DDM Analysis: ASRV

Valuation Snapshot

Stable Growth	$3.22 - $7.82	$4.78
Multi-Stage	$4.22 - $4.62	$4.42
Blended Fair Value	$4.60
Current Price	$2.90
Upside	58.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.23%	10.39%	0.12	0.12	0.12	0.10	0.10	0.10	0.08	0.07	0.06	0.05
YoY Growth	-	-	-1.85%	4.63%	15.16%	-0.47%	4.51%	21.90%	21.02%	17.78%	25.33%	0.27%
Dividend Yield	-	-	5.03%	5.35%	3.90%	2.56%	2.56%	3.79%	2.02%	1.68%	1.53%	1.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2.52
(-) Cash Dividends Paid (M)	1.98
(=) Cash Retained (M)	0.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.50	0.31	0.19
Cash Retained (M)	0.53	0.53	0.53
(-) Cash Required (M)	-0.50	-0.31	-0.19
(=) Excess Retained (M)	0.03	0.22	0.34
(/) Shares Outstanding (M)	16.52	16.52	16.52
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.43%	3.43%	4.43%
Fair Value	$3.22	$4.78	$7.82
Upside / Downside	10.88%	64.98%	169.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.52	2.60	2.69	2.78	2.88	2.98	3.07
Payout Ratio	78.81%	81.05%	83.28%	85.52%	87.76%	90.00%	92.50%
Projected Dividends (M)	1.98	2.11	2.24	2.38	2.53	2.68	2.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.43%	3.43%	4.43%
Year 1 PV (M)	1.96	1.98	2.00
Year 2 PV (M)	1.94	1.98	2.02
Year 3 PV (M)	1.92	1.98	2.04
Year 4 PV (M)	1.90	1.98	2.06
Year 5 PV (M)	1.88	1.97	2.07
PV of Terminal Value (M)	60.11	63.10	66.21
Equity Value (M)	69.72	73.00	76.40
Shares Outstanding (M)	16.52	16.52	16.52
Fair Value	$4.22	$4.42	$4.62
Upside / Downside	45.55%	52.38%	59.48%

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AmeriServ Financial, Inc. (ASRV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener