DDM Analysis: GABC

Valuation Snapshot

Stable Growth	$102.40 - $581.57	$193.22
Multi-Stage	$60.21 - $65.80	$62.95
Blended Fair Value	$128.08
Current Price	$39.27
Upside	226.16%
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	$102.40	$193.22	$581.57
Upside / Downside	160.75%	392.02%	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)	1,735.88	1,819.72	1,906.78
Equity Value (M)	2,062.20	2,156.20	2,253.69
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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IBAB.BR	Ion Beam Applications S.A.	2.90%	$0.38	44.34%
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005680.KS	Samyoung Electronics Co., Ltd	2.89%	$300.77	49.07%
600526.SS	Zhejiang Feida Environmental Science & Technology Co., Ltd.	2.89%	$0.15	48.23%
601377.SS	Industrial Securities Co.,Ltd.	2.89%	$0.21	55.11%
688697.SS	Neway CNC Equipment (Suzhou) Co., Ltd.	2.89%	$0.44	66.80%
7738.TWO	Eui	2.89%	$5.50	39.18%
AMXB.MX	América Móvil, S.A.B. de C.V.	2.89%	$0.54	43.68%
OMASP.HE	Oma Säästöpankki Oyj	2.89%	$0.36	25.24%
001200.KS	Eugene Investment & Securities Co.,Ltd.	2.88%	$99.92	14.37%
002310.KS	Asia Paper Manufacturing.Co.,Ltd	2.88%	$224.24	42.56%
3357.TWO	TAI-TECH Advanced Electronics Co., Ltd.	2.88%	$4.61	48.95%
600496.SS	Changjiang & Jinggong Steel Building (Group) Co., Ltd	2.88%	$0.12	42.56%
603043.SS	Guangzhou Restaurant Group Company Limited	2.88%	$0.51	57.82%
PAX	Patria Investments Limited	2.88%	$0.46	66.16%
000528.SZ	Guangxi Liugong Machinery Co., Ltd.	2.87%	$0.34	51.00%
2233.HK	West China Cement Limited	2.87%	$0.09	38.77%
600660.SS	Fuyao Glass Industry Group Co., Ltd.	2.87%	$1.86	53.34%
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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