DDM Analysis: PNFP

Valuation Snapshot

Stable Growth	$156.94 - $342.80	$225.13
Multi-Stage	$112.49 - $122.93	$117.61
Blended Fair Value	$171.37
Current Price	$93.79
Upside	82.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.73%	19.73%	0.89	0.89	0.88	0.72	0.64	0.65	0.59	0.46	0.32	0.24
YoY Growth	-	-	0.40%	0.80%	22.86%	12.38%	-0.88%	9.62%	26.59%	45.22%	35.06%	60.62%
Dividend Yield	-	-	0.84%	1.07%	1.60%	0.78%	0.72%	1.72%	1.04%	0.72%	0.48%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	623.57
(-) Cash Dividends Paid (M)	73.86
(=) Cash Retained (M)	549.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.71	77.95	46.77
Cash Retained (M)	549.71	549.71	549.71
(-) Cash Required (M)	-124.71	-77.95	-46.77
(=) Excess Retained (M)	425.00	471.77	502.95
(/) Shares Outstanding (M)	77.23	77.23	77.23
(=) Excess Retained per Share	5.50	6.11	6.51
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	5.50	6.11	6.51
(=) Adjusted Dividend	6.46	7.06	7.47
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$156.94	$225.13	$342.80
Upside / Downside	67.33%	140.04%	265.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	623.57	664.11	707.27	753.24	802.21	854.35	879.98
Payout Ratio	11.84%	27.48%	43.11%	58.74%	74.37%	90.00%	92.50%
Projected Dividends (M)	73.86	182.47	304.88	442.44	596.59	768.91	813.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	164.56	166.12	167.68
Year 2 PV (M)	247.97	252.69	257.46
Year 3 PV (M)	324.53	333.85	343.34
Year 4 PV (M)	394.65	409.83	425.44
Year 5 PV (M)	458.72	480.88	503.88
PV of Terminal Value (M)	7,097.51	7,440.33	7,796.26
Equity Value (M)	8,687.95	9,083.70	9,494.07
Shares Outstanding (M)	77.23	77.23	77.23
Fair Value	$112.49	$117.61	$122.93
Upside / Downside	19.94%	25.40%	31.06%

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Pinnacle Financial Partners, Inc. (PNFP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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