DDM Analysis: DGICA

Valuation Snapshot

Stable Growth	$57.72 - $152.38	$88.14
Multi-Stage	$59.45 - $65.18	$62.26
Blended Fair Value	$75.20
Current Price	$19.39
Upside	287.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.12%	5.28%	0.67	0.64	0.60	0.56	0.50	0.47	0.46	0.43	0.41	0.42
YoY Growth	-	-	3.69%	6.78%	7.35%	12.51%	5.49%	2.77%	5.65%	5.23%	-2.55%	6.48%
Dividend Yield	-	-	3.39%	4.62%	3.93%	4.17%	3.35%	3.10%	3.45%	2.75%	2.34%	2.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.15
(-) Cash Dividends Paid (M)	24.86
(=) Cash Retained (M)	61.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.23	10.77	6.46
Cash Retained (M)	61.30	61.30	61.30
(-) Cash Required (M)	-17.23	-10.77	-6.46
(=) Excess Retained (M)	44.06	50.53	54.83
(/) Shares Outstanding (M)	34.13	34.13	34.13
(=) Excess Retained per Share	1.29	1.48	1.61
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	1.29	1.48	1.61
(=) Adjusted Dividend	2.02	2.21	2.34
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	3.28%	4.28%	5.28%
Fair Value	$57.72	$88.14	$152.38
Upside / Downside	197.70%	354.56%	685.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.15	89.84	93.68	97.68	101.86	106.22	109.40
Payout Ratio	28.85%	41.08%	53.31%	65.54%	77.77%	90.00%	92.50%
Projected Dividends (M)	24.86	36.91	49.94	64.02	79.22	95.59	101.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	3.28%	4.28%	5.28%
Year 1 PV (M)	34.20	34.53	34.86
Year 2 PV (M)	42.88	43.71	44.55
Year 3 PV (M)	50.93	52.43	53.95
Year 4 PV (M)	58.39	60.69	63.05
Year 5 PV (M)	65.29	68.51	71.86
PV of Terminal Value (M)	1,777.32	1,865.05	1,956.21
Equity Value (M)	2,029.01	2,124.92	2,224.49
Shares Outstanding (M)	34.13	34.13	34.13
Fair Value	$59.45	$62.26	$65.18
Upside / Downside	206.62%	221.11%	236.16%

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Donegal Group Inc. (DGICA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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