DDM Analysis: NTB

Valuation Snapshot

Stable Growth	$280.75 - $1,050.97	$836.53
Multi-Stage	$131.21 - $143.55	$137.27
Blended Fair Value	$486.90
Current Price	$42.90
Upside	1,034.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.20%	11.24%	1.85	2.00	2.03	2.03	2.06	2.17	1.94	1.62	0.45	0.58
YoY Growth	-	-	-7.66%	-1.32%	0.07%	-1.85%	-5.02%	11.87%	20.04%	260.44%	-22.14%	-9.45%
Dividend Yield	-	-	4.74%	6.29%	7.51%	5.64%	5.40%	12.76%	5.29%	3.71%	1.41%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.77
(-) Cash Dividends Paid (M)	76.08
(=) Cash Retained (M)	151.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.55	28.47	17.08
Cash Retained (M)	151.69	151.69	151.69
(-) Cash Required (M)	-45.55	-28.47	-17.08
(=) Excess Retained (M)	106.14	123.22	134.61
(/) Shares Outstanding (M)	43.10	43.10	43.10
(=) Excess Retained per Share	2.46	2.86	3.12
LTM Dividend per Share	1.77	1.77	1.77
(+) Excess Retained per Share	2.46	2.86	3.12
(=) Adjusted Dividend	4.23	4.62	4.89
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$280.75	$836.53	$1,050.97
Upside / Downside	554.42%	1,849.96%	2,349.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.77	242.57	258.34	275.13	293.01	312.06	321.42
Payout Ratio	33.40%	44.72%	56.04%	67.36%	78.68%	90.00%	92.50%
Projected Dividends (M)	76.08	108.48	144.77	185.33	230.54	280.85	297.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	100.35	101.30	102.25
Year 2 PV (M)	123.88	126.24	128.62
Year 3 PV (M)	146.70	150.91	155.20
Year 4 PV (M)	168.81	175.30	181.98
Year 5 PV (M)	190.23	199.42	208.96
PV of Terminal Value (M)	4,925.27	5,163.16	5,410.16
Equity Value (M)	5,655.23	5,916.33	6,187.17
Shares Outstanding (M)	43.10	43.10	43.10
Fair Value	$131.21	$137.27	$143.55
Upside / Downside	205.85%	219.97%	234.62%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 13 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Ticker

Industry

Sector

The Bank of N.T. Butterfield & Son Limited (NTB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener