DDM Analysis: CPF

Valuation Snapshot

Stable Growth	$37.23 - $69.63	$50.44
Multi-Stage	$36.79 - $40.20	$38.47
Blended Fair Value	$44.45
Current Price	$30.34
Upside	46.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.83%	7.70%	1.04	1.03	1.05	0.99	0.95	0.95	0.89	0.78	0.69	0.96
YoY Growth	-	-	0.09%	-1.36%	5.73%	3.95%	0.89%	6.47%	13.35%	14.39%	-28.78%	95.02%
Dividend Yield	-	-	3.83%	5.34%	5.86%	3.56%	3.58%	5.95%	3.03%	2.75%	2.24%	4.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.95
(-) Cash Dividends Paid (M)	28.93
(=) Cash Retained (M)	37.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.19	8.24	4.95
Cash Retained (M)	37.02	37.02	37.02
(-) Cash Required (M)	-13.19	-8.24	-4.95
(=) Excess Retained (M)	23.83	28.77	32.07
(/) Shares Outstanding (M)	27.17	27.17	27.17
(=) Excess Retained per Share	0.88	1.06	1.18
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.88	1.06	1.18
(=) Adjusted Dividend	1.94	2.12	2.25
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	3.69%	4.69%	5.69%
Fair Value	$37.23	$50.44	$69.63
Upside / Downside	22.72%	66.26%	129.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.95	69.04	72.28	75.67	79.22	82.93	85.42
Payout Ratio	43.87%	53.10%	62.32%	71.55%	80.77%	90.00%	92.50%
Projected Dividends (M)	28.93	36.66	45.05	54.14	63.99	74.64	79.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	3.69%	4.69%	5.69%
Year 1 PV (M)	33.28	33.60	33.92
Year 2 PV (M)	37.13	37.85	38.57
Year 3 PV (M)	40.51	41.69	42.90
Year 4 PV (M)	43.47	45.17	46.92
Year 5 PV (M)	46.03	48.29	50.64
PV of Terminal Value (M)	799.09	838.38	879.19
Equity Value (M)	999.51	1,044.98	1,092.15
Shares Outstanding (M)	27.17	27.17	27.17
Fair Value	$36.79	$38.47	$40.20
Upside / Downside	21.27%	26.78%	32.50%

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Central Pacific Financial Corp. (CPF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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