DDM Analysis: MBINO

Valuation Snapshot

Stable Growth	$317.12 - $1,067.83	$1,000.72
Multi-Stage	$138.05 - $151.11	$144.46
Blended Fair Value	$572.59
Current Price	$31.80
Upside	1,700.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.29%	0.00%	1.11	1.06	0.83	0.68	0.52	0.38	0.22	0.17	0.14	0.09
YoY Growth	-	-	5.49%	27.42%	21.87%	31.95%	37.19%	68.89%	28.50%	27.73%	47.42%	0.00%
Dividend Yield	-	-	3.01%	2.50%	3.18%	2.48%	1.84%	3.71%	1.54%	1.21%	1.21%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	246.59
(-) Cash Dividends Paid (M)	59.41
(=) Cash Retained (M)	187.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.32	30.82	18.49
Cash Retained (M)	187.18	187.18	187.18
(-) Cash Required (M)	-49.32	-30.82	-18.49
(=) Excess Retained (M)	137.86	156.35	168.68
(/) Shares Outstanding (M)	45.92	45.92	45.92
(=) Excess Retained per Share	3.00	3.40	3.67
LTM Dividend per Share	1.29	1.29	1.29
(+) Excess Retained per Share	3.00	3.40	3.67
(=) Adjusted Dividend	4.30	4.70	4.97
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$317.12	$1,000.72	$1,067.83
Upside / Downside	897.24%	3,046.91%	3,257.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.59	262.62	279.69	297.86	317.23	337.85	347.98
Payout Ratio	24.09%	37.27%	50.46%	63.64%	76.82%	90.00%	92.50%
Projected Dividends (M)	59.41	97.89	141.12	189.55	243.69	304.06	321.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.93%	6.93%	6.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	90.68	91.54	92.40
Year 2 PV (M)	121.11	123.42	125.75
Year 3 PV (M)	150.71	155.04	159.45
Year 4 PV (M)	179.50	186.40	193.50
Year 5 PV (M)	207.49	217.51	227.92
PV of Terminal Value (M)	5,590.48	5,860.50	6,140.86
Equity Value (M)	6,339.98	6,634.42	6,939.88
Shares Outstanding (M)	45.92	45.92	45.92
Fair Value	$138.05	$144.46	$151.11
Upside / Downside	334.12%	354.29%	375.20%

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Merchants Bancorp (MBINO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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