DDM Analysis: FRME

Valuation Snapshot

Stable Growth	$108.52 - $353.69	$176.01
Multi-Stage	$71.32 - $77.90	$74.55
Blended Fair Value	$125.28
Current Price	$37.70
Upside	232.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.74%	22.54%	1.41	1.38	1.26	1.06	0.98	0.89	0.72	0.55	0.38	0.27
YoY Growth	-	-	1.95%	10.05%	18.81%	8.29%	10.27%	23.08%	30.92%	43.31%	41.84%	46.38%
Dividend Yield	-	-	3.48%	4.05%	3.81%	2.54%	2.10%	3.34%	1.91%	1.32%	0.97%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.29
(-) Cash Dividends Paid (M)	82.57
(=) Cash Retained (M)	150.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.66	29.16	17.50
Cash Retained (M)	150.72	150.72	150.72
(-) Cash Required (M)	-46.66	-29.16	-17.50
(=) Excess Retained (M)	104.06	121.56	133.22
(/) Shares Outstanding (M)	57.93	57.93	57.93
(=) Excess Retained per Share	1.80	2.10	2.30
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	1.80	2.10	2.30
(=) Adjusted Dividend	3.22	3.52	3.73
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.52	$176.01	$353.69
Upside / Downside	187.84%	366.86%	838.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.29	248.45	264.60	281.80	300.11	319.62	329.21
Payout Ratio	35.39%	46.32%	57.24%	68.16%	79.08%	90.00%	92.50%
Projected Dividends (M)	82.57	115.07	151.45	192.07	237.33	287.66	304.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.93	105.93	106.92
Year 2 PV (M)	125.94	128.33	130.76
Year 3 PV (M)	145.64	149.82	154.08
Year 4 PV (M)	164.11	170.42	176.91
Year 5 PV (M)	181.38	190.14	199.24
PV of Terminal Value (M)	3,409.22	3,573.89	3,744.86
Equity Value (M)	4,131.22	4,318.53	4,512.76
Shares Outstanding (M)	57.93	57.93	57.93
Fair Value	$71.32	$74.55	$77.90
Upside / Downside	89.17%	97.75%	106.64%

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First Merchants Corporation (FRME)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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