Company Valuation: MACATAWA

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Market Cap 1 327.2 379.1 285.4 301.6 377.7 386.8
Change - 15.86% -24.71% 5.65% 25.26% 2.4%
Enterprise Value (EV) 1 264.2 196 -406.6 -764.4 -346.8 -32.75
Change - -25.79% -307.4% -88% 54.63% 90.56%
P/E 12.4x 11.9x 9.51x 10.4x 10.9x 8.95x
PBR 1.72x 1.75x 1.19x 1.19x 1.53x 1.35x
PEG - 0.6x -1.51x -2.89x 0.6x 0.4x
Capitalization / Revenue 4.27x 4.53x 3.46x 3.69x 4.14x 3.67x
EV / Revenue 3.45x 2.34x -4.93x -9.34x -3.8x -0.31x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.25 0.28 0.32 0.32 0.32 0.33
Rate of return 2.6% 2.52% 3.82% 3.63% 2.9% 2.93%
EPS 2 0.7754 0.939 0.88 0.8483 1.01 1.26
Distribution rate 32.2% 29.8% 36.4% 37.7% 31.7% 26.2%
Net sales 1 76.68 83.66 82.51 81.81 91.29 105.3
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 26.38 31.98 30.16 29.01 34.73 43.22
Net Debt 1 -63.05 -183.1 -692 -1,066 -724.5 -419.6
Reference price 2 9.62 11.13 8.37 8.82 11.03 11.28
Nbr of stocks (in thousands) 34,014 34,061 34,101 34,190 34,246 34,291
Announcement Date 2/14/19 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 509M
14.93x - - 1.89% 894B
12.64x - - 2.09% 401B
11.89x - - 4.35% 330B
17.83x - - 2.39% 281B
11.98x - - 2.24% 256B
16.72x - - 2.31% 230B
17.89x - - 2.63% 197B
11.23x - - 2.29% 198B
25.48x - - 3.07% 194B
Average 15.62x 2.58% 298.13B
Weighted average by Cap. 15.08x 2.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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