Citizens Holding Company

AI-generated fair value estimate for this company.

Method: Excess-return (justified price-to-book) model. Citizens Holding Company (voluntarily delisted from Nasdaq Global Market in Dec. 2023 and now trades OTC under CIZN at $9.15, market cap ~$51.5M on 5.62-5.69M shares) has TTM book value per share of $12.24 (6/30/2026; FY2025 book value was $10.99) and TTM EPS of $1.67 (FY2025 EPS $1.44, P/E ~5.5x). Using a normalized sustainable ROE of 13% (between the FY2025 13.1% and TTM ~13.6% actuals), a cost of equity of 11%, and long-run growth of 3%: justified P/B = (ROE-g)/(COE-g) = (0.13-0.03)/(0.11-0.03) = 1.25x; value = $12.24 x 1.25 ~= $15.30/share.

Reasoning: As a small, consistently profitable community bank holding company whose quarterly dividend was suspended in Sept. 2025 explicitly to retain capital for growth (management stated this is temporary, not distress-driven), a book-value-anchored excess-return model fits better than a DCF or a dividend-discount model with no current payout; the result implies the stock (currently ~0.75x book) is undervalued relative to its above-cost-of-capital returns.