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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GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
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TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
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2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
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2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
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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

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