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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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

High-Yield Dividend Screener