DDM Analysis: TRMK

Valuation Snapshot

Stable Growth	$24.51 - $34.97	$29.64
Multi-Stage	$43.39 - $47.72	$45.51
Blended Fair Value	$37.58
Current Price	$39.60
Upside	-5.10%
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	-1.03%	-0.95%	0.93	0.93	0.93	0.95	0.96	0.98	1.02	1.03	1.03	1.03
YoY Growth	-	-	0.24%	-0.05%	-2.42%	-1.16%	-1.73%	-4.20%	-0.59%	0.21%	0.10%	0.21%
Dividend Yield	-	-	2.70%	3.38%	3.76%	3.14%	2.86%	4.21%	2.97%	3.31%	3.23%	4.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.57
(-) Cash Dividends Paid (M)	58.12
(=) Cash Retained (M)	164.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.51	27.82	16.69
Cash Retained (M)	164.45	164.45	164.45
(-) Cash Required (M)	-44.51	-27.82	-16.69
(=) Excess Retained (M)	119.94	136.63	147.76
(/) Shares Outstanding (M)	60.96	60.96	60.96
(=) Excess Retained per Share	1.97	2.24	2.42
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	1.97	2.24	2.42
(=) Adjusted Dividend	2.92	3.19	3.38
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	-2.95%	-1.95%	-0.95%
Fair Value	$24.51	$29.64	$34.97
Upside / Downside	-38.11%	-25.14%	-11.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.57	218.23	213.98	209.81	205.72	201.71	207.76
Payout Ratio	26.11%	38.89%	51.67%	64.45%	77.22%	90.00%	92.50%
Projected Dividends (M)	58.12	84.87	110.56	135.21	158.86	181.54	192.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	-2.95%	-1.95%	-0.95%
Year 1 PV (M)	77.34	78.14	78.94
Year 2 PV (M)	91.81	93.71	95.63
Year 3 PV (M)	102.32	105.52	108.78
Year 4 PV (M)	109.55	114.14	118.87
Year 5 PV (M)	114.08	120.08	126.33
PV of Terminal Value (M)	2,150.13	2,263.21	2,380.99
Equity Value (M)	2,645.24	2,774.79	2,909.54
Shares Outstanding (M)	60.96	60.96	60.96
Fair Value	$43.39	$45.51	$47.72
Upside / Downside	9.57%	14.94%	20.52%

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Trustmark Corporation (TRMK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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