DDM Analysis: FFIN

Valuation Snapshot

Stable Growth	$43.03 - $127.22	$67.94
Multi-Stage	$29.18 - $31.86	$30.50
Blended Fair Value	$49.22
Current Price	$33.65
Upside	46.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.01%	11.52%	0.72	0.70	0.64	0.56	0.49	0.43	0.38	0.34	0.31	0.27
YoY Growth	-	-	2.95%	9.47%	14.56%	13.36%	15.17%	13.36%	10.02%	9.01%	15.84%	12.11%
Dividend Yield	-	-	2.00%	2.17%	2.00%	1.26%	1.05%	1.59%	1.27%	1.48%	1.57%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	242.59
(-) Cash Dividends Paid (M)	102.98
(=) Cash Retained (M)	139.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.52	30.32	18.19
Cash Retained (M)	139.61	139.61	139.61
(-) Cash Required (M)	-48.52	-30.32	-18.19
(=) Excess Retained (M)	91.09	109.29	121.42
(/) Shares Outstanding (M)	143.10	143.10	143.10
(=) Excess Retained per Share	0.64	0.76	0.85
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.64	0.76	0.85
(=) Adjusted Dividend	1.36	1.48	1.57
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.03	$67.94	$127.22
Upside / Downside	27.88%	101.92%	278.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	242.59	258.36	275.15	293.04	312.09	332.37	342.34
Payout Ratio	42.45%	51.96%	61.47%	70.98%	80.49%	90.00%	92.50%
Projected Dividends (M)	102.98	134.24	169.14	208.00	251.20	299.13	316.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	122.20	123.36	124.52
Year 2 PV (M)	140.15	142.82	145.51
Year 3 PV (M)	156.89	161.39	165.98
Year 4 PV (M)	172.47	179.10	185.92
Year 5 PV (M)	186.95	195.98	205.36
PV of Terminal Value (M)	3,397.58	3,561.69	3,732.07
Equity Value (M)	4,176.24	4,364.34	4,559.36
Shares Outstanding (M)	143.10	143.10	143.10
Fair Value	$29.18	$30.50	$31.86
Upside / Downside	-13.27%	-9.36%	-5.31%

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First Financial Bankshares, Inc. (FFIN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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