DDM Analysis: MCBC

Valuation Snapshot

Stable Growth	$56.94 - $237.67	$144.38
Multi-Stage	$28.22 - $30.88	$29.52
Blended Fair Value	$86.95
Current Price	$9.64
Upside	801.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	5.88%	9.08%	0.33	0.32	0.32	0.32	0.28	0.25	0.18	0.12	0.11	0.08
YoY Growth	-	-	3.39%	0.18%	0.14%	14.39%	12.14%	39.31%	50.36%	9.37%	37.67%	-43.20%
Dividend Yield	-	-	3.41%	3.11%	3.52%	3.19%	3.89%	2.44%	1.73%	1.19%	1.73%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.01
(-) Cash Dividends Paid (M)	11.63
(=) Cash Retained (M)	29.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.20	5.13	3.08
Cash Retained (M)	29.38	29.38	29.38
(-) Cash Required (M)	-8.20	-5.13	-3.08
(=) Excess Retained (M)	21.18	24.25	26.30
(/) Shares Outstanding (M)	34.32	34.32	34.32
(=) Excess Retained per Share	0.62	0.71	0.77
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.62	0.71	0.77
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.94	$144.38	$237.67
Upside / Downside	490.69%	1,397.67%	2,365.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.01	43.68	46.52	49.54	52.76	56.19	57.88
Payout Ratio	28.37%	40.69%	53.02%	65.35%	77.67%	90.00%	92.50%
Projected Dividends (M)	11.63	17.77	24.66	32.37	40.98	50.57	53.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.41	16.57	16.73
Year 2 PV (M)	21.03	21.43	21.84
Year 3 PV (M)	25.49	26.23	26.97
Year 4 PV (M)	29.80	30.95	32.13
Year 5 PV (M)	33.96	35.60	37.31
PV of Terminal Value (M)	841.74	882.39	924.60
Equity Value (M)	968.44	1,013.17	1,059.57
Shares Outstanding (M)	34.32	34.32	34.32
Fair Value	$28.22	$29.52	$30.88
Upside / Downside	192.74%	206.26%	220.28%

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Financial Statements

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Ticker

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Sector

Macatawa Bank Corporation (MCBC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener