Financials VersaBank

Equities

VBNK

CA92512J1066

Banks

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
13.48 ^CAD	+1.51%		+2.04%	-7.29%

Apr. 17	Transcript : VersaBank - Shareholder/Analyst Call
Mar. 07	News Highlights : Top Financial Services News of the Day - Thursday at 12 AM ET	DJ

Valuation

Fiscal Period: October	2020	2021	2022	2023	2024	2025
Capitalization ¹	139.2	405.6	254.9	269	350	-
Enterprise Value (EV) ¹	139.2	405.6	254.9	269	350	350
P/E ratio	8.04 x	15.4 x	11.8 x	6.6 x	6.75 x	5.27 x
Yield	-	0.68%	1.08%	-	0.72%	0.72%
Capitalization / Revenue	-	6.21 x	3.09 x	2.48 x	2.82 x	2.28 x
EV / Revenue	-	6.21 x	3.09 x	2.48 x	2.82 x	2.28 x
EV / EBITDA	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	-	1.27 x	0.75 x	0.74 x	0.86 x	0.76 x
Nbr of stocks (in thousands)	21,124	27,441	27,441	25,964	25,964	-
Reference price ²	6.590	14.78	9.290	10.36	13.48	13.48
Announcement Date	11/25/20	12/1/21	12/7/22	12/13/23	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2020	2021	2022	2023	2024	2025
Net sales ¹	-	65.36	82.39	108.6	124.1	153.6
EBITDA	-	-	-	-	-	-
EBIT ¹	-	30.35	33	58.25	72.61	96.31
Operating Margin	-	46.44%	40.05%	53.62%	58.5%	62.69%
Earnings before Tax (EBT) ¹	-	30.79	32.55	57.64	71.85	95.12
Net income ¹	19.4	22.38	22.66	42.16	52.53	67.25
Net margin	-	34.24%	27.5%	38.81%	42.31%	43.78%
EPS ²	0.8200	0.9600	0.7900	1.570	1.997	2.557
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	0.1000	0.1000	-	0.0970	0.0970
Announcement Date	11/25/20	12/1/21	12/7/22	12/13/23	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	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	2025 Q2
Net sales ¹	18.24	18.27	18.64	21.24	24.25	25.92	26.68	26.86	29.17	28.85	29.61	31.74	35.2	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7.859	-	-	-	10.48	13.58	13.96	13.98	16.73	16.83	16.64	18.18	20.93	20.6	21.6
Operating Margin	43.1%	-	-	-	43.2%	52.41%	52.31%	52.05%	57.35%	58.32%	56.2%	57.27%	59.47%	-	-
Earnings before Tax (EBT) ¹	8.138	7.628	6.79	-	10.27	13.2	13.72	13.81	16.92	16.95	16.39	17.87	20.62	20.2	21.2
Net income ¹	5.91	5.566	4.943	-	6.429	9.417	10.26	10	12.48	12.7	12.14	12.85	14.82	14.4	15.1
Net margin	32.41%	30.47%	26.53%	-	26.51%	36.33%	38.46%	37.24%	42.78%	44.02%	41%	40.49%	42.12%	-	-
EPS ²	0.2400	0.1900	0.1700	-	0.2300	0.3400	0.3800	0.3800	0.4700	0.4800	0.4600	0.4900	0.5650	0.5500	0.5800
Dividend per Share ²	0.0250	0.0250	0.0250	-	0.0250	0.0245	0.0250	-	0.0250	-	0.0300	0.0300	0.0300	-	-
Announcement Date	12/1/21	3/2/22	6/1/22	8/31/22	12/7/22	3/8/23	6/7/23	8/30/23	12/13/23	3/6/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: October	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	8.45%	6.61%	11.8%	13.4%	15.3%
ROA (Net income/ Total Assets)	-	0.95%	0.76%	1.1%	1.14%	1.2%
Assets ¹	-	2,356	2,981	3,833	4,607	5,604
Book Value Per Share ²	-	11.60	12.40	14.00	15.60	17.80
Cash Flow per Share	-	-	-	-	-	-
Capex	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-
Announcement Date	11/25/20	12/1/21	12/7/22	12/13/23	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for VersaBank

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.48 CAD

Average target price

17.75 CAD

Spread / Average Target

+31.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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