DDM Analysis: 0JG5.L

Valuation Snapshot

Stable Growth	$2.07 - $3.06	$2.55
Multi-Stage	$6.37 - $7.03	$6.69
Blended Fair Value	$4.62
Current Price	$8.53
Upside	-45.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.07%	-2.19%	0.06	0.05	0.04	0.03	0.00	0.15	0.30	0.30	0.30	0.15
YoY Growth	-	-	17.65%	25.00%	28.65%	0.00%	-100.00%	-50.00%	0.00%	0.00%	102.42%	101.83%
Dividend Yield	-	-	0.76%	0.96%	0.92%	0.54%	0.00%	3.44%	4.60%	5.05%	4.80%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.58
(-) Cash Dividends Paid (M)	5.04
(=) Cash Retained (M)	4.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.92	1.20	0.72
Cash Retained (M)	4.54	4.54	4.54
(-) Cash Required (M)	-1.92	-1.20	-0.72
(=) Excess Retained (M)	2.62	3.34	3.82
(/) Shares Outstanding (M)	35.49	35.49	35.49
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	5.79%	5.79%	5.79%
Growth Rate	-4.19%	-3.19%	-2.19%
Fair Value	$2.07	$2.55	$3.06
Upside / Downside	-75.69%	-70.14%	-64.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.58	9.28	8.98	8.69	8.42	8.15	8.39
Payout Ratio	52.63%	60.10%	67.58%	75.05%	82.53%	90.00%	92.50%
Projected Dividends (M)	5.04	5.58	6.07	6.53	6.95	7.33	7.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.79%	5.79%	5.79%
Growth Rate	-4.19%	-3.19%	-2.19%
Year 1 PV (M)	5.22	5.27	5.33
Year 2 PV (M)	5.31	5.42	5.54
Year 3 PV (M)	5.34	5.51	5.68
Year 4 PV (M)	5.32	5.55	5.78
Year 5 PV (M)	5.26	5.54	5.83
PV of Terminal Value (M)	199.47	210.10	221.18
Equity Value (M)	225.92	237.39	249.33
Shares Outstanding (M)	35.49	35.49	35.49
Fair Value	$6.37	$6.69	$7.03
Upside / Downside	-25.37%	-21.58%	-17.64%

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VG	Venture Global, Inc.	3.02%	$0.21	24.09%
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RDN	Radian Group Inc.	2.98%	$1.07	25.60%
0K0X.L	MetLife, Inc.	2.96%	$2.36	41.08%
CUBB	Customers Bancorp, Inc 5.375% S	2.96%	$0.66	12.54%
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PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
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Bittium Oyj (0JG5.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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