DDM Analysis: THFF

Valuation Snapshot

Stable Growth	$194.06 - $873.17	$339.61
Multi-Stage	$127.05 - $138.94	$132.89
Blended Fair Value	$236.25
Current Price	$56.44
Upside	318.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.93%	5.08%	1.79	1.30	1.22	1.20	1.21	1.07	1.06	2.58	1.04	1.07
YoY Growth	-	-	38.13%	6.39%	1.96%	-0.64%	12.85%	1.22%	-59.10%	147.24%	-2.16%	-2.45%
Dividend Yield	-	-	3.66%	3.48%	3.26%	2.77%	2.68%	3.17%	2.47%	6.20%	2.20%	3.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.00
(-) Cash Dividends Paid (M)	23.43
(=) Cash Retained (M)	50.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.80	9.25	5.55
Cash Retained (M)	50.56	50.56	50.56
(-) Cash Required (M)	-14.80	-9.25	-5.55
(=) Excess Retained (M)	35.76	41.31	45.01
(/) Shares Outstanding (M)	11.84	11.84	11.84
(=) Excess Retained per Share	3.02	3.49	3.80
LTM Dividend per Share	1.98	1.98	1.98
(+) Excess Retained per Share	3.02	3.49	3.80
(=) Adjusted Dividend	5.00	5.47	5.78
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.15%	6.15%	7.15%
Fair Value	$194.06	$339.61	$873.17
Upside / Downside	243.84%	501.73%	1,447.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.00	78.55	83.38	88.51	93.95	99.73	102.72
Payout Ratio	31.67%	43.34%	55.00%	66.67%	78.33%	90.00%	92.50%
Projected Dividends (M)	23.43	34.04	45.86	59.00	73.59	89.75	95.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	5.15%	6.15%	7.15%
Year 1 PV (M)	31.26	31.56	31.86
Year 2 PV (M)	38.68	39.42	40.16
Year 3 PV (M)	45.71	47.02	48.36
Year 4 PV (M)	52.35	54.37	56.45
Year 5 PV (M)	58.64	61.48	64.43
PV of Terminal Value (M)	1,277.32	1,339.22	1,403.50
Equity Value (M)	1,503.96	1,573.08	1,644.77
Shares Outstanding (M)	11.84	11.84	11.84
Fair Value	$127.05	$132.89	$138.94
Upside / Downside	125.10%	135.45%	146.18%

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First Financial Corporation (THFF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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