DDM Analysis: TRST

Valuation Snapshot

Stable Growth	$26.35 - $39.98	$32.76
Multi-Stage	$45.46 - $49.89	$47.63
Blended Fair Value	$40.19
Current Price	$36.30
Upside	10.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.76%	0.98%	1.44	1.44	1.42	1.38	1.38	1.39	1.34	1.32	1.32	1.31
YoY Growth	-	-	0.08%	1.47%	2.71%	-0.20%	-0.20%	3.19%	1.48%	0.53%	0.46%	0.40%
Dividend Yield	-	-	4.73%	5.13%	4.44%	4.33%	3.76%	5.13%	3.42%	3.14%	3.36%	4.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.85
(-) Cash Dividends Paid (M)	27.37
(=) Cash Retained (M)	29.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.37	7.11	4.26
Cash Retained (M)	29.49	29.49	29.49
(-) Cash Required (M)	-11.37	-7.11	-4.26
(=) Excess Retained (M)	18.12	22.38	25.22
(/) Shares Outstanding (M)	19.02	19.02	19.02
(=) Excess Retained per Share	0.95	1.18	1.33
LTM Dividend per Share	1.44	1.44	1.44
(+) Excess Retained per Share	0.95	1.18	1.33
(=) Adjusted Dividend	2.39	2.62	2.77
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	-1.02%	-0.02%	0.98%
Fair Value	$26.35	$32.76	$39.98
Upside / Downside	-27.41%	-9.76%	10.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.85	56.84	56.84	56.83	56.82	56.81	58.51
Payout Ratio	48.14%	56.51%	64.88%	73.25%	81.63%	90.00%	92.50%
Projected Dividends (M)	27.37	32.12	36.88	41.63	46.38	51.13	54.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	-1.02%	-0.02%	0.98%
Year 1 PV (M)	29.45	29.75	30.05
Year 2 PV (M)	31.00	31.63	32.27
Year 3 PV (M)	32.09	33.07	34.08
Year 4 PV (M)	32.78	34.13	35.51
Year 5 PV (M)	33.14	34.85	36.62
PV of Terminal Value (M)	705.99	742.38	780.25
Equity Value (M)	864.46	905.81	948.79
Shares Outstanding (M)	19.02	19.02	19.02
Fair Value	$45.46	$47.63	$49.89
Upside / Downside	25.23%	31.22%	37.44%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
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TrustCo Bank Corp NY (TRST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener