DDM Analysis: FBIZ

Valuation Snapshot

Stable Growth	$625.46 - $1,256.39	$1,177.42
Multi-Stage	$191.28 - $209.53	$200.24
Blended Fair Value	$688.83
Current Price	$51.26
Upside	1,243.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.79%	9.37%	1.02	0.93	0.82	0.76	0.69	0.64	0.60	0.56	0.51	0.47
YoY Growth	-	-	9.79%	13.31%	8.47%	9.09%	8.36%	6.10%	8.33%	8.67%	9.43%	12.37%
Dividend Yield	-	-	2.17%	2.58%	2.69%	2.31%	2.81%	4.14%	2.92%	2.22%	1.98%	2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.40
(-) Cash Dividends Paid (M)	9.35
(=) Cash Retained (M)	42.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.28	6.43	3.86
Cash Retained (M)	42.05	42.05	42.05
(-) Cash Required (M)	-10.28	-6.43	-3.86
(=) Excess Retained (M)	31.77	35.63	38.20
(/) Shares Outstanding (M)	8.14	8.14	8.14
(=) Excess Retained per Share	3.90	4.38	4.69
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	3.90	4.38	4.69
(=) Adjusted Dividend	5.05	5.53	5.84
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$625.46	$1,177.42	$1,256.39
Upside / Downside	1,120.16%	2,196.96%	2,351.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.40	54.74	58.30	62.09	66.13	70.42	72.54
Payout Ratio	18.19%	32.55%	46.91%	61.28%	75.64%	90.00%	92.50%
Projected Dividends (M)	9.35	17.82	27.35	38.05	50.02	63.38	67.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.60	16.75	16.91
Year 2 PV (M)	23.73	24.18	24.64
Year 3 PV (M)	30.74	31.63	32.53
Year 4 PV (M)	37.65	39.09	40.58
Year 5 PV (M)	44.44	46.58	48.81
PV of Terminal Value (M)	1,403.16	1,470.93	1,541.30
Equity Value (M)	1,556.31	1,629.17	1,704.77
Shares Outstanding (M)	8.14	8.14	8.14
Fair Value	$191.28	$200.24	$209.53
Upside / Downside	273.16%	290.63%	308.75%

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Financial Statements

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First Business Financial Services, Inc. (FBIZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener