DDM Analysis: RCKY

Valuation Snapshot

Stable Growth	$29.89 - $47.95	$38.06
Multi-Stage	$32.08 - $35.09	$33.56
Blended Fair Value	$35.81
Current Price	$29.79
Upside	20.20%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.95%	4.33%	0.62	0.61	0.61	0.57	0.55	0.53	0.46	0.44	0.44	0.43
YoY Growth	-	-	1.01%	0.59%	5.56%	5.03%	2.66%	14.44%	6.56%	-0.84%	1.38%	7.76%
Dividend Yield	-	-	3.54%	2.22%	2.62%	1.38%	1.01%	2.75%	1.81%	2.03%	3.81%	3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.56
(-) Cash Dividends Paid (M)	4.63
(=) Cash Retained (M)	15.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.11	2.57	1.54
Cash Retained (M)	15.94	15.94	15.94
(-) Cash Required (M)	-4.11	-2.57	-1.54
(=) Excess Retained (M)	11.82	13.37	14.39
(/) Shares Outstanding (M)	7.50	7.50	7.50
(=) Excess Retained per Share	1.58	1.78	1.92
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	1.58	1.78	1.92
(=) Adjusted Dividend	2.19	2.40	2.54
WACC / Discount Rate	10.26%	10.26%	10.26%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$29.89	$38.06	$47.95
Upside / Downside	0.33%	27.75%	60.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.56	21.33	22.12	22.94	23.79	24.68	25.42
Payout Ratio	22.50%	36.00%	49.50%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	4.63	7.68	10.95	14.45	18.20	22.21	23.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.26%	10.26%	10.26%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	6.90	6.96	7.03
Year 2 PV (M)	8.83	9.01	9.18
Year 3 PV (M)	10.47	10.78	11.10
Year 4 PV (M)	11.85	12.32	12.80
Year 5 PV (M)	12.99	13.63	14.30
PV of Terminal Value (M)	189.45	198.86	208.63
Equity Value (M)	240.49	251.56	263.04
Shares Outstanding (M)	7.50	7.50	7.50
Fair Value	$32.08	$33.56	$35.09
Upside / Downside	7.69%	12.64%	17.79%

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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Rocky Brands, Inc. (RCKY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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