DDM Analysis: SFBS

Valuation Snapshot

Stable Growth	$424.43 - $929.88	$871.43
Multi-Stage	$139.10 - $152.31	$145.58
Blended Fair Value	$508.51
Current Price	$80.53
Upside	531.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.15%	33.61%	1.20	0.84	0.69	0.60	0.52	0.44	0.37	0.18	0.14	0.11
YoY Growth	-	-	43.10%	21.99%	15.22%	15.20%	17.37%	19.11%	101.14%	27.77%	33.57%	63.01%
Dividend Yield	-	-	1.45%	1.28%	1.26%	0.62%	0.84%	1.50%	1.07%	0.45%	0.40%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.39
(-) Cash Dividends Paid (M)	71.27
(=) Cash Retained (M)	184.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.08	31.92	19.15
Cash Retained (M)	184.13	184.13	184.13
(-) Cash Required (M)	-51.08	-31.92	-19.15
(=) Excess Retained (M)	133.05	152.20	164.97
(/) Shares Outstanding (M)	54.62	54.62	54.62
(=) Excess Retained per Share	2.44	2.79	3.02
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	2.44	2.79	3.02
(=) Adjusted Dividend	3.74	4.09	4.33
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$424.43	$871.43	$929.88
Upside / Downside	427.04%	982.12%	1,054.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.39	271.99	289.67	308.50	328.55	349.91	360.41
Payout Ratio	27.90%	40.32%	52.74%	65.16%	77.58%	90.00%	92.50%
Projected Dividends (M)	71.27	109.68	152.78	201.02	254.89	314.92	333.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.08	103.05	104.02
Year 2 PV (M)	132.36	134.88	137.42
Year 3 PV (M)	162.09	166.75	171.49
Year 4 PV (M)	191.30	198.66	206.23
Year 5 PV (M)	219.99	230.61	241.64
PV of Terminal Value (M)	6,789.93	7,117.89	7,458.40
Equity Value (M)	7,597.75	7,951.83	8,319.20
Shares Outstanding (M)	54.62	54.62	54.62
Fair Value	$139.10	$145.58	$152.31
Upside / Downside	72.73%	80.78%	89.13%

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ServisFirst Bancshares, Inc. (SFBS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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