DDM Analysis: FCAP

Valuation Snapshot

Stable Growth	$69.44 - $181.80	$105.76
Multi-Stage	$77.46 - $84.98	$81.15
Blended Fair Value	$93.46
Current Price	$45.80
Upside	104.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.26%	4.95%	1.13	1.09	1.05	1.05	0.97	0.96	0.93	0.86	0.84	0.73
YoY Growth	-	-	3.69%	3.24%	-0.06%	8.20%	1.43%	3.48%	7.56%	2.34%	15.03%	5.33%
Dividend Yield	-	-	2.95%	3.81%	4.10%	2.68%	2.00%	1.60%	1.77%	2.15%	2.49%	2.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.27
(-) Cash Dividends Paid (M)	2.93
(=) Cash Retained (M)	7.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.05	1.28	0.77
Cash Retained (M)	7.34	7.34	7.34
(-) Cash Required (M)	-2.05	-1.28	-0.77
(=) Excess Retained (M)	5.29	6.06	6.57
(/) Shares Outstanding (M)	3.35	3.35	3.35
(=) Excess Retained per Share	1.58	1.81	1.96
LTM Dividend per Share	0.88	0.88	0.88
(+) Excess Retained per Share	1.58	1.81	1.96
(=) Adjusted Dividend	2.45	2.68	2.84
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	2.95%	3.95%	4.95%
Fair Value	$69.44	$105.76	$181.80
Upside / Downside	51.62%	130.92%	296.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.27	10.68	11.10	11.54	11.99	12.47	12.84
Payout Ratio	28.53%	40.83%	53.12%	65.41%	77.71%	90.00%	92.50%
Projected Dividends (M)	2.93	4.36	5.90	7.55	9.32	11.22	11.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.58%	6.58%	6.58%
Growth Rate	2.95%	3.95%	4.95%
Year 1 PV (M)	4.05	4.09	4.13
Year 2 PV (M)	5.09	5.19	5.29
Year 3 PV (M)	6.05	6.23	6.41
Year 4 PV (M)	6.95	7.22	7.50
Year 5 PV (M)	7.77	8.16	8.56
PV of Terminal Value (M)	229.50	240.87	252.68
Equity Value (M)	259.42	271.76	284.57
Shares Outstanding (M)	3.35	3.35	3.35
Fair Value	$77.46	$81.15	$84.98
Upside / Downside	69.14%	77.18%	85.54%

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First Capital, Inc. (FCAP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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