DDM Analysis: GABC

Valuation Snapshot

Stable Growth	$102.39 - $581.57	$193.21
Multi-Stage	$60.21 - $65.80	$62.95
Blended Fair Value	$128.08
Current Price	$39.27
Upside	226.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.65%	14.19%	0.93	0.86	0.79	0.65	0.59	0.51	0.41	0.35	0.31	0.26
YoY Growth	-	-	8.19%	8.92%	21.61%	10.35%	14.70%	24.74%	18.85%	11.40%	17.98%	6.63%
Dividend Yield	-	-	2.48%	2.56%	2.36%	1.71%	1.27%	1.87%	1.37%	1.04%	0.98%	1.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	100.16
(-) Cash Dividends Paid (M)	40.42
(=) Cash Retained (M)	59.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.03	12.52	7.51
Cash Retained (M)	59.75	59.75	59.75
(-) Cash Required (M)	-20.03	-12.52	-7.51
(=) Excess Retained (M)	39.71	47.23	52.23
(/) Shares Outstanding (M)	34.25	34.25	34.25
(=) Excess Retained per Share	1.16	1.38	1.52
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	1.16	1.38	1.52
(=) Adjusted Dividend	2.34	2.56	2.70
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$102.39	$193.21	$581.57
Upside / Downside	160.74%	392.01%	1,380.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.16	106.67	113.61	120.99	128.86	137.23	141.35
Payout Ratio	40.35%	50.28%	60.21%	70.14%	80.07%	90.00%	92.50%
Projected Dividends (M)	40.42	53.64	68.40	84.86	103.18	123.51	130.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	49.24	49.70	50.17
Year 2 PV (M)	57.64	58.74	59.85
Year 3 PV (M)	65.65	67.54	69.46
Year 4 PV (M)	73.27	76.09	78.99
Year 5 PV (M)	80.52	84.41	88.45
PV of Terminal Value (M)	1,735.86	1,819.70	1,906.75
Equity Value (M)	2,062.18	2,156.18	2,253.66
Shares Outstanding (M)	34.25	34.25	34.25
Fair Value	$60.21	$62.95	$65.80
Upside / Downside	53.31%	60.30%	67.55%

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MCGS.QA	Medicare Group Q.P.S.C.	2.99%	$0.20	64.83%
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0RHU.L	Flughafen Wien AG	2.98%	$1.65	62.41%
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DXT.TO	Dexterra Group Inc.	2.98%	$0.35	55.12%
NST.AX	Northern Star Resources Limited	2.98%	$0.73	45.12%
600704.SS	Wuchan Zhongda Group Co.,Ltd.	2.97%	$0.17	22.55%
8593.T	Mitsubishi HC Capital Inc.	2.97%	$38.97	34.55%
KBL.TO	K-Bro Linen Inc.	2.97%	$1.04	69.43%
O10.SI	Far East Orchard Limited	2.97%	$0.04	30.11%
PLANB.BK	Plan B Media Public Company Limited	2.97%	$0.12	46.85%
005850.KS	SL Corporation	2.96%	$1,235.83	18.10%
6527.TWO	Crystalvue Medical Corporation	2.96%	$2.24	40.94%
9201.T	Japan Airlines Co., Ltd.	2.96%	$85.89	30.05%
9633.HK	Nongfu Spring Co., Ltd.	2.96%	$1.43	61.73%
9931.TW	Hsin Kao Gas Co.,Ltd.	2.96%	$1.01	40.68%
FTS	Fortis Inc.	2.96%	$1.54	47.07%
035890.KQ	Seohee Construction Co., Ltd.	2.95%	$47.87	7.53%
3132.T	Macnica Fuji Electronics Holdings, Inc.	2.95%	$70.52	56.32%
600667.SS	Wuxi Taiji Industry Limited Corporation	2.95%	$0.23	83.84%
603577.SS	Qingdao Huijintong Power Equipment Co.,Ltd.	2.95%	$0.31	79.62%
603699.SS	Neway Valve (Suzhou) Co., Ltd.	2.95%	$1.53	81.92%
000020.KS	Dongwha Pharm.Co.,Ltd	2.94%	$182.44	65.71%
000895.SZ	Henan Shuanghui Investment & Development Co.,Ltd.	2.94%	$0.78	52.50%
002540.SZ	Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.	2.94%	$0.21	63.05%
013120.KQ	DongWon Development Co.,Ltd.	2.94%	$80.92	85.28%
107590.KS	Miwon Holdings Co., Ltd.	2.94%	$1,985.59	19.06%
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8890.T	Raysum Co., Ltd.	2.94%	$173.16	50.05%
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FSECURE.HE	F-Secure Oyj	2.94%	$0.06	45.60%
RELAIS.HE	Relais Group Oyj	2.94%	$0.50	54.01%
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3515.TW	ASROCK Incorporation	2.93%	$7.30	57.65%
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German American Bancorp, Inc. (GABC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener