Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Codorus Valley Bancorp: Growing Bank Deserves A Higher Multiple

Codorus Valley Bancorp (NASDAQ:CVLY) is a Pennsylvania bank holding company for PeoplesBank. With origins tracing back to 1864 and organized in 1934, it has $901 million in deposits, $1.05 billion in assets and a tangible book value of $71 million. In 2012, Codorus had record earnings of $9 million -- or a return on tangible equity of 12%. With a current market cap of $79.22 million, Codorus has an earnings yield of 11.3% or a PE of 8.8. Codorus also has been growing its depositor base.

Codorus looks primed to continue to achieve earnings around $9 million. The earnings yield is satisfactory in itself, but an investment in Codorus is characterized by its historically rapid growth, its strong...

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