Stock MBIN MERCHANTS BANCORP
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Financials Merchants Bancorp

Equities

MBIN

US58844R1086

Banks

Market Closed - Nasdaq
Other stock markets
 01:30:00 15/05/2024 am IST 		5-day change 1st Jan Change
42.62 USD -10.48% Intraday chart for Merchants Bancorp -9.30% +0.09%
14/05 Merchants Bancorp Prices $98 Million Common Stock Offering MT
13/05 Merchants Bancorp Plans Public Offering of 2.4 Million Common Shares; Stock Sliding Over 9% in Extended Trade MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 565.8 794.2 1,362 1,048 1,841 1,950 -
Enterprise Value (EV) 1 565.8 794.2 1,362 1,048 1,841 1,950 1,950
P/E ratio 8.32 x 4.79 x 6.63 x 5.44 x 7.55 x 6.57 x 6.81 x
Yield 1.42% 1.16% 0.76% - - 0.84% 0.94%
Capitalization / Revenue 3.34 x 2.26 x 3.13 x 2.36 x 3.27 x 2.98 x 2.91 x
EV / Revenue 3.34 x 2.26 x 3.13 x 2.36 x 3.27 x 2.98 x 2.91 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 1.25 x 1.07 x
Nbr of stocks (in thousands) 43,060 43,118 43,178 43,110 43,240 45,755 -
Reference price 2 13.14 18.42 31.55 24.32 42.58 42.62 42.62
Announcement Date 30/01/20 28/01/21 31/01/22 30/01/23 29/01/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 169.4 351.6 435.3 444.5 562.7 654.7 670.6
EBITDA - - - - - - -
EBIT 1 106.1 255.2 309.9 308.4 388.1 449.4 447.2
Operating Margin 62.62% 72.58% 71.2% 69.39% 68.97% 68.65% 66.68%
Earnings before Tax (EBT) 102.1 243.4 304.9 291.1 347.9 - 446
Net income 1 68.11 166.1 206.2 193.7 244.6 287.6 281.2
Net margin 40.21% 47.23% 47.37% 43.59% 43.46% 43.93% 41.92%
EPS 2 1.580 3.847 4.760 4.470 5.640 6.485 6.260
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 30/01/20 28/01/21 31/01/22 30/01/23 29/01/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 1 113 100.3 111.2 114.6 118.4 115 135.5 153.5 158.8 167.9 160.6 163.8 163.7 161 166
EBITDA - - - - - - - - - - - - - - -
EBIT 1 75.37 69.29 69.29 79.62 81.28 80.18 91.18 110.6 106.2 119 109.2 111.6 109.8 107 110.7
Operating Margin 66.69% 69.07% 62.31% 69.49% 68.66% 69.75% 67.29% 72.03% 66.89% 70.87% 68.05% 68.13% 67.1% 66.45% 66.69%
Earnings before Tax (EBT) 1 72.78 66.84 72.03 77.4 74.88 73.32 68.58 106.6 99.45 114.3 105 107 102 102 111
Net income 1 49.47 44.41 48.21 52.76 48.36 46.29 56.63 72.84 68.81 78.39 69.9 70.6 67.9 65.75 69.5
Net margin 43.78% 44.27% 43.35% 46.05% 40.85% 40.27% 41.8% 47.45% 43.33% 46.68% 43.54% 43.1% 41.48% 40.85% 41.87%
EPS 2 1.140 1.020 1.110 1.220 1.120 1.070 1.310 1.680 1.580 1.800 1.590 1.580 1.520 1.470 1.540
Dividend per Share 2 0.0600 0.0700 0.0700 0.0700 - 0.0800 0.0800 0.0800 - - 0.0900 0.0900 0.0900 0.1000 0.1000
Announcement Date 31/01/22 28/04/22 28/07/22 27/10/22 30/01/23 27/04/23 27/07/23 26/10/23 29/01/24 29/04/24 - - - - -
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% 20.9% 17.1%
ROA (Net income/ Total Assets) 1.47% 2.12% 2.23% 1.99% 1.85% 1.61% 1.46%
Assets 1 4,634 7,833 9,248 9,736 13,220 17,863 19,257
Book Value Per Share 2 15.20 13.90 27.60 22.30 27.80 34.10 39.90
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 30/01/20 28/01/21 31/01/22 30/01/23 29/01/24 - -
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
42.62 USD
Average target price
56.75 USD
Spread / Average Target
+33.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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