Company Valuation: Commerce Bancshares, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,385 8,531 6,970 8,389 7,277 7,973 - -
Change - 1.74% -18.29% 20.36% -13.26% 9.57% - -
Enterprise Value (EV) 8,385 8,531 6,970 8,389 7,277 7,973 7,973 7,973
Change - 1.74% -18.29% 20.36% -13.26% 9.57% 0% 0%
P/E 15.9x 17.7x 14.7x 16.1x 13x 13.1x 12.1x 11x
PBR 2.42x 3.43x 2.35x 2.51x 1.89x 1.78x 1.64x 1.51x
PEG - -2.85x -20.22x 1.4x 1.35x 2.62x 1.47x 1.13x
Capitalization / Revenue 5.96x 5.62x 4.41x 5.02x 4.11x 4.01x 3.87x 3.69x
EV / Revenue 0x 0x 0x 0x 0x 4.01x 3.87x 3.69x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 9.23x 8.84x 8.4x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.8227 0.8725 0.9333 0.98 1.048 1.103 1.166 1.233
Rate of return 1.45% 1.48% 1.93% 1.65% 2% 1.98% 2.1% 2.22%
EPS 2 3.546 3.326 3.302 3.686 4.04 4.242 4.592 5.04
Distribution rate 23.2% 26.2% 28.3% 26.6% 25.9% 26% 25.4% 24.5%
Net sales 1 1,408 1,519 1,580 1,673 1,770 1,987 2,063 2,162
EBITDA - - - - - - - -
EBIT 1 601.6 670.1 573 721.6 790.2 863.5 901.7 949.4
Net income 1 530.8 488.4 477.1 526.3 566.3 606.3 635.8 672.5
Net Debt - - - - - - - -
Reference price 2 56.55 58.80 48.44 59.34 52.34 55.59 55.59 55.59
Nbr of stocks (in thousands) 148,267 145,074 143,879 141,371 139,035 143,432 - -
Announcement Date 1/19/22 A 1/19/23 A 1/18/24 A 1/22/25 A 1/22/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.1x - - 1.98% 7.97B
13.38x - - 1.89% 897B
6.25x - - 4.95% 408B
12.04x - - 2.13% 392B
12.28x - - 4.25% 344B
6.22x - - 4.95% 330B
6.8x - - 4.66% 298B
17.33x - - 2.43% 276B
14.47x - - 2.72% 257B
11.2x - - 2.33% 248B
Average 11.31x 3.23% 345.85B
Weighted average by Cap. 11.27x 3.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Commerce Bancshares, Inc.