DDM Analysis: UNTY

Valuation Snapshot

Stable Growth	$199.48 - $1,050.23	$398.69
Multi-Stage	$109.93 - $120.32	$115.03
Blended Fair Value	$256.86
Current Price	$48.87
Upside	425.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.06%	20.83%	0.49	0.46	0.43	0.35	0.32	0.32	0.27	0.23	0.15	0.11
YoY Growth	-	-	6.35%	7.96%	20.90%	9.67%	1.32%	16.17%	17.73%	56.17%	37.42%	46.50%
Dividend Yield	-	-	1.21%	1.67%	1.88%	1.26%	1.47%	2.72%	1.45%	1.06%	0.88%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	53.99
(-) Cash Dividends Paid (M)	5.42
(=) Cash Retained (M)	48.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.80	6.75	4.05
Cash Retained (M)	48.57	48.57	48.57
(-) Cash Required (M)	-10.80	-6.75	-4.05
(=) Excess Retained (M)	37.77	41.82	44.52
(/) Shares Outstanding (M)	10.22	10.22	10.22
(=) Excess Retained per Share	3.69	4.09	4.35
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	3.69	4.09	4.35
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$199.48	$398.69	$1,050.23
Upside / Downside	308.19%	715.81%	2,049.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.99	57.50	61.24	65.22	69.46	73.97	76.19
Payout Ratio	10.03%	26.03%	42.02%	58.01%	74.01%	90.00%	92.50%
Projected Dividends (M)	5.42	14.96	25.73	37.83	51.40	66.57	70.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.76	13.89	14.02
Year 2 PV (M)	21.76	22.17	22.59
Year 3 PV (M)	29.41	30.26	31.12
Year 4 PV (M)	36.74	38.16	39.61
Year 5 PV (M)	43.76	45.87	48.06
PV of Terminal Value (M)	978.40	1,025.66	1,074.73
Equity Value (M)	1,123.83	1,176.00	1,230.12
Shares Outstanding (M)	10.22	10.22	10.22
Fair Value	$109.93	$115.03	$120.32
Upside / Downside	124.94%	135.38%	146.21%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
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KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
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4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
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6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
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Financial Statements

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Unity Bancorp, Inc. (UNTY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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