SYBT - Stock Yards Bancorp, Inc.
Price:
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CONSENSUS:
Hold
DETAILS
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PRICE TARGET:
$85.00
DETAILS
HIGH:
$90.00
LOW:
$78.00
MEDIAN:
$87.00
CONSENSUS:
$85.00
UPSIDE:
13.20%
AlphaVal
Deterministic, archetype-aware fair value
Banks, Insurers & Asset Managers
85% confidence
Primary model: P/Tangible Book × ROE Quality
Adjust Assumptions
16.3%
8.0%
Key Value Driver
ROTCE (16.3%) vs. cost of equity (8.0%)
Implied Market Multiple
2.58x
Plain-Language Summary
With ROTCE of 16.3% vs. 8.0% cost of equity, fair P/TBV is 3.10x on $29.11 tangible book, implying $90.18 per share. DDM cross-check: $25.04.
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.
Average Target (11 analysts)
$85.00
Analyst Range
$78.00 – $90.00
Divergence from AlphaVal
6%
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Dividend-based valuation: $25.04 (72% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly