DDM Analysis: FIBK

Valuation Snapshot

Stable Growth	$60.76 - $182.00	$96.30
Multi-Stage	$42.73 - $46.56	$44.61
Blended Fair Value	$70.46
Current Price	$31.87
Upside	121.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.86%	21.21%	1.89	1.89	1.76	0.98	1.24	0.77	0.62	0.47	0.38	0.35
YoY Growth	-	-	0.41%	7.14%	79.23%	-21.00%	62.37%	23.56%	31.89%	23.35%	8.57%	26.77%
Dividend Yield	-	-	6.61%	7.18%	5.90%	2.67%	2.70%	2.66%	1.53%	1.19%	0.96%	1.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	245.40
(-) Cash Dividends Paid (M)	195.20
(=) Cash Retained (M)	50.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.08	30.68	18.41
Cash Retained (M)	50.20	50.20	50.20
(-) Cash Required (M)	-49.08	-30.68	-18.41
(=) Excess Retained (M)	1.12	19.53	31.80
(/) Shares Outstanding (M)	103.39	103.39	103.39
(=) Excess Retained per Share	0.01	0.19	0.31
LTM Dividend per Share	1.89	1.89	1.89
(+) Excess Retained per Share	0.01	0.19	0.31
(=) Adjusted Dividend	1.90	2.08	2.20
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.76	$96.30	$182.00
Upside / Downside	90.66%	202.17%	471.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	245.40	261.35	278.34	296.43	315.70	336.22	346.31
Payout Ratio	79.54%	81.63%	83.73%	85.82%	87.91%	90.00%	92.50%
Projected Dividends (M)	195.20	213.35	233.04	254.39	277.53	302.60	320.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	194.26	196.10	197.94
Year 2 PV (M)	193.20	196.88	200.60
Year 3 PV (M)	192.03	197.54	203.15
Year 4 PV (M)	190.74	198.08	205.63
Year 5 PV (M)	189.36	198.51	208.01
PV of Terminal Value (M)	3,458.19	3,625.23	3,798.65
Equity Value (M)	4,417.79	4,612.34	4,813.98
Shares Outstanding (M)	103.39	103.39	103.39
Fair Value	$42.73	$44.61	$46.56
Upside / Downside	34.07%	39.98%	46.10%

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First Interstate BancSystem, Inc. (FIBK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener