DDM Analysis: SHBI

Valuation Snapshot

Stable Growth	$53.95 - $254.15	$95.30
Multi-Stage	$32.86 - $35.93	$34.37
Blended Fair Value	$64.83
Current Price	$16.41
Upside	295.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.53%	0.00%	0.48	0.38	0.29	0.20	0.18	0.16	0.12	0.08	0.05	0.02
YoY Growth	-	-	25.76%	33.61%	44.24%	11.04%	11.28%	31.09%	46.20%	57.54%	250.00%	0.00%
Dividend Yield	-	-	3.54%	3.44%	2.00%	0.97%	1.05%	1.48%	0.81%	0.44%	0.32%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.90
(-) Cash Dividends Paid (M)	16.09
(=) Cash Retained (M)	40.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.38	7.11	4.27
Cash Retained (M)	40.81	40.81	40.81
(-) Cash Required (M)	-11.38	-7.11	-4.27
(=) Excess Retained (M)	29.43	33.70	36.54
(/) Shares Outstanding (M)	33.38	33.38	33.38
(=) Excess Retained per Share	0.88	1.01	1.09
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.88	1.01	1.09
(=) Adjusted Dividend	1.36	1.49	1.58
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$53.95	$95.30	$254.15
Upside / Downside	228.74%	480.72%	1,448.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.90	60.60	64.54	68.73	73.20	77.96	80.30
Payout Ratio	28.28%	40.62%	52.97%	65.31%	77.66%	90.00%	92.50%
Projected Dividends (M)	16.09	24.62	34.19	44.89	56.85	70.16	74.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.55	22.76	22.97
Year 2 PV (M)	28.67	29.22	29.77
Year 3 PV (M)	34.48	35.47	36.48
Year 4 PV (M)	39.99	41.53	43.11
Year 5 PV (M)	45.20	47.38	49.65
PV of Terminal Value (M)	926.09	970.82	1,017.27
Equity Value (M)	1,096.98	1,147.18	1,199.25
Shares Outstanding (M)	33.38	33.38	33.38
Fair Value	$32.86	$34.37	$35.93
Upside / Downside	100.27%	109.43%	118.94%

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Shore Bancshares, Inc. (SHBI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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