DDM Analysis: NTB

Valuation Snapshot

Stable Growth	$280.75 - $1,050.97	$836.53
Multi-Stage	$131.21 - $143.55	$137.27
Blended Fair Value	$486.90
Current Price	$42.90
Upside	1,034.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.20%	11.24%	1.85	2.00	2.03	2.03	2.06	2.17	1.94	1.62	0.45	0.58
YoY Growth	-	-	-7.66%	-1.32%	0.07%	-1.85%	-5.02%	11.87%	20.04%	260.44%	-22.14%	-9.45%
Dividend Yield	-	-	4.74%	6.29%	7.51%	5.64%	5.40%	12.76%	5.29%	3.71%	1.41%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.77
(-) Cash Dividends Paid (M)	76.08
(=) Cash Retained (M)	151.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.55	28.47	17.08
Cash Retained (M)	151.69	151.69	151.69
(-) Cash Required (M)	-45.55	-28.47	-17.08
(=) Excess Retained (M)	106.14	123.22	134.61
(/) Shares Outstanding (M)	43.10	43.10	43.10
(=) Excess Retained per Share	2.46	2.86	3.12
LTM Dividend per Share	1.77	1.77	1.77
(+) Excess Retained per Share	2.46	2.86	3.12
(=) Adjusted Dividend	4.23	4.62	4.89
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$280.75	$836.53	$1,050.97
Upside / Downside	554.42%	1,849.96%	2,349.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.77	242.57	258.34	275.13	293.01	312.06	321.42
Payout Ratio	33.40%	44.72%	56.04%	67.36%	78.68%	90.00%	92.50%
Projected Dividends (M)	76.08	108.48	144.77	185.33	230.54	280.85	297.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	100.35	101.30	102.25
Year 2 PV (M)	123.88	126.24	128.62
Year 3 PV (M)	146.70	150.91	155.20
Year 4 PV (M)	168.81	175.30	181.98
Year 5 PV (M)	190.23	199.42	208.96
PV of Terminal Value (M)	4,925.27	5,163.16	5,410.16
Equity Value (M)	5,655.23	5,916.33	6,187.17
Shares Outstanding (M)	43.10	43.10	43.10
Fair Value	$131.21	$137.27	$143.55
Upside / Downside	205.85%	219.97%	234.62%

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The Bank of N.T. Butterfield & Son Limited (NTB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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