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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MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
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LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

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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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