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Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Civista Bancshares's forward rate of return for was 14.75%.
The historical rank and industry rank for Civista Bancshares's Forward Rate of Return (Yacktman) % or its related term are showing as below:
During the past 13 years, Civista Bancshares's highest Forward Rate of Return was 31.97. The lowest was 14.21. And the median was 18.24.
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
The historical data trend for Civista Bancshares's Forward Rate of Return (Yacktman) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Civista Bancshares Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Forward Rate of Return (Yacktman) % | Get a 7-Day Free Trial | 17.95 | 19.99 | 17.90 | 14.43 | 14.75 |
Civista Bancshares Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Forward Rate of Return (Yacktman) % | Get a 7-Day Free Trial | 16.85 | 16.52 | 18.53 | 14.75 | - |
For the Banks - Regional subindustry, Civista Bancshares's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Banks industry and Financial Services sector, Civista Bancshares's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Civista Bancshares's Forward Rate of Return (Yacktman) % falls into.
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
Civista Bancshares's Forward Rate of Return of Dec. 2023 is
Forward Rate of Return | = | Normalized Free Cash Flow | / | Price | + | 5-Year Book Value Growth Rate |
= | 2.24304762 | / | 15.38 | + | 0.0235 | |
= | 16.93 % |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Civista Bancshares (NAS:CIVB) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of Book Value per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Thank you for viewing the detailed overview of Civista Bancshares's Forward Rate of Return (Yacktman) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Gerald B Wurm | other: Affiliate Director | 100 EAST WATER STREET, SANDUSKY OH 44870 |
Darci L Congrove | director | 756 JAEGER STREET, COLUMBUS OH 43206 |
Mark J. Macioce | director | 10585 WYNDTREE DRIVE, CONCORD TOWNSHIP OH 44077 |
Nathan E Weaks | other: Subsidiary Director | 1514 COUNTY ROAD 4-1, SWANTON OH 43558 |
Julie A Mattlin | director | 6368 COOK ROAD, GUILFORD IN 47022 |
Allen R Nickles | director | 100 EAST WATER STREET, SANDUSKY OH 44870 |
Lorina W Wise | director | 9224 JACKIES BEND, REYNOLDSBURG OH 43068 |
William F Ritzmann | director | 19813 LAKEVIEW DRIVE, LAWRENCEBURG IN 47025 |
Perfect Clyde A Jr | other: Subsidiary Director | 20760 MOUNT PLEASANT ROAD, LAWRENCEBURG IN 47025 |
Edwards Russell L Jr | officer: Senior Vice President | 3630 LUDGATE ROAD, SHAKER HEIGHTS OH 44120 |
Kessler Carl A Iii | officer: Senior Vice President | 4529 SECRETARIAT COURT, AVON OH 44011 |
Curry Robert L Jr | officer: Senior Vice President | 720 JASMINE AVENUE, MARBLEHEAD OH 43440-1844 |
Harry Singer | other: Subsidiary Director | 5309 GOLFWAY LANE, LYNDHURST OH 44124 |
Barry W Boerger | director | 12175 URBANNA WOODSTOCK PK, MILFORD CENTER OH 43045 |
Murray Dennis E Jr | director | 2035 CEDAR POINT ROAD, SANDUSKY OH 44870 |
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