DDM Analysis: FBP

Valuation Snapshot

Stable Growth	$59.14 - $221.28	$99.31
Multi-Stage	$37.69 - $41.18	$39.41
Blended Fair Value	$69.36
Current Price	$22.05
Upside	214.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.31%	0.00%	0.65	0.61	0.54	0.40	0.27	0.19	0.04	0.00	0.00	0.00
YoY Growth	-	-	5.93%	13.48%	35.07%	49.76%	43.02%	365.80%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.38%	3.53%	4.72%	3.04%	2.36%	3.50%	0.34%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	333.47
(-) Cash Dividends Paid (M)	113.57
(=) Cash Retained (M)	219.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.69	41.68	25.01
Cash Retained (M)	219.89	219.89	219.89
(-) Cash Required (M)	-66.69	-41.68	-25.01
(=) Excess Retained (M)	153.20	178.21	194.88
(/) Shares Outstanding (M)	163.04	163.04	163.04
(=) Excess Retained per Share	0.94	1.09	1.20
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.94	1.09	1.20
(=) Adjusted Dividend	1.64	1.79	1.89
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$59.14	$99.31	$221.28
Upside / Downside	168.19%	350.41%	903.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	333.47	355.14	378.23	402.81	428.99	456.88	470.58
Payout Ratio	34.06%	45.25%	56.44%	67.62%	78.81%	90.00%	92.50%
Projected Dividends (M)	113.57	160.69	213.45	272.39	338.10	411.19	435.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	146.82	148.21	149.60
Year 2 PV (M)	178.19	181.59	185.01
Year 3 PV (M)	207.77	213.74	219.81
Year 4 PV (M)	235.63	244.69	254.01
Year 5 PV (M)	261.83	274.48	287.61
PV of Terminal Value (M)	5,114.88	5,361.93	5,618.44
Equity Value (M)	6,145.13	6,424.64	6,714.49
Shares Outstanding (M)	163.04	163.04	163.04
Fair Value	$37.69	$39.41	$41.18
Upside / Downside	70.93%	78.71%	86.77%

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First BanCorp. (FBP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener