DDM Analysis: EVBN

Valuation Snapshot

Stable Growth	$48.78 - $126.33	$74.04
Multi-Stage	$48.12 - $52.65	$50.34
Blended Fair Value	$62.19
Current Price	$43.30
Upside	43.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.43%	10.30%	1.32	1.31	1.25	1.18	1.08	0.92	0.80	0.69	0.59	0.55
YoY Growth	-	-	0.90%	4.05%	6.13%	9.18%	17.66%	15.00%	15.95%	17.22%	6.85%	11.48%
Dividend Yield	-	-	3.04%	4.45%	3.74%	3.11%	3.19%	3.79%	2.19%	1.53%	1.53%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.95
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	4.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.39	1.49	0.90
Cash Retained (M)	4.67	4.67	4.67
(-) Cash Required (M)	-2.39	-1.49	-0.90
(=) Excess Retained (M)	2.28	3.17	3.77
(/) Shares Outstanding (M)	5.53	5.53	5.53
(=) Excess Retained per Share	0.41	0.57	0.68
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	0.41	0.57	0.68
(=) Adjusted Dividend	1.73	1.89	2.00
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$48.78	$74.04	$126.33
Upside / Downside	12.66%	71.00%	191.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.95	12.50	13.08	13.68	14.31	14.97	15.42
Payout Ratio	60.97%	66.77%	72.58%	78.39%	84.19%	90.00%	92.50%
Projected Dividends (M)	7.29	8.35	9.49	10.72	12.05	13.47	14.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.27%	7.27%	7.27%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	7.71	7.78	7.86
Year 2 PV (M)	8.09	8.25	8.41
Year 3 PV (M)	8.44	8.69	8.94
Year 4 PV (M)	8.76	9.10	9.45
Year 5 PV (M)	9.04	9.48	9.95
PV of Terminal Value (M)	224.24	235.27	246.73
Equity Value (M)	266.27	278.57	291.34
Shares Outstanding (M)	5.53	5.53	5.53
Fair Value	$48.12	$50.34	$52.65
Upside / Downside	11.13%	16.26%	21.59%

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Evans Bancorp, Inc. (EVBN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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