DDM Analysis: ICFI

Valuation Snapshot

Stable Growth	$139.11 - $440.03	$223.84
Multi-Stage	$107.96 - $118.28	$113.03
Blended Fair Value	$168.43
Current Price	$92.80
Upside	81.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.06%	0.00%	0.56	0.57	0.57	0.57	0.57	0.57	0.42	0.00	0.00	0.00
YoY Growth	-	-	-0.28%	-0.09%	-0.17%	0.13%	0.10%	33.16%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.66%	0.38%	0.52%	0.60%	0.65%	0.82%	0.56%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	98.84
(-) Cash Dividends Paid (M)	10.40
(=) Cash Retained (M)	88.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.77	12.36	7.41
Cash Retained (M)	88.44	88.44	88.44
(-) Cash Required (M)	-19.77	-12.36	-7.41
(=) Excess Retained (M)	68.67	76.08	81.03
(/) Shares Outstanding (M)	18.62	18.62	18.62
(=) Excess Retained per Share	3.69	4.09	4.35
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	3.69	4.09	4.35
(=) Adjusted Dividend	4.25	4.64	4.91
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	4.44%	5.44%	6.44%
Fair Value	$139.11	$223.84	$440.03
Upside / Downside	49.91%	141.20%	374.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	98.84	104.22	109.88	115.86	122.16	128.80	132.66
Payout Ratio	10.52%	26.42%	42.31%	58.21%	74.10%	90.00%	92.50%
Projected Dividends (M)	10.40	27.53	46.50	67.44	90.52	115.92	122.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.63%	7.63%	7.63%
Growth Rate	4.44%	5.44%	6.44%
Year 1 PV (M)	25.34	25.58	25.82
Year 2 PV (M)	39.38	40.14	40.91
Year 3 PV (M)	52.57	54.10	55.65
Year 4 PV (M)	64.95	67.47	70.07
Year 5 PV (M)	76.54	80.28	84.16
PV of Terminal Value (M)	1,751.89	1,837.39	1,926.19
Equity Value (M)	2,010.68	2,104.96	2,202.79
Shares Outstanding (M)	18.62	18.62	18.62
Fair Value	$107.96	$113.03	$118.28
Upside / Downside	16.34%	21.79%	27.46%

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ICF International, Inc. (ICFI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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