MeritValue

Dime Commercial Bancshares, Inc. /NY/

DCOMdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Dime Commercial Bancshares, Inc. /NY/ earns about 65% on invested capital, but has diluted owners by 11% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $25.05 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16M1$16.2M2$16.4M3$16.7M3$19.9M3
Net income$104M4$152.6M5$96.1M6$29.1M6$110.7M6
Operating cash flow$146.3M7$295.2M8$90.9M9$99.1M9$186.6M9
Capital expenditure—$3.75M10———
Free cash flow (derived)—$291.4M8———
Total debt—————
Cash & equivalents$393.7M11$169.3M12$457.5M12$1.28B12$2.35B12
Diluted shares38.9M38.5M38.2M38.9M43.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$343.02
your share of equity
Profit it earned you last year
$25.73
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $343.02 of net worth that earned you $25.73 last year.

iii. Is this a good business?
Moat signal · return on invested capital
65% avg · 5y
FY21 15%FY22 20%FY23 39%FY24 185%FY25 —

It earned an average 65% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 5y

Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$25.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$104M
  • growthAssumed0.0%
Graham Number
$42.68
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000846617-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000846617-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000846617-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000846617-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000846617-25-000013 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000846617-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000846617-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000846617-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000846617-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000846617-23-000018 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2021-12-31 · accession 0000846617-25-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2022-12-31 · accession 0000846617-26-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)