DDM Analysis: CASH

Valuation Snapshot

Stable Growth	$82.28 - $130.48	$104.25
Multi-Stage	$100.25 - $110.01	$105.04
Blended Fair Value	$104.65
Current Price	$74.01
Upside	41.39%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.97%	2.98%	0.20	0.22	0.23	0.25	0.27	0.30	0.33	0.24	0.21	0.19
YoY Growth	-	-	-7.52%	-6.62%	-8.36%	-7.48%	-9.86%	-8.51%	35.29%	18.54%	10.25%	25.65%
Dividend Yield	-	-	0.27%	0.29%	0.44%	0.59%	0.46%	0.83%	0.90%	1.26%	0.67%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	185.87
(-) Cash Dividends Paid (M)	4.69
(=) Cash Retained (M)	181.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.17	23.23	13.94
Cash Retained (M)	181.19	181.19	181.19
(-) Cash Required (M)	-37.17	-23.23	-13.94
(=) Excess Retained (M)	144.01	157.95	167.25
(/) Shares Outstanding (M)	23.51	23.51	23.51
(=) Excess Retained per Share	6.13	6.72	7.11
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	6.13	6.72	7.11
(=) Adjusted Dividend	6.33	6.92	7.31
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	1.43%	2.43%	3.43%
Fair Value	$82.28	$104.25	$130.48
Upside / Downside	11.18%	40.86%	76.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	185.87	190.38	195.01	199.74	204.59	209.56	215.84
Payout Ratio	2.52%	20.02%	37.51%	55.01%	72.50%	90.00%	92.50%
Projected Dividends (M)	4.69	38.11	73.15	109.87	148.34	188.60	199.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.22%	9.22%	9.22%
Growth Rate	1.43%	2.43%	3.43%
Year 1 PV (M)	34.55	34.89	35.23
Year 2 PV (M)	60.13	61.32	62.52
Year 3 PV (M)	81.88	84.32	86.81
Year 4 PV (M)	100.21	104.22	108.35
Year 5 PV (M)	115.52	121.32	127.36
PV of Terminal Value (M)	1,964.54	2,063.31	2,166.02
Equity Value (M)	2,356.82	2,469.39	2,586.30
Shares Outstanding (M)	23.51	23.51	23.51
Fair Value	$100.25	$105.04	$110.01
Upside / Downside	35.45%	41.92%	48.64%

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UVSP	Univest Financial Corporation	2.69%	$0.87	28.95%
VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
CBT	Cabot Corporation	2.68%	$1.80	29.00%
PKOH	Park-Ohio Holdings Corp.	2.68%	$0.56	33.19%
WINA	Winmark Corporation	2.68%	$10.76	96.24%
CHCO	City Holding Company	2.67%	$3.20	36.27%
IDA	IDACORP, Inc.	2.67%	$3.40	58.98%
LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Pathward Financial, Inc. (CASH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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