DDM Analysis: UNTY

Valuation Snapshot

Stable Growth	$199.47 - $1,050.23	$398.66
Multi-Stage	$109.92 - $120.32	$115.03
Blended Fair Value	$256.84
Current Price	$48.87
Upside	425.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.06%	20.83%	0.49	0.46	0.43	0.35	0.32	0.32	0.27	0.23	0.15	0.11
YoY Growth	-	-	6.35%	7.96%	20.90%	9.67%	1.32%	16.17%	17.73%	56.17%	37.42%	46.50%
Dividend Yield	-	-	1.21%	1.67%	1.88%	1.26%	1.47%	2.72%	1.45%	1.06%	0.88%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53.99
(-) Cash Dividends Paid (M)	5.42
(=) Cash Retained (M)	48.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.80	6.75	4.05
Cash Retained (M)	48.57	48.57	48.57
(-) Cash Required (M)	-10.80	-6.75	-4.05
(=) Excess Retained (M)	37.77	41.82	44.52
(/) Shares Outstanding (M)	10.22	10.22	10.22
(=) Excess Retained per Share	3.69	4.09	4.35
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	3.69	4.09	4.35
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$199.47	$398.66	$1,050.23
Upside / Downside	308.17%	715.75%	2,049.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.99	57.50	61.24	65.22	69.46	73.97	76.19
Payout Ratio	10.03%	26.03%	42.02%	58.01%	74.01%	90.00%	92.50%
Projected Dividends (M)	5.42	14.96	25.73	37.83	51.40	66.57	70.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.76	13.89	14.02
Year 2 PV (M)	21.75	22.17	22.59
Year 3 PV (M)	29.41	30.26	31.12
Year 4 PV (M)	36.74	38.16	39.61
Year 5 PV (M)	43.76	45.87	48.06
PV of Terminal Value (M)	978.38	1,025.64	1,074.70
Equity Value (M)	1,123.80	1,175.98	1,230.10
Shares Outstanding (M)	10.22	10.22	10.22
Fair Value	$109.92	$115.03	$120.32
Upside / Downside	124.93%	135.37%	146.21%

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605098.SS	Shanghai Action Education Technology CO.,LTD.	2.99%	$1.25	51.61%
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B2H.OL	B2Holding ASA	2.99%	$0.21	21.39%
GENTERA.MX	Gentera, S.A.B. de C.V.	2.99%	$1.36	28.15%
JYSK.CO	Jyske Bank A/S	2.99%	$26.22	30.23%
MCGS.QA	Medicare Group Q.P.S.C.	2.99%	$0.20	64.83%
002003.SZ	Zhejiang Weixing Industrial Development Co., Ltd.	2.98%	$0.32	55.93%
0RHU.L	Flughafen Wien AG	2.98%	$1.65	62.41%
8914.T	Arealink Co., Ltd.	2.98%	$31.69	44.83%
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%
6779.T	Nihon Dempa Kogyo Co., Ltd.	2.94%	$30.05	58.30%
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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%
0QN2.L	Interroll Holding AG	2.93%	$63.83	41.54%
3515.TW	ASROCK Incorporation	2.93%	$7.30	57.65%
601619.SS	Ningxia Jiaze Renewables Corporation Limited	2.93%	$0.13	56.17%
8508.T	J Trust Co., Ltd.	2.93%	$13.97	39.79%
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5386.T	Tsuruya Co., Ltd.	2.92%	$11.98	57.58%
600267.SS	Zhejiang Hisun Pharmaceutical Co., Ltd.	2.92%	$0.29	61.49%
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Unity Bancorp, Inc. (UNTY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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