DDM Analysis: BANR

Valuation Snapshot

Stable Growth	$93.64 - $187.25	$130.12
Multi-Stage	$87.40 - $95.56	$91.41
Blended Fair Value	$110.76
Current Price	$65.50
Upside	69.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.54%	17.36%	1.92	1.92	1.76	1.66	2.71	1.61	1.71	1.89	0.81	0.49
YoY Growth	-	-	-0.05%	9.31%	6.00%	-38.75%	67.77%	-5.41%	-9.85%	132.51%	64.72%	27.54%
Dividend Yield	-	-	3.01%	4.09%	3.23%	2.83%	5.08%	4.88%	3.07%	3.41%	1.46%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	190.52
(-) Cash Dividends Paid (M)	66.96
(=) Cash Retained (M)	123.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.10	23.82	14.29
Cash Retained (M)	123.56	123.56	123.56
(-) Cash Required (M)	-38.10	-23.82	-14.29
(=) Excess Retained (M)	85.46	99.75	109.27
(/) Shares Outstanding (M)	34.75	34.75	34.75
(=) Excess Retained per Share	2.46	2.87	3.14
LTM Dividend per Share	1.93	1.93	1.93
(+) Excess Retained per Share	2.46	2.87	3.14
(=) Adjusted Dividend	4.39	4.80	5.07
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	3.95%	4.95%	5.95%
Fair Value	$93.64	$130.12	$187.25
Upside / Downside	42.96%	98.65%	185.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	190.52	199.96	209.87	220.27	231.18	242.63	249.91
Payout Ratio	35.15%	46.12%	57.09%	68.06%	79.03%	90.00%	92.50%
Projected Dividends (M)	66.96	92.22	119.81	149.91	182.70	218.37	231.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	3.95%	4.95%	5.95%
Year 1 PV (M)	83.93	84.74	85.55
Year 2 PV (M)	99.25	101.17	103.11
Year 3 PV (M)	113.03	116.32	119.68
Year 4 PV (M)	125.37	130.27	135.30
Year 5 PV (M)	136.39	143.08	150.02
PV of Terminal Value (M)	2,479.13	2,600.69	2,726.97
Equity Value (M)	3,037.10	3,176.26	3,320.63
Shares Outstanding (M)	34.75	34.75	34.75
Fair Value	$87.40	$91.41	$95.56
Upside / Downside	33.44%	39.56%	45.90%

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Banner Corporation (BANR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener