DDM Analysis: CBTT-B.ST

Valuation Snapshot

Stable Growth	$196.53 - $481.33	$451.08
Multi-Stage	$69.52 - $76.12	$72.76
Blended Fair Value	$261.92
Current Price	$33.90
Upside	672.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	3.80%	0.00%	0.60	0.75	0.75	0.60	0.75	0.50	0.50	0.50	0.25	0.00
YoY Growth	-	-	-20.00%	0.00%	25.00%	-20.00%	50.64%	-0.43%	0.00%	100.00%	0.00%	0.00%
Dividend Yield	-	-	1.77%	3.71%	3.15%	1.83%	4.37%	1.88%	2.64%	2.51%	1.54%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.40
(-) Cash Dividends Paid (M)	11.26
(=) Cash Retained (M)	34.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.08	5.68	3.41
Cash Retained (M)	34.15	34.15	34.15
(-) Cash Required (M)	-9.08	-5.68	-3.41
(=) Excess Retained (M)	25.07	28.47	30.74
(/) Shares Outstanding (M)	18.76	18.76	18.76
(=) Excess Retained per Share	1.34	1.52	1.64
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	1.34	1.52	1.64
(=) Adjusted Dividend	1.94	2.12	2.24
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$196.53	$451.08	$481.33
Upside / Downside	479.74%	1,230.62%	1,319.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.40	48.35	51.50	54.84	58.41	62.21	64.07
Payout Ratio	24.79%	37.83%	50.87%	63.92%	76.96%	90.00%	92.50%
Projected Dividends (M)	11.26	18.29	26.20	35.05	44.95	55.99	59.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17.01	17.17	17.33
Year 2 PV (M)	22.65	23.08	23.52
Year 3 PV (M)	28.18	28.99	29.81
Year 4 PV (M)	33.60	34.89	36.22
Year 5 PV (M)	38.91	40.79	42.74
PV of Terminal Value (M)	1,163.72	1,219.92	1,278.28
Equity Value (M)	1,304.06	1,364.84	1,427.90
Shares Outstanding (M)	18.76	18.76	18.76
Fair Value	$69.52	$72.76	$76.12
Upside / Downside	105.06%	114.62%	124.53%

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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%
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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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Christian Berner Tech Trade AB (publ) (CBTT-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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