DDM Analysis: NIC

Valuation Snapshot

Stable Growth	$282.57 - $1,180.91	$486.76
Multi-Stage	$172.69 - $188.92	$180.65
Blended Fair Value	$333.71
Current Price	$134.50
Upside	148.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	1.07	0.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	48.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.98%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.84
(-) Cash Dividends Paid (M)	18.23
(=) Cash Retained (M)	126.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.97	18.11	10.86
Cash Retained (M)	126.61	126.61	126.61
(-) Cash Required (M)	-28.97	-18.11	-10.86
(=) Excess Retained (M)	97.65	108.51	115.75
(/) Shares Outstanding (M)	15.53	15.53	15.53
(=) Excess Retained per Share	6.29	6.99	7.45
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	6.29	6.99	7.45
(=) Adjusted Dividend	7.46	8.16	8.63
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$282.57	$486.76	$1,180.91
Upside / Downside	110.09%	261.90%	778.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.84	154.26	164.28	174.96	186.33	198.45	204.40
Payout Ratio	12.58%	28.07%	43.55%	59.03%	74.52%	90.00%	92.50%
Projected Dividends (M)	18.23	43.30	71.55	103.29	138.85	178.60	189.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.61	39.98	40.36
Year 2 PV (M)	59.88	61.02	62.17
Year 3 PV (M)	79.08	81.35	83.66
Year 4 PV (M)	97.25	100.99	104.84
Year 5 PV (M)	114.43	119.96	125.70
PV of Terminal Value (M)	2,292.08	2,402.79	2,517.74
Equity Value (M)	2,682.32	2,806.09	2,934.46
Shares Outstanding (M)	15.53	15.53	15.53
Fair Value	$172.69	$180.65	$188.92
Upside / Downside	28.39%	34.31%	40.46%

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Financial Statements

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Ticker

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Sector

Nicolet Bankshares, Inc. (NIC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener