DDM Analysis: CZFS

Valuation Snapshot

Stable Growth	$310.62 - $1,418.72	$708.45
Multi-Stage	$161.66 - $176.85	$169.12
Blended Fair Value	$438.78
Current Price	$60.28
Upside	627.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.05%	4.27%	1.95	1.78	1.59	1.55	1.37	1.32	1.28	1.08	1.06	1.08
YoY Growth	-	-	9.40%	12.06%	2.78%	12.91%	3.55%	3.25%	18.14%	1.89%	-1.36%	-15.85%
Dividend Yield	-	-	3.39%	3.77%	1.96%	2.51%	2.41%	2.78%	2.06%	1.80%	2.29%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.07
(-) Cash Dividends Paid (M)	9.48
(=) Cash Retained (M)	24.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.81	4.26	2.56
Cash Retained (M)	24.59	24.59	24.59
(-) Cash Required (M)	-6.81	-4.26	-2.56
(=) Excess Retained (M)	17.78	20.34	22.04
(/) Shares Outstanding (M)	4.78	4.78	4.78
(=) Excess Retained per Share	3.72	4.26	4.61
LTM Dividend per Share	1.98	1.98	1.98
(+) Excess Retained per Share	3.72	4.26	4.61
(=) Adjusted Dividend	5.71	6.24	6.60
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$310.62	$708.45	$1,418.72
Upside / Downside	415.29%	1,075.26%	2,253.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.07	36.29	38.65	41.16	43.83	46.68	48.08
Payout Ratio	27.82%	40.25%	52.69%	65.13%	77.56%	90.00%	92.50%
Projected Dividends (M)	9.48	14.61	20.36	26.80	34.00	42.01	44.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.47	13.60	13.72
Year 2 PV (M)	17.31	17.64	17.97
Year 3 PV (M)	21.01	21.61	22.23
Year 4 PV (M)	24.57	25.52	26.49
Year 5 PV (M)	28.00	29.35	30.75
PV of Terminal Value (M)	667.76	700.01	733.50
Equity Value (M)	772.12	807.73	844.67
Shares Outstanding (M)	4.78	4.78	4.78
Fair Value	$161.66	$169.12	$176.85
Upside / Downside	168.18%	180.55%	193.38%

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Citizens Financial Services, Inc. (CZFS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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