MeritValue

RENASANT CORP

RNSTdata completeness 100%17 fiscal years on file
The thesis, from the filings

RENASANT CORP earns about 20% on invested capital, far above its ~9% cost of capital, but has diluted owners by 55% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $20.83 and $22.1 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$468.7M1$541.8M2$797.3M3$887.8M3$1.26B3
Net income$175.9M4$166.1M5$144.7M6$195.5M6$181.3M6
Operating cash flow$142.7M7$574M8$148.6M9$106.4M9$271.5M9
Capital expenditure$20.5M10$14.8M11$21.6M12$13.6M12$33.7M12
Free cash flow (derived)$122.1M7$559.2M8$126.9M9$92.8M9$237.8M9
Total debt$485.2M13$1.14B14$737M15$538.6M16$1.06B16
Cash & equivalents$1.88B17$576M18$801.4M19$1.09B20$1.07B20
Diluted shares56.4M56.2M56.4M59.7M87.5M

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
$443.91
your share of equity
Profit it earned you last year
$20.71
Free cash flow it threw off
$27.17
Debt you’d be carrying
$120.61

10 shares is a claim on $443.91 of net worth that earned you $20.71 and generated $27.17 of cash last year, against $120.61 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 26%FY22 8%FY23 17%FY24 28%FY25 21%

It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+55% shares · 5y

Share count is up 55% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 118% over the same window.

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

The 3 estimate methods that apply put fair value between $20.83 and $22.1 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$21.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.3%
  • fcfBase$126.9M
DCF · Growth Exit 5Y
$22.1
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.3%
  • fcfBase$126.9M
Earnings Power Value
$20.83
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$175.9M
  • growthAssumed0.0%
Graham Number
$45.47
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $22.1
The three cases
Bear0.0%$20.89
Base1.3%$22.1
Bull6.3%$27.35

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 1.3%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000715072-24-000042 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000715072-25-000054 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000715072-26-000017 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000715072-24-000042 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000715072-25-000054 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000715072-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000715072-24-000042 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000715072-25-000054 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000715072-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000715072-24-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000715072-25-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000715072-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000715072-23-000054 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000715072-24-000042 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000715072-25-000054 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000715072-26-000017 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000715072-23-000054 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000715072-24-000042 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000715072-25-000054 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000715072-26-000017 (CashAndCashEquivalentsAtCarryingValue)