Definitive Analysis

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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company

Ticker

Industry

Sector

The First Bancorp, Inc. (FNLC)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth	$54.44 - $120.00	$78.34
Multi-Stage	$50.89 - $55.65	$53.23
Blended Fair Value	$65.79
Current Price	$26.26
Upside	150.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.04%	5.92%	1.41	1.38	1.32	1.25	1.19	1.16	1.08	1.02	0.88	0.84
YoY Growth	-	-	2.50%	4.32%	5.96%	4.64%	2.82%	7.56%	5.17%	16.82%	4.93%	5.13%
Dividend Yield	-	-	5.71%	5.65%	5.10%	4.14%	4.08%	5.26%	4.22%	3.66%	3.22%	4.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.50
(-) Cash Dividends Paid (M)	14.30
(=) Cash Retained (M)	17.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.30	3.94	2.36
Cash Retained (M)	17.20	17.20	17.20
(-) Cash Required (M)	-6.30	-3.94	-2.36
(=) Excess Retained (M)	10.90	13.26	14.84
(/) Shares Outstanding (M)	11.20	11.20	11.20
(=) Excess Retained per Share	0.97	1.18	1.33
LTM Dividend per Share	1.28	1.28	1.28
(+) Excess Retained per Share	0.97	1.18	1.33
(=) Adjusted Dividend	2.25	2.46	2.60
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	3.92%	4.92%	5.92%
Fair Value	$54.44	$78.34	$120.00
Upside / Downside	107.30%	198.33%	356.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.50	33.05	34.68	36.38	38.17	40.05	41.25
Payout Ratio	45.40%	54.32%	63.24%	72.16%	81.08%	90.00%	92.50%
Projected Dividends (M)	14.30	17.96	21.93	26.26	30.95	36.05	38.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	3.92%	4.92%	5.92%
Year 1 PV (M)	16.43	16.59	16.75
Year 2 PV (M)	18.37	18.73	19.09
Year 3 PV (M)	20.13	20.72	21.32
Year 4 PV (M)	21.72	22.57	23.44
Year 5 PV (M)	23.15	24.29	25.47
PV of Terminal Value (M)	469.96	493.01	516.96
Equity Value (M)	569.77	595.91	623.02
Shares Outstanding (M)	11.20	11.20	11.20
Fair Value	$50.89	$53.23	$55.65
Upside / Downside	93.81%	102.70%	111.92%

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