DDM Analysis: GEBKA.AT

Valuation Snapshot

Stable Growth	$2.21 - $4.78	$3.16
Multi-Stage	$3.04 - $3.34	$3.19
Blended Fair Value	$3.17
Current Price	$1.64
Upside	93.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.18%	14.44%	0.08	0.08	0.05	0.03	0.04	0.01	0.01	0.01	0.01	0.02
YoY Growth	-	-	-0.01%	36.86%	56.88%	-0.13%	134.95%	49.30%	0.76%	-0.43%	-53.75%	10.39%
Dividend Yield	-	-	5.48%	4.15%	4.53%	3.02%	4.25%	1.84%	1.58%	2.02%	2.93%	6.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.87
(-) Cash Dividends Paid (M)	1.81
(=) Cash Retained (M)	1.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.57	0.36	0.22
Cash Retained (M)	1.06	1.06	1.06
(-) Cash Required (M)	-0.57	-0.36	-0.22
(=) Excess Retained (M)	0.49	0.70	0.85
(/) Shares Outstanding (M)	24.06	24.06	24.06
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.10%	3.10%	4.10%
Fair Value	$2.21	$3.16	$4.78
Upside / Downside	34.88%	92.74%	191.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.87	2.96	3.05	3.14	3.24	3.34	3.44
Payout Ratio	62.96%	68.37%	73.78%	79.18%	84.59%	90.00%	92.50%
Projected Dividends (M)	1.81	2.02	2.25	2.49	2.74	3.01	3.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.10%	3.10%	4.10%
Year 1 PV (M)	1.88	1.90	1.92
Year 2 PV (M)	1.95	1.98	2.02
Year 3 PV (M)	2.00	2.06	2.12
Year 4 PV (M)	2.05	2.13	2.22
Year 5 PV (M)	2.09	2.20	2.30
PV of Terminal Value (M)	63.23	66.39	69.67
Equity Value (M)	73.20	76.66	80.25
Shares Outstanding (M)	24.06	24.06	24.06
Fair Value	$3.04	$3.19	$3.34
Upside / Downside	85.51%	94.28%	103.39%

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GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
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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%
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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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PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
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General Commercial & Industrial S.A. (GEBKA.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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