DDM Analysis: CSV

Valuation Snapshot

Stable Growth	$58.66 - $125.00	$83.42
Multi-Stage	$52.78 - $57.79	$55.24
Blended Fair Value	$69.33
Current Price	$44.54
Upside	55.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.75%	13.98%	0.44	0.43	0.44	0.47	0.39	0.35	0.36	0.24	0.16	0.12
YoY Growth	-	-	1.48%	-0.81%	-6.90%	20.11%	12.04%	-2.09%	48.64%	48.84%	37.00%	-1.14%
Dividend Yield	-	-	1.13%	1.63%	1.43%	0.88%	1.11%	2.15%	1.85%	0.86%	0.59%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.99
(-) Cash Dividends Paid (M)	6.96
(=) Cash Retained (M)	42.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.80	6.12	3.67
Cash Retained (M)	42.03	42.03	42.03
(-) Cash Required (M)	-9.80	-6.12	-3.67
(=) Excess Retained (M)	32.23	35.91	38.36
(/) Shares Outstanding (M)	15.53	15.53	15.53
(=) Excess Retained per Share	2.08	2.31	2.47
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	2.08	2.31	2.47
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	3.98%	4.98%	5.98%
Fair Value	$58.66	$83.42	$125.00
Upside / Downside	31.70%	87.28%	180.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.99	51.43	54.00	56.68	59.51	62.47	64.35
Payout Ratio	14.21%	29.37%	44.53%	59.68%	74.84%	90.00%	92.50%
Projected Dividends (M)	6.96	15.11	24.04	33.83	44.54	56.22	59.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	3.98%	4.98%	5.98%
Year 1 PV (M)	13.80	13.93	14.06
Year 2 PV (M)	20.05	20.44	20.83
Year 3 PV (M)	25.77	26.52	27.29
Year 4 PV (M)	30.98	32.19	33.43
Year 5 PV (M)	35.72	37.47	39.29
PV of Terminal Value (M)	693.17	727.15	762.45
Equity Value (M)	819.49	857.70	897.35
Shares Outstanding (M)	15.53	15.53	15.53
Fair Value	$52.78	$55.24	$57.79
Upside / Downside	18.50%	24.02%	29.76%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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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%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
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Carriage Services, Inc. (CSV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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