DDM Analysis: BFC

Valuation Snapshot

Stable Growth	$262.57 - $1,414.90	$515.18
Multi-Stage	$155.03 - $169.20	$161.99
Blended Fair Value	$338.59
Current Price	$121.31
Upside	179.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.29%	18.25%	1.57	1.20	0.79	0.88	0.62	0.55	0.46	0.41	0.37	0.32
YoY Growth	-	-	30.13%	52.89%	-10.43%	42.07%	12.52%	20.60%	11.96%	10.37%	14.28%	10.16%
Dividend Yield	-	-	1.56%	1.46%	1.07%	1.22%	0.83%	0.98%	0.77%	0.88%	1.05%	1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.65
(-) Cash Dividends Paid (M)	52.15
(=) Cash Retained (M)	18.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.13	8.83	5.30
Cash Retained (M)	18.50	18.50	18.50
(-) Cash Required (M)	-14.13	-8.83	-5.30
(=) Excess Retained (M)	4.37	9.67	13.20
(/) Shares Outstanding (M)	9.93	9.93	9.93
(=) Excess Retained per Share	0.44	0.97	1.33
LTM Dividend per Share	5.25	5.25	5.25
(+) Excess Retained per Share	0.44	0.97	1.33
(=) Adjusted Dividend	5.69	6.23	6.58
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$262.57	$515.18	$1,414.90
Upside / Downside	116.44%	324.68%	1,066.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.65	75.24	80.13	85.34	90.88	96.79	99.69
Payout Ratio	73.82%	77.05%	80.29%	83.53%	86.76%	90.00%	92.50%
Projected Dividends (M)	52.15	57.97	64.34	71.28	78.85	87.11	92.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.28	53.79	54.29
Year 2 PV (M)	54.34	55.38	56.42
Year 3 PV (M)	55.33	56.92	58.54
Year 4 PV (M)	56.26	58.42	60.64
Year 5 PV (M)	57.12	59.88	62.74
PV of Terminal Value (M)	1,263.12	1,324.13	1,387.48
Equity Value (M)	1,539.45	1,608.51	1,680.11
Shares Outstanding (M)	9.93	9.93	9.93
Fair Value	$155.03	$161.99	$169.20
Upside / Downside	27.80%	33.53%	39.48%

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Bank First Corporation (BFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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