Capital City Bank Group Inc (NASDAQ: CCBG)

Sector: Financial Services Industry: Banks - Regional CIK: 0000726601
Market Cap 725.50 Mn
P/B 1.34
P/E 11.90
P/S 2.94
ROIC (Qtr) 9.91
Div Yield % 2.89
Rev 1y % (Qtr) 9.38
Total Debt (Qtr) 83.51 Mn
Debt/Equity (Qtr) 0.15

About

Capital City Bank Group, Inc. (CCBG) is a financial holding company headquartered in Tallahassee, Florida. With approximately $4.3 billion in assets, it is one of the largest publicly traded financial holding companies based in Florida. The company operates primarily in the banking industry, providing a wide range of services including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services. Capital City Bank Group operates through...

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Price action

Investment thesis

Bull case

  • Strong operating cash flow of 87.29M provides robust 1.05x coverage of total debt 83.51M, indicating excellent debt servicing capability and financial flexibility.
  • Operating cash flow of 87.29M provides exceptional 1229.48x coverage of minority interest expenses 71000, showing strong core operations.
  • Strong tangible asset base of 4.23B provides 50.71x coverage of total debt 83.51M, indicating robust asset backing and low credit risk.
  • Operating cash flow of 87.29M provides strong 42.98x coverage of stock compensation 2.03M, indicating sustainable incentive practices.
  • Robust free cash flow of 79.08M exceeds capital expenditure of 8.21M by 9.63x, indicating strong organic growth funding capability.

Bear case

  • Operating cash flow of 87.29M provides thin coverage of dividend payments of (16.52M) with a -5.28 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of 79.08M represents just -10.79x of debt issuance (7.33M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • R&D investment of 0 represents just 0x of SG&A expenses of 132.70M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Deposit liabilities of 3.61B significantly exceed cash reserves of 465.90M, which is 7.76x, indicating potential liquidity risk in stress scenarios.
  • Other operating expenses of 33.24M consume 0.38x of operating cash flow 87.29M, indicating potential cost control issues affecting cash generation.

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 0.08 0.14
EV to Cash from Ops. EV/CFO 3.78 7.21
EV to Debt EV to Debt 3.95 5.20
EV to EBIT EV/EBIT 4.10 14.98
EV to EBITDA EV/EBITDA 3.75 8.92
EV to Free Cash Flow [EV/FCF] EV/FCF 4.17 8.87
EV to Market Cap EV to Market Cap 0.45 1.04
EV to Revenue EV/Rev 1.34 -3.76
Price to Book Value [P/B] P/B 1.34 1.17
Price to Earnings [P/E] P/E 11.90 15.63
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 3.69 271.44
Dividend Payout Ratio % Div Payout % (Qtr) 27.20 35.28
Dividend per Basic Share Div per Share (Qtr) 0.97 0.89
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 20.94 34.52
Interest Coverage Interest Coverage 0.00 -0.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -2.29 -73.15
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 34.96 15.78
Dividend Growth (1y) % Div 1y % (Qtr) 14.12 5.32
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 18.23 110.93
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 24.93 38.80
EBIT Growth (1y) % EBIT 1y % (Qtr) 25.35 61.46
EBT Growth (1y) % EBT 1y % (Qtr) 25.35 61.37
EPS Growth (1y) % EPS 1y % (Qtr) 17.05 76.34
FCF Growth (1y) % FCF 1y % (Qtr) 61.73 161.72
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 9.03 14.15
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.06 0.04
Cash Payout Ratio Cash Payout (Qtr) 0.17 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) 0.15 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) 35.70 147.97
EBIT Margin % EBIT Margin % (Qtr) 32.64 155.41
EBT Margin % EBT Margin % (Qtr) 32.64 154.66
Gross Margin % Gross Margin % (Qtr) 100.00 97.82
Net Profit Margin % Net Margin % (Qtr) 24.70 115.63