DDM Analysis: 053800.KQ

Valuation Snapshot

Stable Growth	$176,085.86 - $906,461.05	$358,531.43
Multi-Stage	$97,581.58 - $106,723.63	$102,069.09
Blended Fair Value	$230,300.26
Current Price	$68,300.00
Upside	237.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.63%	20.61%	1,178.99	997.61	997.61	816.23	816.23	816.23	725.53	634.84	453.46	272.03
YoY Growth	-	-	18.18%	0.00%	22.22%	0.00%	0.00%	12.50%	14.29%	40.00%	66.70%	50.35%
Dividend Yield	-	-	1.58%	1.45%	1.61%	0.66%	1.25%	1.43%	1.37%	0.74%	0.31%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,652.57
(-) Cash Dividends Paid (M)	12,440.02
(=) Cash Retained (M)	31,212.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,730.51	5,456.57	3,273.94
Cash Retained (M)	31,212.55	31,212.55	31,212.55
(-) Cash Required (M)	-8,730.51	-5,456.57	-3,273.94
(=) Excess Retained (M)	22,482.03	25,755.97	27,938.60
(/) Shares Outstanding (M)	9.58	9.58	9.58
(=) Excess Retained per Share	2,347.44	2,689.29	2,917.18
LTM Dividend per Share	1,298.91	1,298.91	1,298.91
(+) Excess Retained per Share	2,347.44	2,689.29	2,917.18
(=) Adjusted Dividend	3,646.35	3,988.20	4,216.10
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$176,085.86	$358,531.43	$906,461.05
Upside / Downside	157.81%	424.94%	1,227.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,652.57	46,489.98	49,511.83	52,730.10	56,157.56	59,807.80	61,602.03
Payout Ratio	28.50%	40.80%	53.10%	65.40%	77.70%	90.00%	92.50%
Projected Dividends (M)	12,440.02	18,967.09	26,290.13	34,485.02	43,634.17	53,827.02	56,981.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.68%	7.68%	7.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,448.17	17,613.55	17,778.94
Year 2 PV (M)	22,247.98	22,671.74	23,099.50
Year 3 PV (M)	26,845.86	27,616.51	28,401.77
Year 4 PV (M)	31,248.02	32,449.74	33,685.78
Year 5 PV (M)	35,460.52	37,173.27	38,951.58
PV of Terminal Value (M)	801,312.67	840,016.37	880,201.35
Equity Value (M)	934,563.22	977,541.18	1,022,118.92
Shares Outstanding (M)	9.58	9.58	9.58
Fair Value	$97,581.58	$102,069.09	$106,723.63
Upside / Downside	42.87%	49.44%	56.26%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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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%
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HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
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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%
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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%
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AhnLab, Inc. (053800.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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