DDM Analysis: CZNC

Valuation Snapshot

Stable Growth	$42.37 - $117.67	$65.69
Multi-Stage	$36.40 - $39.79	$38.06
Blended Fair Value	$51.88
Current Price	$19.81
Upside	161.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.04%	3.15%	1.01	1.01	1.03	1.04	0.94	0.91	0.76	0.72	0.72	0.73
YoY Growth	-	-	-0.25%	-1.87%	-0.69%	10.42%	3.05%	19.54%	5.39%	0.30%	-1.18%	-1.29%
Dividend Yield	-	-	5.02%	5.59%	4.83%	4.26%	3.96%	4.57%	2.95%	3.14%	3.10%	3.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27.14
(-) Cash Dividends Paid (M)	15.64
(=) Cash Retained (M)	11.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.43	3.39	2.04
Cash Retained (M)	11.50	11.50	11.50
(-) Cash Required (M)	-5.43	-3.39	-2.04
(=) Excess Retained (M)	6.07	8.10	9.46
(/) Shares Outstanding (M)	15.38	15.38	15.38
(=) Excess Retained per Share	0.39	0.53	0.62
LTM Dividend per Share	1.02	1.02	1.02
(+) Excess Retained per Share	0.39	0.53	0.62
(=) Adjusted Dividend	1.41	1.54	1.63
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	4.24%	5.24%	6.24%
Fair Value	$42.37	$65.69	$117.67
Upside / Downside	113.86%	231.61%	493.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27.14	28.56	30.05	31.63	33.29	35.03	36.08
Payout Ratio	57.64%	64.11%	70.58%	77.06%	83.53%	90.00%	92.50%
Projected Dividends (M)	15.64	18.31	21.21	24.37	27.81	31.53	33.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	4.24%	5.24%	6.24%
Year 1 PV (M)	16.84	17.00	17.16
Year 2 PV (M)	17.94	18.28	18.63
Year 3 PV (M)	18.95	19.50	20.06
Year 4 PV (M)	19.88	20.65	21.45
Year 5 PV (M)	20.73	21.74	22.80
PV of Terminal Value (M)	465.27	488.02	511.65
Equity Value (M)	559.61	585.20	611.75
Shares Outstanding (M)	15.38	15.38	15.38
Fair Value	$36.40	$38.06	$39.79
Upside / Downside	83.72%	92.13%	100.84%

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Financial Statements

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Sector

Citizens & Northern Corporation (CZNC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener