DDM Analysis: CBU

Valuation Snapshot

Stable Growth	$108.54 - $378.71	$179.18
Multi-Stage	$71.11 - $77.64	$74.32
Blended Fair Value	$126.75
Current Price	$58.64
Upside	116.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.60%	7.57%	1.81	1.79	1.76	1.72	1.64	1.51	1.35	1.18	1.04	0.93
YoY Growth	-	-	0.71%	1.84%	2.57%	4.50%	8.59%	12.23%	14.75%	13.18%	11.72%	6.70%
Dividend Yield	-	-	3.18%	3.80%	3.36%	2.45%	2.14%	2.57%	2.20%	2.19%	1.89%	2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	205.83
(-) Cash Dividends Paid (M)	96.43
(=) Cash Retained (M)	109.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.17	25.73	15.44
Cash Retained (M)	109.40	109.40	109.40
(-) Cash Required (M)	-41.17	-25.73	-15.44
(=) Excess Retained (M)	68.23	83.67	93.96
(/) Shares Outstanding (M)	53.00	53.00	53.00
(=) Excess Retained per Share	1.29	1.58	1.77
LTM Dividend per Share	1.82	1.82	1.82
(+) Excess Retained per Share	1.29	1.58	1.77
(=) Adjusted Dividend	3.11	3.40	3.59
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.54	$179.18	$378.71
Upside / Downside	85.10%	205.56%	545.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	205.83	219.20	233.45	248.63	264.79	282.00	290.46
Payout Ratio	46.85%	55.48%	64.11%	72.74%	81.37%	90.00%	92.50%
Projected Dividends (M)	96.43	121.61	149.66	180.85	215.46	253.80	268.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.01	112.06	113.12
Year 2 PV (M)	124.71	127.09	129.49
Year 3 PV (M)	137.56	141.51	145.54
Year 4 PV (M)	149.60	155.36	161.27
Year 5 PV (M)	160.87	168.64	176.70
PV of Terminal Value (M)	3,085.25	3,234.27	3,388.99
Equity Value (M)	3,769.01	3,938.93	4,115.11
Shares Outstanding (M)	53.00	53.00	53.00
Fair Value	$71.11	$74.32	$77.64
Upside / Downside	21.26%	26.73%	32.40%

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Financial Statements

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Miscellaneous

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Sector

Community Bank System, Inc. (CBU)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener