DDM Analysis: FSFG

Valuation Snapshot

Stable Growth	$181.40 - $509.96	$477.91
Multi-Stage	$70.38 - $77.06	$73.66
Blended Fair Value	$275.78
Current Price	$31.43
Upside	777.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.44%	16.05%	0.58	0.54	0.64	0.24	0.23	0.21	0.19	0.18	0.16	0.14
YoY Growth	-	-	6.80%	-15.69%	167.00%	5.97%	8.02%	9.61%	9.28%	10.72%	11.56%	8.86%
Dividend Yield	-	-	1.85%	2.05%	3.84%	1.21%	0.86%	0.97%	0.86%	1.02%	0.84%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.89
(-) Cash Dividends Paid (M)	4.28
(=) Cash Retained (M)	13.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.58	2.24	1.34
Cash Retained (M)	13.61	13.61	13.61
(-) Cash Required (M)	-3.58	-2.24	-1.34
(=) Excess Retained (M)	10.03	11.37	12.27
(/) Shares Outstanding (M)	6.98	6.98	6.98
(=) Excess Retained per Share	1.44	1.63	1.76
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	1.44	1.63	1.76
(=) Adjusted Dividend	2.05	2.24	2.37
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$181.40	$477.91	$509.96
Upside / Downside	477.17%	1,420.56%	1,522.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.89	19.05	20.29	21.61	23.01	24.51	25.25
Payout Ratio	23.93%	37.14%	50.36%	63.57%	76.79%	90.00%	92.50%
Projected Dividends (M)	4.28	7.08	10.22	13.74	17.67	22.06	23.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.57	6.63	6.70
Year 2 PV (M)	8.81	8.98	9.15
Year 3 PV (M)	11.00	11.31	11.63
Year 4 PV (M)	13.13	13.64	14.16
Year 5 PV (M)	15.22	15.96	16.72
PV of Terminal Value (M)	436.30	457.38	479.26
Equity Value (M)	491.03	513.89	537.61
Shares Outstanding (M)	6.98	6.98	6.98
Fair Value	$70.38	$73.66	$77.06
Upside / Downside	123.93%	134.36%	145.17%

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002731.SZ	Shenyang Cuihua Gold and Silver Jewelry Co., Ltd.	2.12%	$0.27	24.86%
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163560.KS	DRB Industrial Co., Ltd.	2.12%	$146.78	36.08%
2641.TWO	Franbo Lines Corp.	2.12%	$0.43	25.10%
443060.KS	Hdhms	2.12%	$4,099.93	69.50%
605500.SS	Forest Packaging Group Co.,Ltd.	2.12%	$0.19	89.23%
6455.T	Morita Holdings Corporation	2.12%	$58.45	24.57%
CCOLA.IS	Coca-Cola Içecek Anonim Sirketi	2.12%	$1.26	25.02%
MTWI.JK	PT Malacca Trust Wuwungan Insurance Tbk	2.12%	$7.84	25.68%
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002440.SZ	Zhejiang Runtu Co., Ltd.	2.11%	$0.16	60.72%
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0400.HK	Ingdan, Inc.	2.11%	$0.06	22.33%
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601456.SS	Guolian Minsheng Securities Co., Ltd.	2.10%	$0.21	68.71%
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First Savings Financial Group, Inc. (FSFG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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