DDM Analysis: FMAO

Valuation Snapshot

Stable Growth	$67.61 - $250.62	$113.29
Multi-Stage	$43.33 - $47.33	$45.30
Blended Fair Value	$79.29
Current Price	$25.01
Upside	217.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.44%	11.93%	0.88	0.83	0.76	0.56	0.53	0.47	0.36	0.33	0.30	0.29
YoY Growth	-	-	5.18%	10.31%	33.98%	6.74%	13.25%	28.03%	11.55%	7.97%	4.36%	2.04%
Dividend Yield	-	-	3.67%	3.90%	3.11%	1.56%	2.10%	1.80%	1.21%	0.81%	1.44%	2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.90
(-) Cash Dividends Paid (M)	11.99
(=) Cash Retained (M)	19.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.38	3.99	2.39
Cash Retained (M)	19.91	19.91	19.91
(-) Cash Required (M)	-6.38	-3.99	-2.39
(=) Excess Retained (M)	13.53	15.92	17.51
(/) Shares Outstanding (M)	13.58	13.58	13.58
(=) Excess Retained per Share	1.00	1.17	1.29
LTM Dividend per Share	0.88	0.88	0.88
(+) Excess Retained per Share	1.00	1.17	1.29
(=) Adjusted Dividend	1.88	2.06	2.17
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.61	$113.29	$250.62
Upside / Downside	170.33%	352.98%	902.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.90	33.97	36.18	38.53	41.03	43.70	45.01
Payout Ratio	37.59%	48.07%	58.56%	69.04%	79.52%	90.00%	92.50%
Projected Dividends (M)	11.99	16.33	21.18	26.60	32.63	39.33	41.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.92	15.06	15.20
Year 2 PV (M)	17.68	18.02	18.36
Year 3 PV (M)	20.28	20.86	21.46
Year 4 PV (M)	22.73	23.60	24.50
Year 5 PV (M)	25.03	26.24	27.49
PV of Terminal Value (M)	487.82	511.38	535.85
Equity Value (M)	588.46	615.17	642.86
Shares Outstanding (M)	13.58	13.58	13.58
Fair Value	$43.33	$45.30	$47.33
Upside / Downside	73.25%	81.11%	89.26%

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Farmers & Merchants Bancorp, Inc. (FMAO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener