DDM Analysis: 0R4W.L

Valuation Snapshot

Stable Growth	$4.26 - $6.13	$5.17
Multi-Stage	$10.31 - $11.38	$10.84
Blended Fair Value	$8.00
Current Price	$5.04
Upside	58.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-7.81%	12.61%	0.12	0.00	0.00	0.00	0.18	0.18	0.12	0.10	0.05	0.03
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-0.15%	49.96%	20.20%	100.00%	55.25%	-12.03%
Dividend Yield	-	-	2.38%	0.00%	0.00%	0.00%	4.34%	1.52%	0.47%	0.53%	0.21%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.38
(-) Cash Dividends Paid (M)	2.59
(=) Cash Retained (M)	10.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.68	1.67	1.00
Cash Retained (M)	10.79	10.79	10.79
(-) Cash Required (M)	-2.68	-1.67	-1.00
(=) Excess Retained (M)	8.11	9.12	9.79
(/) Shares Outstanding (M)	21.61	21.61	21.61
(=) Excess Retained per Share	0.38	0.42	0.45
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.38	0.42	0.45
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-4.34%	-3.34%	-2.34%
Fair Value	$4.26	$5.17	$6.13
Upside / Downside	-15.51%	2.59%	21.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.38	12.93	12.50	12.08	11.68	11.29	11.63
Payout Ratio	19.36%	33.49%	47.62%	61.74%	75.87%	90.00%	92.50%
Projected Dividends (M)	2.59	4.33	5.95	7.46	8.86	10.16	10.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-4.34%	-3.34%	-2.34%
Year 1 PV (M)	4.01	4.06	4.10
Year 2 PV (M)	5.11	5.22	5.33
Year 3 PV (M)	5.94	6.13	6.32
Year 4 PV (M)	6.54	6.82	7.10
Year 5 PV (M)	6.95	7.32	7.70
PV of Terminal Value (M)	194.32	204.69	215.50
Equity Value (M)	222.87	234.23	246.06
Shares Outstanding (M)	21.61	21.61	21.61
Fair Value	$10.31	$10.84	$11.38
Upside / Downside	104.60%	115.03%	125.88%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
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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%
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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%
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%
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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%
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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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Multitude SE (0R4W.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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