DDM Analysis: CATY

Valuation Snapshot

Stable Growth	$100.92 - $265.34	$153.90
Multi-Stage	$69.82 - $76.25	$72.98
Blended Fair Value	$113.44
Current Price	$48.01
Upside	136.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.24%	15.54%	1.39	1.40	1.44	1.41	1.40	1.41	1.19	0.99	0.84	0.64
YoY Growth	-	-	-0.68%	-2.30%	1.64%	0.64%	-0.45%	18.82%	19.37%	17.91%	30.90%	96.00%
Dividend Yield	-	-	3.24%	3.80%	4.16%	3.16%	3.44%	6.14%	3.41%	2.49%	2.24%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	304.81
(-) Cash Dividends Paid (M)	95.11
(=) Cash Retained (M)	209.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.96	38.10	22.86
Cash Retained (M)	209.70	209.70	209.70
(-) Cash Required (M)	-60.96	-38.10	-22.86
(=) Excess Retained (M)	148.74	171.60	186.84
(/) Shares Outstanding (M)	70.34	70.34	70.34
(=) Excess Retained per Share	2.11	2.44	2.66
LTM Dividend per Share	1.35	1.35	1.35
(+) Excess Retained per Share	2.11	2.44	2.66
(=) Adjusted Dividend	3.47	3.79	4.01
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$100.92	$153.90	$265.34
Upside / Downside	110.21%	220.55%	452.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	304.81	324.62	345.72	368.19	392.13	417.61	430.14
Payout Ratio	31.20%	42.96%	54.72%	66.48%	78.24%	90.00%	92.50%
Projected Dividends (M)	95.11	139.46	189.18	244.78	306.80	375.85	397.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	126.60	127.80	129.00
Year 2 PV (M)	155.90	158.87	161.87
Year 3 PV (M)	183.11	188.37	193.73
Year 4 PV (M)	208.35	216.36	224.60
Year 5 PV (M)	231.70	242.89	254.51
PV of Terminal Value (M)	4,005.25	4,198.71	4,399.57
Equity Value (M)	4,910.92	5,133.00	5,363.28
Shares Outstanding (M)	70.34	70.34	70.34
Fair Value	$69.82	$72.98	$76.25
Upside / Downside	45.43%	52.00%	58.82%

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301151.SZ	Shanghai Karon Eco-Valve Manufacturing Co., Ltd.	1.64%	$0.31	64.22%
4912.T	Lion Corporation	1.64%	$27.13	35.97%
5328.TWO	Hua Jung Components Co.,Ltd.	1.64%	$0.35	73.35%
600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
GRMN	Garmin Ltd.	1.62%	$3.28	40.42%
RUBFILA.BO	Rubfila International Limited	1.62%	$1.20	22.45%
VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
WAS.WA	Wasko S.A.	1.62%	$0.03	19.20%
002152.SZ	GRG Banking Equipment Co., Ltd.	1.61%	$0.22	65.18%
002457.SZ	Ningxia Qinglong Pipes Industry Group Co., Ltd.	1.61%	$0.18	28.21%
002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
603181.SS	Zhejiang Huangma Technology Co.,Ltd	1.61%	$0.23	29.53%
603416.SS	WuXi Xinje Electric Co.,Ltd.	1.61%	$0.89	59.24%
ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
H22.SI	Hong Leong Asia Ltd.	1.61%	$0.04	31.75%
MATAS.CO	Matas A/S	1.61%	$2.00	26.57%
SRSN.JK	PT Indo Acidatama Tbk	1.61%	$1.00	12.49%
000050.KS	Kyungbangco.Ltd	1.60%	$149.61	11.55%

Financial Statements

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Sector

Cathay General Bancorp (CATY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener