DDM Analysis: CASS

Valuation Snapshot

Stable Growth	$45.27 - $100.50	$65.31
Multi-Stage	$43.18 - $47.20	$45.15
Blended Fair Value	$55.23
Current Price	$39.33
Upside	40.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.56%	5.84%	1.21	1.18	1.14	1.14	1.15	1.12	0.97	0.79	0.74	0.71
YoY Growth	-	-	3.16%	3.35%	-0.03%	-0.98%	2.40%	15.61%	23.44%	6.97%	2.91%	3.86%
Dividend Yield	-	-	2.81%	2.48%	2.63%	3.08%	2.48%	3.19%	2.06%	1.59%	1.47%	1.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.52
(-) Cash Dividends Paid (M)	16.58
(=) Cash Retained (M)	14.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.30	3.94	2.36
Cash Retained (M)	14.95	14.95	14.95
(-) Cash Required (M)	-6.30	-3.94	-2.36
(=) Excess Retained (M)	8.64	11.01	12.58
(/) Shares Outstanding (M)	13.57	13.57	13.57
(=) Excess Retained per Share	0.64	0.81	0.93
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	0.64	0.81	0.93
(=) Adjusted Dividend	1.86	2.03	2.15
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	3.84%	4.84%	5.84%
Fair Value	$45.27	$65.31	$100.50
Upside / Downside	15.09%	66.05%	155.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.52	33.05	34.64	36.32	38.07	39.91	41.11
Payout Ratio	52.58%	60.07%	67.55%	75.03%	82.52%	90.00%	92.50%
Projected Dividends (M)	16.58	19.85	23.40	27.25	31.42	35.92	38.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	3.84%	4.84%	5.84%
Year 1 PV (M)	18.19	18.36	18.54
Year 2 PV (M)	19.65	20.03	20.41
Year 3 PV (M)	20.96	21.57	22.20
Year 4 PV (M)	22.14	23.01	23.90
Year 5 PV (M)	23.20	24.34	25.52
PV of Terminal Value (M)	481.74	505.39	529.95
Equity Value (M)	585.88	612.70	640.52
Shares Outstanding (M)	13.57	13.57	13.57
Fair Value	$43.18	$45.15	$47.20
Upside / Downside	9.78%	14.80%	20.02%

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Cass Information Systems, Inc. (CASS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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