Bcb Bancorp Inc (NASDAQ: BCBP)

Sector: Financial Services Industry: Banks - Regional CIK: 0001228454
Market Cap 116.01 Mn
P/B 0.36
P/E 136.00
P/S 1.80
ROIC (Qtr) 0.40
Div Yield % 7.84
Rev 1y % (Qtr) -3.89
Total Debt (Qtr) 335.66 Mn
Debt/Equity (Qtr) 1.05

About

BCB Bancorp, Inc. (BCBP) is a bank holding company based in New Jersey that operates through its subsidiary, BCB Community Bank. The company is a community-oriented financial institution that specializes in offering deposit products and investing funds in loans and investment securities. BCB Bancorp operates in the highly competitive banking industry in northeast New Jersey and New York City, providing financial products and services to individuals, businesses, and municipalities in the northeastern United States. The company's main business activities...

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Price action

Investment thesis

Bull case

  • Strong tangible asset base of 3.35B provides 9.97x coverage of total debt 335.66M, indicating robust asset backing and low credit risk.
  • Operating cash flow of 31.86M provides strong 34.60x coverage of stock compensation 921000, indicating sustainable incentive practices.
  • Robust free cash flow of 30.18M exceeds capital expenditure of 1.68M by 17.98x, indicating strong organic growth funding capability.
  • Retained earnings of 131.67M provide strong 25.07x coverage of intangibles 5.25M, indicating quality earnings retention.
  • Free cash flow of 30.18M provides solid 1.76x coverage of operating expenses 17.11M, showing operational efficiency.

Bear case

  • Operating cash flow of 31.86M barely covers its investment activities of 238.24M, with a coverage ratio of 0.13, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 31.86M provides thin coverage of dividend payments of (10.61M) with a -3 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of 30.18M represents just -0.14x of debt issuance (210.30M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Retained earnings of 131.67M provide limited buffer against comprehensive income items of (2.96M), which is -44.54x, indicating elevated exposure to market risks.
  • R&D investment of 0 represents just 0x of SG&A expenses of 43.75M, indicating potential underinvestment in innovation relative to administrative overhead.

Peer comparison

Companies in the Banks - Regional
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 USB Us Bancorp \De\ 84.44 Bn 12.40 3.25 77.98 Bn
2 PNC Pnc Financial Services Group, Inc. 84.36 Bn 13.61 3.73 62.34 Bn
3 NU Nu Holdings Ltd. 81.47 Bn 32.21 5.79 4.49 Bn
4 NWG NatWest Group plc 66.53 Bn 9.88 3.05 169.04 Bn
5 TFC Truist Financial Corp 64.60 Bn 13.18 3.53 71.11 Bn
6 MTB M&T Bank Corp 32.73 Bn 12.47 3.60 14.99 Bn
7 FITB Fifth Third Bancorp 31.96 Bn 14.15 3.93 18.94 Bn
8 FCNCA First Citizens Bancshares Inc /De/ 28.98 Bn 12.78 3.26 40.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.09 0.14
EV to Cash from Ops. EV/CFO 9.40 7.21
EV to Debt EV to Debt 0.89 5.20
EV to EBIT EV/EBIT 80.39 14.98
EV to EBITDA EV/EBITDA 64.90 8.92
EV to Free Cash Flow [EV/FCF] EV/FCF 9.93 8.87
EV to Market Cap EV to Market Cap 2.58 1.04
EV to Revenue EV/Rev 4.64 -3.76
Price to Book Value [P/B] P/B 0.36 1.17
Price to Earnings [P/E] P/E 136.00 15.63
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.07 271.44
Dividend Payout Ratio % Div Payout % (Qtr) 1,066.70 35.28
Dividend per Basic Share Div per Share (Qtr) 0.48 0.89
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 27.37 34.52
Interest Coverage Interest Coverage 0.00 -0.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -264.21 -73.15
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 2.66 15.78
Dividend Growth (1y) % Div 1y % (Qtr) -25.00 5.32
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -87.05 110.93
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -84.73 38.80
EBIT Growth (1y) % EBIT 1y % (Qtr) -87.71 61.46
EBT Growth (1y) % EBT 1y % (Qtr) -87.71 61.37
EPS Growth (1y) % EPS 1y % (Qtr) -94.87 76.34
FCF Growth (1y) % FCF 1y % (Qtr) -49.82 161.72
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -27.94 14.15
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.04
Cash Payout Ratio Cash Payout (Qtr) 0.34 0.26
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.01
Debt to Equity Ratio Debt/Equity (Qtr) 1.05 0.53
Interest Cover Ratio Interest Cover Ratio 0.00 -0.05
Times Interest Earned Times Interest Earned 0.00 -0.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 7.10 147.97
EBIT Margin % EBIT Margin % (Qtr) 5.77 155.41
EBT Margin % EBT Margin % (Qtr) 5.77 154.66
Gross Margin % Gross Margin % (Qtr) 100.00 97.82
Net Profit Margin % Net Margin % (Qtr) 1.30 115.63