DDM Analysis: CBU

Valuation Snapshot

Stable Growth	$108.66 - $379.94	$179.47
Multi-Stage	$71.15 - $77.69	$74.36
Blended Fair Value	$126.92
Current Price	$58.64
Upside	116.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.60%	7.57%	1.81	1.79	1.76	1.72	1.64	1.51	1.35	1.18	1.04	0.93
YoY Growth	-	-	0.71%	1.84%	2.57%	4.50%	8.59%	12.23%	14.75%	13.18%	11.72%	6.70%
Dividend Yield	-	-	3.18%	3.80%	3.36%	2.45%	2.14%	2.57%	2.20%	2.19%	1.89%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	205.83
(-) Cash Dividends Paid (M)	96.43
(=) Cash Retained (M)	109.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.17	25.73	15.44
Cash Retained (M)	109.40	109.40	109.40
(-) Cash Required (M)	-41.17	-25.73	-15.44
(=) Excess Retained (M)	68.23	83.67	93.96
(/) Shares Outstanding (M)	53.00	53.00	53.00
(=) Excess Retained per Share	1.29	1.58	1.77
LTM Dividend per Share	1.82	1.82	1.82
(+) Excess Retained per Share	1.29	1.58	1.77
(=) Adjusted Dividend	3.11	3.40	3.59
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.66	$179.47	$379.94
Upside / Downside	85.30%	206.06%	547.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	205.83	219.20	233.45	248.63	264.79	282.00	290.46
Payout Ratio	46.85%	55.48%	64.11%	72.74%	81.37%	90.00%	92.50%
Projected Dividends (M)	96.43	121.61	149.66	180.85	215.46	253.80	268.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.02	112.07	113.12
Year 2 PV (M)	124.72	127.09	129.49
Year 3 PV (M)	137.58	141.53	145.55
Year 4 PV (M)	149.62	155.37	161.29
Year 5 PV (M)	160.89	168.66	176.73
PV of Terminal Value (M)	3,087.57	3,236.70	3,391.54
Equity Value (M)	3,771.39	3,941.43	4,117.73
Shares Outstanding (M)	53.00	53.00	53.00
Fair Value	$71.15	$74.36	$77.69
Upside / Downside	21.34%	26.81%	32.48%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Community Bank System, Inc. (CBU)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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