DDM Analysis: ABCB

Valuation Snapshot

Stable Growth	$124.08 - $297.87	$183.79
Multi-Stage	$86.34 - $94.37	$90.28
Blended Fair Value	$137.04
Current Price	$73.31
Upside	86.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.94%	26.29%	0.60	0.60	0.60	0.61	0.60	0.36	0.24	0.21	0.12	0.09
YoY Growth	-	-	-0.45%	0.09%	-0.45%	0.27%	68.94%	50.41%	11.98%	70.67%	33.31%	60.33%
Dividend Yield	-	-	1.04%	1.27%	1.65%	1.38%	1.15%	1.51%	0.67%	0.40%	0.27%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	398.17
(-) Cash Dividends Paid (M)	51.90
(=) Cash Retained (M)	346.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.63	49.77	29.86
Cash Retained (M)	346.27	346.27	346.27
(-) Cash Required (M)	-79.63	-49.77	-29.86
(=) Excess Retained (M)	266.64	296.50	316.41
(/) Shares Outstanding (M)	68.96	68.96	68.96
(=) Excess Retained per Share	3.87	4.30	4.59
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	3.87	4.30	4.59
(=) Adjusted Dividend	4.62	5.05	5.34
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$124.08	$183.79	$297.87
Upside / Downside	69.25%	150.71%	306.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	398.17	424.06	451.62	480.97	512.24	545.53	561.90
Payout Ratio	13.03%	28.43%	43.82%	59.21%	74.61%	90.00%	92.50%
Projected Dividends (M)	51.90	120.55	197.90	284.80	382.16	490.98	519.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	109.13	110.16	111.20
Year 2 PV (M)	162.18	165.27	168.39
Year 3 PV (M)	211.29	217.35	223.53
Year 4 PV (M)	256.66	266.53	276.68
Year 5 PV (M)	298.50	312.92	327.89
PV of Terminal Value (M)	4,916.42	5,153.89	5,400.44
Equity Value (M)	5,954.18	6,226.13	6,508.14
Shares Outstanding (M)	68.96	68.96	68.96
Fair Value	$86.34	$90.28	$94.37
Upside / Downside	17.77%	23.15%	28.73%

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3152.TWO	Advanced Ceramic X Corporation	2.55%	$3.66	36.41%
600415.SS	Zhejiang China Commodities City Group Co., Ltd.	2.55%	$0.41	53.66%
601808.SS	China Oilfield Services Limited	2.55%	$0.36	43.75%
7606.T	United Arrows Ltd.	2.55%	$62.63	43.42%
CYRE3.SA	Cyrela Brazil Realty S.A. Empreendimentos e Participações	2.55%	$0.61	12.29%
JUNGH.SW	Jungheinrich AG	2.55%	$0.79	22.62%
RENT3.SA	Localiza Rent a Car S.A.	2.55%	$1.11	66.67%
002380.KS	KCC Corporation	2.54%	$10,000.23	6.25%
1527.HK	Zhejiang Tengy Environmental Technology Co., Ltd	2.54%	$0.05	4.95%
5212.KL	Pavilion Real Estate Investment Trust	2.54%	$0.05	39.63%
5489.TWO	DynaColor, Inc.	2.54%	$1.02	50.42%
600273.SS	Zhejiang Jiahua Energy Chemical Industry Co.,Ltd.	2.54%	$0.22	28.18%
600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
2367.HK	Giant Biogene Holding Co., Ltd.	2.53%	$0.87	22.55%
2701.TW	Wan Hwa Enterprise Company Ltd.	2.53%	$0.28	52.89%
600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
603697.SS	YouYou Foods Co., Ltd.	2.53%	$0.31	63.16%
CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
SCHO.CO	Aktieselskabet Schouw & Co.	2.53%	$16.81	42.51%
003006.SZ	Chongqing Baiya Sanitary Products Co., Ltd.	2.52%	$0.55	80.44%
5191.T	Sumitomo Riko Company Limited	2.52%	$66.01	23.54%
600406.SS	NARI Technology Co., Ltd.	2.52%	$0.57	56.63%
600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
603811.SS	Zhejiang Cheng Yi Pharmaceutical Co., Ltd.	2.52%	$0.26	37.15%
BESALCO.SN	Besalco S.A.	2.52%	$30.59	34.76%
000019.SZ	Shenzhen Cereals Holdings Co., Ltd.	2.51%	$0.17	62.11%
094820.KQ	Iljin Power Co., Ltd.	2.51%	$320.01	48.44%
0QVR.L	Scandi Standard AB (publ)	2.51%	$2.49	52.58%
4041.T	Nippon Soda Co., Ltd.	2.51%	$90.77	32.02%
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605169.SS	Xinjiang Hongtong Natural Gas Co., Ltd.	2.51%	$0.33	91.06%
6691.TW	Yankey Engineering Co., Ltd.	2.51%	$13.92	62.80%
7483.T	Doshisha Co.,Ltd.	2.51%	$82.93	37.87%
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HOVE.CO	Hove A/S	2.51%	$0.14	34.71%
NOLA-B.ST	Nolato AB (publ)	2.51%	$1.50	51.20%
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100840.KS	SNT Energy Co., Ltd.	2.50%	$899.87	27.57%
138490.KS	Kolon Plastics, Inc.	2.50%	$200.40	17.45%
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603112.SS	Shanxi Huaxiang Group Co., Ltd.	2.50%	$0.43	43.19%
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Ameris Bancorp (ABCB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener