DDM Analysis: SRCE

Valuation Snapshot

Stable Growth	$171.42 - $615.90	$285.07
Multi-Stage	$114.52 - $125.24	$119.78
Blended Fair Value	$202.42
Current Price	$61.56
Upside	228.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.05%	7.21%	1.44	1.35	1.31	1.28	1.21	1.18	1.05	0.83	0.79	0.74
YoY Growth	-	-	7.02%	3.03%	2.43%	5.29%	2.56%	12.98%	25.72%	5.23%	7.12%	2.74%
Dividend Yield	-	-	2.41%	2.62%	3.03%	2.76%	2.55%	3.65%	2.29%	1.65%	1.69%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	148.58
(-) Cash Dividends Paid (M)	37.44
(=) Cash Retained (M)	111.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.72	18.57	11.14
Cash Retained (M)	111.14	111.14	111.14
(-) Cash Required (M)	-29.72	-18.57	-11.14
(=) Excess Retained (M)	81.42	92.57	100.00
(/) Shares Outstanding (M)	24.51	24.51	24.51
(=) Excess Retained per Share	3.32	3.78	4.08
LTM Dividend per Share	1.53	1.53	1.53
(+) Excess Retained per Share	3.32	3.78	4.08
(=) Adjusted Dividend	4.85	5.30	5.61
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	5.21%	6.21%	7.21%
Fair Value	$171.42	$285.07	$615.90
Upside / Downside	178.47%	363.08%	900.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.58	157.81	167.61	178.02	189.07	200.82	206.84
Payout Ratio	25.20%	38.16%	51.12%	64.08%	77.04%	90.00%	92.50%
Projected Dividends (M)	37.44	60.22	85.68	114.07	145.66	180.74	191.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	5.21%	6.21%	7.21%
Year 1 PV (M)	55.14	55.66	56.18
Year 2 PV (M)	71.83	73.20	74.59
Year 3 PV (M)	87.57	90.09	92.66
Year 4 PV (M)	102.38	106.33	110.39
Year 5 PV (M)	116.31	121.95	127.80
PV of Terminal Value (M)	2,374.03	2,489.02	2,608.42
Equity Value (M)	2,807.26	2,936.25	3,070.04
Shares Outstanding (M)	24.51	24.51	24.51
Fair Value	$114.52	$119.78	$125.24
Upside / Downside	86.02%	94.57%	103.44%

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1st Source Corporation (SRCE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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