DDM Analysis: FFBC

Valuation Snapshot

Stable Growth	$63.76 - $184.83	$100.11
Multi-Stage	$43.26 - $47.24	$45.22
Blended Fair Value	$72.66
Current Price	$25.25
Upside	187.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.10%	9.90%	0.94	0.91	0.91	0.91	0.94	0.93	0.83	0.43	0.41	0.41
YoY Growth	-	-	2.74%	0.64%	-0.81%	-2.65%	0.67%	11.85%	93.44%	5.25%	0.14%	12.12%
Dividend Yield	-	-	3.75%	4.16%	4.16%	3.96%	3.91%	6.25%	3.38%	1.47%	1.49%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.41
(-) Cash Dividends Paid (M)	92.91
(=) Cash Retained (M)	150.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.68	30.43	18.26
Cash Retained (M)	150.51	150.51	150.51
(-) Cash Required (M)	-48.68	-30.43	-18.26
(=) Excess Retained (M)	101.83	120.08	132.25
(/) Shares Outstanding (M)	95.63	95.63	95.63
(=) Excess Retained per Share	1.06	1.26	1.38
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	1.06	1.26	1.38
(=) Adjusted Dividend	2.04	2.23	2.35
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.76	$100.11	$184.83
Upside / Downside	152.51%	296.47%	631.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.41	259.23	276.09	294.03	313.14	333.50	343.50
Payout Ratio	38.17%	48.53%	58.90%	69.27%	79.63%	90.00%	92.50%
Projected Dividends (M)	92.91	125.82	162.62	203.67	249.37	300.15	317.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.87%	8.87%	8.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	114.48	115.57	116.65
Year 2 PV (M)	134.63	137.20	139.79
Year 3 PV (M)	153.43	157.83	162.32
Year 4 PV (M)	170.93	177.51	184.27
Year 5 PV (M)	187.21	196.25	205.64
PV of Terminal Value (M)	3,376.43	3,539.51	3,708.83
Equity Value (M)	4,137.11	4,323.86	4,517.50
Shares Outstanding (M)	95.63	95.63	95.63
Fair Value	$43.26	$45.22	$47.24
Upside / Downside	71.34%	79.07%	87.09%

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First Financial Bancorp. (FFBC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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