
39.27 USD +0.59% Intraday chart for Merchants Bancorp -0.86% -7.77%
Apr. 29 Merchants Bancorp Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 16 North American Morning Briefing : Powell Comments, -2- DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 565.8 794.2 1,362 1,048 1,841 1,703 -
Enterprise Value (EV) 1 565.8 794.2 1,362 1,048 1,841 1,703 1,703
P/E ratio 8.32 x 4.79 x 6.63 x 5.44 x 7.55 x 6.95 x 6.9 x
Yield 1.42% 1.16% 0.76% - - 0.92% 1.02%
Capitalization / Revenue 3.34 x 2.26 x 3.13 x 2.36 x 3.27 x 2.84 x 2.72 x
EV / Revenue 3.34 x 2.26 x 3.13 x 2.36 x 3.27 x 2.84 x 2.72 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 0.87 x 1.33 x 1.15 x 1.09 x 1.53 x 1.19 x 1.03 x
Nbr of stocks (in thousands) 43,060 43,118 43,178 43,110 43,240 43,355 -
Reference price 2 13.14 18.42 31.55 24.32 42.58 39.27 39.27
Announcement Date 1/30/20 1/28/21 1/31/22 1/30/23 1/29/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 169.4 351.6 435.3 444.5 562.7 599.2 625
EBITDA - - - - - - -
EBIT 1 106.1 255.2 309.9 308.4 388.1 398.4 405.6
Operating Margin 62.62% 72.58% 71.2% 69.39% 68.97% 66.49% 64.89%
Earnings before Tax (EBT) 1 102.1 243.4 304.9 291.1 347.9 393 433
Net income 1 68.11 166.1 206.2 193.7 244.6 245.6 248.1
Net margin 40.21% 47.23% 47.37% 43.59% 43.46% 41% 39.7%
EPS 2 1.580 3.847 4.760 4.470 5.640 5.650 5.690
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.1867 0.2133 0.2400 - - 0.3600 0.4000
Announcement Date 1/30/20 1/28/21 1/31/22 1/30/23 1/29/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 109.2 113 100.3 111.2 114.6 118.4 115 135.5 153.5 158.8 167.9 149 152.2 153.9 147.5
EBITDA - - - - - - - - - - - - - - -
EBIT 1 79.68 75.37 69.29 69.29 79.62 81.28 80.18 91.18 110.6 106.2 119 99.3 101.6 100.9 95.05
Operating Margin 73% 66.69% 69.07% 62.31% 69.49% 68.66% 69.75% 67.29% 72.03% 66.89% 70.87% 66.62% 66.78% 65.56% 64.44%
Earnings before Tax (EBT) 1 78.6 72.78 66.84 72.03 77.4 74.88 73.32 68.58 106.6 99.45 114.3 99 99 98 98
Net income 1 52.77 49.47 44.41 48.21 52.76 48.36 46.29 56.63 72.84 68.81 78.39 61.4 63.05 61.85 56.9
Net margin 48.35% 43.78% 44.27% 43.35% 46.05% 40.85% 40.27% 41.8% 47.45% 43.33% 46.68% 41.19% 41.44% 40.19% 38.58%
EPS 2 1.220 1.140 1.020 1.110 1.220 1.120 1.070 1.310 1.680 1.580 1.800 1.405 1.450 1.415 1.310
Dividend per Share 2 0.0600 0.0600 0.0700 0.0700 0.0700 - 0.0800 0.0800 0.0800 - 0.0900 0.0900 0.0900 0.0900 0.1000
Announcement Date 10/28/21 1/31/22 4/28/22 7/28/22 10/27/22 1/30/23 4/27/23 7/27/23 10/26/23 1/29/24 4/29/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 12.7% 32% 21% 22.1% 22.6% 18.8% 16.1%
ROA (Net income/ Total Assets) 1.47% 2.12% 2.23% 1.99% 1.85% 1.41% 1.33%
Assets 1 4,634 7,833 9,248 9,736 13,220 17,422 18,654
Book Value Per Share 2 15.20 13.90 27.60 22.30 27.80 33.00 38.30
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 1/30/20 1/28/21 1/31/22 1/30/23 1/29/24 - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Merchants Bancorp

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
39.27 USD
Average target price
54 USD
Spread / Average Target
+37.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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