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

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Indicators Charts WACC Beta Predictability

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Company

Ticker

Industry

Sector

LCNB Corp. (LCNB)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth	$54.75 - $286.58	$98.69
Multi-Stage	$33.65 - $36.75	$35.17
Blended Fair Value	$66.93
Current Price	$14.99
Upside	346.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.24%	8.05%	0.87	0.71	0.65	0.69	0.67	0.64	0.55	0.43	0.43	0.42
YoY Growth	-	-	22.95%	8.13%	-5.44%	2.88%	4.65%	16.15%	27.68%	0.66%	2.25%	4.95%
Dividend Yield	-	-	5.86%	4.68%	3.99%	3.93%	3.83%	5.09%	3.24%	2.27%	1.80%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.58
(-) Cash Dividends Paid (M)	12.51
(=) Cash Retained (M)	11.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.72	2.95	1.77
Cash Retained (M)	11.08	11.08	11.08
(-) Cash Required (M)	-4.72	-2.95	-1.77
(=) Excess Retained (M)	6.36	8.13	9.31
(/) Shares Outstanding (M)	14.09	14.09	14.09
(=) Excess Retained per Share	0.45	0.58	0.66
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	0.45	0.58	0.66
(=) Adjusted Dividend	1.34	1.46	1.55
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.75	$98.69	$286.58
Upside / Downside	265.24%	558.36%	1,811.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.58	25.12	26.75	28.49	30.34	32.31	33.28
Payout Ratio	53.03%	60.42%	67.82%	75.21%	82.61%	90.00%	92.50%
Projected Dividends (M)	12.51	15.18	18.14	21.43	25.06	29.08	30.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.91	14.04	14.17
Year 2 PV (M)	15.24	15.53	15.82
Year 3 PV (M)	16.50	16.97	17.45
Year 4 PV (M)	17.69	18.37	19.07
Year 5 PV (M)	18.81	19.72	20.66
PV of Terminal Value (M)	391.90	410.83	430.48
Equity Value (M)	474.04	495.45	517.65
Shares Outstanding (M)	14.09	14.09	14.09
Fair Value	$33.65	$35.17	$36.75
Upside / Downside	124.50%	134.64%	145.15%

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