DDM Analysis: EVBN

Valuation Snapshot

Stable Growth	$68.37 - $341.11	$122.15
Multi-Stage	$64.32 - $70.47	$67.34
Blended Fair Value	$94.74
Current Price	$43.30
Upside	118.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.43%	10.30%	1.32	1.31	1.25	1.18	1.08	0.92	0.80	0.69	0.59	0.55
YoY Growth	-	-	0.90%	4.05%	6.13%	9.18%	17.66%	15.00%	15.95%	17.22%	6.85%	11.48%
Dividend Yield	-	-	3.04%	4.45%	3.74%	3.11%	3.19%	3.79%	2.19%	1.53%	1.53%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.95
(-) Cash Dividends Paid (M)	7.29
(=) Cash Retained (M)	4.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.39	1.49	0.90
Cash Retained (M)	4.67	4.67	4.67
(-) Cash Required (M)	-2.39	-1.49	-0.90
(=) Excess Retained (M)	2.28	3.17	3.77
(/) Shares Outstanding (M)	5.53	5.53	5.53
(=) Excess Retained per Share	0.41	0.57	0.68
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	0.41	0.57	0.68
(=) Adjusted Dividend	1.73	1.89	2.00
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$68.37	$122.15	$341.11
Upside / Downside	57.90%	182.10%	687.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.95	12.50	13.08	13.68	14.31	14.97	15.42
Payout Ratio	60.97%	66.77%	72.58%	78.39%	84.19%	90.00%	92.50%
Projected Dividends (M)	7.29	8.35	9.49	10.72	12.05	13.47	14.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.22%	6.22%	6.22%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	7.79	7.86	7.94
Year 2 PV (M)	8.25	8.41	8.58
Year 3 PV (M)	8.69	8.95	9.21
Year 4 PV (M)	9.11	9.46	9.83
Year 5 PV (M)	9.50	9.96	10.45
PV of Terminal Value (M)	312.58	327.97	343.95
Equity Value (M)	355.92	372.62	389.95
Shares Outstanding (M)	5.53	5.53	5.53
Fair Value	$64.32	$67.34	$70.47
Upside / Downside	48.54%	55.51%	62.74%

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Evans Bancorp, Inc. (EVBN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener