DDM Analysis: AAME

Valuation Snapshot

Stable Growth	$2.08 - $3.15	$2.58
Multi-Stage	$4.09 - $4.51	$4.30
Blended Fair Value	$3.44
Current Price	$2.87
Upside	19.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.25%	-6.90%	0.02	0.02	0.02	0.02	0.00	0.02	0.02	0.02	0.02	0.02
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	-0.98%	-0.25%	0.00%	-0.97%	-50.60%
Dividend Yield	-	-	1.14%	0.69%	0.79%	0.62%	0.00%	0.91%	0.74%	0.59%	0.48%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.11
(-) Cash Dividends Paid (M)	0.41
(=) Cash Retained (M)	4.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.02	0.64	0.38
Cash Retained (M)	4.70	4.70	4.70
(-) Cash Required (M)	-1.02	-0.64	-0.38
(=) Excess Retained (M)	3.68	4.06	4.32
(/) Shares Outstanding (M)	21.09	21.09	21.09
(=) Excess Retained per Share	0.17	0.19	0.20
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.17	0.19	0.20
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.08	$2.58	$3.15
Upside / Downside	-27.48%	-10.01%	9.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.11	5.06	5.01	4.96	4.91	4.86	5.00
Payout Ratio	7.99%	24.39%	40.79%	57.20%	73.60%	90.00%	92.50%
Projected Dividends (M)	0.41	1.23	2.04	2.83	3.61	4.37	4.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.12%	7.12%	7.12%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.14	1.15	1.16
Year 2 PV (M)	1.74	1.78	1.82
Year 3 PV (M)	2.24	2.31	2.38
Year 4 PV (M)	2.63	2.74	2.85
Year 5 PV (M)	2.95	3.10	3.26
PV of Terminal Value (M)	75.62	79.56	83.66
Equity Value (M)	86.32	90.64	95.13
Shares Outstanding (M)	21.09	21.09	21.09
Fair Value	$4.09	$4.30	$4.51
Upside / Downside	42.63%	49.76%	57.18%

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Atlantic American Corporation (AAME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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