DDM Analysis: CNXN

Valuation Snapshot

Stable Growth	$24.37 - $35.61	$29.80
Multi-Stage	$41.48 - $45.63	$43.51
Blended Fair Value	$36.65
Current Price	$61.99
Upside	-40.87%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.49%	0.00%	0.41	0.32	0.35	1.33	0.33	0.33	0.35	0.35	0.41	0.41
YoY Growth	-	-	25.17%	-6.01%	-74.14%	310.57%	-0.30%	-7.34%	0.90%	-14.64%	0.00%	0.61%
Dividend Yield	-	-	0.65%	0.49%	0.77%	2.55%	0.70%	0.79%	0.96%	1.39%	1.37%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.73
(-) Cash Dividends Paid (M)	14.15
(=) Cash Retained (M)	69.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.75	10.47	6.28
Cash Retained (M)	69.59	69.59	69.59
(-) Cash Required (M)	-16.75	-10.47	-6.28
(=) Excess Retained (M)	52.84	59.12	63.31
(/) Shares Outstanding (M)	25.93	25.93	25.93
(=) Excess Retained per Share	2.04	2.28	2.44
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	2.04	2.28	2.44
(=) Adjusted Dividend	2.58	2.83	2.99
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$24.37	$29.80	$35.61
Upside / Downside	-60.68%	-51.93%	-42.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.73	82.89	82.06	81.24	80.43	79.63	82.02
Payout Ratio	16.89%	31.52%	46.14%	60.76%	75.38%	90.00%	92.50%
Projected Dividends (M)	14.15	26.12	37.86	49.36	60.63	71.66	75.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	23.86	24.10	24.35
Year 2 PV (M)	31.58	32.23	32.88
Year 3 PV (M)	37.60	38.77	39.95
Year 4 PV (M)	42.18	43.93	45.73
Year 5 PV (M)	45.54	47.91	50.38
PV of Terminal Value (M)	894.62	941.21	989.71
Equity Value (M)	1,075.38	1,128.14	1,183.00
Shares Outstanding (M)	25.93	25.93	25.93
Fair Value	$41.48	$43.51	$45.63
Upside / Downside	-33.09%	-29.81%	-26.40%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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PC Connection, Inc. (CNXN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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